Alliance Laundry Holdings LLC Reports 1st Quarter Earnings.Business Editors RIPON Ripon, town (1991 pop. 11,952), North Yorkshire, N England, on the Ure River. It is a market town with foundries, varnish and paint factories, tanneries, and breweries. Ripon is famous as an old cathedral city where monasteries have stood since the 7th cent. , Wis adv. 1. Certainly; really; indeed. v. t. 1. To think; to suppose; to imagine; - used chiefly in the first person sing. present tense, I wis. See the Note under Ywis. .--(BUSINESS WIRE)--May 2, 2002 Alliance Laundry Laundry can be:
Before industrialization Holdings LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control announced today results for the quarter ended March 31, 2002. Net revenues for the quarter ended March 31, 2002 decreased $2.9 million, or 4.5%, to $59.8 million from $62.7 million for the quarter ended March 31, 2001. Net income for the quarter ended March 31, 2002 increased $4.8 million to $3.7 as compared to a net loss of $1.1 million for the same period last year. Earnings Before Interest, Taxes, Depreciation and Amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. costs for the first quarter of 2002 increased 5.1% to $13.1 million as compared with EBITDA before plant relocation costs of $12.5 million for the first quarter of 2001. The overall revenue decline of $2.9 million was primarily due to lower commercial laundry revenue of $2.2 million and lower service parts revenue of $0.7 million, which was largely due to a continued softness in the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. economy. Higher gross profit of $1.1 million, lower selling, general and administrative expense of $0.5 million and lower interest expense of $3.3 million drove the increase in net income for the first quarter of 2002. The increase in EBITDA before plant relocation costs of $0.6 million was due to improved gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. and lower overall operating costs operating costs npl → gastos mpl operacionales . In announcing the Company's results today, Chairman 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. Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs F. L'Esperance said, "In the fourth quarter of last year, our business stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. somewhat versus the recessionary type environment we had been experiencing. In fact, we were right on our revenue projection projection, in psychology: see defense mechanism. See rear-projection TV, front-projection TV and LCD panel. (theory) projection - In domain theory, a function, f, which is (a) idempotent, i.e. for the first quarter, which was down 4.5% versus 2001. In spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite the slight revenue decline versus prior year, profitability improved. At this point, we expect revenues and profits to remain right on plan for the balance of the year." "We will continue to de-lever and focus on marketplace execution, asset management and aggressive cost control," said L'Esperance. With the exception of the reported actual results, the information presented herein contains predictions, estimates and other 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. within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities Act of 1934, as amended, including, without limitation, statements that include the words "stabilized" and "expect" or similar expressions and statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc growth or performance objectives. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that its plans, intentions and expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that such plans, intentions, expectations, objectives or goals will be achieved. Important factors that could cause actual results to differ materially from those included in the forward-looking statements include: impact of competition; continued sales to key customers; possible fluctuations in the cost of raw materials and components; possible fluctuations in currency exchange rates, which affect the competitiveness of the Company's products abroad; market acceptance of new and enhanced versions of the Company's products; the impact of substantial leverage and debt service on the Company and other risks listed from time to time in the Company's reports, including, but not limited to the Company's most recent 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. Alliance Laundry Holdings LLC, headquartered in Ripon, Wisconsin Ripon is a city in Fond du Lac County, Wisconsin, United States. As of the 2000 census, the city population was 6,828. The city is located within the Town of Ripon. History Founding , is a leading manufacturer of commercial laundry products and provider of services for laundromats, multi-housing laundries, on-premise laundries and drycleaners worldwide. The Company offers a full line of washers and dryers for light commercial use as well as large frontloading washers, heavy duty tumbler dryers, and presses and finishing equipment for heavy commercial use. The Company's products are sold under four well known brand names: Speed Queen, UniMac, Huebsch and Ajax. Financial information for Alliance Laundry Holdings LLC appears on the next two pages, followed by 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 for the quarter ended March 31, 2002.
ALLIANCE LAUNDRY HOLDINGS LLC
CONDENSED STATEMENTS OF OPERATIONS
(in thousands)
Three Months Ended
------------------
March 31, March 31,
2002 2001
-------- --------
(Unaudited)
Net revenues:
Commercial laundry...........................$ 51,040 $ 53,175
Service parts................................ 8,808 9,491
-------- --------
59,848 62,666
Cost of sales.................................. 42,793 46,642
-------- --------
Gross profit................................... 17,055 16,024
Selling, general and administrative expense.... 6,986 7,471
-------- --------
Operating income........................... 10,069 8,553
Interest expense............................... 6,359 9,673
Other income, net.............................. 25 46
-------- --------
Net income (loss)..........................$ 3,735 $ (1,074)
======== ========
ALLIANCE LAUNDRY HOLDINGS LLC
OTHER OPERATING DATA
(in thousands)
Three Months Ended
------------------
March 31, March 31,
2002 2001
-------- --------
(Unaudited)
EBITDA(1) $ 13,081 $ 12,154
EBITDA(1) before nonrecurring costs and plant
relocation costs $ 13,124 $ 12,484
Depreciation and amortization (2) $ 3,624 $ 4,182
Non-cash interest expense included in
amortization above (2) $ 637 $ 627
Plant relocation costs included in
administrative expense $ 43 $ 330
Capital Expenditures $ 517 $ 1,342
(1)"EBITDA",as presented, represents income before taxes plus
depreciation, amortization and interest expense.
(2) Depreciation and amortization amounts for 2001 and 2000
include amortization of deferred financing costs included in
interest expense.
ALLIANCE LAUNDRY HOLDINGS LLC
CONDENSED BALANCE SHEETS
(in thousands)
March 31, December 31,
2002 2001
-------- --------
Assets (Unaudited)
Current assets:
Cash.........................................$ 3,716 $ 5,659
Cash-restricted.............................. 605 439
Accounts receivable, net..................... 13,185 10,440
Inventories, net............................. 28,280 29,862
Prepaid expenses and other................... 9,659 10,093
-------- --------
Total current assets....................... 55,445 56,493
Notes receivable, net.......................... 11,100 8,512
Property, plant and equipment, net............. 44,501 46,909
Goodwill, net.................................. 55,414 55,414
Beneficial interests in securitized financial
assets........................................ 28,488 28,227
Debt issuance costs, net....................... 7,226 7,863
Other assets................................... 271 353
-------- --------
Total assets...............................$202,445 $203,771
======== ========
Liabilities and Members' Deficit
Current liabilities:
Current portion of long-term debt............$ 1,200 $ 1,212
Revolving credit facility.................... - -
Accounts payable............................. 9,279 12,194
Other current liabilities.................... 20,320 20,539
-------- --------
Total current liabilities.................. 30,799 33,945
Long-term debt:
Senior credit facility....................... 191,032 194,018
Senior subordinated notes.................... 110,000 110,000
Junior subordinated note..................... 17,780 17,069
Other long-term debt......................... 1,206 1,265
Other long-term liabilities.................... 1,706 1,682
-------- --------
Total liabilities.......................... 352,523 357,979
Mandatorily redeemable preferred equity........ 6,000 6,000
Members' deficit...............................(156,078) (160,208)
-------- --------
Total liabilities and members' deficit.....$202,445 $203,771
======== ========
Management's Discussion and Analysis of Financial Condition and Results of Operations for the Three Months Ended March 31, 2002 OVERVIEW The Company believes it is the leading designer, manufacturer and marketer of stand-alone (jargon) stand-alone - Capable of operating without other programs, libraries, computers, hardware, networks, etc. Exactly what is absent is presumed to be obvious from context. "We only run Windows on stand-alone PCs because it's too dangerous to run it on networked ones." commercial laundry equipment in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and a leader worldwide. Under the well-known well-known adj. 1. Widely known; familiar or famous: a well-known performer. 2. Fully known: well-known facts. brand names of Speed Queen, UniMac, Huebsch and Ajax, the Company produces a full line of commercial washing machines (storage) washing machine - An old-style 14-inch hard disk in a floor-standing cabinet. So called because of the size of the cabinet and the "top-loading" access to the media packs - and, of course, they were always set on "spin cycle". and dryers with load capacities from 16 to 250 pounds as well as presses and finishing equipment. The Company's commercial products are sold to four distinct customer groups: (i) laundromats; (ii) multi-housing laundries, consisting primarily of common laundry facilities in apartment buildings, universities and military installations; (iii) on-premise laundries, consisting primarily of in-house In-house In the context of general equities, keeping an activity within the firm. For example, rather than go to the marketplace and sell a security for a client to anyone, an attempt is made to find a buyer to complete the transaction with the firm. laundry facilities of hotels, hospitals, nursing homes and prisons; and (iv) dry cleaners. The unaudited financial statements as of and for the quarter ended March 31, 2002 present the consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: financial position and results of operations of Alliance Laundry Holdings LLC (the "Company"), including its wholly-owned direct and indirect subsidiaries, Alliance Laundry Systems LLC and Alliance Laundry Corporation. This discussion and analysis should be read in conjunction with the Financial Statements and Notes thereto there·to adv. 1. To that, this, or it. 2. Archaic In addition to that; furthermore. thereto Adverb Formal 1. to that or it 2. included in this report and in conjunction with Management's Discussion and Analysis of Financial Condition and Results of Operations set forth in the Company's Annual Report on Form 10-K (file no. 333-56857) filed with the Securities and Exchange Commission, which includes the audited financial position and operating results of the Company as of and for the year ended December 31, 2001. RESULTS OF OPERATIONS The following table sets forth the Company's historical net revenues for the periods indicated:
Quarter Ended
-------------
March 31, March 31,
2002 2001
-------- --------
(Dollars in millions)
Net revenues:
Commercial laundry...........................$ 51.0 $ 53.2
Service parts................................ 8.8 9.5
-------- --------
$ 59.8 $ 62.7
======== ========
The following table sets forth certain condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. historical financial data for the Company expressed as a percentage of net revenues for each of the periods indicated:
Quarter Ended
-------------
March 31, March 31,
2002 2001
-------- --------
Net revenues................................... 100.0% 100.0%
Cost of sales.................................. 71.5% 74.4%
Gross profit................................... 28.5% 25.6%
Selling, general and administrative expense.... 11.7% 11.9%
Operating income............................... 16.8% 13.7%
Net income (loss)............................ 6.2% (1.7%)
Net revenues. Net revenues for the quarter ended March 31, 2002 decreased $2.9 million, or 4.5%, to $59.8 million from $62.7 million for the quarter ended March 31, 2001. This decrease was primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to lower commercial laundry revenue of $2.2 million and lower service parts revenue of $0.7 million. The decrease in commercial laundry revenue was due primarily to lower North American equipment revenue of $1.3 million, lower international revenue of $0.2 million and lower earnings from the Company's off-balance sheet equipment financing program of $0.7 million. The decrease in North American equipment revenue was primarily due to lower revenue from laundromats resulting from a general economic slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. . The lower earnings from the financing program were due to a lower level of loans originated and sold in the first quarter of 2002 as compared to 2001. Gross profit. Gross profit for the quarter ended March 31, 2002 increased $1.1 million, or 6.4%, to $17.1 million from $16.0 million for the quarter ended March 31, 2001. This increase was primarily attributable to favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. manufacturing efficiencies, a recent price increase, and a $0.5 million favorable impact on 2002 resulting from a change in accounting principle whereby goodwill is no longer amortized. These favorable impacts were partially offset by the lower earnings from the financing program. Gross profit as a percentage of net revenues increased to 28.5% for the quarter ended March 31, 2002 from 25.6% for the quarter ended March 31, 2001. This 2.9% increase was primarily attributable to the manufacturing efficiencies, price increase and accounting principle change. Selling, general and administrative expense. Selling, general and administrative expenses for the quarter ended March 31, 2002 decreased $0.5 million, or 6.5%, to $7.0 million from $7.5 million for the quarter ended March 31, 2001. The decrease in selling, general and administrative expenses was primarily due to lower independent development expenses of $0.2 million and lower one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. expenses related to the relocation of Cincinnati, Ohio “Cincinnati” redirects here. For other uses, see Cincinnati (disambiguation). Cincinnati is a city in the U.S. state of Ohio and the county seat of Hamilton County. production lines to Marianna, Florida Marianna is a city in Jackson County, Florida, United States. The population was 6,230 at the 2000 census. As of 2004, the population recorded by the U.S. Census Bureau is 6,200 [1]. of $0.3 million. Selling, general and administrative expenses as a percentage of net revenues decreased to 11.7% for the quarter ended March 31, 2002 from 11.9% for the quarter ended March 31, 2001. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. . As a result of the foregoing, operating income for the quarter ended March 31, 2002 increased $1.5 million, or 17.7%, to $10.1 million from $8.6 million for the quarter ended March 31, 2001. Operating income as a percentage of net revenues increased to 16.8% for the quarter ended March 31, 2002 from 13.7% for the quarter ended March 31, 2001. Interest expense. Interest expense for the quarter ended March 31, 2002 decreased $3.3 million, or 34.3%, to $6.4 million from $9.7 million for the quarter ended March 31, 2001. Interest expense in 2002 includes a favorable non-cash adjustment of $0.9 million to reflect changes in the fair values of interest rate swap Interest Rate Swap A deal between banks or companies where borrowers switch floating-rate loans for fixed rate loans in another country. These can be either the same or different currencies. agreements, which expired ex·pire v. ex·pired, ex·pir·ing, ex·pires v.intr. 1. To come to an end; terminate: My membership in the club has expired. 2. during the first quarter of 2002. The first quarter of 2001 included an unfavorable non-cash adjustment of $1.1 million related to these agreements. Interest expense was also lower in 2002 as a result of a reduction in total debt outstanding of $17.8 million, or 5.3%. Net income (loss). As a result of the foregoing, net income (loss) for the quarter ended March 31, 2002 increased $4.8 million to net income of $3.7 million as compared to a net loss of $1.1 million for the quarter ended March 31, 2001. Net income (loss) as a percentage of net revenues increased to 6.2% for the quarter ended March 31, 2002 from (1.7%) for the quarter ended March 31, 2001. |
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