Arnold Industries, Inc. Announces Third Quarter Results.LEBANON Lebanon, country, Asia Lebanon (lĕb`ənən, –nŏn'), officially Republic of Lebanon, republic (2005 est. pop. 3,826,000), 4,015 sq mi (10,400 sq km), SW Asia. , Pa.--(BUSINESS WIRE)--Oct. 26, 1999-- E. H. Arnold, Board Chairman and President of Arnold Industries, Inc. (AIND-NASDAQ), 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 third quarter. Mr. Arnold stated that, compared to the third quarter of 1998, Operating Revenues increased 7%, Net Income decreased 19% and Earnings Per Share decreased 16%. 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 third quarter of 1999 as compared to the third quarter of 1998, and for the first nine months of 1999 as compared to the first nine months of 1998.
Third Quarter Ended September 30,
1999 1998
---------------------------------
Operating Revenues $109,776,176 $102,227,461
Operating Income 12,067,648 14,944,478
Income Before Taxes 11,986,037 15,033,753
Net Income 7,621,547 9,376,578
Share Earnings:
Net income per share-Basic .31 .37
Ave. shares outstanding-Basic 24,865,309 25,672,976
Net income per share-Diluted .30 .36
Ave. shares outstanding-Diluted 25,080,882 25,741,523
Nine Months Ended September 30,
1999 1998
-------------------------------
Operating Revenues $315,274,859 $300,493,801
Operating Income 39,711,138 40,631,538
Income Before Taxes 39,250,356 40,393,377
Net Income 24,825,384 25,491,404
Share Earnings:
Net income per share-Basic 1.00 .99
Ave. shares outstanding-Basic 24,852,767 25,874,471
Net income per share-Diluted .99 .98
Ave. shares outstanding-Diluted 25,102,096 26,024,964
Set forth below is a schedule of the Unaudited Operating
Revenues, Expenses and Operating Income of the Less-Than-Truckload,
Truckload and Warehousing/Logistics segments of AIND:
(Dollars in Thousands)
Third Quarter Ended September 30,
1999 1998
--------------------------------
Amount % Amount %
------ ----- ------ ------
LESS-THAN-TRUCKLOAD
Operating Revenues 55,984 100.0 51,805 100.0
Operating Expenses 45,570 81.4 40,792 78.7
------ ----- ------ ------
Operating Income 10,414 18.6 11,013 21.3
TRUCKLOAD
Operating Revenues 44,161 100.0 42,854 100.0
Operating Expenses 43,413 98.3 40,512 94.5
------ ----- ------ ------
Operating Income 748 1.7 2,342 5.5
WAREHOUSING/LOGISTICS
Operating Revenues 9,631 100.0 7,568 100.0
Operating Expenses 8,681 90.1 5,971 78.9
------ ----- ------ ------
Operating Income 950 9.9 1,597 21.1
Unallocated corporate
operating income (loss) (44) (8)
------- -------
Consolidated operating income 12,068 14,944
====== ======
(Dollars in Thousands)
Nine-Month Period Ended September 30,
1999 1998
------------------------------------
Amount % Amount %
------ ---- ------ ---
LESS-THAN-TRUCKLOAD
Operating Revenues 158,704 100.0 152,395 100.0
Operating Expenses 126,392 79.6 121,144 79.5
------- ----- ------- ------
Operating Income 32,312 20.4 31,251 20.5
TRUCKLOAD
Operating Revenues 130,111 100.0 126,915 100.0
Operating Expenses 126,414 97.2 121,841 96.0
------- ----- ------- ------
Operating Income 3,697 2.8 5,074 4.0
WAREHOUSING/LOGISTICS
Operating Revenues 26,459 100.0 21,184 100.0
Operating Expenses 22,432 84.8 17,037 80.4
------- ----- ------- ------
Operating Income 4,027 15.2 4,147 19.6
Unallocated corporate
operating income (loss) (325) 160
------- ------
Consolidated operating income 39,711 40,632
====== ======
-0- Mr. Arnold noted that New Penn enjoyed a strong quarter with business levels growing throughout the period. New Penn Operating Revenues rose by 8%, but 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. decreased 5%. The closing of Preston Preston, city (1991 pop. 166,675) and district, Lancashire, N England, on the Ribble River. Preston has an active port and is a center of cotton and rayon manufacturing. Trucking at the end of July July: see month. had a positive impact on New Penn's revenues in August and September September: see month. . In addition, New Penn was able to hire a number of former Preston employees in operations and sales positions to support future growth. Mr. Arnold paid tribute to New Penn's employees, for even with the growth in revenues during the quarter, New Penn maintained the high level of on-time, error-free service that its customers have come to expect. New Penn filled a key executive position in the third quarter when James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. E. Devlin joined New Penn as Vice President of Sales. New Penn continued to implement plans to expand capacity throughout the Northeast by purchasing land to build a larger terminal facility in Buffalo, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , in order to serve the markets of Western New York
Western New York refers to the westernmost region of New York State. State and Ontario Ontario, city, United States Ontario, city (1990 pop. 133,179), San Bernardino co., S Calif., near Los Angeles, in a region of vineyards; inc. 1891. , Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of . New Penn's results would have been stronger but for substantial negative insurance reserve adjustments for liability exposures from previous years of operations. ATS Operating Revenues rose 3% from Operating Revenues for the third quarter of 1998, but as in the second quarter, Operating Income was well below Operating Income for the equivalent quarter of the prior year. Mr. Arnold pointed out that the quarterly results of ATS were also unfavorably impacted by negative insurance reserve adjustments similar to those of New Penn, by substantial increases in the price of fuel, and by the absence of positive accounting adjustments relative to equipment sales when compared to the third quarter of 1998. Nevertheless, the third quarter results of ATS show clearly that operational problems must still be resolved. At Arnold Logistics, Operating Revenues grew by 27% over Operating Revenues for the third quarter of 1998. However, third quarter results at Arnold Logistics were unfavorably impacted by start-up Start-up The earliest stage of a new business venture. expenses in connection with the new 562,000 square foot facility in Lancaster Lancaster, city, England Lancaster (lăng`kəstər), city (1991 pop. 43,902) and district, county seat of Lancashire, NW England, on the Lune River. , PA, by the costs for expansion of general warehousing facilities, and by major 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. start-up expenses. Start-up expenses and expansion expenditures should ultimately increase the profitability of Arnold Logistics. Mr. Arnold announced that the Board of Directors declared the regular quarterly dividend of eleven cents (11(cent)) per share, payable December December: see month. 3, 1999, to stockholders of record on November November: see month. 19, 1999. This release contains 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. 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 is a holding company of transportation and logistics companies. For the year 1998, the Company reported consolidated revenues of $404 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. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion