Applied Extrusion Technologies Reports Record 1994 Fourth Quarter and Year-End Results -- 4Q Earnings Per Share of 30 Cents on Sales of $57.9 Million.PEABODY, Ma.--(BUSINESS WIRE)--November 29, 1994--Applied Extrusion Technologies Inc. (NASDAQ-NMS: AETC AETC Air Education & Training Command (US Air Force) AETC Air Education and Training Command AETC AIDS Education and Training Centers AETC Alabama Educational Technology Conference AETC Advanced Engineering Technology Conference ) today announced record sales, operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. , net income and earnings per share for both its fiscal 1994 fourth quarter and full year ended September 30, 1994. The results for both the quarter and the full year reflect the significant impact realized from the acquisition of the Company's packaging films operations in April 1994. In the fourth quarter of 1994, AET AET Aetna, Inc. AET After Extra Time AET Actual Evapotranspiration AET Alliance for Environmental Technology AET Alpha-Ethyltryptamine AET Applied Extrusion Technologies, Inc. recorded total sales of $57,956,000, operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of $8,458,000, equal to a 15% operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: , and net income of $2,025,000, or $.30 per share. These results reflect a continuing strong performance by the Company's packaging films operations. For the comparable three-month period in 1993, the Company reported sales of $11,277,000, operating profit of $419,000 and net income of $159,000, or $.03 per share. President and Chief Executive Officer Thomas E. Williams stated, "Fiscal 1994 was a landmark year for AET. With the acquisition of the packaging films business, we have redefined AET as a leader in the oriented o·ri·ent n. 1. Orient The countries of Asia, especially of eastern Asia. 2. a. The luster characteristic of a pearl of high quality. b. A pearl having exceptional luster. 3. polypropylene polypropylene (pŏl'ēprō`pəlēn), plastic noted for its light weight, being less dense than water; it is a polymer of propylene. It resists moisture, oils, and solvents. packaging film industry. In addition, we have set both financial and operational records, surpassing our own aggressive internal targets for revenues, earnings and cash flow. These records reflect the smooth integration of the packaging films business, the substantial impact of our manufacturing and overhead cost reduction efforts, and strong underlying business conditions, which should continue to benefit the Company. With the integration of the packaging films business completed, our focus is squarely on operations, building our business and creating shareholder value." For the fiscal year ended September 30, 1994, AET reported full year sales of $131,594,000, operating profit of $12,504,000 and net income of $1,427,000, or $.24 per share. The full year results include a nonrecurring, noncash charge Noncash charge A cost, such as depreciation, depletion, and amortization, that does not involve any cash outflow. That is, this is treated as an accounting expense -- not a real expense that demands cash. of $3,305,000, equal to, $1,983,000, or $.33 per share, on an after-tax basis After-tax basis The comparison basis used to analyze the net after-tax returns on a corporate taxable bond and a municipal tax-free bond. , taken in the second quarter. For the prior year ended September 30, 1993, the Company recorded sales of $41,268,000, operating profit of $1,984,000 and net income of $835,000, or $.14 per share. Applied Extrusion Technologies Inc. is a market leader in the development, manufacture and sale of oriented polypropylene packaging films to the food, beverage, confectionery confectionery, delicacies or sweetmeats that have sugar as a principal ingredient, combined with coloring matter and flavoring and often with fruit or nuts. In the United States it is usually called candy, in Great Britain, sweets or boiled sweets. and other consumer products industries and is a leading manufacturer of oriented plastic netting products for the health care and other growth markets. -0-
Applied Extrusion Technologies Inc.
Statements of Earnings
(In thousands, except per share data)
(Unaudited)
Three Months Ended Full Year Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
1994 1993 1994 1993
Sales $57,956 $11,277 $131,594 $41,268
Cost of sales 42,140 8,503 97,128 30,295
Gross profit 15,816 2,774 34,466 10,973
--Gross margin 27.3% 24.6% 26.2% 26.6%
Operating Expenses:
Selling, general
and administrative 5,842 1,992 14,929 7,483
Research and development 1,422 165 3,242 655
Depreciation and amortization 94 198 486 851
Other 3,305
Total operating expenses 7,358 2,355 21,962 8,989
Operating Profit 8,458 419 12,504 1,984
--Operating margin 14.6% 3.7% 9.5% 4.8%
Interest expense, net 5,082 152 10,123 591
Income Before Income Taxes 3,376 267 2,381 1,393
Income tax expense 1,351 108 954 558
Net Income $2,025 $ 159 $ 1,427 $ 835
Earnings per Share $ .30 $ .03 $ .24 $ .14
Average shares outstanding 6,839 6,030 6,000 6,033
CONTACT: Financial Relations, New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. Jay Jacobson, 212/889-6362 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion