Amcast Reports Fiscal 2004 Second Quarter 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)--March 23, 2004 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 second quarter ended February February: see month. 29, 2004. Sales of $94.4 million in the second quarter were 4.7% lower than the prior year quarter sales of $99.1 million. 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. in the second quarter of $2.4 million was up by almost 31% over the prior-year quarter. The operating income improvement was the result of an improved gross margin due to reduced manufacturing costs and lower selling, general and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. . The profit improvement at the operating level was much more dramatic than the after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. level because tax benefits were significantly higher in the prior year. The net loss of $1.2 million, or $0.13 per share, improved by 6.7% over the 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 in last year's quarter of $1.3 million, or $0.15 per share. The quarterly sales decline resulted from lower aluminum components sales, primarily in the gravity-cast operations. This decline was partly offset by strong demand for 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 and pistons Pistons can mean:
During the second quarter last year, the Company recorded a loss on the sale of Speedline, its European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. wheel business. Accordingly, Speedline was classified as a discontinued operation discontinued operation A segment of a business that has been abandoned or sold or for which plans for one or another of these actions have been approved. See also continuing operations. . The after-tax loss in fiscal 2003 from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. was $54.6 million, or $6.17 per share, for the second quarter and $56.7 million, or $6.82 per share, for the first six months. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. sales were $207.4 million, down by 1.9% versus the prior year. Sales in the Flow Control segment were up by 14%, while Engineered Components sales declined by 8%. Year-to-date operating income of $7.3 million grew from $2.7 million last year, or by 165%. Both an improved gross margin and lower selling, general and administrative expenses contributed to the increase. Year to date, the Company's net loss from continuing operations was $0.2 million, or $0.02 per share, compared with a net loss from continuing operations of $3.2 million, or $0.36 per share, in the prior year. Joseph R. Grewe You are on the disambiguation page Grewe. You may also have meant GRU, Grue, Groo, or Grew. Grewe may refer to:
Byron Pond, Chairman, commented, "Amcast's balance sheet continued to improve in the quarter. Net operating assets Operating Assets Another term for working capital. decreased by 1% during the quarter as 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. was held to 34% of depreciation. Amcast also reduced debt by $3 million in the quarter, and debt has been lowered by over $5 million year to date." Mr. Grewe concluded, "Amcast just missed net income break-even for the first six months. However, this was the Company's ninth consecutive quarter of positive operating income. Traditionally, the second quarter is our most difficult quarter, and this year was no exception. Clearly, the Amcast Production System, and our relentless efforts to reduce costs are producing operating and financial benefits. Our plans are to continue these successful programs as well as focus on process improvements, better quality, and improved customer service." A conference call to discuss the fiscal 2004 second quarter financial performance will be held Wednesday, March 24 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 Six Months Ended
--------------------- ---------------------
February 29 March 2 February 29 March 2
2004 2003 2004 2003
---------- ---------- ---------- ----------
Net Sales $ 94,444 $ 99,145 $ 207,380 $ 211,367
Cost of sales 83,503 88,143 183,251 189,236
---------- ---------- ---------- ----------
Gross Profit 10,941 11,002 24,129 22,131
Selling, general, and
administrative expenses 8,575 9,194 16,802 19,363
---------- ---------- ---------- ----------
Operating Income 2,366 1,808 7,327 2,768
Other (income) expense (15) 9 (18) (23)
Interest expense 3,694 3,888 7,551 7,859
---------- ---------- ---------- ----------
Loss Before Income Taxes,
Discontinued Operations,
and Cumulative Effect
of Accounting Change (1,313) (2,089) (206) (5,068)
Income taxes (benefit) (65) (752) (4) (1,891)
---------- ---------- ---------- ----------
Loss From Continuing
Operations (1,248) (1,337) (202) (3,177)
Discontinued Operations
Loss from operations,
net of tax - (4,766) - (10,118)
Loss on sale of assets,
net of tax - (49,822) - (49,822)
---------- ---------- ---------- ----------
Loss Before Cumulative
Effect of Accounting
Change (1,248) (55,925) (202) (63,117)
Cumulative effect of
accounting change, net
of tax - - - (46,536)
---------- ---------- ---------- ----------
Net Loss $ (1,248) $ (55,925) $ (202) $(109,653)
========== ========== ========== ==========
Basic and Diluted
Earnings (Loss) Per
Share
Continuing operations $ (0.13) $ (0.15) $ (0.02) $ (0.36)
Discontinued operations - (6.17) - (6.82)
---------- ---------- ---------- ----------
Before cumulative
effect of accounting
change (0.13) (6.32) (0.02) (7.18)
Cumulative effect of
accounting change - - - (5.30)
---------- ---------- ---------- ----------
Net earnings (loss) $ (0.13) $ (6.32) $ (0.02) $ (12.48)
========== ========== ========== ==========
Average number of shares
outstanding - Basic and
Diluted 9,290 8,852 9,280 8,784
CONDENSED BALANCE SHEETS
($ in thousands)
February 29 August 31
2004 2003
----------- -----------
ASSETS
Current Assets
Cash and cash equivalents $ 7,039 $ 5,697
Accounts receivable 39,364 39,979
Inventories 19,163 19,004
Other current assets 4,069 5,338
----------- -----------
Total Current Assets 69,635 70,018
Fixed Assets, (net) 130,668 139,397
Restricted Cash 6,000 7,078
Deferred Taxes 4,204 4,204
Other Assets 8,484 9,627
----------- -----------
Total Assets $ 218,991 $ 230,324
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current Liabilities
Accounts payable $ 27,820 $ 31,419
Current debt 5,900 2,456
Other current liabilities 19,967 21,011
----------- -----------
Total Current Liabilities 53,687 54,886
Long-Term Debt 166,690 175,184
Deferred Liabilities 40,619 42,189
Shareholders' Equity (Deficit) (42,005) (41,935)
----------- -----------
Total Liabilities and Shareholders' Equity
(Deficit) $ 218,991 $ 230,324
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