Arnold Industries Announces Earnings for First Quarter 2001.Business Editors 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)--May 2, 2001 Arnold Industries, Inc. (Nasdaq:AIND) today announced consolidated 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. of $111.0 million for the first quarter 2001, down 3% from the first quarter 2000. Earnings per share - basic were $0.30, down 17% compared to the prior year. Arnold Industries Chairman and President, E.H. Arnold said, "Several factors combined to have a negative impact on revenues and earnings in the first quarter including reduced economic activity, severe winter weather, high energy costs and one less work day in the quarter." At New Penn Motor Express, Inc. revenues declined 5% to $54.7 million. 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. declined 23% to $9.1 million reflecting an increase in the operating ratio Operating Ratio A ratio that shows the efficiency of management by comparing operating expense to net sales: from 79.5 in the first quarter 2000 to 83.3 in the first quarter this year. "Even during an economic slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. , the margins at New Penn are enviable en·vi·a·ble adj. So desirable as to arouse envy: "the enviable English quality of being able to be mute without unrest" Henry James. by any industry standard and based upon our optimism about New Penn's future, we continue to make investments to ensure the company is well-positioned when the economy picks up. A new facility was opened in Buffalo, NY during the quarter and several others are in the process of being renovated and expanded. Unfortunately, we not only lost a work day, but large parts of the New Penn network were crippled crip·ple n. 1. A person or animal that is partially disabled or unable to use a limb or limbs: cannot race a horse that is a cripple. 2. A damaged or defective object or device. tr.v. by snow storms for two days in March, which is typically the strongest month of the first quarter," said Arnold. Revenues at Arnold Transportation Services were $42.1 million a decrease of 7% from the prior year. Operating income was $559,000, down $250,000 or 31% from the prior year. The operating ratio increased a half point to 98.7. Arnold commented that, "At the moment in the truckload truck·load n. The quantity that a truck can hold. truckload n → camión m lleno world there are too many trucks chasing too little freight, particularly on interregional in·ter·re·gion·al adj. Of, involving, or connecting two or more regions: interregional migration; interregional banking. lanes. With that in mind, we will continue to focus on regional and dedicated opportunities where we can profitably create value for the customer." At Arnold Logistics, revenues increased 20% to $14.2 million. Operating income was $1.7 million, down 11%. "Solid growth continued at Arnold Logistics, but not at the anticipated rate. Several key 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. customers fell short of business level projections in the first quarter. The lack of volume had a negative impact on margins, as did higher utility expenses due to colder weather in the Northeast and rising energy prices. However, volumes are picking up and we expect comparisons at Arnold Logistics to be stronger in the near-term near-term adj. Of, for, or involving a short period of time in the near future. . We remain very positive regarding the intermediate and long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. prospects for the company," added Arnold. Set forth below are the unaudited Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. Consolidated Statements of Income and Condensed Consolidated Balance Sheets consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. of Arnold Industries for the first quarter of 2001 and comparable figures for 2000:
Condensed Consolidated Statements of Income (unaudited)
(in thousands, except per share data)
First Quarter Ended March 31,
2001 2000
---- ----
Operating Revenues $111,007 $114,832
Operating Income 11,343 14,520
Income Before Taxes 11,633 14,167
Net income 7,387 8,978
Share Earnings:
Net income per share-Basic 0.30 0.36
Ave. shares outstanding-Basic 24,730 24,639
Net income per share-Diluted 0.29 0.36
Ave. shares outstanding-Diluted 25,803 24,735
Condensed Consolidated Balance Sheets (unaudited)
(in thousands)
3/31/2001 12/31/2000
--------- ----------
Assets:
Current Assets:
Cash and Cash Equivalents $ 37,887 $ 31,213
Marketable Securities 7,112 6,121
Other Current Assets 62,027 65,949
-------- --------
Total Current Assets 107,026 103,283
Property and Equipment, net 233,688 231,916
Goodwill, net 11,140 11,272
Other Assets 10,023 10,376
-------- --------
Total Assets $361,877 $356,847
======== ========
Liabilities and Shareholders' Equity
Current Liabilities:
Accounts Payable $ 10,492 $ 11,163
Other Current Liabilities 26,693 25,291
-------- --------
Total Current Liabilities 37,185 36,454
Long-Term Liabilities:
Deferred Income Taxes 37,709 38,054
Other Long-Term Liabilities 4,833 6,181
Shareholders' Equity 282,150 276,158
-------- --------
Total Liabilities and Equity $361,877 $356,847
======== ========
Set forth below is a schedule of the unaudited operating revenues, expenses and operating income of the less-than-truckload (LTL LTL - Linear Temporal Logic ), truckload (TL) and fulfillment/logistics companies:
(Dollars in Thousands)
First Quarter Ended March 31,
2001 2000
---- ----
Amount % Amount %
------ ----- ------ -----
LESS-THAN-TRUCKLOAD
Operating Revenues 54,657 100.0 57,544 100.0
Operating Expenses 45,554 83.3 45,725 79.5
------ ----- ------ ----
Operating Income 9,103 16.7 11,819 20.5
TRUCKLOAD
Operating Revenues 42,138 100.0 45,397 100.0
Operating Expenses 41,579 98.7 44,588 98.2
------ ----- ------ -----
Operating Income 559 1.3 809 1.8
FULFILLMENT/LOGISTICS
Operating Revenues 14,212 100.0 11,891 100.0
Operating Expenses 12,528 88.2 9,997 84.1
------ ----- ------ -----
Operating Income 1,684 11.8 1,894 15.9
Unallocated corporate
operating income (loss) (3) (2)
------- -------
Consolidated operating
income 11,343 14,520
====== ======
The Board of Directors has approved a quarterly dividend of 11(cent) per share to be paid, June June: see month. 5, 2001, to shareholders of record on May 22, 2001. 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. (www.aind.com) is a holding company of transportation and logistics companies. 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, which provides 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 , direct mail and printing, call center management, reverse logistics This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. and contract packaging services. Consolidated revenues totaled $462 million in 2000. |
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