Ameron International reports improved first-quarter earnings.PASADENA, Calif.--(BUSINESS WIRE)--March 26, 1997--Ameron International Corporation (NYSE NYSE See: New York Stock Exchange :AMN Amn abbr. airman ) today reported earnings of 23 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. on sales of $108.3 million for its first quarter, which ended Feb. 28, 1997. These earnings compare favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to 12 cents per share on sales of $111.8 million for the same period in 1996. 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, said that the increase was due to improved results from Ameron's worldwide protective coatings and 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 businesses. Protective coatings reported significantly higher sales and earnings both from domestic and European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. operations. Coatings sales volume increased substantially, in part because of Ameron's acquisition of the worldwide Devoe marine coatings business in late 1996. Early in the second quarter of 1997, Ameron also acquired the worldwide Valspar maintenance coatings business. Ameron's global fiberglass pipe business posted improved quarterly results, in part because of a significant earnings contribution by Centron International, a high-pressure high-pres·sure adj. 1. Of or relating to pressures higher than normal, especially higher than atmospheric pressure. 2. Informal a. fiberglass pipe manufacturer acquired by Ameron in January January: see month. 1996. The aggregate $3.5-million decline in quarterly sales occurred mainly in Ameron's domestic concrete and steel pipe business, which began the year with a lower backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. than in 1996 and then experienced weather-related delays in deliveries to 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). jobsites early in the quarter. However, the concrete and steel pipe backlog increased more than $55 million in the first quarter, and sales are expected to improve in the second half. Ameron's 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. remained profitable, but reported lower quarterly results because of the ongoing low level of construction in Hawaii and bad weather early in the quarter. Ameron International Corporation is a multinational multinational Of, relating to, or being a company with subsidiaries or other operations in a number of countries. The diversity of operations of such companies subjects them to unique risks (for example, exchange rate changes or government nationalization) manufacturer of highly engineered products for the construction, industrial, chemical and energy 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 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). 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
First Quarter Ended
(in thousands except share and per share data)
February 28, February 29,
1997 1996
--------- ---------
Sales $108,261 $111,752
Cost of Sales 80,578 86,389
--------- ---------
Gross Profit 27,683 25,363
Selling, General and
Administrative Expenses 26,283 23,823
--------- ---------
Operating Profit 1,400 1,540
Royalty, Equity and Other Income 2,619 1,972
--------- ---------
Income before Interest and
Income Taxes 4,019 3,512
Interest, net 2,456 2,781
--------- ---------
Income before Income Taxes 1,563 731
Income Taxes 625 256
--------- ---------
Net Income $ 938 $ 475
========= =========
Per Share (based on average of
4,067,138 shares in 1997 and
3,972,673 shares in 1996):
Net Income $ .23 $ .12
========= =========
Cash Dividends Paid $ .32 $ .32
========= =========
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Ameron International Corporation
Consolidated Statements of Cashflow
Three Months Ended
(in thousands)
February 28, February 29,
1997 1996
--------- ---------
Operating Activities
Net Income $ 938 $ 475
Adjustments
to reconcile net income
to net cash 4,905 5,030
Changes in
operating assets and
liabilities (18,716) (4,031)
--------- ---------
Cash Provided (Used) By
Operations (12,873) 1,474
Investing
Activities Proceeds from sale
of assets 41 194
Additions to property, plant
and equipment, and
Acquisitions (5,290) (13,460)
Other, net (253) (654)
--------- ---------
(5,502) (13,920)
Financing Activities
Short and long-term
borrowings, net 12,460 12,567
Dividends on common stock (1,280) (1,266)
Other, net 566 -
--------- ---------
11,746 11,301
Effect of exchange rate
changes on cash (315) (98)
--------- ---------
Net change in cash $ (6,944) $ (1,243)
========= =========
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Ameron International Corporation
Consolidated Balance Sheets
(in thousands)
February 28, November 30,
1997 1996
--------- ---------
ASSETS
Current Assets
Cash and equivalents $ 11,437 $ 18,381
Receivables, net 101,174 105,534
Inventories 95,177 84,971
Other 15,357 14,737
--------- ---------
Total current assets 223,145 223,623
Investments and
Advances -
Affiliated Companies 34,261 33,722
Property, Plant
and Equipment, net 124,220 125,687
Other Assets 28,576 28,634
--------- ---------
Total Assets $410,202 $411,666
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Short-term borrowings $ 1,208 $ 1,242
Current portion of long-term
debt 17,684 17,753
Trade payables 33,276 36,715
Accrued liabilities and other 40,460 46,055
--------- ---------
Total current liabilities 92,628 101,765
Long-Term Debt, less current
portion 123,773 112,598
Other Liabilities 52,423 52,505
--------- ---------
Total Liabilities 268,824 266,868
Stockholders' Equity
Common stock 12,937 12,895
Additional paid-in capital 16,736 16,212
Retained earnings 156,979 157,321
Cumulative translation
adjustments (2,495) 1,149
Treasury stock (42,779) (42,779)
--------- ---------
Total
Stockholders' Equity 141,378 144,798
--------- ---------
Total Liabilities
and Stockholders'
Equity $410,202 $411,666
========= =========
CONTACT: Ameron International, Pasadena, 818/683-4000 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 Dan Stracner, Vice President, Public Affairs Those public information, command information, and community relations activities directed toward both the external and internal publics with interest in the Department of Defense. Also called PA. See also command information; community relations; public information. CONTACT: Ameron International, Pasadena, 818/683-4000 Gary Wagner, Senior Vice President, Chief Financial Officer Dan Stracner, Vice President, Public Affairs |
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