AMTROL reports third quarter results: declares regular dividend.today reported third quarter financial results in line with projections announced earlier this month and declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a regular quarterly dividend of five cents per common share, payable November November: see month. 15, 1995 to shareholders of record November 6, 1995. For the third quarter ended September September: see month. 30, 1995, net income was $2.0 million, or 26 cents a share, including a charge of $1.875 million pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern , or 16 cents a share after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. , for a plant closing, business consolidations and staff reductions. Excluding this charge, which will achieve pretax savings of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $1.2 million a year, income was $3.2 million, or 42 cents a share. In last year's third quarter the company reported third quarter net income of $3.9 million, or 51 cents a share. Sales for this year's third quarter declined four percent to $43.8 million, from $45.5 million in the prior year. Most of the decline came in the company's 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 category. 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 accounted for 40 percent of sales and water systems products generated the remaining 60 percent in the quarter. "These results are in line with our previously-announced expectations for a weak quarter as demand in our key markets slackened," stated David Beretta be·ret·ta or ber·ret·ta n. Variants of biretta. , AMTROL's president. "Demand has not improved appreciably ap·pre·cia·ble adj. Possible to estimate, measure, or perceive: appreciable changes in temperature. See Synonyms at perceptible. in the current quarter, but actions we have taken over the last several months should enable us to achieve stronger performance in the fourth quarter and next year," Beretta said. "Just last month we increased prices of our water systems products; we introduced a new installer-friendly product line which has shown strong sales growth; we reduced raw material costs; we achieved productivity improvements; and we will begin to benefit from the previously announced 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). of operations," Beretta concluded. For the nine months, net income was $8.5 million, or $1.13 a share, including the third quarter charge of $1.875 million pretax, or 16 cents a share after-tax for restructuring of operations, compared with $10.3 million, or $1.35 a share, in the first nine months of 1994. Sales for the first three quarters of 1995 were $134.6 million, compared with the prior year's sales of $134.8 million. 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 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 For the nine months
ended ended
Sept. 30, Oct. 1, Sept. 30, Oct. 1,
1995 1994 1995 1994
Net Sales $43,830 $45,531 $134,620 $134,797 Cost of goods sold 31,480 31,804 96,491 95,017 Gross profit 12,350 13,727 38,129 39,780
Operating expenses
Selling 3,575 3,960 11,176 11,520
General and
Administrative 3,747 3,406 11,392 11,238
Restructuring charges 1,875 -- 1,875 --
Income from Operations 3,153 6,361 13,686 17,022
Other Income (expense)
Interest expense (92) (50) (117) (201)
Interest income 22 56 147 93
License and
distributorship fees 75 67 196 197
Other, net 121 (65) 104 (141)
Income before provision
for income taxes 3,279 6,369 14,016 16,970
Provision for income taxes 1,279 2,503 5,466 6,693 Net Income $2,000 $3,866 $8,550 $10,277 Net Income Per Share $0.26 $0.51 $1.13 $1.35 Weighted Average Common & Common Equivalent Shares Outstanding 7,571 7,645 7,586 7,634 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. -0-
AMTROL INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited - in thousands, except share data)
Assets Sept. 30, Oct. 1,
1995 1994
Current assets: Cash and cash equivalents $5,706 $8,015 Accounts receivable, less allowance for doubtful accounts 28,685 27,846 Inventories 22,751 22,244 Prepaid income taxes 2,183 1,950 Prepaid expenses and other 518 444 Total current assets 59,843 60,499 Net Property, plant and equipment 32,832 31,220
Other assets:
Cash surrender value of officers'
life insurance 3,184 3,092
Other 730 950
----- -----
3,914 4,042
------- -------
$96,589 $95,761
Liabilities and shareholders' equity
Current liabilities: Current installments of long term debt $ -- $ 952 Accounts payable 7,227 9,321 Accrued expenses 11,630 10,608 Accrued income taxes 577 1,940 Total current liabilities 19,434 22,821 Other noncurrent liabilities 5,301 5,906 Deferred income taxes 693 1,192 Long term debt, less current installments -- 2,619
Shareholders' equity:
Preferred stock $.01 par value -
Authorized - 5,000,000 shares
Issued - none
Common stock $.01 par value -
Authorized - 15,000,000 shares
Issued - 7,614,279 shares in 1995 and
7,584,373 shares in 1994 76 76
Additional paid-in capital 28,653 28,034
Retained earnings 44,150 35,113
Treasury Stock - 112,000 shares in 1995
and 67,300 shares in 1994 (1,718) --
Total shareholders' equity 71,161 63,223
------- -------
$96,589 $95,761
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. CONTACT: Bibelnieks Associates Inc. Yanis Bibelnieks, 212/949-2295 or AMTROL Inc. 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 |
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