Amcast reports strong gains in fiscal third quarter sales and earnings.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)--June 17, 1997--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 strong sales and earnings gains for the third quarter ended June June: see month. 1. Sales for the quarter reached $106.2 million compared to $87.6 million during the same period of 1996 and net income increased to $4.3 million (50 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. ) from $2.9 million (34 cents per share) a year ago. Both 1996 and 1997 third quarter results were impacted by strikes at automotive customers. Sales in the Flow Control segment were $41.6 million in the third quarter of 1997 compared to $41.4 million a year earlier while 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. eased to $5.6 million compared to $6.0 million in the third quarter of 1996. Changes in product mix coupled with lower prices for copper reflected in product selling prices, and softness in selected markets were the primary causes of the reduction in operating income. Sales in the Engineered Components segment increased from $46.2 million in the third quarter of 1996 to $64.7 million in the current quarter, while operating income rose from $1.4 million to $3.9 million. Sales volumes of aluminum wheels, brake, chassis Pronounced "chah-see," it is a physical structure that holds everything or that everything is attached to. A computer's cabinet is often called the chassis. , and 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 components all increased, resulting in improved operating income. For the nine months of 1997, sales were $288.3 million and net income was $10.5 million ($1.22 per share which includes a $2.3 million after tax or 26 cents per share nonrecurring charge Nonrecurring Charge An expense occurring only once on a company's financial statement. Notes: An extraordinary item is an example of a nonrecurring charge. Also known as "nonrecurring item". ). This compares to sales of $255.8 million and net income of $10.9 million ($1.27 per share) for the same period a year ago. Commenting on the third quarter results, John H. Shuey, president and chief executive officer, said, "We are pleased with the improved performance over prior year levels. The Flow Control margins remain healthy although they were impacted by a modest market softening softening /sof·ten·ing/ (sof´en-ing) malacia. softening a change of consistency, with loss of firmness or hardness. which appears to be temporary. The Engineered Components business is benefiting from additional volume in aluminum underbody components and wheels, which have added to the earnings improvement during 1997. Our newest plants continue to make good progress in reducing costs while meeting increasing customer schedules." Amcast Industrial Corporation is a leading manufacturer of technology-intensive metal products. Its two business segments are brand name FLOW CONTROL PRODUCTS marketed through national distribution channels, and ENGINEERED COMPONENTS for original equipment manufacturers. The company serves four major sectors of the economy: construction, automotive, industrial, and aerospace. -0-
STATEMENTS OF INCOME
($ in thousands except per share amounts)
Three Months Ended Nine Months Ended
__________________ __________________
June 1 June 2 June 1 June 2
1997 1996 1997 1996
___________ __________ _________ _________
Net sales $ 106,223 $ 87,566 $ 288,346 $ 255,827
Cost of sales 88,109 71,311 235,603 205,563
___________ __________ _________ _________
Gross Profit 18,114 16,255 52,743 50,264
Selling, general
and administrative
expenses 10,008 10,832 30,628 31,840
___________ __________ _________ _________
Operating Income 8,106 5,423 22,115 18,424
Equity in (loss)
income of joint
venture and other
income, net (239) 45 (2,356) 236
Interest expense 1,311 925 3,561 1,738
___________ __________ _________ _________
Income before
Income Taxes 6,556 4,543 16,198 16,922
Income taxes 2,262 1,611 5,685 6,018
___________ __________ _________ _________
Net Income $ 4,294 $ 2,932 $ 10,513 $ 10,904
___________ __________ _________ _________
___________ __________ _________ _________
Net income per
share $ .50 $ .34 $ 1.22 $ 1.27
___________ __________ _________ _________
___________ __________ _________ _________
Average number
of shares
outstanding 8,666 8,616 8,647 8,602
CONDENSED BALANCE SHEETS
($ in thousands)
June 1 August 31
1997 1996
_________ _________
Current Assets
Cash and cash equivalents $ 778 $ 5,413
Accounts receivable 57,949 50,407
Inventories 52,541 45,021
Other current assets 11,694 8,380
_________ _________
122,962 109,221
Property, Plant and Equipment 151,812 138,606
Other Assets 20,629 21,390
_________ _________
$ 295,403 $ 269,217
_________ _________
_________ _________
Current Liabilities
Accounts payable $ 38,872 $ 30,750
Other current liabilities 28,142 20,697
_________ _________
67,014 51,447
Long-Term Debt 62,675 58,783
Deferred Liabilities 21,432 22,823
Shareholders' Equity 144,282 136,164
_________ _________
$ 295,403 $ 269,217
_________ _________
_________ _________
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. , 937/291-7011 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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