Amcast reports third quarter results.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 12, 1996--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 sales and earnings for the three-month period ended June June: see month. 2. On sales of $87.6 million, net income was $2.9 million (34 cents a share). For the comparable quarter of fiscal 1995, sales were $86.4 million and net income was $4.7 million (55 cents a share). Last year, both sales and earnings set new quarterly records. Results for the third quarter were impacted by an 18-day General Motors work stoppage stoppage - /sto'p*j/ Extreme lossage that renders something (usually something vital) completely unusable. "The recent system stoppage was caused by a fried transformer." which affected four Amcast manufacturing facilities. The loss of sales, combined with production cutbacks, reduced earnings before tax by an estimated $2.5 million (18 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. ). General Motors is the company's largest customer. For the first nine months of fiscal 1996, sales were $255.8 million and net income was $10.9 million ($1.27 a share) compared to sales of $245.2 million and net income of $12.6 million ($1.48 a share) for the same period a year ago. John H. Shuey, president and chief executive officer, said, "Markets for the company's products have improved from the levels experienced during the winter. In addition, the company made good progress in the quarter in expanding production of new products that are fundamental to the company's future success." In the company's Flow Control segment, sales increased to $41.4 million in the third quarter compared to $36.3 million in the same period of 1995. The increase is primarily due to higher sales levels of copper and brass fittings, as well as the inclusion of Flagg Flagg is a small Peak District village, set in the Derbyshire Dales, halfway between the small market town of Bakewell and the spa town of Buxton, in the area officially known as "The White Peak". Brass, in the current year results. 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. was $6.0 million compared to $6.6 million in the comparable 1995 period. The mix of products sold in 1996 resulted in lower margins than in 1995. In May, the company's Superior Valve valve, device for controlling the flow of fluids (liquids and gases). Valves vary in construction and size depending upon their function. Some are classified according to their method of operation or design, e.g. unit achieved the quality system registration requirements of the International Organization for Standardization International Organization for Standardization (ISO) Organization for determining standards in most technical and nontechnical fields. Founded in Geneva in 1947, its membership includes more than 100 countries. for ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9001 certification. Achievement of this international standard for quality systems excellence is an integral part of the unit's efforts to expand its global business. In Engineered Components, production and shipment of aluminum differential carriers for Ford increased significantly in the third quarter as the F-150 Series truck four-wheel four-wheel adj. 1. Having or running on four wheels. 2. Of or relating to four-wheel drive. Adj. 1. four-wheel - of or relating to vehicles with four wheels; "a four-wheel drive" four-wheeled drive option continues to be in high demand. Volume for this product is expected to increase further in 1997. Late in the third quarter, the company's new plant at 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 , began production shipments of aluminum suspension control arms to General Motors for the Oldsmobile Aurora The Oldsmobile Aurora was a luxury car made by the Oldsmobile division of General Motors and launched in 1995. It was a luxurious 4-door sedan riding on the same Cadillac-derived G platform as the 2-door Buick Riviera. and Buick Riviera The Buick Riviera was an automobile produced by Buick in the United States from the 1963 to 1999 model years, with 1,127,261 produced.[1] A full-size coupé or personal luxury car, the early models of the Riviera in particular have been highly praised by . In the fourth quarter, these products will be expanded to the Buick Park Avenue
The Park Avenue was Buick's flagship sedan from 1975 to 1990 as a trim level on the full size Electra and as a distinct model from 1991 to 2005, succeeding the Electra . Three units of the company have recently started producing aluminum front and rear suspension For front-wheel drive cars, rear suspension has few constraints and a variety of beam axles and independent suspensions are used. For rear-wheel drive cars, rear suspension knuckles, in limited quantities, for several General Motors new car models. Demand for these components is expected to increase late in the fourth quarter of 1996 as GM ramps up its production. Third quarter sales in the Engineered Components segment were $46.2 million compared to $50.1 million in the prior year. Operating income was $1.4 million compared to $2.7 million last year. Both were impacted significantly by the GM work stoppage. We are pleased with the company's overall performance during the quarter in spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite the GM strike," Shuey said. "With our markets continuing at good levels, we expect to end fiscal 1996 on a strong note which will position us for excellent growth in 1997 and beyond." Amcast Industrial Corporation is a leading manufacturer of technology-intensive metal products. Its two business segments are brand name FLOW CONTROL PRODUCTS marketed through national distribution channels, and ENGINEERED COMPONENTS for original equipment manufacturers. The company serves four major sectors of the economy: construction, automotive, industrial, and aerospace. -0-
STATEMENTS OF OPERATIONS
($ IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
Three Months Ended Nine Months Ended
__________________ _________________
June 2 May 28 June 2 May 28
1996 1995 1996 1995
________ ________ ________ ________
Net sales $ 87,566 $ 86,397 $ 255,827 $ 245,150
Cost of sales 71,311 68,504 205,563 194,545
________ ________ ________ ________
Gross Profit 16,255 17,893 50,264 50,605
Selling, general and
administrative expenses 10,832 10,552 31,840 30,388
________ ________ ________ ________
Operating Income 5,423 7,341 18,424 20,217
Other income, net 45 134 236 302
Interest expense 925 324 1,738 1,023
________ ________ ________ ________
Income before
Income Taxes 4,543 7,151 16,922 19,496
Income taxes 1,611 2,477 6,018 6,921
________ ________ ________ ________
Net Income $ 2,932 $ 4,674 $ 10,904 $ 12,575
________ ________ ________ ________
________ ________ ________ ________
Net income per share $ .34 $ .55 $ 1.27 $ 1.48
________ ________ ________ ________
________ ________ ________ ________
Average number of shares outstanding 8,616 8,524 8,602 8,504
CONDENSED BALANCE SHEETS
($ in thousands)
June 2 August 31
1996 1995
_________ _________
Current Assets
Cash and cash equivalents $ 1,834 $ 1,286
Accounts receivable 50,023 44,643
Inventories 47,713 49,146
Other current assets 9,461 7,786
_________ _________
109,031 102,861
Property, Plant and Equipment 132,811 105,623
Other Assets 23,730 20,883
_________ _________
$ 265,572 $ 229,367
_________ _________
_________ _________
Current Liabilities
Accounts payable $ 27,642 $ 33,647
Other current liabilities 26,857 21,369
_________ _________
54,499 55,016
Long-Term Debt 58,783 29,687
Deferred Liabilities 20,031 20,459
Shareholders' Equity 132,259 124,205
_________ _________
$ 265,572 $ 229,367
_________ _________
_________ _________
CONTACT: Amcast Industrial Corporation, 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, 513/291-7011 Investor Contact: Michael Higgins, 513/291-7015 |
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