AMTROL reports third quarter earnings; Regular quarterly dividend declared; Merger proxy sent to shareholders.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)--Oct. 15, 1996--AMTROL Inc. today announced third quarter financial results and declared a regular dividend of five 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. of common stock payable Nov. 8, 1996 to shareholders of record Oct. 29, 1996. For the third quarter ended Sept. 28, 1996 net income was $3.1 million, or 41 cents a share, compared with net income of $2.0 million, or 26 cents a share, in the prior year's third quarter. The 1995 third quarter included a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of $1.9 million, or 16 cents a share after tax. Sales in the quarter were $45.4 million, compared with $43.8 million in the third quarter of 1995. The company reported that sales improved primarily as a result of strength in its 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. product lines, primarily Hot Water Makers and commercial HVAC (Heating Ventilation Air Conditioning) In the home or small office with a handful of computers, HVAC is more for human comfort than the machines. In large datacenters, a humidity-free room with a steady, cool temperature is essential for the trouble-free systems. Sales of AMTROL's water systems products were 57 percent of total sales, while heating, ventilating and air conditioning products accounted for the remaining 43 percent. International sales were 13 percent of total sales during the quarter. For the first nine months of 1996, net income was $8.8 million, or $1.15 per share, compared with $8.6 million, or $1.13 per share, for the same period in 1995. The 1995 nine-month results included a pre-tax restructuring charge of $1.9 million, 16 cents per share after tax. Sales for the 1996 nine-month period were $134.8 million, compared with $134.6 million in the prior year's same period. Overall sales gains in plumbing plumbing, piping systems inside buildings for water supply and sewage. The Romans had a highly developed plumbing system; water was brought to Rome by aqueducts and distributed to homes in lead pipes—hence the name plumbing from the Latin word plumbum and heating and water systems products were offset by lower sales of chemical containers attributable to a pre-buy of chemical containers in 1995. As previously announced, AMTROL has agreed to merge with an affiliate of The 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. Group L.L.C. for $28.25 per share in cash. Proxy materials Proxy Materials Documents regulated by the Securities & Exchange Commission in which a public company outlines its methods and procedures. These documents are used to inform shareholders and solicit votes for corporate decisions, such as the election of directors and other have been mailed to shareholders for a special meeting to be held on Nov. 12, 1996 at which shareholders will vote on the merger. 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 with a growing international presence. The company's stock trades 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.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited - in thousands, except per share data)
Sept. 28, Dec. 31,
1996 1995
CURRENT ASSETS:
Cash and cash equivalents $3,422 $9,078
Accounts receivable,
less allowance for doubtful
accounts 30,451 24,108
Inventories 22,686 21,315
Prepaid income taxes 1,714 2,793
Prepaid expenses and other 1,372 462
Assets held for sale 1,786 3,736
Total current assets 61,431 61,492
Net property,
Plant and Equipment 32,089 27,933
OTHER ASSETS:
Intangible Assets 489 501
Other 2,633 3,983
3,122 4,484
$96,642 $93,909
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $9,203 $6,526
Accrued expenses 8,620 11,104
Accrued income taxes 865 559
Total current liabilities 18,688 18,189
OTHER NONCURRENT LIABILITIES 4,669 4,903
DEFERRED INCOME TAXES 447 611
SHAREHOLDERS' EQUITY
Preferred Stock $.01 par value-
Authorized- 5,000,000 shares and Issued-None
Common stock $.01 par value-
Authorized- 15,000,000 shares
Issued 7,658,420 shares in 1996
and 7,641,398 shares in 1995. 76 76
Additional paid-in capital 29,271 29,083
Retained earnings 46,772 44,313
Treasury stock, 214,200 shares
in 1996 and 213,200 shares in
1995 (3,281) (3,266)
Total shareholders' equity 72,838 70,206
$96,642 $93,909
AMTROL INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited- in thousands, except per share data)
For the Quarter For the Nine Months
Ended Ended
Sept. 28, Sept. 30, Sept. 28, Sept. 30,
1996 1995 1996 1995
Net Sales $45,400 $43,830 $134,816 $134,620
Cost of Goods Sold 32,852 31,480 98,018 96,491
Gross Profit 12,548 12,350 36,798 38,129
Operating Expenses:
Selling 4,363 3,575 12,420 11,176
General and Administrative 3,129 3,747 10,373 11,392
Restructuring Charges -- 1,875 -- 1,875
Income from Operations 5,056 3,153 14,005 13,686
Other Income (Expense):
Interest expense (105) (92) (149) (117)
Interest income 20 22 180 147
License and
distributorship fees 50 75 156 196
Other, net 37 121 84 104
Income before provision
for income taxes 5,058 3,279 14,276 14,016
Provision for Income taxes 1,947 1,279 5,496 5,466
Net Income $3,111 $2,000 $8,780 $8,550
Net Income per share $ 0.41 $ 0.26 $ 1.15 $ 1.13
Weighted Average common
and common equivalent
shares outstanding 7,683 7,571 7,603 7,586
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, 401/884-6300 or Bibelnieks Associates Inc., 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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