American Safety Razor Company Announces Improved Financial Results for 1999 First Quarter.VERONA, Va.--(BUSINESS WIRE)--April 22, 1999-- American Safety Razor Company (Nasdaq: RAZR) today announced improved financial results for the first quarter ended March 31, 1999. For the first quarter of 1999, compared with the same period last year, 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 increased 5.7% to $70.3 million from $66.5 million. 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 $0.9 million or 17.7% to $6.3 million over the 1998 first quarter's results of $5.4 million (excluding the effect of a $1.0 million special charge, $0.6 million after tax and $0.05 per diluted share related to the consolidation of the Company's domestic shaving razor and blade and cotton products sales forces). Net income increased 42% to almost $2 million from last year's $1.4 million (excluding the special charge). Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $0.16 compared with last year's $0.11 per diluted share (excluding the special charge). First quarter 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 was $9.5 million versus $8.3 million (excluding the special charge) for the first quarter of 1998. In the 1999 first quarter, sales for domestic shaving products were very strong and more than offset weakness from the cotton and foot care business. International shaving products' sales also improved, while industrial product sales were about flat compared with last year. American Safety Razor Company is the leading manufacturer of private-brand and value-priced shaving blades and razors 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. . The Company's shaving blade and razor products are sold under retailers' private-brand names as well as American Safety Razor's own brands: Personna(R), Gem(R), Flicker flicker: see woodpecker. flicker Any of six species of New World woodpeckers (genus Colaptes) noted for spending much time on the ground eating ants. (R), LegMate(R), Bump Fighter(R), Treet(R), GEM Blue Star(R), Pal(R), MBC (Multimedia Benchmark Committee) A graphics benchmark that provides MPEG-2 and other tests. See GPC. (tm), and Burma Shave(tm). The Company also manufactures cotton swabs "Q-Tip" redirects here. For the rapper, see Q-Tip (rapper). For the band, see Q-Tips (band). Cotton swabs (British English: cotton buds) are used in first aid, cosmetics application, and a variety of other uses. , cotton balls and puffs, and foot care items which are sold under retailers' private-brand names as well as its own value-priced brands, Megas(R), ACCO ACCO American College of Chiropractic Orthopedists ACCO Association of County Commissioners of Oklahoma ACCo American Cyanamid Company ACCO Adenoid Cystic Carcinoma Organization ACCO American Clip Company ACCO Assistant Central Control Officer (R), and Crystal(R). The Company is also a leading manufacturer of premium and value-priced blades and bladed hand tools, sold primarily under the Personna(R), 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), and Ardell(tm) brand names, as well as bar soaps for the cosmetic/skin care, pharmaceutical, and department store markets. In addition to its consumer products, American Safety Razor manufactures and markets industrial and specialty and medical blades. -0-
AMERICAN SAFETY RAZOR COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands, except per share data)
Three Months Ended
March 31,
1999 1998
Net sales $70,287 $66,511
Cost of sales 46,829 47,003
Gross profit 23,458 19,508
Selling, general and administrative 16,507 13,521
expenses
Amortization of intangibles 647 631
Special charge -- 1,003
Operating income 6,304 4,353
Interest expense 3,030 3,045
Income before income taxes 3,274 1,308
Income taxes 1,300 519
Net income $ 1,974 $ 789
Basic earnings per share:
Net income $ 0.16 $ 0.07
Weighted average shares outstanding 12,110 12,103
Diluted earnings per share:
Net income $ 0.16 $ 0.06
Weighted average shares outstanding 12,189 12,337
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion