Aldila reports first quarter 1996 results.SAN DIEGO--(BUSINESS WIRE)--April 17, 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 largest 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 , 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 for the first quarter ended March 31, 1996 of $11.9 million and net income of $0.8 million. In the comparable 1995 quarter, net sales were $18.8 million, and net income was $2.6 million. Earnings per share in the 1996 first quarter were $0.05, compared to $0.15 in the 1995 first quarter. Aldila said sales to Callaway Callaway may refer to:
"As anticipated, the effects of heightened competition in the premium segment of the market and a shift in product mix to value priced shafts, which began in the second half of 1995, have resulted in lower per 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. selling prices," said Edmond S Edmond, city (1990 pop. 52,315), Oklahoma co., central Okla.; settled 1889. It is a trading center with a huge oil field and small industries that manufacture concrete, petroleum products, and other goods. The city's population nearly tripled from 1970 to 1990. . Abrain, 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. . Aldila said its actions are continuing to structure the company to meet the demands for technologically superior graphite shafts at lower prices. "The investments we are making in vertical integration, our design capability, materials research and process technology are placing us in a stronger position to continue producing the highest quality and best engineered products available at the most competitive prices," 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. 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 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 -- UNAUDITED
(In thousands, except per share data)
Three months ended
March 31,
1996 1995
NET SALES $11,919 $18,816
COST OF SALES 7,808 10,416
Gross profit 4,111 8,400
SELLING,GENERAL
AND ADMINISTRATIVE 2,166 3,353
AMORTIZATION OF
GOODWILL 349 349
Operating income 1,596 4,698
OTHER: Interest expense 316 329 Other (income), net (170) (174) INCOME BEFORE INCOME TAXES 1,450 4,543 PROVISION FOR INCOME TAXES 638 1,953 NET INCOME $812 $2,590
EARNINGS PER COMMON SHARE:
Net income $0.05 $0.15
Weighted average
shares outstanding 16,608 16,775
ALDILA, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - UNAUDITED
(In thousands, except share data)
March 31, Dec. 31,
1996 1995
ASSETS CURRENT ASSETS: Cash and cash equivalents $18,306 $19,345 Accounts receivable 4,519 3,168 Income taxes receivable 88 Inventories 6,421 6,074 Deferred tax assets 2,808 2,808 Prepaid expenses and other current assets 365 742 Total current assets 32,419 32,225 PROPERTY AND EQUIPMENT 13,529 13,545 TRADEMARKS AND PATENTS 15,469 15,579 GOODWILL 49,970 50,319 DEFERRED FINANCING FEES 175 185 TOTAL ASSETS $111,562 $111,853 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $3,057 $4,230 Accrued expenses 2,326 3,225 Income taxes payable 1,062 Total current liabilities 6,445 7,455 LONG-TERM LIABILITIES Long-Term debt 20,000 20,000 Deferred tax liabilities 7,975 8,040 Deferred rent liabilities 849 877 Total liabilities 35,269 36,372 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 shares 166 166 Additional paid-in capital 47,863 47,863 Retained earnings 28,264 27,452 Total stockholders' equity 76,293 75,481 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $111,562 $111,853 -0- CONTACT: Investor Contact: Aldila Inc. 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 Media Contact: Sard Verbinnen & Co. 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 |
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