Aldila reports 1995 fourth quarter and full year results.SAN DIEGO--(BUSINESS WIRE)--Feb. 7, 1996--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 nation'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 club shafts, today reported 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 $10.7 million for the fourth quarter ended Dec. 31, 1995, net income of $0.7 million, and earnings per share of $0.04. In the comparable 1994 quarter, sales were $18.3 million, net income was $2.4 million, and earnings per share, $0.14. Net sales for the year ended Dec. 31, 1995 were $56.5 million, net income was $6.3 million and earnings per share, $0.37. For the year ended Dec. 31, 1994, net sales were $79.8 million, net income was $11.7 million and earnings per share, $0.69. Aldila said it continues to maintain a strong balance sheet. In 1995, cash and cash equivalents increased $5.3 million to $19.3 million at Dec. 31, 1995. The company said the combination of lower sales to Callaway Callaway may refer to:
shaft n. 1. An elongated rodlike structure, such as the midsection of a long bone. 2. suppliers, and price pressure in the premium segment of the golf shaft market contributed to the lower sales and earnings levels. Sales to Callaway Golf were $28.0 million, or 50% of sales, in 1995, compared to $52.4 million, or 66% of sales, in 1994. Dollar sales to customers other than Callaway were lower in the fourth quarter, while 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. were even with the same period of 1994. "We expect average selling prices The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. of graphite shafts to decrease over the next several years, partly due to a growing demand for graphite shafts in value priced golf clubs," said Gary Gary, city (1990 pop. 116,646), Lake co., NW Ind., a port of entry on Lake Michigan; inc. 1909. Gary was founded by the U.S. Steel Corporation, which purchased the land in 1905 and landscaped it for a city. T. Barbera, chairman of the board and chief executive officer. "To offset these changing aspects of the graphite shaft market and to maximize In a graphical environment, to enlarge a window to the full size of the screen. See Win Maximize windows. profit margins, we are continuing to control our costs by manufacturing our own graphite prepreg, improving efficiencies through automation, and utilizing lower labor and overhead costs overhead costs see fixed costs. in other countries." Aldila designs, manufacturers and markets 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 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 by leading golf club companies, as well as pro shops, custom club shops and repair shops. -0-
ALDILA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
Three months ended Year ended
December 31 December 31
1995 1994 1995 1994
NET SALES $10,685 $18,299 $56,545 $79,779
COST OF SALES 6,838 10,830 32,823 44,206
Gross profit 3,847 7,469 23,722 35,573
SELLING,GENERAL
AND ADMINISTRATIVE 2,116 2,801 10,850 12,922
AMORTIZATION OF
GOODWILL 350 350 1,398 1,398
Operating income 1,381 4,318 11,474 21,253
OTHER: Interest expense 317 328 1,291 1,313 Other (income), net (204) (138) (857) (297) INCOME BEFORE INCOME TAXES 1,268 4,128 11,040 20,237 PROVISION FOR INCOME TAXES 568 1,751 4,770 8,565 NET INCOME $700 $2,377 $6,270 $11,672
EARNINGS PER COMMON SHARE:
Net income $0.04 $0.14 $0.37 $0.69
Weighted average
shares outstanding 16,686 16,793 16,765 16,810
ALDILA, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
December 31, December 31,
1995 1994
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $19,345 $14,087
Accounts receivable 3,168 5,098
Income taxes receivable 88
Inventories 6,074 6,435
Deferred tax assets 2,808 3,431
Prepaid expenses and other current
assets 742 839
Total current assets 32,225 29,890
PROPERTY AND EQUIPMENT 13,545 11,707 TRADEMARKS AND PATENTS, less accumulated amortization of $1,759 and $1,319 15,579 16,019 GOODWILL, less accumulated amortization of $5,592 and $4,194 50,319 51,717 DEFERRED FINANCING FEES, less accumulated amortization of $81 and $42 185 224 TOTAL ASSETS $111,853 $109,557 LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $4,230 $5,079
Accrued expenses 3,225 5,220
Income taxes payable 511
Total current liabilities 7,455 10,810
LONG-TERM LIABILITIES
Long-Term debt 20,000 20,000
Deferred tax liabilities 8,040 8,038
Deferred rent liabilities 877 932
Total liabilities 36,372 39,780
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
16,573,952 and 16,665,626
shares 166 166
Additional paid-in capital 47,863 48,429
Retained earnings 27,452 21,182
Total stockholders' equity 75,481 69,777
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $111,853 $109,557 -0-
ALDILA INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year ended
December 31
1995 1994
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $ 6,270 $ 11,672
Depreciation and amortization 3,972 3,359
Changes in working capital
items, net (485) 1,835
Net cash provided by
operating activities 9,757 16,866
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and
equipment (3,933) (5,575)
Net cash used for investing
activities (3,933) (5,575)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of
common stock 227 287
Repurchases of common stock (957)
Other, net 164 598
Net cash provided by (used for)
financing activities (566) 885
NET INCREASE IN CASH AND CASH EQUIVALENTS 5,258 12,176 CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 14,087 1,911 CASH AND CASH EQUIVALENTS, END OF YEAR $19,345 $14,087 CONTACT: Aldila Inc., San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. 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. J. Cierzan or Mary Mary, the mother of Jesus Mary, in the Bible, mother of Jesus. Christian tradition reckons her the principal saint, naming her variously the Blessed Virgin Mary, Our Lady, and Mother of God (Gr., theotokos). Her name is the Hebrew Miriam. Lou Coburn, 619/592-0404 or Sard Verbinnen & Co., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of George George, river, c.345 mi (560 km) long, rising in a lake on the Quebec-Labrador boundary, E Canada. It flows N through Indian Lake (125 sq mi/324 sq km) to Ungava Bay (an arm of Hudson Strait). Sard or Anna Cordasco, 212/687-8080 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion