Applied Extrusion Technologies announces third quarter results; net income up 172%; EPS 48 cents up 129%.PEABODY, Mass.--(BUSINESS WIRE)--July 13, 1995--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 financial performance for its third fiscal quarter ended June 30, 1995. Specifically, the company reported sales of $64,143,000 and net income of $3,615,000, or 48 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. . Net income was up 172% vs. the prior year's quarter, driven primarily by productivity gains resulting in an expansion of the operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: from 12.8% last year to 17.1% in the current quarter. For the quarter ended June 30, 1994, the company reported sales of $55,062,000 and net income of $1,331,000, or 21 cents per share. Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs E. Williams, president and chief executive officer, stated, "We are very pleased with the company's performance during the quarter. Our success has been driven by strong demand for 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. (OPP OPP Opposite OPP Opportunity/Opportunities OPP Office of Pesticide Programs OPP Ontario Provincial Police (Ontario, Canada) OPP Office of Polar Programs (National Science Foundation) ) films coupled with a very substantial increase in workforce productivity as a result of the ongoing cost reduction and efficiency programs. "The first of our two major capacity expansion projects is well under way and is now expected to come on stream mid-1996; and while work on the second line is in the planning stages, we expect the line to be on stream mid-1997. In the aggregate, these two new lines are expected to expand our capacity by over 50% to 225 million pounds per year." Sales for the nine months ended June 30, 1995 were $172,990,000 resulting in net income of $8,007,000, or $1.06 per share, compared with sales of $73,638,000 and a loss of $597,000 or 10 cents per share, for the nine months ended June 30, 1994, which includes the packaging films operations from April 7, 1994. Fiscal 1995 nine month results were reduced by an after-tax nonoperating charge of $840,000, or 11 cents per share. In fiscal 1994, the company recorded an after-tax 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 $1,983,000, or 33 cents per share. Applied Extrusion Technologies Inc. is a leading manufacturer of plastic films for flexible packaging applications including snack food and candy candy: see confectionery. candy Sweet sugar- or chocolate-based confection. The Egyptians made candy from honey (combined with figs, dates, nuts, and spices), sugar being unknown. packaging, labels for bottles and cans and numerous other packaging, labeling and overwrap applications. The company also develops and manufactures thermoplastic A polymer material that turns to liquid when heated and becomes solid when cooled. There are more than 40 types of thermoplastics, including acrylic, polypropylene, polycarbonate and polyethylene. nets and webs for a variety of markets. -0-
Applied Extrusion Technologies Inc.
Statements of Earnings
(In thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
June 30, June 30,
1995 1994 1995 1994
Sales $64,143 $55,062 $172,990 $ 73,638 Cost of sales 46,107 41,366 123,473 54,988 Gross profit 18,036 13,696 49,517 18,650 Gross margin 28.1% 24.9% 28.6% 25.3% Operating expenses: Selling, general and administrative 5,325 5,355 15,142 9,479 Research and development 1,770 1,290 4,818 1,820 Other 3,305 Total operating expenses 7,095 6,645 19,960 14,604 Operating profit 10,941 7,051 29,557 4,046 Operating margin 17.1% 12.8% 17.1% 5.5% Interest expense, net 4,916 4,832 14,811 5,041 Litigation settlement 1,400 Total other expenses 4,916 4,832 16,211 5,041 Income (loss) before income taxes 6,025 2,219 13,346 (995) Income tax expense (benefit) 2,410 888 5,339 (398) Net income (loss) $3,615 $ 1,331 8,007 (597) Earnings (loss) per share $ .48 $ .21 $ 1.06 $ (.10) Average shares outstanding 7,595 6,468 7,536 5,998 CONTACT: Jay Jacobson Financial Relations (NYC NYC abbr. New York City NYC New York City ) 212/889-6362 |
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