Amtrol reports fourth quarter and year-end results: declares dividend.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)--Feb. 6, 1996--AMTROL Inc. today reported fourth quarter and 1995 year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. financial results and declared a regular quarterly dividend of five 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. payable February February: see month. 26, 1996 to shareholders of record February 15, 1996. AMTROL's 1995 fourth quarter net income was $535,000, or seven cents a share, including a previously announced charge of $1.2 million, net of tax, or 16 cents a share, for a plant closing. Excluding this charge, net income would have been $1.7 million, or 23 cents a share. In the prior year's fourth quarter the company reported net income $2.0 million, or 26 cents a share. Sales in the fourth quarter were $37.8 million, a nominal decline from 1994 fourth quarter sales of $38.7 million. For the year, net income was $9.1 million, or $1.20 a share, including plant closing charges of $2.4 million, net of tax, or 31 cents per share. In 1994 net income was $12.3 million, or $1.61 a share. Sales in 1995 were $172.5 million, compared with prior-year sales of $173.5 million. "While we've we've Contraction of we have. we've have been effective in reducing our cost structure significantly over the last year, and we have strengthened AMTROL's competitive market positions, we are concerned about the deteriorating de·te·ri·o·rate v. de·te·ri·o·rat·ed, de·te·ri·o·rat·ing, de·te·ri·o·rates v.tr. To diminish or impair in quality, character, or value: business conditions we're we're Contraction of we are. we're we are experiencing in the current quarter in our key markets," stated David Beretta be·ret·ta or ber·ret·ta n. Variants of biretta. , AMTROL'S president. "However, we remain cautiously optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about AMTROL's performance in 1996 because of the additional cost reductions we will achieve in the second half of this year from the previously announced closing of our Arkansas Arkansas, river, United States Arkansas (ärkăn`zəs, är`kənsô'), river, c.1,450 mi (2,330 km) long, rising in the Rocky Mts., central Colo. production facility in March and ongoing manufacturing efficiency gains," Beretta said. AMTROL is a leading North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. 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. The company's stock is traded on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on under the symbol AMTL AMTL Army Materials Technology Laboratory AMTL American Medical Testing Laboratories AMTL Advanced Manufacturing Technology Laboratory AMTL active management of the third stage of labor . -0-
AMTROL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited-in thousands, except share data)
ASSETS
December 31, December 31,
1995 1994
CURRENT ASSETS: Cash and cash equivalents $ 9,078 $ 9,038 Accounts receivable, less allowance for doubtful accounts 24,108 23,669 Inventories 21,315 20,817 Prepaid income taxes 2,793 2,108 Prepaid expenses and other 462 310 Assets held for sale 3,736 -- Total current assets 61,492 55,942 Net property, plant and equipment 27,933 31,817
OTHER ASSETS:
Cash surrender value of
officers' life insurance 3,156 3,024
Other 1,328 851
------- -------
4,484 3,875
------- -------
$93,909 $91,634
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES: Current installments of long term debt $ -- $ 952 Accounts payable 6,526 6,157 Accrued expenses 11,105 10,186 Accrued income taxes 559 1,354 Total current liabilities 18,190 18,649 OTHER NONCURRENT LIABILITIES 4,902 5,867 DEFERRED INCOME TAXES 611 563 LONG TERM DEBT, less current installments -- 2,381 SHAREHOLDERS' EQUITY Preferred stock $.01 par value - Authorized - 5,000,000 shares Issued - None Common stock $.01 par value - Authorized - 15,000,000 shares Issued - 7,641,398 shares in 1995 and 7,584,373 shares in 1994 76 76
Additional paid-in capital 29,083 28,377
Retained earnings 44,313 36,728
Treasury Stock - 213,200
shares in 1995 and 67,300
shares in 1994 (3,266) (1,007)
Total shareholders' equity 70,206 64,174
--------- ---------
$ 93,909 $ 91,634
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AMTROL INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited-in thousands, except per share data)
For the Quarter Ended For the Twelve Months Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1995 1994 1995 1994
NET SALES $37,834 $38,675 $172,454 $173,472 COST OF GOODS SOLD 27,812 28,167 124,303 123,184 Gross Profit 10,022 10,508 48,151 50,288 OPERATING EXPENSES: Selling 3,995 4,040 15,171 15,561 General and Administrative 3,380 3,604 14,772 14,841 Plant closing charges 1,950 -- 3,825 -- Income from operations 697 2,864 14,383 19,886 OTHER INCOME (EXPENSE): Interest expense (78) (75) (195) (276) Interest Income 108 175 255 268 License and distributorship fees 62 57 258 254 Other, net (39) (37) 65 (178) Income before provision for income taxes 750 2,984 14,766 19,954 PROVISION FOR INCOME TAXES 215 990 5,681 7,683 NET INCOME $535 $1,994 $ 9,085 $ 12,271 NET INCOME PER SHARE $0.07 $0.26 $1.20 $1.61 WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING 7,500 7,630 7,565 7,630 CONTACT: AMTROL Inc. Edward Edward killed his father at his mother’s instigation. [Br. Balladry: Edward in Benét, 302] See : Patricide J. Cooney Cooney (from O'Cooney, Gaelic: "O'Cuana") is a common Irish surname. In various forms, the name dates back to the 12th century. It is first associated with County Tyrone then in the province of Connaught, in the townland of Ballycooney, Loughrea barony, in County Galway, , 401/884-6300 or Bibelnieks Associates Inc. Yanis Bibelnieks, 212/949-2295 |
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