Amtrol Reports Third Quarter Results.WEST WARWICK West Warwick (wôr`wĭk, –`ĭk), town (1990 pop. 29,268), Kent co., central R.I., on the Pawtuxet River; set off from Warwick and inc. 1913. Textile manufacturing remains a leading industry. West Warwick includes the village of River Point. , R.I.--(BUSINESS WIRE)--Nov. 17, 1999-- AMTROL Inc. today announced 1999 record third quarter earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
The 1999 third quarter is AMTROL's third consecutive quarter of record EBITDA. Although weak European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. currencies deflated de·flate v. de·flat·ed, de·flat·ing, de·flates v.tr. 1. a. To release contained air or gas from. b. To collapse by releasing contained air or gas. 2. reported sales compared to last year, the investments the Company made in production facilities both 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. and Europe have increased capacity and reduced costs on a worldwide basis, contributing substantially to the significantly improved earnings. Also, the Company's focus on improving customer service this year helped to dramatically decrease the order back log in 1999 but did result in less orders available for shipment at the beginning of the 1999 third quarter, and therefore lower sales, compared to the prior year. AMTROL is a worldwide leading producer and marketer of flow and expansion control technology, used in water systems and heating, ventilating ventilating Natural or mechanically induced movement of fresh air into or through an enclosed space. The hazards of poor ventilation were not clearly understood until the early 20th century. Expired air may be laden with odors, heat, gases, or dust. and air conditioning air conditioning, mechanical process for controlling the humidity, temperature, cleanliness, and circulation of air in buildings and rooms. Indoor air is conditioned and regulated to maintain the temperature-humidity ratio that is most comfortable and healthful. products, and of returnable and non-returnable containers for a variety of gases. The Company's major products are pressure regulating tanks used in water well and hydronic hy·dron·ic adj. Of or relating to a heating or cooling system that transfers heat by circulating a fluid through a closed system of pipes. [hydr(o)- + -onic (as in electronic).] heating applications, in addition to gas containers. Products are marketed under the Well-X-Trol, Extrol, Therm-X-Trol and Champion brand names. AMTROL is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of AMTROL Holdings, Inc. which is controlled by Cypress Cypress, city, United States Cypress (sī`prəs), city (1990 pop. 42,655), Orange co., S Calif. near Long Beach; inc. 1956. Forest Lawn–Cypress, a branch of the famous cemetery in Glendale, Calif. Merchant Banking Partners, L.P. and Cypress Offshore Partners, L.P., private equity funds managed by the Cypress Group L.L.C. -0-
AMTROL INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands)
QUARTER ENDED NINE MONTHS ENDED
---------------------------------------------
October 2, October 3, October 2, October 3,
1999 1998 1999 1998
--------------------------------- -----------
Net Sales $ 53,153 $ 55,573 $163,471 $ 154,924
Operating Income (Loss) 7,831 3,504 19,404 (2,200)
Net Income (Loss) 1,565 (1,388) 1,759 (11,900)
EBITDA 11,095 6,655 29,546 7,324
CONSOLIDATED BALANCE SHEETS
(in thousands)
ASSETS
October 2, December 31,
1999 1998
------------ -------------
Current Assets $ 63,483 $ 60,429
Property, Plant
and Equipment, Net 47,616 51,783
Other Assets 184,209 188,455
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Total Assets $295,308 $ 300,667
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities $ 54,087 $ 53,787
Long Term Debt, Less Current
Maturities 168,112 173,023
Other Noncurrent Liabilities 6,600 7,909
Shareholders' Equity 66,509 65,948
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Total Liabilities and
Shareholders' Equity $295,308 $ 300,667
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