Arnold Industries Announces Second Quarter 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)--July 25, 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) announced Wednesday Wednesday: see week. 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: 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 $114.1 million for the second quarter of 2001, down 3% from the second quarter 2000. Earnings per share - basic were $0.34, down 24% compared to the prior year. "Overall, the results reflect the impact of the economy at New Penn, stable operating results at Arnold Transportation and excellent revenue growth and margin improvement at Arnold Logistics logistics In military science, all the activities of armed-force units in support of combat units, including transport, supply, communications, and medical aid. The term, first used by Henri Jomini, Alfred Thayer Mahan, and others, was adopted by the U.S. ," 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. For the second quarter of 2001, revenues at New Penn Motor Express were $55.7 million, down 8% compared to the same period in the prior year, 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. was $8.8 million reflecting a decline of 33% compared to the prior year. The operating ratio Operating Ratio A ratio that shows the efficiency of management by comparing operating expense to net sales: for the second quarter of this year was 84.2. "By industry standards, New Penn had an excellent quarter. The company was fighting fantastic numbers from the prior year including a 78.1 operating ratio. Although management is carefully controlling costs during this period of lower tonnage TONNAGE, mar. law. The capacity of a ship or vessel. 2. The act of congress of March 2, 1799, s. 64, 1 Story's L. U. S. 630, directs that to ascertain the tonnage of any ship or vessel, the surveyor, &c. and revenue levels, it is equally concerned about having the people, technology, and facilities to meet the needs of our customers as the economy begins to pick up," said Arnold. "During the second quarter, a new terminal was opened in Albany Albany, town, Australia Albany (ăl`bənē), town (1996 pop. 14,590), Western Australia, SW Australia. It is a port on Princess Royal Harbour of King George Sound. The town has woolen mills and fish canneries. , NY and plans are underway to expand capacity at several other locations." Revenues at Arnold Transportation Services were $43.9 million for the quarter, down 4% from the prior year. Operating income was $2.2 million, down 784,000, or 27% compared to the second quarter of 2000. The prior year figures include a gain on sale of property and equipment of $506,000. Excluding gains and losses on the sale of property and equipment, operating income was down only 10% for the second quarter compared to the same period in the prior year. "Arnold Transportation is weathering the current economic conditions quite well, as it has not experienced a decline in revenues and margins to the extent of many other truckload carriers 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. . By carefully managing the growth of revenues in the dedicated and regional markets while reducing less profitable revenues in the interregional in·ter·re·gion·al adj. Of, involving, or connecting two or more regions: interregional migration; interregional banking. market, the company is better positioned to meet or exceed industry margins with some cooperation from the economy," said Arnold. "Current economic conditions have helped to reduce driver turnover and to obtain high-quality owner-operators, which helps the company balance capacity with demand more readily," added Arnold. Cash flow at Arnold Transportation has been strong due to reduced capital expenditures for tractors and trailers this year. Arnold Logistics' revenues were $14.5 million, up 31% compared to the prior year, and operating income was $2.2 million, up 42%, which also reflected an improvement in the operating ratio to 84.7. Mr. Arnold said, "Revenues and margins improved at Arnold Logistics despite lower sales volume from several large 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. The division was better able to match labor costs to volumes for these customers and acquisition of new customers offset the revenue declines at existing accounts. Strong sales growth is expected to contribute to a continuation continuation - continuation passing style of the margin improvement this year and next." Cash flow at Arnold Logistics has also been strong as the growth in revenues has been achieved through the use of leased facilities avoiding the need for increased capital expenditures. Mr. Arnold announced that the Board of Directors declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. the regular quarterly dividend of eleven cents (11(cent)) per share, payable September September: see month. 5, 2001, to stockholders of record on August 20, 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 Statements of Income for the second quarter of 2001 compared to the second quarter of 2000 and for the first six months of 2001 as compared to the first six 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 June June: see month. 30, 2001 and December December: see month. 31, 2000:
Condensed Consolidated Statements of Income (unaudited)
(in thousands, except per share data)
Second Quarter Ended June 30,
2001 2000
---- ----
Operating Revenues $114,101 $117,340
Operating Income 13,203 17,746
Income Before Taxes 13,231 17,557
Net Income 8,338 10,893
Share Earnings:
Net income per
share - Basic .34 .45
Ave. shares
outstanding-Basic 24,761 24,582
Net income per
share - Diluted .33 .45
Ave. shares
outstanding-Diluted 25,195 24,634
Six Months Ended June 30,
2001 2000
---- ----
Operating Revenues $225,108 $232,173
Operating Income 24,546 32,266
Income Before Taxes 24,864 31,724
Net Income 15,725 19,872
Share Earnings:
Net income per
share - Basic .64 .81
Ave. shares
outstanding-Basic 24,746 24,610
Net income per
share - Diluted .62 .81
Ave. shares
outstanding-Diluted 25,197 24,685
Condensed Consolidated Balance Sheets (unaudited)
(in thousands)
6/30/01 12/31/00
------- --------
Assets:
Current Assets:
Cash and Cash Equivalents $ 37,643 $ 31,213
Marketable Securities 7,110 6,121
Other Current Assets 60,594 65,949
-------- --------
Total Current Assets 105,347 103,283
Property and Equipment, net 237,280 231,916
Goodwill, net 11,009 11,272
Other Assets 9,508 10,376
-------- --------
Total Assets $363,144 $356,847
-------- --------
Liabilities and Shareholders' Equity
Current Liabilities:
Accounts Payable $ 11,980 $ 11,163
Other Current Liabilities 21,343 25,291
-------- --------
Total Current Liabilities 33,323 36,454
Long-term Liabilities:
Deferred Income Taxes 36,499 38,054
Other Long-term Liabilities 4,957 6,181
Shareholders' Equity 288,365 276,158
-------- --------
Total Liabilities and Equity $363,144 $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)
Second Quarter Ended June 30,
2001 2000
--------------- ---------------
Amount % Amount %
------ ----- ------ ------
LESS-THAN-TRUCKLOAD
Operating Revenues 55,705 100.0 60,601 100.0
Operating Expenses 46,876 84.2 47,345 78.1
------ ----- ------ -----
Operating Income 8,829 15.8 13,256 21.9
TRUCKLOAD
Operating Revenues 43,894 100.0 45,675 100.0
Operating Expenses 41,729 95.1 42,726 93.5
------ ----- ------ -----
Operating Income 2,165 4.9 2,949 6.5
FULFILLMENT/LOGISTICS
Operating Revenues 14,502 100.0 11,064 100.0
Operating Expenses 12,289 84.7 9,502 85.9
------ ----- ------ -----
Operating Income 2,213 15.3 1,562 14.1
Unallocated corporate
operating income (loss) (4) (21)
------ ------
Consolidated operating income 13,203 17,746
====== ======
(Dollars in Thousands)
Six-Month Period Ended June 30,
2001 2000
--------------- ---------------
Amount % Amount %
------ ----- ------ -----
LESS-THAN-TRUCKLOAD
Operating Revenues 110,362 100.0 118,145 100.0
Operating Expenses 92,430 83.8 93,070 78.8
------- ----- ------- -----
Operating Income 17,932 16.2 25,075 21.2
TRUCKLOAD
Operating Revenues 86,032 100.0 91,073 100.0
Operating Expenses 83,308 96.8 87,314 95.9
------- ----- ------ -----
Operating Income 2,724 3.2 3,759 4.1
FULFILLMENT/LOGISTICS
Operating Revenues 28,714 100.0 22,955 100.0
Operating Expenses 24,817 86.4 19,499 84.9
------- ----- ------ -----
Operating Income 3,897 13.6 3,456 15.1
Unallocated corporate
operating income (loss) (7) (24)
------- ------
Consolidated operating income 24,546 32,266
======= ======
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. (www.aind.com) is a holding company of transportation and logistics companies. 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 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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