Arnold Industries, Inc. Announces First Quarter Results.Business Editors LEBANON, Pa.--(BUSINESS WIRE)--May 3, 2000 E. H. Arnold, Board Chairman and President of Arnold Industries, Inc. (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 :AIND) today announced operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. and net income for the first quarter of 2000. Mr. Arnold announced that for the first quarter of 2000 Operating Revenues, Net Income and Earnings Per Share increased. Compared to the first quarter of 1999, Operating Revenues rose 14%, Net Income increased 10%, and Earnings Per Share increased 9%. Set forth below are the Unaudited Consolidated Income Statements consolidated income statement An income statement that combines the income statements of two or more organizations. As with other consolidated statements, a consolidated income statement eliminates any funds owed to or due from firms within the same group. of Arnold Industries for the first quarter of 2000 compared to the first quarter of 1999:
First Quarter Ended March 31,
2000 1999
---- ----
Operating Revenues $114,832,392 $100,305,647
Operating Income 14,519,516 13,099,659
Income Before Taxes 14,167,017 12,956,066
Net Income 8,978,457 8,192,900
Share Earnings:
Net income per share - Basic .36 .33
Ave. shares outstanding-Basic 24,639,034 24,832,982
Net income per share - Diluted .36 .33
Ave. shares outstanding-Diluted 24,735,497 25,082,686
Set forth below is a schedule of the Unaudited Operating Revenues, Expenses and 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. of the LTL LTL - Linear Temporal Logic , TL and Fulfillment/Logistics segments:
(Dollars in Thousands)
First Quarter Ended March 31,
2000 1999
---- ----
Amount % Amount %
------- -------- ------- --------
LESS-THAN-TRUCKLOAD
Operating Revenues 57,544 100.0 49,584 100.0
Operating Expenses 45,725 79.5 38,886 78.4
------- -------- ------- --------
Operating Income 11,819 20.5 10,698 21.6
TRUCKLOAD
Operating Revenues 45,397 100.0 42,760 100.0
Operating Expenses 44,588 98.2 41,481 97.0
------- -------- ------- --------
Operating Income 809 1.8 1,279 3.0
FULFILLMENT/LOGISTICS
Operating Revenues 11,891 100.0 7,962 100.0
Operating Expenses 9,997 84.1 6,561 82.4
------- -------- ------- --------
Operating Income 1,894 15.9 1,401 17.6
Unallocated corporate
operating income (loss) (2) (278)
------- -------
Consolidated operating
income 14,520 13,100
======= =======
At New Penn Motor Express, which provides next-day Northeast regional less-than-truckload service, the double-digit revenue growth rate of the fourth quarter of 1999 accelerated in the first quarter of 2000. Revenues increased by 16% compared to the prior year's first quarter. New Penn continued to produce operating profit margins Operating profit margin The ratio of operating profit to net sales. in excess of 20%, as the operating ratio Operating Ratio A ratio that shows the efficiency of management by comparing operating expense to net sales: was 79.5 for the quarter. Operating income increased by $1.1 million, or 10.5%, compared to the prior year. New Penn took delivery of 150 new trailers during the first quarter to support the continuing growth in revenue. To better meet the ever-increasing customer demand for faster transit times transit time the time required for ingesta to pass through the gastrointestinal tract; a shorter transit time is seen in conditions associated with gut hypermotility, such as diarrhea. Delayed passage from any cause results in a longer transit time. , New Penn recently re-engineered operations to increase the percentage of shipments that are delivered before noon. The company now delivers 95% of all shipments next-day, 70% before noon. A marketing campaign was begun during the first quarter to communicate this service improvement to the shipping public. Revenues increased by 6.2% at Arnold Transportation Services, the truckload truck·load n. The quantity that a truck can hold. truckload n → camión m lleno subsidiary of Arnold Industries, while operating income declined by 36.7%. The regional and dedicated operations of the company continued to perform well. However, interregional in·ter·re·gion·al adj. Of, involving, or connecting two or more regions: interregional migration; interregional banking. operations, which provide service on longer lengths of haul, were particularly hard hit by the spike A burst of extra voltage in a power line that lasts only a few nanoseconds. See power surge, power swell, sag and surge suppression. (jargon) spike - To defeat a selection mechanism by introducing a (sometimes temporary) device that forces a specific result. in diesel fuel prices. Arnold Transportation was not able to obtain fuel surcharges sufficient to defray de·fray tr.v. de·frayed, de·fray·ing, de·frays To undertake the payment of (costs or expenses); pay. [French défrayer, from Old French desfrayer : des-, higher fuel costs. Fuel prices have declined in recent weeks, but remain above year-ago levels. Arnold Transportation is focused on expanding dedicated operations while also adding revenues that support improved margins on interregional lanes. Arnold Logistics, the rapidly growing fulfillment ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. and logistics operations of Arnold Industries, increased revenues by 49.3% and operating income by 35.2%. Although margins declined from the same period in the prior year, margins improved compared to the fourth quarter of 1999. Changes were made during the first quarter to certain fulfillment operations initiated during 1999 to improve efficiencies and fine-tune the revenue/cost relationship. Significant progress was made to develop a proprietary Internet order and warehouse management system in support of future e-commerce growth opportunities. Mr. Arnold also announced that the Board of Directors declared the regular quarterly dividend of eleven cents (11(cent)) per share, payable June 5, 2000, to stockholders of record on May 22, 2000. This release contains forward-looking comments that are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed periodically in reports filed by the Company with the Securities and Exchange Commission, including 10-K's, 10-Q's and 8-K's. Arnold Industries, Inc. is a holding company of transportation and logistics companies. For the year 1999, the Company reported consolidated revenues of $428 million. Business units include New Penn Motor Express, a Northeast regional next-day less-than-truckload carrier, Arnold Transportation Services, an irregular HEIR, IRREGULAR. In Louisiana, irregular heirs are those who are neither testamentary nor legal, and who have been established by law to take the succession. See Civ. Code of Lo. art. 874. route and dedicated truckload carrier Merrian-Webster online dictionary defines truckload as " a load or amount that fills or could fill a truck". A truckload carrier is a trucking company that generally contracts an entire trailer-load to a single customer. and Arnold Logistics, an integrated warehousing, distribution, order fulfillment Order fulfillment (in BE also: order fulfilment) is in the most general sense the complete process from point of sales inquiry to delivery of a product to the customer. Sometimes Order fulfillment and contract packaging services provider. For more information, please visit our Web site at http://www.aind.com. |
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