AGRI-NUTRITION GROUP ANNOUNCES SECOND QUARTER RESULTS.MARYLAND HEIGHTS, Mo.--(BUSINESS WIRE)--June 3, 1997--Agri-Nutrition Group Limited (Nasdaq/NM:AGNU AGNU Asociación Guatemalteca pro Naciones Unidas (Spanish) AGNU Association Guinéenne pour les Nations Unies ) today announced financial results for the quarter and six months ended April 30, 1997. For the quarter ended April 30, 1997, net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight were $9.7 million, a 4% increase over net sales of $9.3 million for the quarter ended April 30, 1996. Higher margin specialty product sales increased to $7.9 million, representing 82% of total sales for the second quarter of 1997, versus $7.7 million in the same quarter of last year. Gross profit for the quarter ended April 30, 1997, was $2.2 million, a 6% increase over the prior year's $2.1 million. Income from operations for the quarter was $263,000, a 77% increase compared with $149,000 in the previous year. Net income for the second quarter of 1997, excluding a $202,000 pre-tax nonrecurring charge Nonrecurring Charge An expense occurring only once on a company's financial statement. Notes: An extraordinary item is an example of a nonrecurring charge. Also known as "nonrecurring item". relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's termination of its letter of intent with Anthony Products, was $78,000 compared with net income of $32,000 for the year-earlier period. Including the nonrecurring charge, net loss was $49,000, or $0.01 per share, for the quarter ended April 30, 1997. For the six months ended April 30, 1997, net sales were $19.8 million, a 13% increase over net sales of $17.6 million for the year-earlier period. Gross profit for the six months ended April 30, 1997, was $4.0 million, a 13% increase over the prior year's $3.6 million. Income from operations for the six months ended April 30, 1997, was $350,000 compared with a loss from operations of $78,000 in the previous year. Net income for the first half of 1997 excluding the Anthony Products charge was $48,000, compared with a net loss of $144,000, or $0.02 per share, for the year-earlier period. Including the nonrecurring charge, net loss was $79,000 for the six months ended April 30, 1997. Commenting on the financial results, Bruce G. Baker, president and chief executive officer of Agri-Nutrition Group Limited, said, "The 1996 restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of the Company is having a positive impact, and our momentum and improvement over last year continues. Concentrating our resources on the core business has resulted in significant improvement in our operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. to $350,000 compared to an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. through the first half of last year. In the second quarter, operating profit was up 77% compared to the prior year. Our efforts continue to be concentrated in product sourcing and development with the introduction of new products in the important pet care growth areas of nutraceuticals and odor odor (o´der) a volatile emanation perceived by the sense of smell. o·dor n. 1. The property or quality of a thing that affects, stimulates, or is perceived by the sense of smell. control. In addition, we are evaluating opportunities to acquire companies and products which would complement our core business." Agri-Nutrition Group Limited operates three companies which produce, market and distribute a wide variety of health, grooming Combining, consolidating and segregating network traffic using devices such as digital cross-connects, add/drop multiplexers and SONET switches. Grooming is a telephone term that typically refers to managing high-capacity lines between central offices, carriers, ISPs and very large , and nutritional products for the pet and animal health care industry -- PM Resources, Inc., St. Louis, Missouri; Zema Corporation, Raleigh, North Carolina For other uses of this name, see Raleigh. Raleigh (IPA: /ˈrɑli/, ral-ee) is the capital of the State of North Carolina and the county seat of Wake County. ; St. JON Laboratories, Inc., Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , California; and St. JON VRx Products, London, UK. The Company selectively seeks and evaluates acquisition and alignment candidates in support of the three core businesses. -0-
AGRI-NUTRITION GROUP LIMITED
UNAUDITED FINANCIAL HIGHLIGHTS
(amounts in thousands except share and per share data)
Three Months Ended Six Months Ended
April 30, April 30,
1997 1996 1997 1996
Net sales $ 9,664 $ 9,296 $ 19,820 $ 17,595
Gross profit 2,171 2,056 4,024 3,553
Operating income (loss) 263 149 350 (78)
Net income (loss) excluding
nonrecurring charge related
to Anthony Products Company 78 32 48 (144)
Net income (loss) (49) 32 (79) (144)
Primary net income (loss)
per common and common
equivalent share (0.01) - (0.01) (0.02)
Weighted average common
and common equivalent
shares outstanding 8,360,904 9,009,721 8,364,158 8,401,344
CONTACT: Agri-Nutrition Group Limited, Maryland Heights Robert J. Elfanbaum, 314/298-7330 |
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