Ameron International Corporation announces financial results.PASADENA, Calif.--(BUSINESS WIRE)--June 25, 1996--Ameron International Corporation (NYSE NYSE See: New York Stock Exchange :AMN Amn abbr. airman ) today reported earnings of $1.09 per share on sales of $120.6 million for its second quarter, which ended May 31, 1996. This compares favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to earnings of $1.01 per share on sales of $118.5 million for the similar period in 1995. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. results were $1.21 per share on sales of $232.4 million, compared to $1.04 per share on sales of $216.6 million in the prior year. 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, chairman, president and chief executive officer, attributed the improved results primarily to continuing deliveries of concrete and steel pipe to major jobsites in the western states, as well as increased earnings from Ameron's protective coatings businesses 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 Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). . 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, including Centron International, which was acquired in
January January: see month. , also reported improved quarterly and six-month results.
Results from the construction products business in Hawaii Hawaii, island, United States Hawaii, island (1990 pop. 120,217), 4,037 sq mi (10,456 sq km), largest and southernmost island of the state of Hawaii and coextensive with Hawaii co.; known as the Big Island. continued to be substantially lower than in 1995 because of unfavorable economic conditions in the Islands. Ameron International Corporation is a multi-national manufacturer of highly engineered products for the building, construction and industrial markets. The company operates businesses in 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. , Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. , Europe and Asia. Ameron is a leading producer of fiberglass, concrete and steel pipe systems; high-performance Adj. 1. high-performance - modified to give superior performance; "a high-performance car" superior - of high or superior quality or performance; "superior wisdom derived from experience"; "superior math students" coatings; and other specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. construction products. -0-
Ameron International Corporation
Consolidated Statements of Income
Second Quarter Ended May 31,
(in thousands except share and per share data)
1996 1995
--------- ---------
Sales $120,632 $118,526
Cost of Sales 89,780 88,963
--------- ---------
Gross Profit 30,852 29,563
Selling, General and Administrative Expenses 23,626 22,320
--------- ---------
Operating Profit 7,226 7,243
Royalty, Equity and Other Income 2,132 1,589
--------- ---------
Income before Interest and Income Taxes 9,358 8,832
Interest, net 2,666 2,992
--------- ---------
Income before Income Taxes 6,692 5,840
Income Taxes 2,342 1,838
--------- ---------
Net Income $ 4,350 $ 4,002
========= =========
Per Share (based on average of
3,978,323 shares in 1996 and
3,946,426 shares in 1995):
Net Income $ 1.09 $ 1.01
========= =========
Cash Dividends Paid $ .32 $ .32
========= =========
Ameron International Corporation
Consolidated Statements of Income
Six Months Ended May 31,
(in thousands except share and per share data)
1996 1995
-------- ---------
Sales $232,384 $216,557
Cost of Sales 176,169 163,389
--------- ---------
Gross Profit 56,215 53,168
Selling, General and Administrative Expenses 47,449 45,509
--------- ---------
Operating Profit 8,766 7,659
Royalty, Equity and Other Income 4,104 3,767
--------- ---------
Income before Interest and Income Taxes 12,870 11,426
Interest, net 5,447 5,927
--------- ---------
Income before Income Taxes 7,423 5,499
Income Taxes 2,598 1,382
--------- ---------
Net Income $ 4,825 $ 4,117
========= =========
Per Share (based on average of
3,978,323 shares in 1996 and
3,946,426 shares in 1995):
Net Income $ 1.21 $ 1.04
========= =========
Cash Dividends Paid $ .64 $ .64
========= =========
Ameron International Corporation
Consolidated Balance Sheets
(in thousands)
May 31, November 30,
1996 1995
--------- ---------
ASSETS
Current Assets
Cash and equivalents $ 12,278 $ 12,923
Receivables, net 100,222 105,019
Inventories 76,352 76,426
Other 12,678 12,470
--------- ---------
Total current assets 201,530 206,838
Investments and Advances -
Affiliated Companies 35,391 36,197
Property, Plant and Equipment, net 111,074 114,116
Other Assets 21,545 14,230
--------- ---------
Total assets $369,540 $371,381
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Short-term borrowings $ 1,715 $ 1,718
Current portion of long-term debt 17,763 17,803
Trade payables 25,496 32,219
Accrued liabilities and other 36,532 40,640
--------- ---------
Total current liabilities 81,506 92,380
Deferred Income Taxes, Credits and Reserves 53,651 52,864
Long-Term Debt 98,327 91,565
--------- ---------
Total Liabilities 233,484 236,809
Stockholders' Equity
Common stock 12,842 12,823
Additional paid-in capital 15,574 15,322
Retained earnings 149,278 146,987
Cumulative translation adjustments 1,141 2,219
Treasury stock (42,779) (42,779)
--------- ---------
Total stockholders' equity 136,056 134,572
--------- ---------
Total liabilities and stockholders' equity $369,540 $371,381
========= =========
CONTACT: Ameron International Corporation, Pasadena Gary Gary, city (1990 pop. 116,646), Lake co., NW Ind., a port of entry on Lake Michigan; inc. 1909. Gary was founded by the U.S. Steel Corporation, which purchased the land in 1905 and landscaped it for a city. Wagner, Senior Vice President, Chief Financial Officer, 818/683-4000 |
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