AMTROL reports second quarter earnings; Declares regular dividend.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)--July 12, 1996--AMTROL Inc. today announced second quarter financial results and declared a regular quarterly dividend of five cents per common share, payable Aug. 15, 1996 to shareholders of record Aug. 5, 1996. AMTROL reported second quarter net income of $3.7 million, or 49 cents a share, equal to net income of $3.7 million, or 49 cents a share, in the prior year's second quarter. Sales in the quarter were $48.3 million, compared with $47.6 million in the second quarter of 1995. The company reported that sales and profitability improved as the quarter progressed, reflecting improved demand across most major product lines as well as the benefits of previously announced plant closings and production consolidations implemented since last year's second quarter. The company expects production efficiencies to continue to favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impact the results for the second half of the year. The company also announced that it has opened its new manufacturing facility in Singapore Singapore (sĭng`gəpôr, sĭng`ə–, sĭng'gəpôr`), officially Republic of Singapore, republic (2005 est. pop. 4,426,000), 240 sq mi (625 sq km). and expects to achieve full production of 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 containers by the end of the third quarter. Sales of AMTROL's water systems products were 59 percent of total sales, while heating, ventilating ventilating Natural or mechanically induced movement of fresh air into or through an enclosed space. The hazards of poor ventilation were not clearly understood until the early 20th century. Expired air may be laden with odors, heat, gases, or dust. and air conditioning air conditioning, mechanical process for controlling the humidity, temperature, cleanliness, and circulation of air in buildings and rooms. Indoor air is conditioned and regulated to maintain the temperature-humidity ratio that is most comfortable and healthful. products accounted for the remaining 41 percent. International sales were 13 percent of total sales during the quarter. For the first six months of 1996, net income was $5.7 million, or 75 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared with $6.6 million, or 86 cents per share, for the same period in 1995. Sales for the 1996 first six-month period were $89.4 million, compared with $90.8 million in the prior year's same period. As previously announced, AMTROL has retained Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. Inc. and HSBC HSBC Hongkong and Shanghai Banking Corporation HSBC Humane Society of Broward County (Florida) HSBC Humane Society of Bay County (Bay County, Michigan) Securities Inc. to help the company explore strategic alternatives to enhance shareholder value. The company expects to complete this process in the third quarter. AMTROL is a leading North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. producer and marketer of flow and expansion control technology used in water systems and heating, ventilating and air conditioning products. The company's stock is traded on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on market under the symbol AMTL AMTL Army Materials Technology Laboratory AMTL American Medical Testing Laboratories AMTL Advanced Manufacturing Technology Laboratory AMTL active management of the third stage of labor . -0-
AMTROL INC. AND SUBSIDIARIES
Condensed Consolidated Statements Of Income
(Unaudited - in thousands, except per share data)
For the Quarter Ended For the Six Months Ended
June 29, July 1, June 29, July 1,
1996 1995 1996 1995
NET SALES $ 48,254 $47,628 $89,416 $ 90,790 COST OF GOODS SOLD 34,729 34,259 65,166 65,010 Gross profit 13,525 13,369 24,250 25,780
OPERATING EXPENSES:
Selling 4,203 3,674 8,057 7,601
General and
administrative 3,407 3,763 7,244 7,645
Income from
operations 5,915 5,932 8,949 10,534
OTHER INCOME (EXPENSE): Interest expense (10) (5) (44) (25) Interest income 39 41 160 124 License and distributorship fees 50 58 106 122 Other, net 45 45 47 (18)
Income before
provision for
income taxes 6,039 6,071 9,218 10,737
PROVISION FOR INCOME TAXES 2,310 2,367 3,549 4,187 NET INCOME $ 3,729 $ 3,704 $ 5,669 $ 6,550 NET INCOME PER SHARE $ 0.49 $ 0.49 $ 0.75 $ 0.86 WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING 7,640 7,619 7,563 7,594 -0-
AMTROL INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited - in thousands, except share data)
ASSETS June 29, 1996 July 1, 1995
CURRENT ASSETS:
Cash and cash equivalents $ 3,100 $ 2,271
Accounts receivable, less
allowance for doubtful
accounts 34,409 30,653
Inventories 21,469 26,041
Prepaid income taxes 2,850 2,051
Prepaid expenses and other 1,251 708
Assets held for sale 1,786 --
Total current assets 64,865 61,724
Net property, plant and
equipment 30,488 32,552
OTHER ASSETS:
Cash surrender value of
officers' life insurance 1,708 3,197
Other 1,141 761
2,849 3,958
98,202 98,234
LIABILITIES AND SHAREHOLDERS'
EQUITY
CURRENT LIABILITIES:
Short term debt 3,500 1,615
Accounts payable 9,843 10,726
Accrued expenses 8,143 8,710
Accrued income taxes 1,303 1,091
Total current liabilities 22,789 22,142
OTHER NONCURRENT LIABILITIES 4,666 5,915
DEFERRED INCOME TAXES 743 563
SHAREHOLDERS' EQUITY:
Preferred stock 1 cent par value -
Authorized - 5 million shares
Issued - none
Common stock 1 cent par value -
Authorized - 15 million shares
Issued - 7,652,706 shares in
1996 and 7,614,004 shares in
1995 76 76
Additional paid-in capital 29,177 28,650
Retained earnings 44,032 42,526
Treasury stock - 214,200
shares in 1996 and 107,000
shares in 1995 (3,281) (1,638)
Total shareholders' equity 70,004 69,614
$98,202 $98,234
CONTACT: AMTROL Inc., West Warwick Edward Edward killed his father at his mother’s instigation. [Br. Balladry: Edward in Benét, 302] See : Patricide J. Cooney Cooney (from O'Cooney, Gaelic: "O'Cuana") is a common Irish surname. In various forms, the name dates back to the 12th century. It is first associated with County Tyrone then in the province of Connaught, in the townland of Ballycooney, Loughrea barony, in County Galway, , 401/884-6300 or Bibelnieks Associates, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Yanis Bibelnieks, 212/949-2295 |
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