Arnold Industries Earnings per Share up 15% in 2000.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)--Feb. 7, 2001 Arnold Industries, Inc. (Nasdaq:AIND) announces basic earnings per share increased $.21 to $1.61 for the year 2000 compared to $1.40 in 1999, an increase of 15%. 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. for the Year 2000 increased 8% to a record $462.4 million. Net Income for the Year 2000 was a record $39.5 million, an increase of 14%. For the fourth quarter of 2000, operating revenues rose 2% to $114.9 million. Net income for the fourth quarter was $9.8 million, matching the prior year figure, and basic earnings per share were unchanged at $.40. New Penn Motor Express set new records as revenues increased 9% and income increased 10% for the year. The company produced 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. of $49.3 million on revenues of $236 million, reflecting an operating ratio Operating Ratio A ratio that shows the efficiency of management by comparing operating expense to net sales: of 79.1 for the year. For the fourth quarter, New Penn revenues increased 1% and operating income declined 5%. "New Penn had an outstanding year attaining solid revenue gains while maintaining the operating ratio below 80," said E.H. Arnold, Chairman 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. of Arnold Industries. "The well-documented economic slow-down did impact the fourth quarter results at New Penn," added Arnold. Arnold Transportation Services increased revenues 2% to a record $178.5 million and increased operating income 23% to $7.2 million for the year. A 5% decline in revenues contributed to a 30% decline in operating income for the fourth quarter. "The overall results at Arnold Transportation were very positive in light of the difficult year experienced by the truckload truck·load n. The quantity that a truck can hold. truckload n → camión m lleno industry," noted Arnold. Asset utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be at Arnold Transportation improved as several facilities were sold during the year and capital expenditures were significantly reduced. High fuel prices negatively impacted costs while also reducing the availability of qualified owner-operators. The continued shortage of qualified drivers, coupled with the reduction in owner-operators, made it difficult to increase revenues. Also contributing to the modest growth at Arnold Transportation was a focus on regional traffic which tends to yield lower revenues per truck, but higher margins. The company recently reduced the number of salaried employees by approximately 10% to better reflect the size of the driver workforce. The rapid growth continued at Arnold Logistics as annual revenues increased 29% to $47.8 million. Operating income increased 27% to $6.9 million for the year. During the fourth quarter, revenues increased 33% while operating income increased 37%. "Arnold Logistics now has a meaningful impact on our corporate results and we anticipate the growth will continue," said Arnold. The Dallas Dallas, city (1990 pop. 1,006,877), seat of Dallas co., N Tex., on the Trinity River near the junction of its three forks; inc. 1871. The second largest Texas city, after Houston, and the eighth largest U.S. area acquisition made in October October: see month. is reflected in the fourth quarter revenues and was accretive to earnings. The Columbus Columbus. 1 City (1990 pop. 178,681), seat of Muscogee co., W Ga., at the head of navigation on the Chattahoochee River; settled and inc. 1828 on the site of a Creek village. , OH distribution operations announced in December December: see month. also had a positive impact on fourth quarter results. 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 Fourth Quarter of 2000 as compared to the Fourth Quarter of 1999, and for the Year 2000 as compared to the Year 1999.
Fourth Quarter Ended December 31,
2000 1999
Operating Revenues $114,883,083 $112,956,375
Operating Income 15,328,628 16,133,079
Income Before Taxes 15,640,200 15,593,512
Net Income 9,813,709 9,828,991
Share Earnings:
Net income per share-Basic .40 .40
Ave. shares outstanding-Basic 24,644,313 24,649,739
Net income per share-Diluted .39 .40
Ave. shares outstanding-Diluted 25,043,204 24,699,727
Year Ended December 31,
2000 1999
Operating Revenues $462,364,882 $428,231,234
Operating Income 63,419,928 55,844,217
Income Before Taxes 63,077,841 54,843,868
Net Income 39,536,565 34,654,375
Share Earnings:
Net income per share-Basic 1.61 1.40
Ave. shares outstanding-Basic 24,614,159 24,801,592
Net income per share-Diluted 1.59 1.39
Ave. shares outstanding-Diluted 24,816,527 25,002,287
Set forth below is a schedule of the Unaudited Operating Revenues,
Expenses and Operating Income of the less-than-truckload (LTL),
truckload (TL) and fulfillment/logistics companies:
(Dollars in Thousands)
Fourth Quarter Ended December 31,
2000 1999
---- ----
Amount % Amount %
------ ----- ------ -----
LESS-THAN-TRUCKLOAD
Operating Revenues 57,535 100.0 56,904 100.0
Operating Expenses 45,705 79.4 44,442 78.1
------ ----- ------ -----
Operating Income 11,830 20.6 12,462 21.9
TRUCKLOAD
Operating Revenues 43,269 100.0 45,489 100.0
Operating Expenses 41,751 96.5 43,334 95.3
------ ----- ------ -----
Operating Income 1,518 3.5 2,155 4.7
FULFILLMENT/LOGISTICS
Operating Revenues 14,079 100.0 10,564 100.0
Operating Expenses 12,109 86.0 9,131 86.4
------ ----- ------ -----
Operating Income 1,970 14.0 1,433 13.6
Unallocated corporate
operating income (loss) 11 83
------ ------
Consolidated operating
income 15,329 16,133
====== ======
Year Ended December 31,
2000 1999
---- ----
Amount % Amount %
------ ----- ------ -----
LESS-THAN-TRUCKLOAD
Operating Revenues 235,997 100.0 215,609 100.0
Operating Expenses 186,692 79.1 170,834 79.2
------- ----- ------- -----
Operating Income 49,305 20.9 44,775 20.8
TRUCKLOAD
Operating Revenues 178,545 100.0 175,599 100.0
Operating Expenses 171,343 96.0 169,748 96.7
------- ----- ------- -----
Operating Income 7,202 4.0 5,851 3.3
FULFILLMENT/LOGISTICS
Operating Revenues 47,822 100.0 37,023 100.0
Operating Expenses 40,894 85.5 31,563 85.3
------- ----- ------- -----
Operating Income 6,928 14.5 5,460 14.7
Unallocated corporate
operating income (loss) (15) (242)
------- -------
Consolidated operating
income 63,420 55,844
======= =======
Capital expenditures, net of dispositions, decreased by $38 million in 2000 permitting the company to eliminate nearly all debt and increase its cash reserves Cash reserves See: Cash investments cash reserves Investment funds that are held in short-term assets such as Treasury bills and certificates of deposit until more permanent investment opportunities are available. . The quarterly dividend of 11(cent) per share will be paid March 6, 2001, to stockholders of record on February February: see month. 21, 2001. 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 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, 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 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: revenues totaled $462 million in 2000. |
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