AMTROL Reports Third Quarter Results.Business Editors 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.--(BUSINESS WIRE)--Nov. 13, 2002 AMTROL Inc. today announced 2002 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 $47.4 million, an increase of $2.0 million or 4.3% compared to the third quarter of 2001. 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 for the third quarter reflects sales growth in Europe, as well as the impact of the strengthening Euro on the translation of results at the Company's European operations. The increase in EBITDA was principally the result of currency exchange losses incurred by the Company's European operations in 2001. AMTROL Inc. 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 Cypress, city, United States Cypress (sī`prəs), city (1990 pop. 42,655), Orange co., S Calif. near Long Beach; inc. 1956. Forest Lawn–Cypress, a branch of the famous cemetery in Glendale, Calif. Merchant Banking Partners, L.P. and Cypress Offshore Partners, L.P., private equity funds managed by the Cypress Group L.L.C.
AMTROL INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands)
QUARTER ENDED NINE MONTHS ENDED
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September 30, September 30, September 30, September 30,
2002 2001 2002 2001
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Net Sales $ 47,381 $ 45,417 $ 141,046 $ 140,636
Income from
Operations 4,457 3,172 12,002 8,137
Net Income
(Loss) (1,030) (1,588) (4,824) (5,338)
EBITDA 6,423 6,135 17,361 18,335
CONSOLIDATED BALANCE SHEETS
(in thousands)
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ASSETS
September 30, September 30,
2002 2001
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Current Assets $ 57,278 $ 58,924
Property, Plant and
Equipment, Net 38,340 42,256
Other Assets 170,898 168,978
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Total Assets $ 266,516 $ 270,158
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities $ 50,121 $ 48,264
Long Term Debt, Less
Current Maturities 157,252 158,436
Other Noncurrent
Liabilities 3,831 4,427
Shareholders' Equity 55,312 59,031
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Total Liabilities and
Shareholders' Equity $ 266,516 $ 270,158
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