AGRI-NUTRITION GROUP ANNOUNCES THIRD QUARTER RESULTS; COMPANY ACHIEVES PROFITABILITY.MARYLAND Maryland (mâr`ələnd), one of the Middle Atlantic states of the United States. It is bounded by Delaware and the Atlantic Ocean (E), the District of Columbia (S), Virginia and West Virginia (S, W), and Pennsylvania (N). HEIGHTS, Mo.--(BUSINESS WIRE)--Sept. 10, 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 nine months ended July 31, 1997. For the quarter ended July 31, 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 $8.1 million, a 9.2% increase over net sales of $7.4 million for the quarter ended July 31, 1996. During the quarter, the company discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. of its ingredients segments. All sales from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the are now generated from higher margin specialty products. Gross profit for the quarter ended July 31, 1997, was $2.2 million compared with the prior year's $2.0 million. Income from continuing operations for the quarter was $141,356, compared with the previous year's net loss from continuing operations of $19,342. Net income for the quarter was $128,117, or $0.02 per share, compared with a net loss of $9,474 in the previous year. For the nine months ended July 31, 1997, net sales were $23.4 million, a 11.8% increase over net sales of $21.0 million for the year-earlier period. Gross profit for the nine months ended July 31, 1997, was $6.1 million compared with the prior year's $5.3 million. Income from continuing operations for the nine months ended July 31, 1997, was $34,159 compared with a net loss of $260,521 in the previous year. Net income for the first nine months of 1997 was $48,817, or $0.01 per share, compared with a net loss of $153,581, or $0.02 per share, for the year-earlier period. Commenting on the financial results, Bruce Bruce, Scottish royal family descended from an 11th-century Norman duke, Robert de Brus. He aided William I in his conquest of England (1066) and was given lands in England. G. Baker, president and chief executive officer of Agri-Nutrition Group Limited, said, "In the second quarter, we achieved results that demonstrated the effectiveness of our 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). and our focus on developing the Company's core business. The improving trend in our operating performance resulted in a nine month 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. of $684,000 this year compared with a $136,000 loss for the same period last year. Third quarter operating profit increased 280% to $380,000. Also, we are particularly pleased with the 24% growth of our pet care products. In addition, we look forward to the completion of our acquisition of Mardel Industries which we believe will enhance our pet product line and create significant synergies with our core business in the areas of sales, distribution, manufacturing and customer service." During the third quarter, the Company announced the signing of an agreement in principle to acquire and merge with Mardel Laboratories, Inc. (Mardel) of Glendale Heights, Illinois Glendale Heights is a village in DuPage County, Illinois, United States. The population was 31,765 at the 2000 census. History Glendale Heights was a small farming community known as Cloverdale up until the 1950s, with a population of just 104 in 1959. . Mardel is a developer, manufacturer, and marketer of high quality care products to the pet industry. Mardel had sales of approximately $7.6 million for the calendar year ended December 31, 1996. Subject to the development of a definitive agreement, the transaction is expected to be completed by September 30, 1997. Agri-Nutrition Group Limited produces, markets and distributes 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 through its subsidiaries ~ 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 its core business. -0-
AGRI-NUTRITION GROUP LIMITED
UNAUDITED FINANCIAL HIGHLIGHTS
(amounts in thousands except share and per share data)
Three Months Ended Nine Months Ended
July 31, July 31,
1997 1996 1997 1996
Net sales $ 8,094 $ 7,413 $ 23,424 $ 20,956
Gross profit 2,178 2,000 6,094 5,330
Operating income
(loss) 380 100 684 (136)
Income (loss) from 141 (19) 34 (260)
continuing operations
Net income (loss) 128 (9) 49 (154)
Net income (loss) per
common and common
equivalent share 0.02 - .01 (0.02)
Common and common
equivalent shares
outstanding 8,577,092 8,402,845 8,570,765 8,401,848
CONTACT: Agri-Nutrition Group Limited, Maryland Heights Robert J. Elfanbaum, 314/298-7330 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion