American Buildings Company Reports Improved Third Quarter Sales and Earnings.EUFAULA Eufaula refers to:
Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--October 14, 1997--American Buildings Company (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ABCO ABCO Angelo Brothers Company ), today reported substantially improved operating results for the three months and nine months ended Sept. 30, 1997 and a record backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. . Third quarter sales totaled $84,888,000, a 9% increase over the comparable period for 1996. 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. of $7,950,000 was up 34% with Net Income of $4,809,000 up 36% compared to last year. Earnings per share were $0.85 versus $0.61 a year ago. Weighted average common and common equivalent shares for 1997 and 1996 were 5,648,000 and 5,788,000 respectively. Nine months sales amounted to $221,001,000, an increase of 15% over the same period in 1996. Operating Income of $17,990,000 represented a 34% increase and Net Income of $10,681,000 compares to $8,281,000 in 1996. Earnings per share were $1.89 versus $1.34 in 1996, up 41%. Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. T. Ammerman, chief executive officer, indicated that the continuing strong performance, as compared to 1996, is due to improved order levels and pricing as well as effective cost controls. Also, the backlog of $110.8 million, up 20% over the same period last year, provides good momentum going into the fourth quarter. "All the operating divisions continue to perform well except for American Modular Technologies," stated Ammerman. "That division is still struggling from lower than expected order levels from its petroleum customer base. AMT See vPro. has diversified diversified (di·verˑ·s into commercial markets, particularly schools, and we are still positive on the future prospects of this division." "As we enter the fourth quarter with a strong backlog, our focus will be on increasing production while controlling expenses and maintaining good order levels to produce an adequate year end backlog," Ammerman further commented. American Buildings Company is a diversified manufacturer and marketer of construction products and services for nonresidential and residential applications. The Company provides metal building systems for industrial, commercial and institutional nonresidential markets and is a major manufacturer and marketer of metal roofing systems. The Company also provides specialty engineering In systems engineering, Specialty Engineering includes the engineering domains that are not typical of the main engineering effort. Hardware engineering, software engineering, and human factors engineering may be used as major elements in a majority of systems engineering efforts services for large, complex building structures, markets metal building components and paints steel coils. In addition, the Company markets and produces modular structures and residential steel framing systems. The Company markets throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and in selected international countries. Statements in this press release concerning the Company's business outlook or future economic performance: anticipated profitability, revenues, expenses or other financial items; and product line growth, together with other statements that are not historical facts, are "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. " as that term is defined under the Federal Securities Laws. Forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from those stated in such statements. Such risks, uncertainties and factors include, but are not limited to, industry cyclicality, fluctuations in customer demand and order pattern, the seasonal nature of the business, changes in pricing or other actions by competitors, and general economic conditions, as well as other risks detailed in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended Dec. 31, 1996. -0-
AMERICAN BUILDINGS COMPANY
SELECTED FINANCIAL INFORMATION
(Unaudited)
September 30, 1997
(000's Omitted)
Statements Of Operations
Three Months Ended Nine Months Ended
September 30, September 30,
1997 1996 1997 1996
Net Sales $84,888 $78,171 $221,001 $192,653
Cost of Sales 69,632 65,979 182,706 161,374
Gross Margin $15,256 $12,192 $38,295 $31,279
Selling, General and
Administrative 7,306 6,275 20,305 17,823
Operating Income $7,950 $5,917 $17,990 $13,456
Net Income $4,809 $3,537 $10,681 $8,281
Per Share Data
Net Income per common
and common equivalent
share $0.85 $0.61 $1.89 $1.34
Weighted average common
and common equivalent
shares 5,648 5,788 5,658 6,186
Selected Balance Sheet Data
Sept 30, Dec 31,
1997 1996
Working Capital $16,703 $13,710
Long term debt $7,718 $10,872
Total Equity (net of Treasury Stock) $50,767 $41,466
Treasury Stock ($28,103) ($26,531)
CONTACT: American Buildings Company Charles Blackmon, 334/687-2032 |
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