Anthony & Sylvan Pools Corporation Announces Record First Quarter Sales.Business Editors MAYFIELD Mayfield, city (1990 pop. 9,935), seat of Graves co., SW Ky., in an area of farms and clay deposits; founded 1823. It is an agricultural trade center with a tobacco market. VILLAGE, Ohio--(BUSINESS WIRE)--April 25, 2000 Anthony & Sylvan sylvan emanating from or pertaining to woods. See also sylvatic. Pools Corporation (Nasdaq:SWIM SWIM See What I Mean SWIM System Wide Information Management SWIM Surface Water Improvement and Management SWIM Super Woz Integrated Machine SWIM Someone Who Isn't Me SWIM Soil and Water Integrated Model (science/engineering) ) today announced results for its first quarter ended March 31, 2000. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight were a record $30,391,000, an increase of 15.0% from the first quarter 1999 sales of $26,422,000. The net loss for the seasonally slow first quarter was $(2,104,000), an improvement of 28.9% compared with $(2,958,000) for the comparable period last year. On a per share basis, the $(.80) per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share for 2000 compares favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. with a per share loss of $(.88) for the first quarter ended March 31, 1999. Commenting on the results, Stuart D. Neidus, Anthony & Sylvan's Chairman and Chief Executive Officer, stated, "We have gotten off to a good start in a traditionally slow quarter. With strong demand, we have a full pipeline of business-building activities, including developing a growing sales force, expanding our pool-building capacity and integrating the recently announced acquisition in Austin Austin. 1 City (1990 pop. 21,907), seat of Mower co., SE Minn., on the Cedar River, near the Iowa line; inc. 1868. The commercial and industrial center of a rich farm region, it is noted as home to the Hormel meatpacking company, whose Spam Town museum , Texas." As to the financial condition of the Company, Mr. Neidus said, "We are in excellent financial shape. As we enter what is normally our strongest quarter, we have good control over our working capital, and we have a virtually unused line of credit of $35 million. Also, since we became a stand-alone (jargon) stand-alone - Capable of operating without other programs, libraries, computers, hardware, networks, etc. Exactly what is absent is presumed to be obvious from context. "We only run Windows on stand-alone PCs because it's too dangerous to run it on networked ones." public company in August 1999, we have reduced the net number of shares outstanding by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 20%, through a combination of share repurchases Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. offset by the purchase of some of those shares by executives and directors under a Leveraged Stock Purchase Plan." Mr. Neidus went on to say, "The earnings improvement in the first quarter is very encouraging. We are tracking with our business plan for the year 2000 which, barring any unusual weather or economic conditions, should produce double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. sales growth for the year similar to what we achieved in our first quarter. Our efforts to grow the business, control costs and improve our operating efficiencies, coupled with fewer diluted shares outstanding, should allow us to produce at least a four-fold Adj. 1. four-fold - having four units or components; "quadruple rhythm has four beats per measure"; "quadruplex wire" quadruple, quadruplex, quadruplicate, fourfold increase in diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the year over last year's $.27 per share." Anthony & Sylvan (http://www.anthonysylvan.com) is one of the largest installers of residential in-ground concrete swimming pools in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. with a network of 47 sales offices in 29 geographic markets serving 16 states. The Company also is a provider of pool-related products and services, including renovation, pool supplies and replacement goods. This press release contains statements that are forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. , as that term is defined by 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 or by the Securities and Exchange Commission in its rules, regulations, and releases. The Company intends that such 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. be subject to the safe harbors 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. created thereby. All forward-looking statements are based on current expectations regarding important risk factors, including but not limited to: the costs of integrating acquired businesses; dependence on existing management; consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. and market conditions; weather; and year 2000 issues. Accordingly, actual results may differ from those expressed in the forward-looking statements, and the making of such statements should not be regarded as a representation by the Company or any other person that results expressed therein will be achieved.
Anthony & Sylvan Pools Corporation
Statements of Operations
For the Three Months Ended March 31, 2000 and 1999
(Dollars in thousands, except per share data)
March 31,
2000 1999
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(Unaudited)
Net sales $ 30,391 $ 26,422
Cost of sales 23,938 20,719
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Gross profit 6,453 5,703
Operating expenses 9,650 9,505
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Income from operations (3,197) (3,802)
Interest and other expense 196 1,095
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Income before income taxes (3,393) (4,897)
Provision for income taxes (1,289) (1,939)
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Net income $ (2,104) $ (2,958)
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Earnings per share:
Basic $ (.80) $ (.88)
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Diluted $ (.80) $ (.88)
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Average shares outstanding:
Basic 2,620 3,357
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Diluted 2,620 3,357
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Anthony & Sylvan Pools Corporation
Balance Sheets
(Dollars in thousands)
March 31, December 31,
2000 1999
(Unaudited) (Audited)
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ASSETS
Current Assets:
Cash and cash equivalents $ 1,079 $ 533
Contract receivables, net 5,600 8,101
Inventories, net 7,625 5,282
Prepayments and other 1,930 1,673
Deferred income taxes 3,450 2,584
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Total current assets 19,684 18,173
Property, plant and equipment, net 8,210 8,107
Goodwill, net 27,204 27,386
Other 1,977 1,841
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$ 57,075 $ 55,507
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Current maturities of long-term debt $ 171 $ 171
Accounts payable 9,322 5,782
Accrued expenses 14,581 11,695
Accrued income taxes - 451
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Total current liabilities 24,074 18,099
Long-Term Debt 2,050 4,593
Other Long-Term Liabilities 2,218 2,243
Commitments and Contingencies - -
Shareholders' Equity 28,733 30,572
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$ 57,075 $ 55,507
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