Arrow Automotive Industries announces first quarter results, fiscal 1997.FRAMINGHAM Framingham (frā`mĭnghăm'), town (1990 pop. 64,994), Middlesex co., E Mass., on the Sudbury River between Worcester and Boston; settled 1650, inc. 1700. , Mass.--(BUSINESS WIRE)--Nov. 8, 1996--Arrow Automotive Industries Automotive Industries, Ltd. (Hebrew: תעשיות רכב נצרת עלית, תע"ר Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. : AI) announced operating results for its first quarter of fiscal year 1997, ended Sept. 28, 1996. Sales for the current quarter (13 weeks) were $24,481,000, compared to sales of $29,137,000 for the comparable quarter (14 weeks) in fiscal year 1996. Arrow sustained a net loss of $584,000, or 20 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. compared to net income of $332,000 or 12 cents per share for the first quarter of fiscal year 1996. The operating results for the first quarter of fiscal 1997 included a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta charge of $1,200,000 related to the company's decision to restructure its operations by closing its Santa Maria Santa Maria, city, Brazil Santa Maria (sän`tə mərē`ə), city (1991 pop. 217,592), Rio Grande do Sul state, S Brazil. It is a major railroad terminus and the site of an important military base. , Calif. production facility and transferring its manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. to the Morrilton, Ark. plant. Arrow, with headquarters in Framingham, Mass., is one of the nation's largest remanufacturers of precision replacement parts for domestic and import passenger cars, light and heavy trucks, farm vehicles and off-road industrial and construction equipment. Arrow operates remanufacturing and distribution facilities in Spartanburg, S.C., Morrilton, Ark., and Santa Maria, Calif. Arrow's shares are traded on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. (Symbol AI). -0-
ARROW AUTOMOTIVE INDUSTRIES INC.
CONDENSED STATEMENTS OF OPERATIONS
(In thousands except per share data)
(Unaudited)
THREE MONTHS ENDED
Sept. 28, 1996 Sept. 30, 1995
(13 weeks) (14 weeks)
NET SALES $24,481 $29,137
Income Before Restructuring
Charge and Taxes 258 537
Restructuring Charge (1) (1,200) 0
(Loss) Income Before Taxes (942) 537
(Benefit) Provision For
Income Taxes (358) 205
NET (LOSS) INCOME ($584) $332
(LOSS) INCOME PER SHARE
NET (LOSS) INCOME PER SHARE ($0.20) $0.12
Average Number of Shares
Outstanding 2,873,083 2,873,083
(1) Represents restructuring costs to close the company's Santa
Maria, Calif. production facility and transfer its manufacturing
operations to the company's Morrilton, Ark. plant.
CONTACT: Arrow Automotive Industries James F. Fagan or Kathaleen Carroll-Coelho, 508/872-3711 |
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