American Buildings Company reports record three and nine-month sales and earnings.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 ), a major manufacturer and marketer of metal building and roofing systems, today announced record sales and earnings for the three and nine-month periods ended September 30, 1995. Third quarter sales increased 37%, to $80,182,000, from $58,722,000 in the corresponding quarter of 1994. 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. increased 30%, to $8,024,000. Net income advanced to $4,938,000, or $0.75 per share, up from $3,733,000, or $0.58 per share in 1994. Weighted average shares outstanding were 6,596,000 and 6,452,000, respectively. For the nine months, sales amounted to $210,249,000, compared with $144,671,000, an increase of 45%. Operating income rose 56%, to $18,938,000. Net income amounted to $11,656,000, compared to Income Before Extraordinary Item of $6,815,000 a year ago. Net income in the 1994 nine-month period amounted to $4,390,000, after a $2,425,000 non-cash extraordinary charge for early extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of debt. Earnings per share for the nine months of 1995 amounted to $1.78, compared to $1.25 and $0.80 before and after the Extraordinary Item, respectively. Weighted shares outstanding for 1995 and 1994 were 6,539,000 and 5,463,000. "Overall, business continues strong, with satisfactory levels of incoming orders for both metal building systems and metal roofing," said Robert T. Ammerman, American Buildings' President and Chief Executive Officer. He pointed out that record shipments in the third quarter benefited in part from a higher mix of jobs shipped by the Heavy Fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. Division. While this lowered the 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. from the second quarter, it is still slightly higher than a year ago. Mr. Ammerman noted that demand for metal building systems continues to benefit from high production capacity utilization Capacity Utilization measures the rate at which a firm makes use of their capital productive capacities, such as factories and machinery. Capacity Utilization generally rises when the economy is healthy and falls when demand softens. levels among the nation's manufacturers. In addition, he reported that American Buildings continued to gain market share. "We remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the outlook for the balance of this year and 1996." American Buildings recently announced a joint venture in Shanghai Shanghai (shăng`hī`, shäng`hī`), city (1994 est. pop. 12,980,000), in, but independent of, Jiangsu prov., E China, on the Huangpu (Whangpoo) River where it flows into the Chang (Yangtze) estuary. , in which it will have a 30% interest, that will design, manufacture and market the full range of the Company's metal buildings systems for distribution throughout Asia. The facility is expected to come on stream in the third quarter of 1996, with current orders being produced in American Buildings' plants in the U.S. for shipment to Asia. American Buildings Company also recently announced its intention to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. up to 300,000 shares of the Company's common stock over the next year in the open market and to expand its Polymer Coil Coating Division capability by over 40%. The new LaCrosse lacrosse (ləkrôs`), ball and goal game usually played outdoors by two teams of 10 players each on a field 60 to 70 yd (54.86 to 64.01 m) wide by 110 yd (100.58 m) long. Two goals face each other 80 yd (73. , Va. plant is now virtually complete, with full product capability. When fully utilized the Company will have expanded its building and roofing capacity by approximately 30%. American Buildings Company designs, manufactures and sells pre-engineered metal building systems for industrial, commercial and institutional markets. In addition, the Company paints steel coils, manufactures and markets building components, 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 and is a major manufacturer and marketer of metal roofing systems. -0-
American Buildings Co.
Selected Financial Information
(Unaudited)
Sept. 30, 1995
(000 omitted)
Statements of operations
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
1995 1994 1995 1994
Net sales $80,182 $58,722 $210,249 $144,671 Operating income 8,024 6,156 18,938 12,118 Income before extraordinary item 4,938 3,733 11,656 6,815 Net income 4,938 3,733 11,656 4,390 Income per common and common equivalent share: Income before extraordinary item $ 0.75 $ 0.58 $ 1.78 $ 1.25 Extraordinary loss on early extinguishment of long term debt -- -- $ (0.45) Net income per common and common equivalent share $ 0.75 $ 0.58 $ 1.78 $ 0.80 Weighted average common and common equivalent shares 6,596 6,452 6,539 5,463 CONTACT: American Buildings, Eufaula Charles Blackmon, 334/687-2032 |
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