Ameron Inc. reports third-quarter earnings.PASADENA, Calif.--(BUSINESS WIRE)--Sept. 26, 1995--Ameron Inc. (NYSE NYSE See: New York Stock Exchange :AMN Amn abbr. airman ) Tuesday Tuesday: see week. reported earnings of $1.16 per share on sales of $137.4 million for its third quarter, which ended Aug. 31, 1995. This compares favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. with earnings of $1.04 per share on sales of $108.4 million for the same period in 1994. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. results were $2.20 per share on sales of $354.0 million, compared with $1.86 per share on sales of $302.3 million the prior year. "When we consider that last year's nine-month results included 46 cents of nonrecurring Non`re`cur´ring a. 1. Nonrecurrent; as, the costs of a layoff are considered as a nonrecurring expense s>. income from the sale of a subsidiary in Colombia Colombia (kəlŭm`bēə, Span. kōlōm`byä), officially Republic of Colombia, republic (2005 est. pop. 42,954,000), 439,735 sq mi (1,138,914 sq km), NW South America. Bogotá is the capital and largest city. , it is clear that the quality of earnings from ongoing operations has shown substantive improvement," said James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. S. Marlen, Ameron chairman, president and chief executive officer. Marlen noted that several affiliated companies Affiliated Companies A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. Notes: An affiliated company is sometimes referred to as a subsidiary. continued to pay cash dividends in the third quarter of 1995. "Receipt of these dividends and recognition of income are consistent with our more conservative approach of recording equity income only to the extent that cash dividends are anticipated," he said. Ameron's concrete and steel pipe operations in the western states reported significantly higher sales and income for both the quarter and year to date, chiefly because of ongoing deliveries to the Los Vaqueros project in Northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern , the largest pipe contract in Ameron history. Work also continued on two other major pipelines in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). . Quarterly and nine-month sales and income were also up sharply for Ameron's worldwide fiberglass fiberglass, thread made from glass. It is made by forcing molten glass through a kind of sieve, thereby spinning it into threads. Fiberglass is strong, durable, and impervious to many caustics and to extreme temperatures. pipe business. The improvement resulted primarily from increased shipments to petroleum projects in Central Africa and the Middle East from Ameron operations in the Netherlands. Growing demand from refinery and marine markets in the Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. , served by Ameron's Singapore operation, also contributed to the upswing Upswing An upward turn in a security's price after a period of falling prices. . Domestic sales and earnings were down for the quarter and year to date because of lower demand from petroleum-related markets 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. . Third-quarter sales were about even for Ameron's worldwide protective coatings business, but income was down considerably compared with last year's record performance. A major factor in the shortfall Shortfall The amount by which the capital required to fulfill a financial obligation exceeds available capital. Notes: Shortfall risk is often combated with an efficient hedging strategy created by a fund, group, institution, or individual. was the continuing effect of higher raw-material costs that have impacted margins throughout the coatings industry. Income from European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. operations declined significantly due to escalating raw-material prices and a continuing shift in product mix caused by reduced shipments to North Africa. Overall earnings were also much lower for the year to date. Third-quarter sales for Ameron's new PSX PSX Sony Playstation PSX Playstation X (name of the CD add-on unit for the pre-production NES) PSX Professional Services Expo PSX Play Station line of patented "engineered siloxane siloxane /si·lox·ane/ (si-lok´san) any of various compounds based on a substituted backbone of alternating silica and oxygen molecules; in polymeric form they are polysiloxanes, and when the side chain substituents are organic radicals, " products were strong, especially in England, where PSX coatings were chosen for a major gas project. Sales and income for Ameron's construction products business in Hawaii were moderately higher for the quarter and nine months despite the continuing economic slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in the Islands. The domestic pole products business also posted improved sales and earnings for the quarter and year to date. -0-
AMERON INC.
Consolidated Statements of Income
(in thousands, except per share data)
Three Months Ended Nine Months Ended
Aug. 31 Aug. 31
1995 1994 1995 1994
Sales $137,421 $108,376 $353,978 $302,318 Cost of sales 103,990 82,012 267,379 225,785 Gross profit 33,431 26,364 86,599 76,533 Selling, general and administrative expenses 25,664 21,850 71,173 65,934 Other income 543 4,189 2,615 8,489 Income before interest and income taxes 8,310 8,703 18,041 19,088 Interest, net 2,986 2,605 8,913 7,619 Income before income taxes 5,324 6,098 9,128 11,469 Provision for income taxes 1,873 2,440 3,195 4,588 Income of consolidated companies 3,451 3,658 5,933 6,881 Equity in earnings of affiliated companies, net of taxes 1,126 414 2,761 414 Net income $ 4,577 $ 4,072 $ 8,694 $ 7,295 Per share (based on average of 3,951,549 shares in 1995 and 3,922,854 shares in 1994) net income $ 1.16 $ 1.04 $ 2.20 $ 1.86 Cash dividends paid $ .32 $ .32 $ .96 $ .96 -0-
CONSOLIDATED BALANCE SHEETS
(in thousands)
Aug. 31, Nov. 30,
1995 1994
ASSETS
Current assets
Cash and equivalents $ 8,360 $ 9,030
Receivables, net 115,018 97,519
Inventories 85,115 71,644
Other 9,112 9,898
217,605 188,091
Investments and advances in affiliated companies 37,149 37,315 Property, plant and equipment, net 113,450 112,953 Other assets 14,071 12,497 Total assets $ 382,275 $ 350,856 LIABILITIES AND EQUITY
Current liabilities
Short-term borrowings $ 1,682 $ 2,931
Current portion of long-term debt 5,758 9,674
Trade payables 33,259 25,507
Accrued liabilities and other 45,458 48,974
86,157 87,086
Deferred income taxes, credits and reserves 48,806 46,116 Long-term debt 116,416 92,847 Stockholders' equity Common stock 12,801 12,772 Additional paid in capital 15,022 14,658 Retained earnings 144,494 139,586 Cumulative translation adjustments 1,358 570 Treasury stock (42,779) (42,779) Total stockholders' equity 130,896 124,807 Total liabilities and stockholders' equity $ 382,275 $ 350,856 -0-
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Nine Months Ended
Aug. 31
1995 1994
Operating activities
Net income $ 8,694 $ 7,295
Adjustments to reconcile net income
to net cash 14,246 11,567
Changes in operating assets and
liabilities (25,195) (17,783)
(2,255) 1,079
Investing activities
Proceeds from sale of assets 427 2,793
Additions to property, plant and
equipment (11,447) (8,695)
Other (1,857) (2,136)
(12,877) (8,038)
Financing activities
Short and long-term borrowings, net 17,957 4,909
Dividends on common stock (3,786) (3,757)
Other 9 397
14,180 1,549
Effect of exchange rate changes on cash 282 346 Net change in cash $ (670) $ (5,064) CONTACT: Ameron Inc., Pasadena Gary Wagner, 818/683-4000 |
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