Arnold Industries Announces Third Quarter Results and Dividend Action.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)--Nov. 3, 1998--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), Lebanon, Pennsylvania Lebanon, Pennsylvania, formerly known as Steitztown, is the county seat of Lebanon County, PennsylvaniaGR6, United States. The population was 24,461 at the 2000 census. , the subsidiaries of which include New Penn Motor Express, Inc., and Arnold Transportation Services, Inc., Tuesday Tuesday: see week. 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 earnings for the third quarter and for the first nine months of 1998. For the third quarter, Operating Revenues increased 3%, 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. increased 5%, and Basic Earnings per Share increased 6%. In the third quarter, Basic Earnings per Share were $.37 as compared to $.35 for the third quarter of 1997. For the nine-month period, Operating Revenues increased by 5%, Operating Income decreased by .6%, and Basic Earnings per Share remained flat at $.99. 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, Inc. for the third quarter of 1998 as compared to the third quarter of 1997, and for the first nine months of 1998 as compared to the first nine months of 1997. -0-
Third Quarter Ended September 30,
1998 1997
Operating Revenues $102,227,461 $ 99,174,677
Operating Income 14,944,478 14,286,825
Net Income 9,376,578 9,047,894
Share Earnings:
Net income per share-Basic .37 .35
Ave. shares outstanding-Basic 25,672,976 25,866,908
Net income per share-Diluted .36 .35
Ave. shares outstanding-Diluted 25,741,523 26,317,190
Nine Months Ended September 30,
1998 1997
Operating Revenues $300,493,801 $287,054,643
Operating Income 40,631,538 40,885,759
Net Income 25,491,404 25,879,299
Share Earnings:
Net income per share-Basic .99 .99
Ave. shares outstanding-Basic 25,874,471 26,267,854
Net income per share-Diluted .98 .98
Ave. shares outstanding-Diluted 26,024,964 26,317,190
Set forth below is a schedule of the Unaudited Operating
Revenues, Expenses and Operating Income of the less-than-truckload
(LTL) and truckload (TL) companies:
(Dollars in Thousands)
Third Quarter Ended September 30,
1998 1997
Amount % Amount %
NEW PENN MOTOR EXPRESS
AND RELATED COMPANIES (LTL)
Operating Revenues 51,805 100.0 53,506 100.0
Operating Expenses 40,669 78.5 40,788 76.2
------ ----- ------ -----
Operating Income 11,136 21.5 12,718 23.8
ARNOLD TRANSPORTATION
SERVICES (TL)
Operating Revenues 50,423 100.0 45,669 100.0
Operating Expenses 46,614 92.4 44,100 96.6
------ ----- ------ -----
Operating Income 3,809 7.6 1,569 3.4
(Dollars in Thousands)
Nine Months Ended September 30,
1998 1997
NEW PENN MOTOR EXPRESS
AND RELATED COMPANIES (LTL)
Operating Revenues 152,395 100.0 153,816 100.0
Operating Expenses 120,593 79.1 120,010 78.0
------- ----- ------- -----
Operating Income 31,802 20.9 33,806 22.0
ARNOLD TRANSPORTATION
SERVICES (TL)
Operating Revenues 148,099 100.0 133,238 100.0
Operating Expenses 139,269 94.0 126,158 94.7
------- ----- ------- -----
Operating Income 8,830 6.0 7,080 5.3
Mr. Arnold also 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 December December: see month. 3, 1998, to stockholders of record on November November: see month. 17, 1998. Mr. Arnold comments that New Penn's performance was outstanding for the Third Quarter once again achieving an excellent Operating Ratio Operating Ratio A ratio that shows the efficiency of management by comparing operating expense to net sales: . Few, if any, less-than-truckload carriers or divisions were able to reach a 78.5 OR for the Third Quarter and a 79.1 OR for the First Nine Months. Although New Penn's Third Quarter did not match its Third Quarter of 1997, last year's Third Quarter results were aided by a number of factors that were not experienced this year, especially the UPS strike. Mr. Arnold congratulated Ken Leedy and his entire New Penn team, and urged them to keep up the good work. Hopefully, despite intense competition, they can achieve profitable growth going forward. Mr. Arnold expressed pleasure with the progress Mike Walters Wal·ters , Barbara Born 1931. American television newscaster and reporter. After working for the National Broadcasting Company (1963-1976), she joined the American Broadcasting Company (1976-1979) and became the first woman to anchor the nightly is making as the new 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. of Arnold Transportation Services. Dave Sempeles, who joined the Company in the Second Quarter as controller and has improved the entire financial process, has been promoted to Vice President of Finance. A pay package designed to reward drivers who spend more time on the road has been very successful. At the end of October October: see month. , in anticipation of the November pay increase, ATS has drivers for all of its trucks. Mike Walters continues his efforts to reduce costs and to strengthen the freight lanes of ATS. The demand for truckload truck·load n. The quantity that a truck can hold. truckload n → camión m lleno traffic remains strong. In the Third Quarter, ATS produced $4,754,000 more revenue and $2,240,000 more operating income than 1997's Third Quarter. Mr. Arnold commented that Arnold Logistics, ATS's logistics warehousing operation, has had an excellent Third Quarter. They are also positioned to grow in 1999 with the completion of a 562,000 square foot warehouse facility in 1998 in Lancaster, Pennsylvania Lancaster, is a city in the South Central part of the Commonwealth of Pennsylvania and is the county seat of Lancaster County. With a population of 55,351,[1] it is the 8th largest city in Pennsylvania, behind Philadelphia, Pittsburgh, Allentown, Erie, Reading, . With this 20% increase in warehouse space, the Company is projecting solid growth in 1999. Mr. Arnold mentioned that Arnold Industries is reviewing the advantages to stockholders of the creation and disclosure of three separate sets of financial information for New Penn, ATS and Arnold Logistics. 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. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion