Amcast earnings reach new high in 1995.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)--Oct. 10, 1995--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 reported the highest annual earnings in the company's 129-year history. Net earnings for the year ended August 31, 1995, rose to $17.2 million ($2.02 per share) on sales of $328.2 million compared to sales and earnings of $271.9 million and $14.5 million ($1.72 per share), respectively, in 1994. For the fourth quarter of 1995, earnings were $4.6 million ($.54 per share) on sales of $83.1 million compared to sales and earnings of $72.9 million and $4.0 million ($.47 per share), respectively, in the fourth quarter of 1994. John H. Shuey, president and chief executive officer, stated that in addition to setting a new high for earnings, the company achieved a return on equity that exceeded its long-standing long-stand·ing adj. Of long duration or existence: a long-standing friendship. long-standing Adjective existing for a long time goal of 15 percent. He also noted that this was accomplished during a period of significant growth and investment by Amcast. During the year, considerable investments were made in people, plants, equipment, and technology. 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. of $41.7 million exceeded any year in the company's history. "Generally good conditions prevailed in the company's principal markets in 1995. We benefited from a relatively stable market environment while we introduced new products, expanded our production capabilities, and increased our work force. We are very pleased with the results for 1995. Not only did we meet our financial expectations, we laid a strong foundation for future growth," Shuey commented. In the Flow Control Products segment, sales and operating profits Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. were $146.7 million and $25.4 million, respectively. Shuey attributed the strong performance in this portion of the business to improved market positions, stemming stemming - stemmer from new products and improved customer service, and higher operating efficiencies. During the year, the company launched production of several new products in the Flow Control segment, including a line of Integra-Seal. valves used in the rapidly growing semiconductor industry for control of high purity Purity: see Pearl, The. Purity See also Modesty. almond symbol of the Virgin Mary’s innocence. [O.T.: Numbers 17: 1–11; Art: Hall, 14] crystal its transparency symbolizes pureness. gases. Development work also continued on its NaturalFlo. series of control devices used by automakers in their natural gas vehicle programs. The company expects to begin production shipments of this new series in the first quarter of 1996. The Engineered Components segment had sales and operating profits of $181.5 million and $8.9 million, respectively. A major factor in the growth of this segment has been the increased use of aluminum in automotive components. These include wheels and components used in brake, suspension suspension, in vehicles suspension, in automobiles, system of springs used to suspend the frame, body, engine, and power train above the wheels. Its principal purpose is to lessen the jarring of the automobile that is caused by irregularities in the roads , steering The process whereby builders, brokers, and rental property managers induce purchasers or lessees of real property to buy land or rent premises in neighborhoods composed of persons of the same race. , and climate control systems. Amcast has focused its expertise in the design and manufacture of performance-critical components to take advantage of these growth opportunities and continues to have significant success in the marketplace. The company's aluminum wheel business increased over 30 percent in 1995, as several new models were introduced. Importantly, production and shipment of new aluminum suspension components started, signaling the beginning of this wave of conversions to aluminum for these products. The company recently broadened its wheel customer base by securing an order for Isuzu
Isuzu Motors Ltd. ( medium-duty truck wheels. Shipments to Isuzu are scheduled to begin next summer. "We are pleased to announce our first order for wheels from a Japanese Japanese (jăp'ənēz`), language of uncertain origin that is spoken by more than 125 million people, most of whom live in Japan. There are also many speakers of Japanese in the Ryukyu Islands, Korea, Taiwan, parts of the United States, and automaker. We anticipate that this success will generate additional interest and orders from this important vehicle market," Shuey said. Margins in the automotive business were impacted by new product development and launch costs as well as higher metal prices that were passed through to customers. In the company's investment casting investment casting Precision casting for forming metal shapes with minutely precise details. Casting bronze or precious metals typically involves several steps, including forming a mold around the sculptured form; detaching the mold (in two or more sections); coating its business, performance continued to improve in 1995, reflecting cost reduction efforts and continued success in transitioning to commercial markets from primarily defense business. Looking forward, Shuey said, "We remain cautiously cau·tious adj. 1. Showing or practicing caution; careful. 2. Tentative or restrained; guarded: felt a cautious optimism that the offer would be accepted. optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op for 1996. Market observers suggest that the company's major markets should remain at good levels. We anticipate 1996 to be a challenging year with several new product launches and two new plants to start up. We have put the people and infrastructure in place to support this heightened activity, and we expect to successfully execute To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution these programs." 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 four major sectors of the economy: construction, automotive, industrial, and -0-
AMCAST INDUSTRIAL CORPORATION
SUMMARY OF OPERATING RESULTS
000 omitted except
per share amounts
Three Month Ended
______________________
August 31 August 31
1995 1994
_________ _________
Net Sales $83,081 $72,929
Cost of sales 65,575 56,822
Selling, general and administrative expenses 10,540 9,706
Interest expense 364 349
_________ _________
Income Before Income Taxes 6,602 6,052
Provision for income taxes 2,006 2,087
_________ _________
Net Income $4,596 $3,965
_________ _________
_________ _________
Net Income Per Share $0.54 $0.47
_________ _________
_________ _________
Average number of shares outstanding 8,553 8,455
Year Ended
______________________
August 31 August 31
1995 1994
_________ _________
Net Sales $328,231 $271,856
Cost of sales 260,120 212,598
Selling, general and administrative expenses 40,626 35,597
Interest expense 1,387 1,594
_________ _________
Income Before Income Taxes 26,098 22,067
Provision for income taxes 8,927 7,613
_________ _________
Net Income $17,171 $14,454
_________ _________
_________ _________
Net Income Per Share $2.02 $1.72
_________ _________
_________ _________
Average number of shares outstanding 8,517 8,425
CONDENSED BALANCE SHEET
000 omitted
Aug. 31 Aug. 31
1995 1994
_________ _________
Current Assets
Cash and cash equivalents $1,286 $15,414
Accounts receivable 44,643 38,400
Inventories 49,146 38,469
Other current assets 7,786 5,143
_________ _________
102,861 97,426
Property, Plant and Equipment 105,623 73,654
Other Assets 20,883 23,081
_________ _________
$229,367 $194,161
_________ _________
_________ _________
Current Liabilities
Accounts payable $33,647 $27,169
Other current liabilities 21,369 21,667
_________ _________
55,016 48,836
Long-Term Debt 29,687 13,910
Deferred Liabilities 20,459 21,252
Shareholders' Equity 124,205 110,163
_________ _________
_________ _________
$229,367 $194,161
_________ _________
_________ _________
CONTACT: Amcast Industrial Corp., Dayton Media Contact: Phyllis Phyllis is a character in Greek mythology. Daughter of Lycurgus, King of Thrace, she married Demophoon, son of Theseus, while he stopped in Thrace on his journey home from the Trojan war. Naylor Naylor is a suburb in central Hamilton in New Zealand. This is not really a suburb at all but a region defined by the statistics department. It is not in use around Hamilton. , 513/291-7011 Investor Contact: Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. Higgins Higgins may refer to: People with the surname Higgins:
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