Arnold Industries Announces Quarterly Earnings.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)--Oct. 30, 2001 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) reported income for the third quarter of 2001 of $6.3 million, or $.25 basic earnings per share before special pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern charges of $1.1 million related to the acquisition of the company by Roadway Corporation, and net income of $5.5 million, or $.22 basic earnings per share after the special charge. Revenue for the third quarter of 2001 was $110.7 million compared to $115.3 million for the third quarter of 2000. "Results in the quarter reflect the general softness of the economy compared to last year," said Arnold Industries' Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , E. H. Arnold. "The tragic terrorist attacks of September September: see month. 11 here in the Northeastern north·east n. 1. Abbr. NE The direction or point on the mariner's compass halfway between due north and due east, or 45° east of due north. 2. An area or region lying in the northeast. 3. U.S. have had a further negative effect on the economy. Traffic congestion The condition of a network when there is not enough bandwidth to support the current traffic load. congestion - When the offered load of a data communication path exceeds the capacity. in the 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. metropolitan area, exacerbated by the attacks and the subsequent security measures Noun 1. security measures - measures taken as a precaution against theft or espionage or sabotage etc.; "military security has been stepped up since the recent uprising" security , has increased our costs to serve an important segment of our customer base. Our thoughts continue to be with those most directly affected by these heinous hei·nous adj. Grossly wicked or reprehensible; abominable: a heinous crime. [Middle English, from Old French haineus, from haine, hatred, from acts of terrorism," added Arnold. "The acquisition of the company by Roadway Corporation is proceeding as indicated in our announcement of August 22, 2001. Proxy See proxy server. (networking) proxy - A process that accepts requests for some service and passes them on to the real server. A proxy may run on dedicated hardware or may be purely software. material has been mailed to shareholders of record as of October October: see month. 12, 2001. A special meeting of shareholders will be held November November: see month. 20, 2001 to consider and vote upon a proposal to approve and adopt the Agreement and Plan of Merger dated August 21, 2001," noted Arnold. The Board of Directors of Arnold Industries declared the regular quarterly dividend of eleven cents ($.11) per share, payable November 29, 2001 to shareholders of record on November 15, 2001. 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 con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Statements of Income of Arnold Industries for the third quarter of 2001 compared to the third quarter of 2000 and for the first nine months of 2001 compared to the first nine months of 2000, and the unaudited 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. as of September 30, 2001 and December December: see month. 31, 2000. Condensed Consolidated Statements of Income (unaudited) (in thousands, except per share data)
Third Quarter Ended September 30,
2001 2000
---- ----
Operating Revenues 110,681 115,309
Operating Income 9,952 15,825
Other Expense - Net (Note A below) 1,164 111
Income Before Taxes 8,788 15,714
Net Income 5,507 9,851
Share Earnings:
Net income per share-Basic .22 .40
Ave. shares outstanding-Basic 24,802 24,592
Net income per share-Diluted 0.22 .39
Ave. shares outstanding-Diluted 25,315 24,853
Note A
Other expense for the third quarter of 2001 includes $1,125 in
accounting, legal, consulting and filing fees directly related to
the acquisition of the company by Roadway Corporation. These
expenses reduced basic net income per share by $.03 in the third
quarter of 2001.
Nine Months Ended September 30,
2001 2000
---- ----
Operating Revenues 335,789 347,482
Operating Income 34,498 48,091
Other Expense - Net (Note B below) 846 653
Income Before Taxes 33,652 47,438
Net Income 21,232 29,723
Share Earnings:
Net income per share-Basic 0.86 1.21
Ave. shares outstanding-Basic 24,765 24,604
Net income per share-Diluted 0.84 1.20
Ave. shares outstanding-Diluted 25,237 24,741
Note B
Other expense for the nine months ended September 30, 2001 includes
$1,286 in accounting, legal, consulting and filing fees directly
related to the acquisition of the company by Roadway Corporation.
These expenses reduced basic net income per share by $.03 in the
nine months ended September 30, 2001.
Condensed Consolidated Balance Sheets (unaudited)
(in thousands)
09/30/2001 12/31/2000
Assets:
Current Assets:
Cash and Cash Equivalents 38,661 31,213
Marketable Securities 13,303 6,121
Other Current Assets 61,647 65,949
------- -------
Total Current Assets 113,611 103,283
Property and Equipment, net 232,591 231,916
Goodwill, net 10,878 11,272
Other Assets 9,141 10,376
------- -------
Total Assets 366,221 356,847
======= =======
Liabilities and Shareholders' Equity
Current Liabilities:
Accounts Payable 11,648 11,163
Other Current Liabilities 23,307 25,291
------- -------
Total Current Liabilities 34,955 36,454
Long-Term Liabilities:
Deferred Income Taxes 34,995 39,072
Other Long-Term Liabilities 4,969 5,163
Shareholders' Equity 291,302 276,158
------- -------
Total Liabilities and Equity 366,221 356,847
======= =======
Set forth below is a schedule of the Unaudited Operating Revenues,
Expenses and Operating Income of the LTL, TL and Fulfillment/Logistics
segments:
(Dollars in Thousands)
Third Quarter Ended September 30,
2001 2000
-------------------------------
Amount % Amount %
------ ----- ------ -----
LESS-THAN-TRUCKLOAD
Operating Revenues 53,600 100.0 60,318 100.0
Operating Expenses 46,245 86.3 47,918 79.4
------- ----- ------- -----
Operating Income 7,355 13.7 12,400 20.6
------- ----- ------- -----
TRUCKLOAD
Operating Revenues 43,001 100.0 44,204 100.0
Operating Expenses 42,022 97.7 42,279 95.6
------- ----- ------- -----
Operating Income 979 2.3 1,925 4.4
------- ----- ------- -----
FULFILLMENT/LOGISTICS
Operating Revenues 14,080 100.0 10,788 100.0
Operating Expenses 12,456 88.5 9,286 86.1
------- ----- ------- -----
Operating Income 1,624 11.5 1,502 13.9
------- ----- ------- -----
Unallocated Corporate
Operating Income (loss) (6) (2)
------- -------
Consolidated Operating Income 9,952 15,825
======= =======
(Dollars in Thousands)
Nine-Month Period Ended September 30,
2001 2000
--------------------------------
Amount % Amount %
------ ----- ------ -----
LESS-THAN-TRUCKLOAD
Operating Revenues 163,962 100.0 178,462 100.0
Operating Expenses 138,675 84.6 140,987 79.0
------- ----- ------- -----
Operating Income 25,287 15.4 37,475 21.0
TRUCKLOAD
Operating Revenues 129,033 100.0 135,276 100.0
Operating Expenses 125,330 97.1 129,593 95.8
------- ----- ------- -----
Operating Income 3,703 2.9 5,683 4.2
FULFILLMENT/LOGISTICS
Operating Revenues 42,794 100.0 33,743 100.0
Operating Expenses 37,273 87.1 28,785 85.3
------- ----- ------- -----
Operating Income 5,521 12.9 4,958 14.7
Unallocated Corporate
Operating Income (loss) (13) (25)
------- -------
Consolidated Operating Income 34,498 48,091
======= =======
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, Inc. is a holding company of transportation and logistics companies. For the year 2000, the company reported consolidated revenues of $462 million. Business units include New Penn Motor Express, a Northeast “Northeastern” redirects here. For the Boston college, see Northeastern University, Boston. Northeast or north east is the ordinal direction halfway between north and east. It is the opposite of southwest. See boxing the compass. regional next-day Courier services that are defined as being delivered on the next day within a country. Next day deliveries usually fall into service categories depending upon the time that delivery is able to be guaranteed. 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 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 , distribution, contract packaging and 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. service provider. For more information, please visit our Web site at http://www.aind.com. |
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