A. O. Smith Corporation announces record revenues and net earnings for third consecutive year.MILWAUKEE--(BUSINESS WIRE)--Jan. 16, 1996--A. O. Smith Corporation (AOS-NYSE) today announced record revenues and net earnings for the third consecutive year. Net earnings for 1995 of $61.4 million or $2.94 per share were seven percent higher than the $57.3 million or $2.75 per share earned in 1994. Revenues of $1.54 billion were $171 million higher than 1994 revenues of $1.37 billion. "We are pleased to have achieved record revenues and earnings in three consecutive years," Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. J. O'Toole Noun 1. O'Toole - British actor (born in Ireland in 1932) Peter O'Toole, Peter Seamus O'Toole Emerald Isle, Hibernia, Ireland - an island comprising the republic of Ireland and Northern Ireland , chairman and chief executive officer pointed out. "It was a very balanced performance. Each operating company operating company A business that engages in transactions with outsiders. increased sales over the prior year; while higher earnings by Water Products Company and Electrical Products Company helped overcome some of the difficulties we experienced in Automotive Products in 1995." Sales for Electrical Products Company, a manufacturer of fractional fractional size expressed as a relative part of a unit. fractional catabolic rate the percentage of an available pool of body component, e.g. protein, iron, which is replaced, transferred or lost per unit of time. horsepower horsepower, unit of power in the English system of units. It is equal to 33,000 foot-pounds per minute or 550 foot-pounds per second or approximately 746 watts. and hermetic hermetic /her·met·ic/ (her-met´ik) impervious to air. her·met·ic or her·met·i·cal adj. Completely sealed, especially against the escape or entry of air. electric motors, were $317.3 million, nearly 13 percent higher than 1994's sales. The higher volumes and improved productivity, especially in the company's Mexican Mexican named after or originating in Mexico. Mexican axolotl see ambystomamexicanum. Mexican beaded lizard (Heloderma horridum operations, contributed to higher 1995 profits. Despite a sluggish domestic market for residential water heaters, Water Products Company's sales rose from $271.5 million in 1994 to $276.0 million in 1995. The company, the leading supplier of commercial water heating Water heating is a thermodynamic process using an energy source to heat water above its initial temperature. Typical domestic uses of hot water are for cooking, cleaning, bathing, and space heating. In industry both hot water and water heated to steam have many uses. equipment in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. continued to build its leadership in this market segment in 1995. Although light vehicle sales in the domestic automotive market decreased approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. three percent from the prior year, Automotive Products Company's sales reached a record $845.3 million in 1995, 17 percent higher than 1994 sales of $722.7 million. The company's strength in the popular light truck segment and increased volume from new products launched over the last year accounted for the sales increase. Profits were lower than 1994's total, resulting from a combination of higher costs associated with new product launches, weather and labor-related inefficiencies in its Milwaukee Milwaukee (mĭlwŏk`ē), city (1990 pop. 628,088), seat of Milwaukee co., SE Wis., at the point where the Milwaukee, Menominee, and Kinnickinnic rivers enter Lake Michigan; inc. 1846. operations. The equity in earnings of Metalsa, S.A., the corporation's Mexican affiliate Affiliate Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company. , were more than double 1994. Smith Fiberglass fiberglass, thread made from glass. It is made by forcing molten glass through a kind of sieve, thereby spinning it into threads. Fiberglass is strong, durable, and impervious to many caustics and to extreme temperatures. Products, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , reported modestly higher sales in 1995. Profits were lower than the prior year, due to unfavorable product mix combined with costs associated with its Chinese Chinese, subfamily of the Sino-Tibetan family of languages (see Sino-Tibetan languages), which is also sometimes grouped with the Tai, or Thai, languages in a Sinitic subfamily of the Sino-Tibetan language stock. joint venture and other new marketing developments. A. O. Smith Harvestore Products, Inc., a wholly owned subsidiary which manufactures industrial and agricultural storage tanks reported increased 1995 sales and profits due to significantly higher volumes of Aquastore(R) structures marketed to the municipal and industrial segments. In the fourth quarter of 1995, A. O. Smith revenues rose more than 13 percent over the prior year to $397.6 million. Net earnings were $15.6 million or $.74 per share, compared with the $13.6 million or $.65 per share earned in the fourth quarter of 1994. -0-
A.O. Smith Corporation
Balance Sheet
December 31 December 31
1995 1994
ASSETS:
Cash and cash equivalents $ 5,694 $ 8,485
Trade receivables 165,924 132,630
Finance subsidiary receivables
and leases 13,449 16,361
Customer tooling 30,799 24,489
Inventories 103,540 110,863
Deferred income taxes 17,542 28,100
Other current assets 15,537 8,592
_______ _______
Total Current Assets 352,485 329,520
Net property, plant and
equipment 447,355 401,780
Investments in and advances
to affiliated companies 21,577 17,326
Deferred model change 25,246 18,638
Finance subsidiary receivables
and leases 26,950 37,842
Other assets 79,305 42,751
_______ _______
Total Assets $ 952,918 $ 847,857
_______ _______
_______ _______
LIABILITIES AND STOCKHOLDERS' EQUITY:
Trade payables $ 112,645 $ 112,940
Accrued payroll and benefits 47,763 49,289
Postretirement benefit obligation 7,837 9,573
Long-term debt due within
one year 3,925 3,775
Finance subsidiary long-term
debt due within one year 1,008 3,480
Other current liabilities 40,469 36,866
_______ ______
Total Current Liabilities 213,647 215,923
Long-term debt 167,139 136,769
Finance subsidiary long-
term debt 23,799 29,357
Other Liabilities 31,955 26,230
Deferred income taxes 63,239 54,445
Postretirement benefit
obligation 74,799 72,388
Minority interest 5,976 -
Stockholders' equity 372,364 312,745
_______ _______
Total Liabilities and
Stockholders' equity $ 952,918 $ 847,857
_______ _______
_______ _______
A.O. SMITH CORPORATION AND SUBSIDIARIES
(unaudited condensed consolidated financial statements -
$000 omitted except per share data)
Statement of Earnings
Three Months ended Twelve Months ended
December 31 December 31
_________________ _________________
1995 1994 1995 1994
Electrical Products
Company $ 75,870 $ 65,618 $ 317,327 $ 281,195
Automotive Products
Company 213,628 183,826 845,305 722,718
Water Products
Company 78,806 76,609 276,043 271,473
Smith Fiberglass
Products Inc. 14,579 14,081 58,576 57,936
Other Products 14,693 10,687 47,519 40,224
______ ______ ______ ______
Net Revenues 397,576 350,821 1,544,770 1,373,546
Costs and Expenses
Cost of Products Sold 343,289 297,584 1,321,591 1,162,096
Selling, General and
Administrative 28,635 29,441 113,018 108,271
Interest Expense - Net 3,294 2,894 13,093 12,085
Other Expenses/
(Income) 395 (635) 3,546 591
Tax Provision 7,953 8,459 35,473 34,707
_____ _____ ______ ______
Total Costs and
Expenses 383,566 337,743 1,486,721 1,317,750
Earnings Before Equity in Affiliates 14,010 13,078 58,049 55,796
Equity in Earnings of
Affiliates 1,562 475 3,364 1,551
_____ _____ _____ _____
Net Earnings $ 15,572 $ 13,553 $ 61,413 $ 57,347
______ ______ ______ ______
______ ______ ______ ______
Net Earnings Per Common Share $0.74 $0.65 $ 2.94 $ 2.75 Average Common Shares Outstanding:
Three Months ended Twelve Months ended
December 31 December 31
_________________ _________________
1995 1994 1995 1994
20,914,551 20,905,621 20,912,702 20,865,651 CONTACT: A. O. Smith Corp., Milwaukee Edward Edward killed his father at his mother’s instigation. [Br. Balladry: Edward in Benét, 302] See : Patricide J. O'Connor O'Con·nor , Flannery 1925-1964. American writer whose novels Wise Blood (1952) and The Violent Bear It Away (1960) and short stories, collected in such works as A Good Man Is Hard to Find , 414/359-4100 |
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