Aldila Reports Increased Sales and EPS For Second Quarter and Six Months of 1997.SAN DIEGO--(BUSINESS WIRE)--July 16, 1997--Aldila, Inc. (NASDAQ/NMS: 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 ), the world's foremost 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 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. manufacturer, today reported increased sales and earnings per share for the second quarter and six months ended June June: see month. 30, 1997. 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 second quarter ended June 30, 1997 increased 11% to $17.0 million, compared to net sales of $15.3 million in the same quarter of 1996. Net income was $1.4 million in both the second quarter of 1997 and 1996. Earnings per share increased 12% to $0.09 in the second quarter of 1997 versus $0.08 in the same quarter of 1996. For the six months ended June 30, 1997, net sales increased 16% to $31.6 million, compared to $27.2 million in the comparable 1996 period. Net income increased to $2.3 million in the first six months of 1997, compared to $2.2 million in the same period of 1996. Earnings per share of $0.15 for the first six months of 1997 increased 15% over earnings per share of $0.13 for the first six months in 1996. Aldila said its shaft unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. in the first six months of 1997 have increased 21% over the same period in 1996. "The combination of increased unit sales from our strong customer base with our aggressive pricing strategy contributed to our revenue growth in the first six months of 1997," 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). , President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Aldila Golf Corp. "We are continuing to position Aldila as the brand leader and low cost volume producer of graphite 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 through ongoing investment in our design expertise, materials research and process technology, and utilization of lower labor costs at our 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. and China," Mr. Mathewson continued. "These actions, backed by our extensive shaft manufacturing knowledge and strong customer support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services , are permitting us to competitively supply all market segments from entry level to professional golfers The list of golfers has been split into two articles:
The company continues to maintain a sound balance sheet. Cash and cash equivalents at June 30, 1997 were $12.0 million. During the first six months of 1997, the company expended ex·pend tr.v. ex·pend·ed, ex·pend·ing, ex·pends 1. To lay out; spend: expending tax revenues on government operations. See Synonyms at spend. 2. $2.2 million to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. 414,000 shares of Aldila common stock at an average price of $5.28 per share. The company said that $5.0 million of cash was utilized in the first six months of 1997 for construction of its new carbon fiber manufacturing facility in Evanston, Wyoming Evanston is a city in Uinta County, Wyoming, United States. The population was 11,507 at the 2000 census. It is the county seat of Uinta CountyGR6. Geography Evanston is located at (41.263302, -110. , to be operated by a new wholly-owned subsidiary, Aldila Materials Technology Corp. "We expect deliveries of Aldila-manufactured, commercial-grade Adj. 1. commercial-grade - of the kind or quality used in commerce; average or inferior; "commercial grade of beef"; "commercial oxalic acid" commercial inferior - of low or inferior quality carbon fiber to begin in the first quarter of 1998," said Gary T. Barbera, Chairman and Chief Executive Officer of Aldila, Inc. "Initially, we will supply the carbon fiber to Aldila Golf for the manufacture of graphite prepreg used to produce golf shafts. In addition, we are actively researching and pursuing non golf-related markets and applications for carbon fiber, including direct sale of carbon fiber itself and potentially in other products manufactured by the company." Aldila designs, manufactures and markets graphite golf shafts 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 manufactured throughout the world by leading golf club companies, pro shops, club shops and repair shops. Through vertical integration, the company supplies virtually all of the graphite prepreg material for its golf shaft business. -0- This report 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 management's expectations as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" that necessarily contain assumptions and are subject to certain risks and uncertainties. The Company does not undertake any responsibility to update these statements in the future. The Company's actual future performance and results could differ from that contained in or suggested by these forward-looking statements as a result of the factors set forth in this report, and in the Company's Report on Form 10-Q Form 10-Q See 10-Q. and related filings with the Securities and Exchange Commission. -0-
ALDILA, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS -- UNAUDITED
(In thousands, except share data)
June 30, Dec. 31,
1997 1996
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $11,946 $19,676
Accounts receivable 6,080 2,460
Inventories 11,789 7,809
Deferred tax assets 2,301 2,301
Prepaid expenses and other current
assets 626 468
Total current assets 32,742 32,714
PROPERTY AND EQUIPMENT 19,787 14,883
TRADEMARKS AND PATENTS 14,921 15,139
GOODWILL 48,339 49,053
DEFERRED FINANCING FEES 127 146
TOTAL ASSETS $115,916 $111,935
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $5,361 $2,062
Accrued expenses 2,128 2,277
Income taxes payable 1,021 101
Total current liabilities 8,510 4,440
LONG-TERM LIABILITIES
Long-Term debt 20,000 20,000
Deferred tax liabilities 7,769 7,906
Deferred rent liabilities 688 763
Total liabilities 36,967 33,109
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 15,597,152
and 16,011,152 shares 156 160
Additional paid-in capital 43,350 45,532
Retained earnings 35,443 33,134
Total stockholders' equity 78,949 78,826
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $115,916 $111,935
-0-
ALDILA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME -- UNAUDITED
(In thousands, except per share data)
Three months ended Six months ended
June 30 June 30
1997 1996 1997 1996
NET SALES $17,008 $15,259 $31,609 $27,178
COST OF SALES 11,310 9,776 21,094 17,584
Gross profit 5,698 5,483 10,515 9,594
SELLING,GENERAL
AND ADMINISTRATIVE 2,708 2,536 5,351 4,702
AMORTIZATION OF
GOODWILL 357 353 714 702
Operating income 2,633 2,594 4,450 4,190
OTHER:
Interest expense 316 316 632 632
Other (income), net (128) (152) (284) (322)
INCOME BEFORE INCOME
TAXES 2,445 2,430 4,102 3,880
PROVISION FOR INCOME
TAXES 1,069 1,069 1,793 1,707
NET INCOME $1,376 $1,361 $2,309 $2,173
NET INCOME PER
COMMON SHARE: $0.09 $0.08 $0.15 $0.13
WEIGHTED AVERAGE
SHARES OUTSTANDING 15,759 16,596 15,879 16,600
-0-
ALDILA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
(In thousands)
Six Months Ended
June 30,
1997 1996
CASH FLOWS FROM OPERATING
ACTIVITIES
Net Income $ 2,309 $ 2,173
Depreciation and
Amortization 2,831 2,254
Changes in working capital
items, net (3,900) (2,280)
Net cash provided by
operating activities 1,240 2,147
CASH FLOWS FROM INVESTING
ACTIVITIES:
Purchase of property and
equipment, net (6,803) (2,357)
Other 19 (117)
Net cash used for investing
activities (6,784) (2,474)
CASH FLOWS FROM FINANCING
ACTIVITIES:
Repurchases of common
stock (2,186)
Net cash used for
financing activities (2,186)
NET DECREASE IN CASH AND
CASH EQUIVALENTS (7,730) (327)
CASH AND CASH EQUIVALENTS,
BEGINNING OF PERIOD 19,676 19,345
CASH AND CASH EQUIVALENTS,
END OF PERIOD $ 11,946 $ 19,018
CONTACT: Media Contact: Anna Cordasco/Nancy Israel Sard Verbinnen & Co. 212/687-8080 or Investor Contact: Robert J. Cierzan, Vice President, Finance Mary Lou Coburn, Investor Relations Investor relations The process by which the corporation communicates with its investors. Aldila, Inc. 619/592-0404 |
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