Aerovox reports third quarter results; Sales increase due to rebound in demand for aluminum electrolytic capacitors.NORTH DARTMOUTH Dartmouth, city, Canada Dartmouth, city (1991 pop. 67,798), S N.S., Canada, on Halifax harbor, an inlet of the Atlantic Ocean. The city has large sugar and oil refineries, and it produces ships, iron, and aircraft parts. , Mass.--(BUSINESS WIRE)--Oct. 14, 1996--Aerovox Incorporated (Nasdaq/NM:ARVX) today reported results for the third quarter and nine months ended September September: see month. 28, 1996. 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 for the three months ended September 28, 1996, totaled $29,285,000, up 6% from $27,678,000 for the three months ended September 30, 1995. Net income totaled $223,000, or $0.04 per share, versus a loss of $406,000, or $0.08 per share, in the third quarter last year. The book to bill ratio for the third quarter of 1996 was 1.02. Net sales for the first nine months of 1996 totaled $94,479,000, compared with $98,556,000 for the first nine months of 1995. The company reported a special provision of $5,300,000 at the end of the second quarter of 1996 principally related to its Aero M operations in Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. . Including that charge, the net loss for the first nine months of 1996 was $1,795,000, or $0.34 per share, compared with net income of $1,519,000, or $0.28 per share, for the prior year period. "The growth in sales for the third quarter is primarily attributed to a rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective in demand for aluminum electrolytic e·lec·tro·lyt·ic adj. 1. Of or relating to electrolysis. 2. Produced by electrolysis. 3. Of or relating to electrolytes. e·lec capacitors, as well as better than expected orders from manufacturers of lighting products and home appliances," said Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. D. Elliott Elliott may refer to: possessing the best body in the whole world. like the hottest, sexiest body ever! the feeling of his skin kills me and sends me straight to heaven. , Aerovox president and chief executive officer. "We are particularly pleased to see a return to profitability in what has historically been the company's weakest quarter. This affirms the effectiveness of cost controls and organizational changes made at Aerovox earlier in the year. In addition, we still see many opportunities ahead of us to improve both service to our customers and our financial performance." Aerovox Incorporated is a leading manufacturer of film, paper, and aluminum electrolytic capacitors. The company sells its products worldwide, principally to original equipment manufacturers as components in electrical and electronic equipment. The company's manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. are located in New Bedford, Massachusetts New Bedford is a city in Bristol County, Massachusetts, located about 51 miles (82 kilometers) south of Boston, 28 miles (45 kilometers) southeast of Providence, Rhode Island, and about 12 miles (19 kilometers) east of Fall River. ; Huntsville, Alabama Huntsville is the county seat of Madison County, Alabama. Huntsville is the largest city in northern Alabama in a region of a half-million people, with the city proper having 168,132 residents (2006 estimate). ; Juarez, Mexico; and Weymouth Weymouth (wā`məth), town (1990 pop. 54,063), Norfolk co., E Mass., a suburb of Boston on Hingham Bay; settled 1622, inc. 1635. The state's second oldest settlement, it is chiefly residential. , England England, the largest and most populous portion of the United Kingdom of Great Britain and Northern Ireland (1991 pop. 46,382,050), 50,334 sq mi (130,365 sq km). It is bounded by Wales and the Irish Sea on the west and Scotland on the north. . -0-
AEROVOX INC.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Amounts in thousands except per share data)
Three Months Ended Nine Months Ended
Sept 28, Sept 30, Sept 28, Sept 30,
1996 1995 1996 1995
Net sales $29,285 $27,678 $94,479 $98,556
Cost of sales 24,698 24,604 82,532 83,505
Gross margin 4,587 3,074 11,947 15,051
Selling, general
and administrative
expenses 3,830 3,355 12,833 11,507
Income (loss)
from operations 757 (281) (886) 3,544
Other income
(expense):
Interest expense (525) (615) (1,818) (1,697)
Other income
(expense) 160 134 54 524
Income (loss)
before income taxes 392 (762) (2,650) 2,371
Provision (benefit)
for income taxes 169 (356) (855) 852
Net income (loss) $223 ($406) ($1,795) $1,519
Net income (loss)
per share $0.04 ($0.08) ($0.34) $0.28
-0-
AEROVOX INCORPORATED
Consolidated Balance Sheets (Unaudited)
(Amounts in thousands)
Sept. 28, Dec. 30,
1996 1995
ASSETS
Current Assets:
Cash and cash equivalents $ 517 $ 573
Accounts receivable, net 19,315 19,588
Inventories 22,011 22,630
Prepaid expenses and other
current assets 1,149 1,073
Deferred income taxes 1,792 885
Total current assets 44,784 44,749
Property, plant and equipment,
net of accumulated depreciation 40,447 41,251
Deferred income taxes 2,683 2,290
Other assets 281 401
Total assets $ 88,195 $ 88,691
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 9,703 $ 11,270
Accrued expenses 7,029 3,339
Current maturities of
long-term debt 3,654 3,205
Income taxes 873 508
Total current liabilities 21,259 18,322
Deferred income taxes 6,731 6,727
Industrial revenue bond 2,278 2,573
Long-term debt less
current maturities 23,083 25,132
Other liabilities 1,337 1,072
Stockholders' equity:
Common stock 5,313 5,299
Additional paid-in capital 831 769
Retained earnings 27,693 29,488
Foreign currency translation
adjustment (330) (691)
Total stockholders' equity 33,507 34,865
Total liabilities and
stockholders' equity $ 88,195 $ 88,691
-0- CONTACT: Jeffrey A. Templer Templer is an English surname. Famous Templers of the twentieth and twenty-first century include:
Sr. Vice President/Finance (508) 995-8000 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion