Amcast Reports Fiscal 2004 First Quarter Profit; Third Consecutive Profitable Quarter; From Continuing Operations.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. 16, 2003 Amcast Industrial Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AICO AICO ASEAN Industrial Cooperation Scheme AICO Army Internal Control Office ) today reported financial results for its fiscal 2004 first quarter ended November November: see month. 30, 2003. Fiscal first quarter sales of $112.9 million compared with $112.2 million in the prior year. Net income for the quarter was $1.0 million, or $0.11 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, versus a prior-year quarterly net loss from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the of $1.8 million, or $0.21 per diluted share. Including the cumulative effect of an accounting change and discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. , the net loss for the prior-year quarter was $53.7 million, or $6.16 per diluted share. The flat quarterly sales comparison resulted from lower gravity-cast aluminum components sales that largely offset growth in 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 products, automotive wheels and pistons Pistons can mean:
Amcast's first quarter profit was due to continued strong performance by wheel plants and by the 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 aluminum components plant. Profit growth came from higher sales in the Flow Control segment and improved operations at the Richmond, Indiana Richmond (IPA: [ˈrɪtʃ.mənd]) is a city in east central Indiana, which borders Ohio. It is sometimes called the "cradle of recorded jazz" because some early jazz records originated there at the studio of plant. Selling, general, and administrative expenses were lower than the prior-year by $1.9 million. Continued cost controls contributed about $1.0 million, and the other $0.9 million was attributable to one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. nonrecurring Non`re`cur´ring a. 1. Nonrecurrent; as, the costs of a layoff are considered as a nonrecurring expense s>. items. Joseph R. Grewe, President and Chief Executive Officer, said, "Management's emphasis on building manufacturing productivity and controlling costs continued to produce operational improvements during the quarter. Gross profit margin 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. in the quarter of 11.7% of sales improved from 9.9% in last year's fiscal first quarter. Productivity grew by 14% measured by sales per full-time-equivalent employee. Excluding the benefit of one-time items, SG&A expenses in the quarter decreased by 10% compared with last year." Byron O. Pond, Chairman, said, "We continued to control capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. and manage net operating assets Operating Assets Another term for working capital. in the quarter. Net operating assets at the end of the quarter declined by $4.2 million, or more than 3%, versus the level at the beginning of the quarter. Amcast held capital expenditures to 20% of depreciation and made $2.1 million of debt payments in the quarter. Amcast has a cash balance of $10.1 million; plus there is $6.0 million in cash restricted for debt principal and interest payments." Mr. Grewe concluded, "This is the third consecutive quarter with positive net income and the eighth consecutive quarter of positive 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. from our continuing operations. We are pleased that our profit improvement initiatives are working. Going forward, we will continue our focus on improving operations at the gravity casting plants. We will also further employ the Amcast Production System and other operating actions that have proved successful at most plants to reduce scrap, improve quality, control costs, and minimize capital spending." A conference call to discuss the quarter's performance will be held Wednesday, December 17, 2003 at 3 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. . The webcast can be accessed through www.amcast.com. 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, competitive pricing pressures in the Company's automotive and flow control businesses, effectiveness of production improvement plans, inherent uncertainties in connection with international transactions, and labor availability and relations at the company and its customers and the impact of homeland security Noun 1. Homeland Security - the federal department that administers all matters relating to homeland security Department of Homeland Security executive department - a federal department in the executive branch of the government of the United States measures.
STATEMENTS OF OPERATIONS
($ in thousands except per share amounts)
Three Months Ended
-----------------------
November 30 December 1
2003 2002
----------- -----------
Net Sales $ 112,936 $ 112,222
Cost of sales 99,748 101,093
---------- ----------
Gross Profit 13,188 11,129
Selling, general, and administrative expenses 8,227 10,169
---------- ----------
Operating Income 4,961 960
Other (income) expense (3) (32)
Interest expense 3,857 3,971
---------- ----------
Income (Loss) Before Income Taxes,
Discontinued Operations, and Cumulative
Effect of Accounting Change 1,107 (2,979)
Income taxes (benefit) 61 (1,139)
---------- ----------
Income (Loss) From Continuing Operations 1,046 (1,840)
Discontinued Operations
Loss from operations of assets held for
sale, net of tax - (5,352)
---------- ----------
Income (Loss) Before Cumulative Effect of
Accounting Change 1,046 (7,192)
Cumulative effect of accounting change,
net of tax of $464 - (46,536)
---------- ----------
Net Income (Loss) $ 1,046 $ (53,728)
========== ==========
Basic income (loss) per share
Continuing operations $ 0.11 $ (0.21)
Discontinued operations - (0.61)
---------- ----------
Before cumulative effect of accounting
change 0.11 (0.82)
Cumulative effect of accounting change - (5.34)
---------- ----------
Net income (loss) $ 0.11 $ (6.16)
========== ==========
Diluted income (loss) per share
Continuing operations $ 0.11 $ (0.21)
Discontinued operations - (0.61)
---------- ----------
Before cumulative effect of accounting
change 0.11 (0.82)
Cumulative effect of accounting change - (5.34)
---------- ----------
Net income (loss) $ 0.11 $ (6.16)
========== ==========
Average number of shares outstanding - Basic 9,270 8,717
Average number of shares outstanding - Diluted 9,271 8,717
CONDENSED BALANCE SHEETS
($ in thousands)
November 30 August 31
2003 2003
----------- -----------
ASSETS
Current Assets
Cash and cash equivalents $ 10,128 $ 5,697
Accounts receivable 42,249 39,979
Inventories 19,459 19,004
Other current assets 5,490 5,338
---------- ----------
Total Current Assets 77,326 70,018
Fixed Assets (net) 134,362 139,397
Restricted Cash 6,000 7,078
Deferred Taxes 4,204 4,204
Other Assets 9,345 9,627
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Total Assets $ 231,237 $ 230,324
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LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current Liabilities
Accounts payable $ 33,482 $ 31,419
Current debt 7,020 2,456
Other current liabilities 20,984 21,011
---------- ----------
Total Current Liabilities 61,486 54,886
Long-Term Debt 168,541 175,184
Deferred Liabilities 41,959 42,189
Shareholders' Equity (Deficit) (40,749) (41,935)
---------- ----------
Total Liabilities and
Shareholders' Equity (Deficit) $ 231,237 $ 230,324
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