Acklands Limited announces second quarter results.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing , ONTARIO--(BUSINESS WIRE)--SEPTEMBER 11, 1995-- ACKLANDS LIMITED (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :ACK (ACKnowledgment code) The communications code sent from a receiving station to a transmitting station to indicate that it is ready to accept data. It is also used to acknowledge the error-free receipt of transmitted data. Contrast with NAK. 1. ) Acklands Limited today announced Second Quarter earnings of $4,711,000 or $0.27 per share for the period ending July July: see month. 31, 1995. This compares with the prior year's results of $6,227,000 or $0.36 per share. Significantly, the pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta earnings for the Second Quarter were $7,809,000 representing an improvement of 13 percent over the reported pre-tax earnings of $6,923,000 for the Second Quarter of Fiscal 1995. Revenue for the quarter of $192,278,000 represents an increase of 22 percent over last year's results of $157,583,000. A majority of the increase was generated by recently acquired automotive aftermarket Aftermarket See: Secondary market. aftermarket See secondary market. business units, particularly Rose Auto (AUTOmatic) Refers to a wide variety of devices that perform unattended operations. Stores. The Industrial Division also reported sales increases year over year. The Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. Auto Parts Auto parts are components of automobiles. They mainly are, in alphabetic order (only car specific articles or articles with car section):
Year to date, net earnings totalled $7,771,000 or $0.45 per share compared with $10,427,000 or $0.60 per share for the first half of Fiscal 1995. Notably, revenue for the first half of Fiscal 1996 increased by 21 percent to $371,621,000 from $305,926,000 in Fiscal 1995. As well, pre-tax earnings for the six months ended July 31, 1995 increased to $12,514,000, a gain of 11 percent over the corresponding period in the prior year. K. (Rai) Sahi, Chairman and Chief Executive Officer commented that: "The Company continues to move ahead to attain its growth objectives in both the industrial and automotive sectors. Concurrently con·cur·rent adj. 1. Happening at the same time as something else. See Synonyms at contemporary. 2. Operating or acting in conjunction with another. 3. Meeting or tending to meet at the same point; convergent. , the organization is proceeding with a series of activities to develop and capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the unique strengths of its key business units, those being Acklands Industrial, McKerlie-Millen and Rose Auto Stores. Investments have been made to enhance the infrastructure in the automotive aftermarket side of the company, capitalize on the national coverage and promote the organization's ability to supply in excess of 225,000 different products through fourteen warehouses. Rose Auto Stores is moving forward with a program to improve store operations, modify product lines and expand service capabilities. In the Industrial sector, revenues are strengthening from the focus on Acklands' unique position as the only national supplier of maintenance, repair, operational and safety products. The national scope of the Company has been instrumental in the successful launch of integrated supply and single source programs. As well, the comprehensive branch network and strength of our regional personnel have enabled the Company to expand market share throughout the country. With a network of integrated warehouses and branches, the Company is able to service virtually and industry and any size of organization with an extensive product line and logistics logistics In military science, all the activities of armed-force units in support of combat units, including transport, supply, communications, and medical aid. The term, first used by Henri Jomini, Alfred Thayer Mahan, and others, was adopted by the U.S. capabilities. The Company's income becomes fully taxable this year. However, the organization's growth initiatives, and profit improvement programs are expected to increase pre-tax earnings. During the Second Quarter, the Company announced its intention to acquire the operations of CISCO (Cisco Systems, Inc., San Jose, CA, www.cisco.com) A leading manufacturer of networking equipment, including routers, bridges, frame switches and ATM switches, dial-up access servers and network management software. in Toronto and the Auto Point aftermarket distribution business of Autostock in Quebec Quebec, city, Canada Quebec, Fr. Québec, city (1991 pop. 167,517), provincial capital, S Que., Canada, at the confluence of the St. Lawrence and St. Charles rivers. . Both acquisitions are expected to contribute to operating profits Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. in the current year." Acklands Limited is Canada's largest distributor of industrial and safety related products and a major automotive aftermarket parts distributor. Through its subsidiary Rose Auto Stores, the Company has a significant retail presence in South Florida's auto parts and accessories market. -0-
ACKLANDS LIMITED
CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION
FOR THE SIX MONTHS ENDED JULY 31, 1995 AND 1994
(000's OMITTED)
(UNAUDITED)
Three Months Six Months
Ended July 31 Ended July 31
------------- -------------
1995 1994 1995 1994
---- ---- ---- ----
CASH PROVIDED BY (USED IN)
OPERATIONS
Net Earnings $4,711 $6,277 $7,771 $10,427
Items not involving cash:
Depreciation and
amortization 2,062 1,429 4,167 2,748
(Gain) loss on sale of
fixed assets (91) (430) (137) (504)
Change in non-cash
operating working capital(8,149) (10,603) (19,657) (21,822)
------ ------ ------ ------
(1,467) (3,327) (7,856) (9,151)
------ ------ ------ ------
FINANCING
Proceeds on issue
of common shares 41 68 105 149
Repayments of long
term debt (5,213) (1,573) (5,738) (1,983)
------ ------ ------ ------
(5,172) (1,505) (5,633) (1,834)
------ ------ ------ ------
INVESTMENTS
Additions to fixed assets (2,751) (1,114) (4,795) (2,225)
Proceeds from sale of
fixed assets 102 484 162 513
Acquisition of net assets
of businesses (456) (1,052) (1,924) (1,052)
Investment in 50 percent
owned companies 50 -- (150) --
(Increase) decrease in
lease contracts and lien
notes receivable and
other assets (933) 244 (955) 352
------ ------ ------ ------
(3,988) (1,438) (7,662) (2,412)
------ ------ ------ ------
INCREASE IN BANK INDEBTEDNESS (10,627) (6,270) (21,151) (13,397)
BANK INDEBTEDNESS AT
BEGINNING OF PERIOD (63,812) (27,656) (53,288) (20,529)
------ ------ ------ ------
BANK INDEBTEDNESS AT
END OF PERIOD ($74,439) ($33,926) ($74,439) (33,926)
------ ------ ------- ------
------ ------ ------- ------
ACKLANDS LIMITED
CONSOLIDATED BALANCE SHEETS
AS AT JULY 31, 1995 AND 1994
(000's OMITTED)
(UNAUDITED)
1995 1994
---------- ----------
ASSETS
CURRENT ASSETS
Accounts Receivable $95,683 $90,761
Inventories 196,202 140,379
Prepaid Expenses 3,681 3,282
---------- ----------
295,566 234,422
---------- ----------
OTHER ASSETS
Goodwill 8,717 4,733
Lease contracts and lien notes
receivable and other assets 6,718 5,384
---------- ----------
15,435 10,117
---------- ----------
FIXED ASSETS
Land, buildings and equipment 115,687 95,292
Accumulated depreciation (48,045) (43,397)
---------- ----------
67,642 51,895
---------- ----------
$378,643 $296,434
---------- ----------
---------- ----------
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Bank indebtedness $74,439 $33,926
Accounts payable and accrued
liabilities 91,606 62,595
Principal due within one year
on long term debt 2,962 3,300
---------- ----------
169,007 99,821
---------- ----------
LONG TERM DEBT 6,849 14,389
---------- ----------
DEFERRED REAL ESTATE INCOME 1,224 1,427
---------- ----------
DEFERRED INCOME TAXES 2,063 517
---------- ----------
SHAREHOLDERS EQUITY
Capital stock
17,356,283 common shares 137,053 136,822
Retained earnings 62,447 43,458
---------- ----------
199,500 180,280
---------- ----------
$378,643 $296,434
---------- ----------
---------- ----------
ACKLANDS LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS
SIX MONTHS ENDED JULY 31, 1995 AND 1994
(000's OMITTED, EXCEPT FOR SHARE DATA)
(UNAUDITED)
Three Months Ended July 31 Six Months Ended July 31
-------------------------- ------------------------
1995 1994 1995 1994
---------- ---------- ---------- ----------
Sales $192,278 $157,583 $371,621 $305,926
Cost of sales, selling
and administrative
expenses 180,849 148,806 351,944 290,830
Depreciation and
amortization 2,062 1,429 4,167 2,748
--------- --------- --------- ---------
182,911 150,235 356,111 293,578
--------- --------- --------- ---------
9,367 7,348 15,510 12,348
--------- --------- --------- ---------
Other expenses
(income)
Interest on
long term
debt 198 306 433 573
Other interest
expense 1,451 549 2,700 993
Gain on sale
of fixed
assets (91) (430) (137) (504)
--------- --------- --------- ---------
1,558 425 2,996 1,062
--------- --------- --------- ---------
Earnings before
income taxes 7,809 6,923 12,514 11,286
Income taxes 3,098 646 4,743 859
--------- --------- --------- --------
Net earnings
for the
period $4,711 $6,277 $ 7,771 $10,427
--------- --------- --------- ---------
--------- --------- --------- ---------
Number of
common shares
outstanding
(weighted average)
17,354,455 17,307,826 17,351,245 17,301,246
Earnings
per share
- Basic $0.27 $0.36 $0.45 $0.60
--------- --------- --------- ---------
--------- --------- --------- ---------
- Fully
Diluted $0.26 $0.35 $0.44 $0.59
--------- --------- --------- ---------
--------- --------- --------- ---------
CONTACT: Acklands Limited Mr. K. (Rai) Sahi, 416/631-5200 Mr. Don W. Turple, 204/956-0880 |
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