Amcast Announces First Quarter 2001 Results.Business Editors DAYTON Dayton, city (1990 pop. 182,044), seat of Montgomery co., SW Ohio, on the Great Miami River where it is joined by the Stillwater River; inc. 1805. It is the trade center for a fertile farm area, but is best known for its involvement with industry, invention, and , Ohio--(BUSINESS WIRE)--Dec. 20, 2000 Amcast Industrial Corporation (NYSE NYSE See: New York Stock Exchange :AIZ AIZ Lake of the Ozarks, Missouri (Lee C. Fine Memorial Airport) AIZ Air Intercept Zone AIZ Anti Imperialistische Zelle(n) (German: Anti-Imperialistic Cell; now defunct terrorist group) ) today announced results of its first quarter fiscal year 2001, ended December December: see month. 3, 2000. Sales for the first quarter of 2001 were $137.9 million, compared to $146.1 million in the first quarter of fiscal 2000. 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. for the first quarter of 2001 was $4.1 million, 13% below the $4.7 million earned a year ago. Net income was $82,000 (1 cent 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) in the first quarter of fiscal 2001, compared to income before the cumulative effect of an accounting change of $1,295,000 (14 cents per diluted share) a year earlier. Demand for the company's copper plumbing plumbing, piping systems inside buildings for water supply and sewage. The Romans had a highly developed plumbing system; water was brought to Rome by aqueducts and distributed to homes in lead pipes—hence the name plumbing from the Latin word plumbum fittings and North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. automotive products remained near the prior year levels. However, anticipated replacement of commercial brass products business lost in the second quarter of fiscal 2000 was not achieved and demand for aluminum wheels in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). softened soft·en v. soft·ened, soft·en·ing, soft·ens v.tr. 1. To make soft or softer. 2. To undermine or reduce the strength, morale, or resistance of. 3. . During the first quarter of fiscal 2001, sales for the flow control segment were $33.0 million compared to $35.4 million a year earlier. Operating income was $4.5 million in fiscal 2001, compared to $6.0 million a year earlier. Lower revenues in this segment were primarily due to the lower brass sales combined with lower selling levels compared to the prior year. Operating income was reduced by the impact of pricing, partly offset by lower manufacturing and administrative spending and improved plant efficiencies. Engineered Components revenues declined from $110.7 million in fiscal 2000 to $105.0 million in fiscal 2001. Revenues were lower in Europe as demand softened and a lower Euro exchange rate prevailed. Operating income for the segment was $1.3 million in fiscal 2001 versus $0.6 million earned in the first quarter of fiscal 2000. The improvement was the result of a more profitable mix of wheels in Europe and 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. , coupled with lower manufacturing costs, primarily at the company's Wapakoneta, Ohio Wapakoneta is a city in and the county seat of Auglaize CountyGR6, Ohio, United States with a population of 9,474 as of the 2000 U.S. census. It is the principal city of and is included in the Wapakoneta, Ohio Micropolitan Statistical Area, which is , plant. This more than offset the impact of lower manufacturing efficiencies and higher costs in the company's European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. operations. The results of the first quarter are below the Company's expectations. They reflect some early signs of a softening softening /sof·ten·ing/ (sof´en-ing) malacia. softening a change of consistency, with loss of firmness or hardness. in the economy and a resultant This article is about the resultant of polynomials. For the result of adding two or more vectors, see Parallelogram rule. For the technique in organ building, see Resultant (organ). In mathematics, the resultant of two monic polynomials cautiousness on the part of some customers regarding inventory levels. The Company announced price increases in selected fitting lines that should benefit the second quarter. In Europe and North America, the Company is seeing some easing of demand from automotive manufacturers. In the current uncertain economic climate, the Company is taking a cautious view of the near-term near-term adj. Of, for, or involving a short period of time in the near future. future. In that regard, the Company has begun to take further actions to reduce costs. With regard to the previously announced strategic alternatives initiative, the Company and its financial advisors are actively evaluating potential alternatives to increase shareholder value. Amcast Industrial Corporation is a leading manufacturer of technology-intensive metal products. Its two business segments are brand name Flow Control Products marketed through national distribution channels, and Engineered Components for original equipment manufacturers. The company serves the automotive, construction, and industrial sectors of the economy. This release includes "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. " which are subject to change based on various factors and uncertainties that may cause actual results to differ significantly from expectations. These factors include, among others; general economic conditions less favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. than expected, fluctuating fluc·tu·ate v. fluc·tu·at·ed, fluc·tu·at·ing, fluc·tu·ates v.intr. 1. To vary irregularly. See Synonyms at swing. 2. To rise and fall in or as if in waves; undulate. v. demand in the automotive and housing industries, price pressures in the company's automotive and flow control businesses, effectiveness of production improvement plans, inherent uncertainties in connection with international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. and foreign currency fluctuations, and labor availability and relations at the company and its customers.
STATEMENTS OF INCOME
($ in thousands except per share amounts)
Three Months Ended
------------------------
December 03 November 28
2000 1999
----------- -----------
Net sales $ 137,944 $ 146,079
Cost of sales 121,656 127,768
----------- -----------
Gross Profit 16,288 18,311
Selling, general and
administrative expenses 12,197 13,603
----------- -----------
Operating Income 4,091 4,708
Equity in (income) loss of joint
venture and other (income) and expense 755 (248)
Interest expense 3,199 2,823
----------- -----------
Income before Income Taxes and
Cumulative Effect of Accounting Change 137 2,133
Income taxes 55 838
----------- -----------
Income before Cumulative Effect
of Accounting Change 82 1,295
Cumulative effect of accounting change,
net of tax 983
----------- -----------
Net Income $ 82 $ 2,278
=========== ===========
Basic earnings per share before cumulative
effect of accounting change $ 0.01 $ 0.14
=========== ===========
Basic earnings per share $ 0.01 $ 0.25
=========== ===========
Diluted earnings per share before
cumulative effect of accounting change $ 0.01 $ 0.14
=========== ===========
Diluted earnings per share $ 0.01 $ 0.25
=========== ===========
Average number of shares outstanding - Basic 8,406 8,956
Average number of shares outstanding - Diluted 8,412 8,962
CONDENSED BALANCE SHEETS
($ in thousands)
December 03 August 31
2000 2000
----------- ---------
Current Assets
Cash and cash equivalents $ 5,399 $ 3,062
Accounts receivable 72,592 85,041
Inventories 84,891 77,512
Other current assets 20,569 16,304
----------- ---------
183,451 181,919
Property, Plant and Equipment 221,700 226,857
Goodwill 49,370 49,707
Other Assets 22,321 21,903
----------- ---------
$476,842 $480,386
=========== =========
Current Liabilities
Accounts payable $ 76,557 $ 84,285
Current debt 9,483 4,628
Other current liabilities 38,370 38,013
----------- ---------
124,410 126,926
Long-Term Debt 152,062 147,273
Deferred Liabilities 48,686 50,233
Shareholders' Equity 151,684 155,954
----------- ---------
$476,842 $480,386
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