Ameron International Reports Stronger- Than-Expected First-Quarter Earnings.Business Editors PASADENA, Calif.--(BUSINESS WIRE)--March 22, 2000 Ameron International Corporation (NYSE NYSE See: New York Stock Exchange :AMN Amn abbr. airman ) today reported results for the first quarter ended February February: see month. 29, 2000: Earnings per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share totaled $.24 on sales of $121.4 million, compared to earnings of $.25 per share on sales of $122.9 million for the first quarter of fiscal 1999. 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. Marlen, Ameron's Chairman, President and Chief Executive Officer, stated, "We are pleased with Ameron's first-quarter results. While flat compared to the same period in 1999, Ameron's performance in the first quarter of 2000 exceeded our previous expectations because of the strength of our Concrete & Steel Pipe and Construction & Allied Products businesses, as well as the strong performance of Ameron's joint venture, TAMCO TAMCO theater Army movement control center (US DoD) ." Concrete & Steel Pipe had higher sales and profits in the first quarter of 2000 because of favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. weather conditions and consistent demand for pipe products. Construction & Allied Products had flat sales, but profits declined because of a strike at one of Ameron's operations 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. . Ameron's pole business made up most of 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. in Hawaii, benefiting from strong construction spending Construction Spending An economic indicator that measures the amount of spending towards new construction. Released monthly by the U.S. Department of Commerce's Census Bureau, it looks at residential and non-residential construction in the private sector, and state and federal at for new housing and roadways. The Coatings and Fiberglass-Composite Pipe businesses were impacted by the prolonged pro·long tr.v. pro·longed, pro·long·ing, pro·longs 1. To lengthen in duration; protract. 2. To lengthen in extent. lack of spending in a number of key markets, such as offshore and marine. Both businesses reported lower sales and profits in the first quarter of 2000, compared to the same period in 1999. Coatings was unprofitable in the first quarter, primarily because of weak demand in 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). .James Marlen stated, "Despite continued softness in Coatings and Fiberglass-Composite Pipe markets, we were able to exceed expectations. As we previously indicated, improvement by the Coatings and Fiberglass-Composite Pipe businesses is not expected until the second half of the year. Although orders for 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 for use in oil production have increased substantially, other anticipated improvements are not expected until later in the year. We remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that full-year results should exceed the record level of 1999." Ameron International Corporation is a multinational manufacturer of highly-engineered products and materials for the industrial, chemical, oil and construction markets. Traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (AMN), Ameron is a leading producer of 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; fiberglass-composite piping; concrete and steel pipe systems and 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. 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. , South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. , Europe, Australasia Australasia (ôstrəlā`zhə, –shə), islands of the South Pacific, including Australia, New Zealand, New Guinea, and adjacent islands. The term is sometimes used to include all of Oceania. and Asia. It also participates in several joint-venture companies in the U.S., Saudi Arabia Saudi Arabia (sä  `dē ərā`bēə, sou`–, sô–), officially Kingdom of Saudi Arabia, kingdom (2005 est. pop. and Mexico.Cautionary statement for purposes of 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 of The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Any statements in this report that refer to Ameron's estimated or anticipated future results are forward-looking and reflect the Company's current analysis of existing trends and information. Actual results may differ from current expectations based on a number of factors affecting Ameron's businesses, including competitive conditions and changing market situations. Matters affecting the economy generally, including the state of economies worldwide, can affect Ameron's results. 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. represent the Company's judgment only as of the date of this report. Since actual results could differ materially, the reader is cautioned not to rely on these forward-looking statements. Moreover, Ameron disclaims any intent or obligation to update these forward-looking statements.
Ameron International Corporation
Consolidated Statements of Income
Three Months Ended February 29 & 28,
(In thousands, except share and per share data)
(Unaudited)
2000 1999
--------- ---------
Sales $ 121,365 $ 122,899
Cost of Sales ( 93,312) ( 92,018)
--------- ---------
Gross Profit 28,053 30,881
Selling, General and Administrative Expenses ( 27,142) ( 29,760)
Royalty, Equity and Other Income 3,633 3,824
--------- ---------
Income before Interest and Income Taxes 4,544 4,945
Interest Expense, Net ( 3,276) ( 3,469)
--------- ---------
Income before Income Taxes 1,268 1,476
Provision for Income Taxes ( 317) ( 472)
--------- ---------
Net Income $ 951 $ 1,004
========= =========
Net Income Per Basic Share (Based on
Weighted Average Shares Outstanding
of 3,991,912 Shares in 2000 and
4,016,712 Shares in 1999) $ .24 $ .25
========= =========
Net Income Per Diluted Share (Based on
Diluted Common Shares Outstanding
of 4,002,853 Shares in 2000 and
4,026,602 Shares in 1999) $ .24 $ .25
========= =========
Cash Dividends Paid $ .32 $ .32
========= =========
Ameron International Corporation
Condensed Consolidated Statements of Cash Flows
Three Months Ended February 29 & 28,
(In thousands)
(Unaudited)
2000 1999
--------- ---------
Operating Activities
Net Income $ 951 $ 1,004
Adjustments to Reconcile Net Income
to Net Cash Provided by Operations 6,798 7,184
Changes in Operating Assets
and Liabilities ( 10,470) ( 11,059)
--------- ---------
Net Cash Used in Operations ( 2,721) ( 2,871)
Investing Activities
Proceeds from Sale of Assets 75 1,069
Additions to Property, Plant
and Equipment ( 4,126) ( 3,787)
Other, Net -- ( 2,513)
--------- ---------
Net Cash Used in Investing Activities ( 4,051) ( 5,231)
Financing Activities
Short and Long-Term Borrowings, Net 5,341 7,282
Dividends on Common Stock ( 1,277) ( 1,279)
Purchase of Treasury Stock -- ( 1,235)
--------- ---------
Net Cash Provided by Financing Activities 4,064 4,768
Effect of Exchange Rate Changes on
Cash and Cash Equivalents 146 ( 193)
--------- ---------
Net Change in Cash and Cash Equivalents $ ( 2,562) $ ( 3,527)
========= =========
Ameron International Corporation
Consolidated Balance Sheets
(In thousands)
Feb. 29, Nov. 30,
2000 1999
(Unaudited)
--------- ---------
ASSETS
Current Assets
Cash and Cash Equivalents $ 7,959 $ 10,521
Receivables, Net 116,629 118,900
Inventories 96,079 95,488
Other Current Assets 19,784 17,745
--------- ---------
Total Current Assets 240,451 242,654
Investments and Advances -
Affiliated Companies 20,628 23,046
Property, Plant and Equipment, Net 148,329 149,597
Other Assets 44,338 43,670
--------- ---------
Total Assets $ 453,746 $ 458,967
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Short-Term Borrowings $ 3,244 $ 3,479
Current Portion of Long-Term Debt 12,570 12,595
Trade Payables 36,150 36,667
Accrued Liabilities 40,649 43,552
Income Taxes Payable 16,319 18,848
--------- ---------
Total Current Liabilities 108,932 115,141
Long-Term Debt, Less Current Portion 140,373 135,237
Other Long-Term Liabilities 29,457 30,469
--------- ---------
Total Liabilities 278,762 280,847
Stockholders' Equity
Common Stock 13,007 13,007
Additional Paid-In Capital 17,857 17,857
Retained Earnings 204,010 204,336
Accumulated Other Comprehensive Loss (15,696) (12,886)
Treasury Stock (44,194) (44,194)
--------- ---------
Total Stockholders' Equity 174,984 178,120
--------- ---------
Total Liabilities and Stockholders' Equity $ 453,746 $ 458,967
========= =========
|
|
|||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion