AMTROL Reports Third Quarter Results.WEST WARWICK West Warwick (wôr`wĭk, –`ĭk), town (1990 pop. 29,268), Kent co., central R.I., on the Pawtuxet River; set off from Warwick and inc. 1913. Textile manufacturing remains a leading industry. West Warwick includes the village of River Point. , R.I. -- AMTROL Inc. today announced 2005 third quarter 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 of $50.2 million, an increase of $4.5 million or 9.9% compared to the third quarter of 2004. The Company also reported earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
The increase in net sales was due principally to price increases implemented during the second half of 2004 to mitigate rising steel costs. The increase in EBITDA for the quarterly period was principally due to lower selling, general and administrative expenses. Impacting both net sales and EBITDA in Europe was management's decision to redirect capacity, as a result of additional new cylinder volume, from less profitable refurbishment re·fur·bish tr.v. re·fur·bished, re·fur·bish·ing, re·fur·bish·es To make clean, bright, or fresh again; renovate. re·fur services to higher margin cylinder products. Gross profit for the third quarter of 2005 decreased $0.2 million or 1.9% from the third quarter of 2004. For the first nine months of 2005, gross profit decreased $1.6 million or 4.7% from the first nine months of 2004. As a percentage of net sales, the gross profit percentage for the third quarter decreased from 23.4% in 2004 to 20.9% in 2005. This decrease was due principally to product mix combined with the dilutive effect Dilutive effect Result of a transaction that decreases earnings per common share (EPS). of the pass through of rising steel costs. The net loss for the first nine months of 2005 of $4.0 million compares to a net loss in the first nine months of 2004 of $11.2 million reflecting the loss of $8.1 million incurred on the sale of the discontinued subsidiary in February 2004. AMTROL is a leading international producer and marketer of flow and expansion control products, water heaters and cylinders for a variety of gases. The Company's major products include pressure tanks used in water well, hydronic hy·dron·ic adj. Of or relating to a heating or cooling system that transfers heat by circulating a fluid through a closed system of pipes. [hydr(o)- + -onic (as in electronic).] heating and potable potable /pot·a·ble/ (po´tah-b'l) fit to drink. po·ta·ble adj. Fit to drink; drinkable. potable fit to drink. hot water applications, indirect-fired water heaters, and both LPG LPG: see liquefied petroleum gas. 1. LPG - Linguaggio Procedure Grafiche (Italian for "Graphical Procedures Language"). dott. Gabriele Selmi. Roughly a cross between Fortran and APL, with graphical-oriented extensions and several peculiarities. and disposable refrigerant re·frig·er·ant adj. 1. Cooling or freezing; refrigerating. 2. Reducing fever. n. 1. A substance, such as air, ammonia, water, or carbon dioxide, used to provide cooling either as the working substance of gas cylinders gas cylinder n → bombona de gas gas cylinder gas n → bouteille f de gaz gas cylinder gas n → . Products are marketed under the Well-X-Trol, Extrol, Therm-X-Trol and BoilerMate brand names. AMTROL is 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. of AMTROL Holdings, Inc. which is controlled by Cypress Merchant Banking Partners, L.P. and Cypress Offshore Partners.
AMTROL INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands)
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QUARTER ENDED NINE MONTHS ENDED
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October 1, October 2, October 1, October 2,
2005 2004 2005 2004
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Net Sales $ 50,249 $ 45,726 $ 161,358 $151,049
Income from Operations 4,780 4,166 13,523 14,046
Net Loss (958) (1,482) (3,959) (11,178)
EBITDA 6,454 5,871 18,486 19,578
CONSOLIDATED BALANCE SHEETS
(in thousands)
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ASSETS
October 1, October 2,
2005 2004
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Current Assets $ 68,176 $ 72,842
Property, Plant and Equipment, Net 30,226 29,772
Other Assets 120,689 129,492
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Total Assets $219,091 $232,106
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities $ 47,906 $ 49,766
Long Term Debt, Less Current Maturities 173,702 169,884
Other Noncurrent Liabilities 3,895 3,574
Shareholders' Equity (6,412) 8,882
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Total Liabilities and Shareholders' Equity $219,091 $232,106
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