[2] Jore Corporation Reports Third Quarter Results; Growing Sales and Stronger Relationships with Major Retailers.Business Editors RONAN, Mont.--(BUSINESS WIRE)--Nov. 1, 2000 Jore Corporation (Nasdaq:JORE), a leading designer and manufacturer of innovative power tool accessories and hand tools, today reported its results for the quarter ended Sept. 30, 2000. For the third quarter, net revenues were $15.9 million, up 10% from $14.4 million in the same period of 1999. Jore continues to successfully make a strategic transition to increase sales through its direct-to-retail channels, including both sales under retailers' in-house In-house In the context of general equities, keeping an activity within the firm. For example, rather than go to the marketplace and sell a security for a client to anyone, an attempt is made to find a buyer to complete the transaction with the firm. labels and under Jore's licensed brand, Stanley Stanley, town (1991 pop. 1,557), capital of the Falkland Islands, S Atlantic Ocean, on East Falkland island. It is the main port and trading center of the islands. The name is sometimes written as Port Stanley. (R). The direct-to-retail channel accounted for approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 76% of total sales in the third quarter. The Company's focus on direct-to-retail sales and more vertically integrated production A farming system that produces high quality food and other products by using natural resources and regulating mechanisms to replace polluting inputs and to secure sustainable farming. has gradually grad·u·al adj. Advancing or progressing by regular or continuous degrees: gradual erosion; a gradual slope. n. Roman Catholic Church 1. improved its gross margins to 32% in the third quarter, up from 31% in the previous quarter. Sales and marketing expenses for the quarter were $1.6 million, up from $822,000 in the third quarter of 1999. These marketing activities, which include nationwide television advertising and promotional activities with The Home Depot The Home Depot (NYSE: HD) is an American retailer of home improvement and construction products and services. Headquartered in Vinings, just outside Atlanta in unincorporated Cobb County, Georgia, Home Depot employs more than 355,000 people and operates 2,164 big-box and other retailers, are expected to contribute significantly to continued sales growth in the fourth quarter and the coming year. Net income for the quarter was $253,000 or $0.02 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share on 13.9 million shares outstanding, compared to pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net income of $182,000 or $0.02 per diluted share on 10.1 million shares outstanding in the third quarter of 1999. "We are very pleased with the continued growth of our direct-to-retail business and our sales momentum in the third quarter," said Matt Jore, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We are actively engaged in the nationwide rollout of our fast-change products and the customer response has been outstanding. "During the third quarter, we completed our new distribution center and continued to make significant investments in our sales and marketing efforts. We also remain very focused on the continuous improvement of our operations and management practices in preparation for growth. We believe these strategic initiatives are vital to expanding our relationships with our key retail customers. We are heading in the right direction and very excited about our future." An Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the broadcast of Jore's third quarter conference call (2:00 PM Pacific/5:00 PM Eastern) will be available today at www.JoreCorporation.com under "Investor Relations Investor relations The process by which the corporation communicates with its investors. " or by calling 888/368-4280 (conference ID No. 534607). A 48-hour replay will be available by calling 800/642-1687 or at www.JoreCorporation.com. About Jore Corporation Jore Corporation is a leader in the design and manufacture of innovative power tool accessories and hand tools for the do-it-yourself do-it-your·self adj. Of, relating to, or designed to be done by an amateur or as a hobby: do-it-yourself home repairs; a do-it-yourself sailboat kit. and professional craftsman markets. The Company relies on advanced technologies and advanced equipment engineering in its manufacturing processes to drive cost reductions and higher quality in its products. Its products save users time by offering enhanced functionality, increased productivity and ease of use. Jore sells its products under the licensed Stanley(R) brand, as well as under various private labels of the industry's largest retailers and power tool manufacturers, including Sears, The Home Depot, Lowe's “Lowes” redirects here. For other uses, see Lowes (disambiguation). Lowe's Home Improvement Warehouse (NYSE: LOW) is a US-based chain of retail home improvement and appliance stores. , Menard's, Canadian Tire Canadian Tire (TSX: CTC, CTC.A) is one of Canada's 35 largest publicly traded companies and operates an inter-related network of businesses engaged in retailing (hardgoods, apparel and petroleum) and services (financial and automotive). , Tru*Serv, Black & Decker, Makita The Makita Corporation is an international corporation founded in 1915 and based in Anjo, Japan. They are a manufacturer of professional power tools, with a focus on cordless tools, with an especially extensive line in cordless drills and screwdrivers. and more. This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , including statements regarding Jore Corporation's expectations about successfully expanding its direct-to-retail distribution channel and securing significant additional customers for its Stanley-branded and private label products. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from future results expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. in such statements. These risks and uncertainties include the inability to manage expected growth, the loss of a large customer, the failure to realize the increased revenues and improved operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: that the Company has associated with sales of its Stanley-branded and private label products, the inability to exploit new distribution channels, the loss of any key personnel, disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. of our production processes, our inability to introduce new products that are accepted by the market, the loss or non-performance of our sales representative, unfavorable results of existing and potential litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , the cost of protecting and defending our intellectual property, our reliance on debt to finance our operations, and the possibility that competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. could develop or acquire technology that could erode Erode (ĕrōd`), city (1991 urban agglomeration pop. 361,755), Tamil Nadu state, S India, on the Kaveri River. The city is located in a cotton-growing region, and its industries include cotton ginning and the manufacture of transport equipment. Jore Corporation's manufacturing advantages. More information about risks, uncertainties, and other factors that potentially could affect Jore Corporation's business, operations, and financial results are included in Jore Corporation's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December December: see month. 31, 1999 under "Risk Factors" at "Item 1 - Business." The Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. to any of the forward-looking statements contained in this news release.
JORE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
2000 1999 2000 1999
----------- ----------- ----------- -----------
Net revenues $15,869,733 $14,378,247 $31,951,120 $32,435,432
Cost of goods sold 10,862,294 9,281,937 22,936,993 22,026,458
Write-off of inventory 839,054
----------- ----------- ----------- -----------
Gross profit 5,007,439 5,096,310 9,014,127 10,408,974
Operating expenses:
Product development 397,163 267,688 846,171 492,955
Sales & marketing 1,574,934 821,839 3,220,669 1,580,662
General &
administrative 1,627,771 1,618,305 4,865,193 3,935,340
----------- ----------- ----------- -----------
Total operating
expenses 3,599,868 2,707,832 8,932,033 6,008,957
----------- ----------- ----------- -----------
Income (loss) from
operations 1,407,571 2,388,478 82,094 4,400,017
Other (income)
expense:
Interest expense,
net 1,079,230 1,087,917 2,577,821 2,135,422
Other (income)
expense (25,955) (18,646) 30,678 (11,236)
Net other expense 1,053,275 1,069,271 2,608,499 2,124,186
Income (loss) before
income taxes /
extraordinary item 354,296 1,319,207 (2,526,405) 2,275,831
Extraordinary Item
Loss related to
early retirement of 1,017,026 1,010,319
----------- ----------- ----------- -----------
Income before taxes 354,296 302,181 (2,526,405) 1,265,512
Provision (benefit)
for income taxes 101,301 25,239 (894,775) 31,947
----------- ----------- ----------- -----------
Net income (loss) $ 252,995 $ 276,942 $(1,631,630)$ 1,233,565
=========== =========== =========== ===========
Net income (loss) per
common share:
Basic $ 0.02 $ 0.03 $ (0.12)$ 0.13
Diluted $ 0.02 $ 0.03 $ (0.12)$ 0.13
Shares used in
calculation of income
(loss) per share
Basic 13,867,267 9,844,539 13,849,450 9,631,173
Diluted 13,932,085 10,130,204 13,971,934 9,817,036
Pro forma data
(unaudited):
Net income $ 302,181 $ 1,265,512
Pro forma provision
for income taxes 120,562 493,400
----------- ----------- ----------- -----------
Pro forma net
income $ 181,619 $ 772,112
=========== =========== =========== ===========
Pro forma net income
per common share
(unaudited):
Basic $ 0.02 $ 0.08
Diluted $ 0.02 $ 0.08
JORE CORPORATION
CONSOLIDATED BALANCE SHEETS
Sept. 30, Dec. 31,
2000 1999
------------ ------------
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 504,460 $ 94,283
Short term investments 53,610 7,691,791
Accounts receivable, net of allowances
for doubtful accounts of $57,533 and
$68,362 respectively 14,386,532 19,031,479
Shareholder notes receivable 1,152,897 1,564,219
Notes receivable from affiliates 52,929 11,799
Inventory 35,327,701 27,795,284
Other current assets 6,046,709 2,494,509
------------ ------------
Total current assets 57,524,838 58,683,364
Property, plant and equipment, net 76,798,082 58,560,925
Intangibles & other long-term assets, net 918,292 663,268
------------ ------------
Total assets $135,241,212 $117,907,557
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 8,154,097 $ 9,815,501
Accrued expenses 5,547,916 3,406,448
Operating line of credit 30,482,282 25,000,000
Shareholder note payable 9,101 81,495
Other current liabilities 340,858 770,981
Current portion of long-term debt 4,832,458 3,530,287
------------ ------------
Total current liabilities 49,366,712 42,604,712
Long-term debt, net of current portion 37,990,500 27,779,153
Deferred income tax liabilities 4,856,040 2,769,253
------------ ------------
Total liabilities 92,213,252 73,153,118
Shareholders' equity:
Preferred stock, no par value
Authorized, 30,000,000 shares;
issued and outstanding, 0 shares
Common stock, no par value
Authorized, 100,000,000 shares;
issued and outstanding, 13,826,020
and 13,870,562, respectively 41,019,306 40,757,891
Deferred compensation - stock options (9,528) (16,529)
Retained earnings 2,018,182 4,013,077
Total shareholders' equity 43,027,960 44,754,439
------------ ------------
Total liabilities and shareholders'
equity $135,241,212 $117,907,557
============ ============
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