Alba Announces Third-Quarter and Nine- Month Results.VALDESE, N.C.--(BUSINESS WIRE)--Nov. 17, 1999-- Alba-Waldensian Inc. (AMEX AMEX See: American Stock Exchange :AWS AWS Amazon Web Services AWS American Welding Society AWS Advanced Warning System AWS Advanced Wireless Services AWS Automatic Weather Station AWS Alien Workshop (skateboard company) AWS Austria Wirtschaftsservice GmbH ), one of the world's leading producers of seamless apparel and a manufacturer of medical specialty medical specialty Any specialty that provides non-interventional Pt management, ie with drugs, or with minimum intervention–eg, balloon catheterization Examples Internal medicine–allergy and immunology, cardiology, gastroenterology, hematology/oncology, products, today announced record third-quarter revenue and record revenue and net earnings for the first nine months of 1999. For the three months ended Oct. 3, 1999, revenue increased to a third-quarter record $19,292,000, as compared with $18,904,000 for the same period last year. Net earnings were $750,000, or 23 cents per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, as compared with $1,232,000, or 37 cents per diluted share, for the third quarter of 1998. This year's third-quarter earnings included a one-time, pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern charge of $258,000, or 5 cents per diluted share after tax, related to severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when costs associated with the departure of its chief executive officer in July. For the first nine months of 1999, revenue increased 8.8 percent to $59,739,000, a record for the period, as compared with $54,914,000 for the first nine months of 1998. Net earnings increased 25 percent to a record $3,284,000, or 99 cents per diluted share, as compared with $2,625,000, or 74 cents per diluted share, for the same period of 1998. As announced on Nov. 8, 1999, Alba-Waldensian has signed a definitive agreement under which Tefron U.S. Holding Corp. ("Tefron U.S."), a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Tefron Ltd., will acquire Alba- Waldensian for $18.50 per share in cash. Tefron will pay approximately $62 million for the Alba-Waldensian common shares. Including assumed debt, the transaction has a total value of approximately $83 million. Under the terms of the agreement, which was unanimously approved by the boards of directors of both companies, Tefron has initiated a tender offer for 100 percent of the outstanding shares of Alba- Waldensian. Tefron has entered into lock-up agreements Lock-Up Agreement A legally binding contract between the underwriters and insiders of a company prohibiting these individuals from selling any shares of stock for a specified period of time. with Alba-Waldensian's two largest shareholders pursuant to which, among other things, they have agreed to tender a majority of the outstanding shares of Alba- Waldensian into the tender offer. The tender offer is conditioned on the valid tender of a majority of Alba-Waldensian's outstanding shares, expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act The Hart-Scott-Rodino Antitrust Improvements Act of 1976 (Public Law 94-435, known commonly as the HSR Act) is a set of amendments to the antitrust laws of the United States, principally the Clayton Antitrust Act. The HSR Act was signed into law by President Gerald R. , and other customary closing conditions. Tefron and Alba-Waldensian plan to complete the transaction before year-end 1999. About Alba-Waldensian Alba-Waldensian manufactures and markets seamless intimate apparel and women's hosiery hosiery Knit or woven coverings for the feet and legs, worn inside shoes. In the 8th century BC, Hesiod referred to linings for shoes; the Romans wrapped their feet, ankles, and legs in long strips of leather or woven cloth. on a private-label basis for major retailers and on a contract basis for major brands. The company's medical specialty products group manufactures its products in Tennessee and markets them throughout the Americas and Europe. The company employs approximately 830 people in Valdese, N.C., and Rockwood, Tenn. This news release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements represent the company's judgment and are subject to risks and uncertainties that could cause actual operating results to differ materially from those expressed or implied in the forward- looking statements. From time to time, these risks are discussed in the company's filings with the Securities and Exchange Commission, including but not limited to its annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , quarterly reports on Form 10-Q Form 10-Q See 10-Q. and its other periodic reports. -0-
ALBA-WALDENSIAN INC.
Consolidated Earnings
($000's, except per-share amounts)
Three months ended Nine months ended Rolling
Oct. 3, Sept. 27, Oct. 3, Sept. 27, 12-month
1999 1998 1999 1998 total
Net sales:
Consumer products $10,549 $10,746 $33,140 $30,383 $45,451
Health products 8,743 8,158 26,599 24,531 34,615
Total net sales 19,292 18,904 59,739 54,914 80,066
Gross margins 5,154 5,665 16,587 14,653 24,088
GM% 26.7% 30.0% 27.8% 26.7% 30.1%
Selling, general
and administrative
expenses 3,578 3,368 10,431 9,633 13,763
Operating profit 1,576 2,297 6,156 5,020 10,325
% 8.2% 12.2% 10.3% 9.1% 12.9%
Income before
income taxes 1,127 1,987 5,030 4,234 9,061
Provision for
income taxes 377 755 1,746 1,609 3,419
Net income $ 750 $ 1,232 $ 3,284 $ 2,625 $ 5,642
Income per share --
Basic $ 0.23 $ 0.39 $ 1.04 $ 0.76 $ 1.79
Diluted $ 0.23 $ 0.37 $ 0.99 $ 0.74 $ 1.69
Weighted average
number of common
shares outstanding --
Basic 3,198 3,140 3,158 3,438 3,151
Diluted 3,331 3,326 3,329 3,545 3,345
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion