American Safety Razor Company Announces 2000 Fourth-Quarter and Full Year Financial Results.Business Editors CEDAR KNOLLS, N.J.--(BUSINESS WIRE)--March 29, 2001 American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Safety Razor Company today announced financial results for the fourth quarter of 2000 and full year ended December December: see month. 29, 2000. The comparative financial results for the twelve month period ended December 31, 1999 include the American Safety Razor Company prior to its April 23, 1999 acquisition (the "Predecessor") by RSA (1) (Rural Service Area) See MSA. (2) (Rivest-Shamir-Adleman) A highly secure cryptography method by RSA Security, Inc., Bedford, MA (www.rsa.com), a division of EMC Corporation since 2006. It uses a two-part key. Acquisition Corporation, an affiliate of J.W. Childs Equity Partners II, L.P. (the "Acquisition"), and American Safety Razor Company after the Acquisition. For the fourth quarter of 2000, net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight were $78.2 million, down 3.6% from $81.1 million for the same period last year. The sales decrease was primarily attributable to a decline in business in the Company's domestic shaving, medical blades, cotton and custom bar soap businesses while the international shaving and industrial products businesses experienced sales growth. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become for the fourth quarter of 2000 was substantially unchanged at $12.8 million compared to $12.9 million for 1999 (the EBITDA for 2000 excludes expenses related to an early retirement program). A net loss of $8.7 million was recorded for the 2000 fourth quarter compared to the prior year period's net income of $1.8 million. The net loss for the 2000 fourth quarter includes charges of approximately $9.0 million, net of taxes, for an early retirement program. For full year 2000, net sales were $318.8 million, up 1.3% from $314.8 million for the same period last year. The sales increase primarily reflects strong growth in the Company's international shaving operations. The Company's industrial products business experienced modest sales growth. Sales from the Company's domestic shaving, medical blades, cotton and custom bar soap businesses were below those of the same period last year. EBITDA for both 2000 and 1999 was $47.8 million (the EBITDA for 2000 and 1999 excludes the charges mentioned below). The net loss for 2000 was $5.2 million compared to 1999's net loss of $9.1 million. The net loss for 2000 includes charges of approximately $9.0 million, net of taxes, for an early retirement program. The net loss for 1999 includes charges of approximately $16.3 million, net of taxes, for Acquisition fees and expenses, purchase accounting adjustments and an extraordinary item incurred in connection with the Acquisition related financing. This press release may contain "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. " within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend the forward-looking statements to be covered by the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions for forward-looking statements. All statements regarding the Company's expected financial position, business and financing plans are forward-looking statements. Such forward-looking statements are identified by use of forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. words such as "anticipates," "believes," "plans," "estimates," "expects," and "intends" or words or phrases of similar expression. These forward-looking statements are subject to various assumptions, risks and uncertainties, including but not limited to, changes in political and economic conditions, demand for the Company's products, acceptance of new products, technology developments affecting the Company's products and to those discussed in the Company's filings with the Securities and Exchange Commission. Accordingly, actual results could differ materially from those contemplated by the forward-looking statements. American Safety Razor Company (ASR (Automatic Speech Recognition) Using voice recognition to replace keypad entry for telephone voice menus. Typically used to speak the digits 0 through 9 insted of keying them, ASR systems may be able to recognize a limited vocabulary. See voice recognition and AVSR. ) is a diverse manufacturer of consumer, industrial and medical blades, cotton products and custom bar soap. ASR is the leading manufacturer and marketer of value brand and store brand consumer wet shaving products sold in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and internationally. ASR's high quality wet shaving products are marketed under most U.S. and international retailers' store brand names as well as ASR's own Personna(R), Tri-Flexxx(R), Acti-Flexx(R), MBC (Multimedia Benchmark Committee) A graphics benchmark that provides MPEG-2 and other tests. See GPC. (TM), Bump Fighter(R) and Burma Burma: see Myanmar. Shave(R) names. The industrial, medical and specialty blade products are marketed under the American Line The American Line was a shipping company based in Philadelphia that existed from 1871 to 1902. In its original guise it was a part of the Pennsylvania Railroad, although the railroad got out of the shipping business soon after founding the company. (TM), Ardell(TM), Personna(R) and ASR(R) names as well as store brand names. ASR is the leading manufacturer in the U.S. of value brand and store brand consumer cotton products such as swabs, balls, and cosmetic cosmetic /cos·met·ic/ (koz-met´ik) 1. pertaining to cosmesis. 2. a beautifying substance or preparation. cos·met·ic n. puffs. ASR's Hewitt Soap Company subsidiary is the leading U.S. manufacturer of French milled premium bar soap for some of America's leading cosmetic, pharmaceutical and health care companies. American Safety Razor Company celebrated its 125th anniversary in 2000. The Company is headquartered in New Jersey with manufacturing facilities in Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). , Tennessee Tennessee, state, United States Tennessee (tĕn`əsē', tĕn'əsē`), state in the south-central United States. , Ohio, Missouri Missouri, state, United States Missouri (mĭz  r`ē, –ə), one of the midwestern states of the United States. , Indiana Indiana, state, United StatesIndiana, midwestern state in the N central United States. It is bordered by Lake Michigan and the state of Michigan (N), Ohio (E), Kentucky, across the Ohio R. (S), and Illinois (W). , Connecticut Connecticut, state, United States Connecticut (kənĕt`ĭkət), southernmost of the New England states of the NE United States. It is bordered by Massachusetts (N), Rhode Island (E), Long Island Sound (S), and New York (W). , Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. , Mexico and Israel.
AMERICAN SAFETY RAZOR COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In thousands, except per share data)
Three Months Ended Twelve Months Ended
-------------------- ---------------------
December December December December
29, 31, 29, 31,
2000 1999 2000 1999 (1)
-------- -------- -------- --------
Net sales $ 78,249 $ 81,137 $318,813 $314,750
Cost of sales:
Cost of sales 52,785 53,390 212,112 205,008
Purchase accounting
adjustment to
inventory - - - 9,008
-------- -------- -------- --------
Gross profit 25,464 27,747 106,701 100,734
Selling, general
and administrative
expenses 16,656 18,154 72,948 73,996
Amortization of
intangibles 1,101 993 4,569 4,013
Transaction expenses - - - 11,440
Special termination
benefits 14,351 - 14,351 -
-------- -------- -------- --------
Operating (loss)
income (6,644) 8,600 14,833 11,285
Interest expense 5,136 4,626 19,842 19,019
-------- -------- -------- --------
(Loss) income
before income
taxes and
extraordinary
item (11,780) 3,974 (5,009) (7,734)
Income taxes
(benefit) (3,092) 2,155 199 611
-------- -------- -------- --------
(Loss) income
before
extraordinary
item (8,688) 1,819 (5,208) (8,345)
Extraordinary item,
net of income tax
benefit - - - (729)
-------- -------- -------- --------
Net (loss) income $ (8,688) $ 1,819 $ (5,208) $ (9,074)
======== ======== ======== ========
Basic earnings per
share:
(Loss) income
before
extraordinary
item $ (0.72) $ 0.15 $ (0.43) $ (0.69)
Extraordinary item - - - (0.06)
-------- -------- -------- --------
Net (loss) income $ (0.72) $ 0.15 $ (0.43) $ (0.75)
======== ======== ======== ========
Weighted average
shares outstanding 12,110 12,110 12,110 12,110
======== ======== ======== ========
Diluted earnings per
share:
(Loss) income
before
extraordinary
item $ (0.72) $ 0.15 $ (0.43) $ (0.69)
Extraordinary item - - - (0.06)
-------- -------- -------- --------
Net (loss) income $ (0.72) $ 0.15 $ (0.43) $ (0.75)
======== ======== ======== ========
Weighted average
shares outstanding 12,110 12,110 12,110 12,138
======== ======== ======== ========
Note (1): Results reflect combined results of American Safety
Razor Company prior to its Acquisition (the "Predecessor") by an
affiliate of J. W. Childs and the American Safety Razor Company after
its Acquisition by J.W. Childs.
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