Angelica Reports Improved Third Quarter Results.Business Editors CHESTERFIELD Chesterfield, city (1991 pop. 73,352) and district, Derbyshire, central England. An important industrial center, Chesterfield produces mining equipment, railroad cars, metal products, glass, and pottery. , Mo.--(BUSINESS WIRE)--Nov. 16, 2000 Angelica angelica (ănjĕl`ĭkə), any species of the genus Angelica, plants of the family Umbelliferae (parsley family), native to the Northern Hemisphere and New Zealand, valued for their potency as a medicament and protection against Corporation (NYSE NYSE See: New York Stock Exchange : AGL (programming) AGL - (Atelier de Genie Logiciel) French for IPSE. ) announced today improved results for the third quarter and three quarters ended October October: see month. 28, 2000. For the third quarter, earnings of $.23 per share were more than three times the $.07 per share earned in the third quarter last year. For the first three quarters of this fiscal year, earnings of $.62 per share increased 21.6 percent compared with $.51 for the same period last year and also exceeded last year's full-year earnings of $.61 per share. Combined sales and textile textile Any filament, fibre, or yarn that can be made into fabric or cloth, and the resulting material itself. The word originally referred only to woven fabrics but now includes knitted, bonded, felted, and tufted fabrics as well. service revenues were $116,933,000 in the third quarter, an increase of 0.3 percent and the first quarterly increase since the first quarter of fiscal 1999. Pretax income pretax income Reported income before the deduction of income taxes. Pretax income is sometimes considered a better measure of a firm's performance than aftertax income because taxes in one period may be influenced by activities in earlier periods. was $3,165,000 versus $1,051,000 last year, and third quarter net income increased to $1,994,000 from $652,000 in the same quarter last year. In the first three quarters of the year, combined sales and textile service revenues were $341,831,000 compared with $353,497,000 last year, or 3.3 percent lower. Pretax income increased to $8,536,000 versus $7,158,000 in last year's first three quarters. Net income for the period was $5,378,000, a 21.2 percent increase over $4,438,000 in the first three quarters last year. In the Textile Services segment, third quarter revenues of $61,159,000 exceeded revenues of $60,139,000 last year by 1.7 percent, the first quarterly revenue increase in nearly three years and tangible Possessing a physical form that can be touched or felt. Tangible refers to that which can be seen, weighed, measured, or apprehended by the senses. A tangible object is something that is real and substantial. An automobile is an example of tangible Personal Property. evidence of efforts to improve revenue generation through renewed re·new v. re·newed, re·new·ing, re·news v.tr. 1. To make new or as if new again; restore: renewed the antique chair. 2. emphasis on sales and marketing. New business additions remain strong, with the annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. volume of new business signed in the first three quarters more than double the losses of existing business in the same period and also nearly 40 percent ahead of business additions in the same period last year. Operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before of this segment increased 88.5 percent to $3,133,000 from $1,662,000 in the third quarter last year. The improved performance in the quarter and for the first three quarters of the year continues to be the result of better linen linen, fabric or yarn made from the fiber of flax, probably the first vegetable fiber known to people. Linens more than 3,500 years old have been recovered from Egyptian tombs. Phoenician traders marketed linen in Mediterranean ports. management and increases in productivity at plants where capital investments have been made in labor-saving La´bor-sav`ing a. 1. Saving labor; adapted to supersede or diminish the labor of men; designed to replace or conserve human and especially manual labor; as, labor-saving machinery; equipment. Earnings suffered to some extent from sharply higher energy costs which have been experienced nationwide but most severely at the segment's eleven plants in the State of 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). . Efforts are being made to offset these higher costs through special energy surcharges to customers. In the Manufacturing and Marketing segment, third quarter sales of $37,713,000 were below the prior year's sales of $38,274,000, but the percentage decrease narrowed to 1.5 percent from 5.1 percent in the second quarter this year. The impact of large program rollouts was less than expected in the third quarter this year, but is expected to increase in the fourth quarter. Operating earnings for the quarter, on the other hand, were measurably meas·ur·a·ble adj. 1. Possible to be measured: measurable depths. 2. Of distinguished importance; significant: a measurable figure in literature. better at $2,000,000 compared with $1,553,000 last year, an increase of 28.8 percent. Earnings benefited from another excellent quarter by the newly combined Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. operations of this segment and also from better margins due to more non-domestic sourcing of product for the U.S. operations of the segment. The Life Retail Stores segment continued to post sales gains as third quarter sales of $24,876,000 slightly exceeded sales of $24,372,000 in the same period last year. Same-store sales Same-store sales is a business term which refers to the revenue generated by one of a retail chain's specific outlets during a certain period of time (often a fiscal quarter or a particular shopping season), compared to an identical period in the past, usually in the previous year. gains of 4.5 percent in the quarter were largely offset by having 285 stores in operation at the end of the period versus 304 at the same time last year. Same-store sales gains year to date stood at 5.3 percent. Operating earnings for the third quarter were $1,248,000. Although lower than the $1,411,000 recorded in last year's third quarter, this year's earnings were significantly above the $146,000 earned in the second quarter this year. During the third quarter, Life made a successful entry into the catalogue and e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. distribution channels and is now able to access a sizable siz·a·ble also size·a·ble adj. Of considerable size; fairly large. siz  a·ble·ness n. number of potential customers which
previously were not being served.
Third quarter consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: earnings continued to benefit from interest income on higher cash balances and lower interest expense. Cash flow was good in the quarter, and cash balances rose to $22,393,000 at quarter end. During the third quarter, another 45,000 shares of the Company's stock were repurchased, bringing the total to 95,600 shares year to date. These shares were purchased under a previously announced program authorizing the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of up to 2,000,000 shares over a three-year period. Commenting on Angelica's third quarter results, Don W. Hubble Hub·ble , Edwin Powell 1889-1953. American astronomer who discovered (1929) that the velocities of nebulae increase with distance. Noun 1. , Chairman, President and Chief Executive Officer, said "Prospects for the Textile Services segment for the remainder of the year look good, notwithstanding concerns about energy costs and labor shortages A Labor shortage is an economic condition in which there are insufficient qualified candidates (employees) to fill the market-place demands for employment at any price. This condition is sometimes referred to by Economists as "an insufficiency in the labor force. . In addition, we are certainly pleased with the results to date on the entry of Life Retail into the catalogue/e-commerce distribution channels. Although we would like to see better sales levels at the Manufacturing and Marketing segment, on the whole we remain confident that fiscal 2001 results will significantly exceed fiscal 2000 results and that the platform has been laid for even better results next year." Angelica Corporation, 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. under the symbol AGL, provides textile rental RENTAL. A roll or list of the rents of an estate containing the description of the lands let, the names of the tenants, and other particulars connected with such estate. This is the same as rent roll, from which it is said to be corrupted. and laundry Laundry can be:
Before industrialization services to healthcare institutions, manufactures and markets uniforms for institutions and businesses, and operates a national chain of retail uniform and shoe stores.
Unaudited results for third quarter and three quarters ended
October 28, 2000 compared with same periods ended October 30, 1999
(dollars in thousands except per share amounts):
Third Quarter
-------------------------- Percent
Fiscal 2001 Fiscal 2000 Inc. (Dec.)
----------- ------------ -----------
Combined sales and
revenues $ 116,933 $ 116,578 0.3
Net income $ 1,994 $ 652 205.8
Basic and
diluted earnings
per share $ .23 $ .07 228.6
Average common
shares outstanding 8,698,133 8,699,906
Three Quarters
------------------------- Percent
Fiscal 2001 Fiscal 2000 Inc.(Dec.)
----------- ------------ ----------
Combined sales and
revenues $ 341,831 $ 353,497 (3.3)
Net income $ 5,378 $ 4,438 21.2
Basic and
diluted earnings
per share $ .62 $ .51 21.6
Average common
shares outstanding 8,698,133 8,699,906
Unaudited results by business segment for third quarter and three
quarters ended October 28, 2000 compared with same periods ended
October 30, 1999 (dollars in thousands):
Third Quarter
------------------------- Percent
Fiscal 2001 Fiscal 2000 Inc. (Dec.)
----------- ----------- -----------
Sales and revenues:
Textile Services $61,159 $60,139 1.7
Manufacturing & Marketing 37,713 38,274 (1.5)
Retail Sales 24,876 24,372 2.1
Intersegment sales (6,815) (6,207)
------- -------
$116,933 $116,578 0.3
======== ========
Earnings:
Textile Services $3,133 $1,662 88.5
Manufacturing & Marketing 2,000 1,553 28.8
Retail Sales 1,248 1,411 (11.6)
Interest, corporate expenses
and other, net (3,216) (3,575) (10.0)
------- ------
Pretax income $3,165 $1,051 201.1
====== ======
Three Quarters
------------------------ Percent
Fiscal 2001 Fiscal 2000 Inc.(Dec.)
----------- ------------ ----------
Sales and revenues:
Textile Services $181,770 $185,453 (2.0)
Manufacturing & Marketing 110,433 118,624 (6.9)
Retail Sales 69,521 67,753 2.6
Intersegment sales (19,893) (18,333)
-------- --------
$341,831 $353,497 (3.3)
======== ========
Earnings:
Textile Services $11,357 $9,740 16.6
Manufacturing & Marketing 5,251 5,220 0.6
Retail Sales 1,938 2,972 (34.8)
Interest, corporate expenses
and other, net (10,010) (10,774) (7.1)
------- -------
Pretax income $8,536 $7,158 19.3
====== ======
Unaudited condensed balance sheets as of October 28, 2000 compared
with January 29, 2000 (dollars in thousands):
October 28, January 29,
2000 2000
----------- -----------
Current assets:
Cash and investments $ 22,393 $ 15,651
Receivables, net 56,556 55,700
Inventories 85,529 80,005
Linens in service 31,310 33,075
Other 6,815 4,881
------ -------
Total current assets 202,603 189,312
Property and equipment, net 84,209 92,187
Other long-term assets 35,690 38,096
------ ------
Total assets $322,502 $319,595
======== ========
Current liabilities:
Current maturities of long-term debt $ 2,677 $ 3,026
Accounts payable 24,613 23,535
Other 24,612 21,629
------ ------
Total current liabilities 51,902 48,190
Long-term debt 86,276 87,916
Other long-term liabilities 20,140 20,077
Shareholders' equity 164,184 163,412
------- -------
Total liabilities and shareholders' equity $322,502 $319,595
======== ========
---------------------------------------------------------------------- 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. : ---------------------------------------------------------------------- Any forward-looking statements made in this document reflect the Company's current views with respect to future events and financial performance and are made pursuant to 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. Such statements are subject to certain risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. These potential risks and uncertainties include, but are not limited to, competitive and general economic conditions, the ability to retain current customers and to add new customers in competitive market environments, competitive pricing in the marketplace, delays in the shipment of orders, availability of labor at appropriate rates, availability and cost of energy and water supplies, availability of non-domestic image apparel contractors to manufacture and deliver at an appropriate cost and in a timely manner, the ability to attract and retain key personnel, unusual or unexpected cash needs for operations or capital transactions, and other factors which may be identified in the Company's filings with the Securities and Exchange Commission. ---------------------------------------------------------------------- |
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