Arrow Automotive Industries announces second 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)--Feb. 10, 1997--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 second quarter of fiscal year 1997, ended Dec. 28, 1996. Sales for the current quarter were $21,230,000, compared to sales of $23,738,000 for the same quarter in fiscal 1996. Arrow sustained a net loss of $1,019,000, or 35 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 loss of $793,000 or 28 cents per share for the second quarter of fiscal year 1996. Sales for the six months of fiscal 1997 were $45,711,000 compared to sales of $52,875,000 in fiscal year 1996. Operating results for the first six months of the current fiscal year were a net loss of $1,603,000, or 56 cents per share compared to net loss of $461,000 or 16 cents per share for the first six months of the 1996 fiscal year. The operating results for the second quarter of fiscal 1997 include non-recurring period costs of $882,000 related to the previously announced transfer of its manufacturing operation from 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 to its Morrilton, Ark. plant. Further, the operating results for the first six months of fiscal 1997 included a $1,200,000, restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. , recorded in the first quarter, and $892,000 in non-recurring period costs (of which $882,000 was incurred in the second quarter) related to the closing of its Santa Maria, Calif. production facility. Jim L. Osment, Arrow's president, states that for the second quarter sales were lower than anticipated. He also stated that the closure and transfer of the California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). production facility is progressing smoothly and anticipates completion of that process during the third quarter of fiscal 1997. 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 off-road adj. Existing, taking place, or designed for use off paved or public roads or in rugged terrain: off-road sports such as snowmobiling. industrial and construction equipment. Arrow operates remanufacturing Remanufacturing is the process of disassembly and recovery at the module level and, eventually, at the component level. It requires the repair or replacement of worn out or obsolete components and modules. and distribution facilities in Spartanburg, S.C. and Morrilton, Ark. 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- Note: 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. Statements of Operation attached -0-
ARROW AUTOMOTIVE INDUSTRIES INC.
CONDENSED STATEMENTS OF OPERATIONS
(In thousands except per share data)
(Unaudited)
THREE MONTHS ENDED
Dec. 28, 1996 Dec. 30, 1995
NET SALES $21,230 $23,738
Loss Before Income Taxes (1,415) (1,282)
Benefit From
Income Taxes (396) (489)
NET LOSS ($1,019) ($793)
LOSS PER SHARE
NET LOSS PER SHARE ($0.35) ($0.28)
Average Number of Shares
Outstanding 2,873,083 2,873,083
-0-
ARROW AUTOMOTIVE INDUSTRIES INC.
CONDENSED STATEMENTS OF OPERATIONS
(In thousands except per share data)
(Unaudited)
SIX MONTHS ENDED
Dec. 28, 1996 Dec. 30, 1995
(26 weeks) (27 weeks)
NET SALES $45,711 $52,875
Loss Before Restructuring
Charge and Income Taxes (1,157) (745)
Restructuring Charge (1) (1,200)
Loss Before Income Taxes (2,357) (745)
Benefit From Income Taxes (754) (284)
NET LOSS ($1,603) ($461)
LOSS PER SHARE
NET LOSS PER SHARE ($0.56) ($0.16)
Average Number of Shares
Outstanding 2,873,083 2,873,083
(1) Represents restructuring charge related to the close of the
company's Santa Maria, Calif. production facility.
CONTACT: Arrow Automotive James F. Fagan or Kathaleen Carroll-Coelho 508/872-3711 |
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