Aldila Announces 2002 First Quarter Results.Business Editors & Sports Writers The following is a list of sports writers. Historical sportswriters
POWAY Pow·ay A community of southern California north of San Diego. It is near a large naval air base. Population: 49,100. , Calif.--(BUSINESS WIRE)--April 24, 2002 Aldila Inc. (Nasdaq:ALDA ALDA Association of Late-Deafened Adults ALDA Australian Learning Disability Association ALDA Adult Learning Development Association ALDA Asociación Larense de Astronomía (Barquisimeto, Venezuela) ALDA Alabama Dietetic Association ) announced today 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 of $11.4 million and a net loss of $198,000 ($0.01 per share) for the first quarter ended March 31, 2002. In the corresponding 2001 quarter, the company's net sales were $14.6 million and net income was $988,000, or $0.06 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. "A 22% revenue decline, year over year, is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to 26% lower average selling prices The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. , even though units sold were up slightly at 3%," said Peter R. Mathewson Math·ew·son , Christopher Known as "Christy." 1880-1925. American baseball player who won 373 games as a right-handed pitcher for the New York Giants (1900-1916). , chairman of the board and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "The decrease in average selling price was due to the large volume of premium shaft shaft (shaft) a long slender part, such as the diaphysis of a long bone. shaft n. 1. An elongated rodlike structure, such as the midsection of a long bone. 2. units transitioned to our China operation from our U.S. and 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. facilities over the last several quarters, as well as a change in product mix to a higher number of shafts for irons which sell at lower prices. The pressure on revenues is expected to continue throughout the year based on lower average selling prices, mitigated mit·i·gate v. mit·i·gat·ed, mit·i·gat·ing, mit·i·gates v.tr. To moderate (a quality or condition) in force or intensity; alleviate. See Synonyms at relieve. v.intr. To become milder. to some extent by an increase in sales of higher priced Aldila branded shafts. Gross margin in the quarter was impacted by $389,000 for unutilized carbon fiber capacity." "During the quarter, our customers continued to focus on reducing their inventories through conservative forecasting and ordering patterns," Mathewson continued. "We expect our second quarter revenues to be at or slightly above the second quarter of 2001." "Several new product programs are underway at key accounts for shipment beginning late in the third quarter. These programs could have a positive impact on our results in the second half this year, depending on volume and launch dates," said Mathewson. Market reaction to the performance of the new Aldila ONE premium wood shaft, introduced in January January: see month. , has been very positive. "Several major OEMs have already committed to the shaft in their custom programs and testing and evaluation are proceeding at many other OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and accounts," said Mike Rossi Rossi is an Italian surname, in fact the most frequent in Italy. Due to Italian immigration to many other countries, is also very common in the United States, Brazil, Argentina, Uruguay and Chile. Rossi is the plural of Rosso, meaning the color red in Italian language. , vice president, sales and marketing. "Virtually all component distributors will offer the Aldila ONE as the year progresses. Shipments began in March and production is being ramped up. Usage of Aldila ONE at the professional level is increasing. Our Segmented Flex A development system for Flash-based applications from Adobe. Introduced in 2004 as a J2EE application, Flex compiles ActionScript code and XML-based user interface descriptions (MXML) into binary Flash files (SWF files). Technology, combined with a range of tip stiffness stiffness half way to rigidity, tetany; result of insufficient use of the part. , gives the player an opportunity to select their optimum launch angle for maximum distance and control." Aldila's cash and short term investment position at March 31, 2002, was $670,000 with no outstanding debt. Aldila Inc. is the golf industry's leading manufacturer of graphite graphite (grăf`īt), an allotropic form of carbon, known also as plumbago and black lead. It is dark gray or black, crystalline (often in the form of slippery scales), greasy, and soft, with a metallic luster. golf shafts The shaft of a golf club is the long, cylindrical piece - generally made of steel or graphite - which connects the golfer’s hands to the club head. While hundreds of different designs exist, the primary purpose of the golf shaft remains the same - to provide the player with a used in clubs assembled as·sem·ble v. as·sem·bled, as·sem·bling, as·sem·bles v.tr. 1. To bring or call together into a group or whole: assembled the jury. 2. and marketed throughout the world by major golf club companies, component distributors and custom clubmakers. Aldila manufactures composite composite, alternate common name for Asteraceae or Compositae, the aster family. composite - aggregate prepreg material for its golf shaft business and external sales, and through its ownership interest in Carbon Fiber Technology LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , externally manufactures carbon fiber for internal use. Aldila will host a conference call at 8:00 A.M. PDT PDT abbr. Pacific Daylight Time PDT Pacific Daylight Time PDT n abbr (US) (= Pacific Daylight Time) → hora de verano del Pacífico PDT on Thursday Thursday: see week. , April 25, 2002 with Peter Mathewson, chairman and CEO; Bob Cierzan, vice president, finance; and Mike Rossi, vice president, sales and marketing, to review Aldila's 2002 first quarter financial results. A live broadcast of the call can be accessed over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.aldila.com at least 15 minutes prior to the call to register and receive instructions for accessing the broadcast. For telephone access to the conference call, dial 888/224-3260 and request connection to the Aldila conference call. Call leader is Peter Mathewson. The call will be rebroadcast at 800/428-6051 for domestic callers, and at 973/709-2089 for international callers, conference ID #239448, from 4:00 P.M. (PDT), Thursday, April 25, until 7:00 P.M. (PDT), Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , April 26, 2002. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. based on our expectations as of the date of this press release. These statements necessarily reflect assumptions that we make in evaluating our expectations as to the future. They are also necessarily subject to risks and uncertainties. Our actual future performance and results could differ from that contained in or suggested by these forward-looking statements as a result of a variety of factors. Our filings with the Securities and Exchange Commission present a detailed discussion of the principal risks and uncertainties related to our future operations, in particular under "Business Risks" in Part I, Item 1 of our 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. for the year ended December December: see month. 31, 2001, and "Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations" in Part I, Item 7 of the Form 10-K. The forward-looking statements in this press release are particularly subject to the risks that: -- we will not maintain or increase our market share at our principal customers; -- demand for clubs manufactured by our principal customers will decline, thereby affecting their demand for our shafts; -- our principal customers will be unwilling to satisfy a greater portion of their demand with clubs manufactured in China or Mexico instead of the United States; -- new product offerings will not achieve success with consumers or OEM customers; -- we will not achieve success marketing shafts to club assemblers based in China; -- our international operations will be adversely affected by political instability, currency fluctuations, export/import regulations and other risks typical of multi-national operations, particularly those in less developed countries, and -- Carbon Fiber Technology LLC will be unsuccessful as a result, for example, of internal operational problems, raw material supply problems, changes in demand for carbon fiber based products, or difficulties in operating a joint venture. For additional information about Aldila Inc., go to the company's Web site at www.aldila.com.
ALDILA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME -- UNAUDITED
(In thousands, except per share data)
Three months ended
March 31,
----------------------
2002 2001
-------- --------
NET SALES $ 11,374 $ 14,582
COST OF SALES 9,905 10,430
-------- --------
Gross profit 1,469 4,152
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SELLING, GENERAL AND ADMINISTRATIVE 1,689 2,101
AMORTIZATION OF GOODWILL -- 357
-------- --------
Operating income (loss) (220) 1,694
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OTHER EXPENSE (INCOME):
Interest expense 36 156
Other, net 35 (104)
Equity in earnings of joint venture (61) (70)
-------- --------
INCOME (LOSS) BEFORE INCOME TAXES (230) 1,712
PROVISION (BENEFIT) FOR INCOME TAXES (32) 724
-------- --------
NET INCOME (LOSS) ($ 198) $ 988
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NET INCOME (LOSS) PER COMMON SHARE ($ 0.01) $ 0.06
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NET INCOME (LOSS) PER COMMON SHARE,
ASSUMING DILUTION ($ 0.01) $ 0.06
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WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING 14,843 15,357
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WEIGHTED AVERAGE NUMBER OF COMMON
AND COMMON EQUIVALENT SHARES 14,843 15,471
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ALDILA INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
March 31, Dec. 31,
2002 2001
-------- --------
ASSETS (Unaudited)
CURRENT ASSETS:
Cash and cash equivalents $ 670 $ 266
Accounts receivable 6,516 3,977
Income taxes receivable 424 723
Inventories 9,873 11,472
Deferred tax assets 2,366 2,366
Prepaid expenses and other current assets 435 595
-------- --------
Total current assets 20,284 19,399
PROPERTY, PLANT AND EQUIPMENT 7,245 7,634
INVESTMENT IN JOINT VENTURE 7,005 7,466
OTHER ASSETS 333 387
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TOTAL ASSETS $ 34,867 $ 34,886
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 3,083 $ 2,921
Accrued expenses 2,475 2,627
-------- --------
Total current liabilities 5,558 5,548
LONG-TERM LIABILITIES:
Deferred tax liabilities 237 67
Deferred rent 73 74
-------- --------
Total liabilities 5,868 5,689
-------- --------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock, $.01 par value;
authorized 5,000,000 shares;
no shares issued
Common stock, $.01 par value;
authorized 30,000,000 shares;
issued and outstanding 14,843,404 shares 149 149
Additional paid-in capital 41,883 41,883
Accumulated deficit (13,033) (12,835)
-------- --------
Total stockholders' equity 28,999 29,197
-------- --------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 34,867 $ 34,886
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ALDILA INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS -- UNAUDITED
(In thousands)
Three months ended
March 31,
------------------
2002 2001
------- -------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ($ 198) $ 988
Depreciation and amortization 492 983
(Gain)/Loss on disposal of fixed assets (4) 8
Undistributed income of joint venture, net (54) (82)
Changes in working capital items, net (285) (2,364)
------- -------
Net cash used for operating activities (49) (467)
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CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment (66) (149)
Proceeds from sales of property,
plant and equipment 4 7
Proceeds from sales of marketable securities -- 3,104
Distribution from joint venture 515 --
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Net cash provided by investing activities 453 2,962
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CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on long-term debt -- (4,000)
Repurchases of common stock -- (381)
------- -------
Net cash used for financing activities -- (4,381)
------- -------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 404 (1,886)
CASH AND CASH EQUIVALENTS,
BEGINNING OF PERIOD 266 5,603
------- -------
CASH AND CASH EQUIVALENTS,
END OF PERIOD $ 670 $ 3,717
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