Ameron reports record sales, increased earnings for fiscal 1995.PASADENA, Calif.--(BUSINESS WIRE)--Jan. 31, 1996--Ameron, Inc. (NYSE NYSE See: New York Stock Exchange :AMN Amn abbr. airman ) today released results for its fiscal year ended November November: see month. 30, 1995. The company reported earnings of $3.15 per share on sales of $481.4 million -- the highest sales in Ameron's 89-year history. Fiscal 1995 was the third consecutive year of earnings improvement, excluding nonrecurring Non`re`cur´ring a. 1. Nonrecurrent; as, the costs of a layoff are considered as a nonrecurring expense s>. items. These results compare to 1994 sales of $417.7 million and earnings of $2.75 per share, including 46 cents from the sale of a steel fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. 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. . In the fourth quarter of 1995, Ameron earned 95 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 $127.4 million, compared to 89 cents per share on sales of $115.4 million in 1994. 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 in part to strong concrete and steel pipe sales in the western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century , including deliveries to the large Los Vaqueros pipeline 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 . Also contributing were significantly improved sales and earnings from 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. "Improving Ameron's quality and consistency Consistency can refer to:
Contraction of we are. we're we are pleased with the company's progress as we continue the rebuilding and growth process we started with our restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). in 1993." Results for the first quarter of 1996 are expected to reflect the company's traditional seasonal lull. However, management expects the overall positive trend of 1995 to continue in 1996. -0-
Ameron, Inc.
Consolidated Statements of Income
Year Ended November 30
(in thousands except share and per share data)
1995 1994
-------- --------
Sales $481,405 $417,682
Cost of Sales 364,674 313,707
-------- --------
Gross Profit 116,731 103,975
Selling, General and Administrative Expenses 95,786 86,767
Other Income 4,224 9,701
-------- --------
Income before Interest and Income Taxes 25,169 26,909
Interest, net 11,371 10,507
-------- --------
Income before Income Taxes 13,798 16,402
Income Taxes 4,940 6,971
-------- --------
Income of Consolidated Companies 8,858 9,431
Equity in Earnings of Affiliated
Companies, net of taxes 3,594 1,359
-------- --------
Net Income $ 12,452 $ 10,790
======== ========
Per Share (based on average of
3,954,544 shares in 1995 and
3,924,456 shares in 1994):
Net Income $ 3.15 $ 2.75
======== ========
Cash Dividends Paid $ 1.28 $ 1.28
======== ========
Ameron, Inc.
Consolidated Statements of Income
Fourth Quarter Ended November 30
(in thousands except per share data)
1995 1994
-------- --------
Sales $127,427 $115,364
Cost of Sales 97,701 87,922
-------- --------
Gross Profit 29,726 27,442
Selling, General and Administrative Expenses 24,207 20,833
Other Income 1,609 1,212
-------- --------
Income before Interest and Income Taxes 7,128 7,821
Interest, net 2,458 2,888
-------- --------
Income before Income Taxes 4,670 4,933
Income Taxes 1,746 2,383
-------- --------
Income of Consolidated Companies 2,924 2,550
Equity in Earnings of Affiliated -------- --------
Companies, net of taxes 833 945
-------- --------
Net Income $ 3,757 $ 3,495
======== ========
Per Share:
Net Income $ .95 $ .89
======== ========
Cash Dividends Paid $ .32 $ .32
======== ========
Ameron, Inc.
Consolidated Balance Sheets
At November 30
(in thousands)
1995 1994
-------- --------
ASSETS
Current Assets
Cash and equivalents $ 12,923 $ 9,030
Receivables, net 105,019 97,519
Inventories 76,426 71,644
Other 12,470 9,898
-------- --------
Total current assets 206,838 188,091
Investments and Advances -
Affiliated Companies 36,197 37,315
Property, Plant and Equipment, net 114,116 112,953
Other Assets 14,230 12,497
-------- --------
Total assets $371,381 $350,856
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Short-term borrowings $ 1,718 $ 2,931
Current portion of long-term debt 17,803 9,674
Trade payables 32,219 25,507
Accrued liabilities and other 40,640 46,075
-------- --------
Total current liabilities 92,380 84,187
Deferred Income Taxes, Credits and Reserves 52,864 49,015
Long-Term Debt 91,565 92,847
-------- --------
Total Liabilities 236,809 226,049
Stockholders' Equity
Common stock 12,823 12,772
Additional paid-in capital 15,322 14,658
Retained earnings 146,987 139,586
Cumulative translation adjustments 2,219 570
Treasury stock (42,779) (42,779)
-------- --------
Total stockholders' equity 134,572 124,807
-------- --------
Total liabilities and stockholders' equity $371,381 $350,856
======== ========
CONTACT: Ameron Inc., 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, 818/683-4000 |
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