BE Aerospace reports fiscal 1995 results.WELLINGTON, Fla.--(BUSINESS WIRE)--May 1, 1995--BE Aerospace Inc. (NASDAQ-NMS: BEAV BEAV Binary Editor and Viewer ) today announced results for its fourth quarter and fiscal year ended Feb. 25, 1995. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for BEA's 1995 full fiscal year were $229,347,000, up 13 percent versus fiscal 1994 sales of $203,364,000, with the increase largely due to acquisitions completed at the end of the second quarter of fiscal 1994. During the third quarter of fiscal 1995, the company recorded a previously reported one-time pretax charge of $23,736,000, which negatively affected operating, pretax and net earnings for the full year. As a result of this charge, the company reported a net loss of $12,066,000, or 75 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. , for the fiscal 1995 twelve months versus net earnings of $5,356,000, or 35 cents per share, in the year-earlier period. For BEA's fiscal fourth quarter, net sales of $59,302,000 were approximately flat with 1994 fourth quarter sales of $59,763,000. Gross profit of $18,521,000 (31.2 percent of sales) for the fourth quarter of fiscal 1995 was down from the 1994 levels of $20,031,000 (33.5 percent), largely as a result of product mix. Fourth quarter 1995 operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before of $4,345,000 resulted in net earnings of $465,000, or three cents per share, compared with fourth quarter 1994 operating earnings of $6,140,000 and net earnings of $1,533,000, or 10 cents per share. The decrease in net earnings year over year is the result of the 2.3 percentage point decline in gross profit and higher research and development spending levels. On February 25, 1995, BEA's stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. was $125,147,000, equal to a book value per share of $7.79. Backlog at the end of the fourth quarter was $331 million. BEA BEA - Basic programming Environment for interactive-graphical Applications, from Siemens-Nixdorf. Chairman and Chief Executive Officer Amin J. Khoury stated, "Our fourth quarter operating results, while essentially in line with our expectations, nonetheless continued to be a disappointing reflection of still-soft airline refurbishment re·fur·bish tr.v. re·fur·bished, re·fur·bish·ing, re·fur·bish·es To make clean, bright, or fresh again; renovate. re·fur and new aircraft purchase activities. As the premier supplier of commercial aircraft cabin An aircraft cabin is the section of an aircraft in which passengers travel, often just called the cabin. At cruising altitudes, the surrounding atmosphere is too thin to breathe without an oxygen mask, so cabin pressurization adapts the cabin to atmospheric pressures. interior products to the industry, BEA continues to gain market share by winning a high percentage of the limited airline refurbishment and retrofit ret·ro·fit v. ret·ro·fit·ted or ret·ro·fit, ret·ro·fit·ting, ret·ro·fits v.tr. 1. To provide (a jet, automobile, computer, or factory, for example) with parts, devices, or equipment not in programs which have been awarded. A turnaround in airline profitability is clearly underway, but the carriers for the most part have not yet substantially increased spending for aircraft refurbishment and new aircraft purchases. BEA should be a major beneficiary when the long-awaited upturn in airline spending begins. In the meantime Adv. 1. in the meantime - during the intervening time; "meanwhile I will not think about the problem"; "meantime he was attentive to his other interests"; "in the meantime the police were notified" meantime, meanwhile , however, we do not foresee any significant bottom-line improvement until commencement of the delivery of substantial quantities of our MDDS MdDS Mal de Debarquement Syndrome MDDS Medical Device Data System MDDS Multi-Domain Dissemination System (PACOM) MDDS Mission Data Distribution System MDDS Multimedia Digital Distribution System MDDS Maintenance Data Development System interactive entertainment systems, currently scheduled in the fourth quarter of fiscal 1996. Initial MDDS shipments for on-board On board usually means to be traveling on some vehicle. For example, Baby On Board. Compare with overboard. Metaphorically, the term on-board is often used to refer to some piece of technology that is integrated in a moving vehicle, for example: BE Aerospace Inc. designs, manufactures, sells and services a broad line of commercial aircraft cabin interior products, including seating products, passenger entertainment and service systems, and galley structures and inserts. BE Aerospace is the world's leading supplier of cabin interior products and services, serving virtually all the world's airlines. -0-
BE Aerospace Inc.
Consolidated Statements of Earnings
(In thousands, except per share data)
(Unaudited)
Three Months Ended Full Year Ended
Feb. 25, Feb. 26, Feb. 25, Feb. 26,
1995 1994 1995 1994
Net sales $59,302 $59,763 $229,347 $203,364 Cost of sales 40,781 39,732 154,863 136,307 Gross profit 18,521 20,031 74,484 67,057 -- Percent 31.2% 33.5% 32.5% 33.0% Operating Expenses: Selling, general and administrative 7,889 8,532 31,787 28,164 Research and development 3,960 2,718 12,860 9,876 Amortization 2,327 2,641 9,954 7,599 Other 23,736 Total Operating Expenses 14,176 13,891 78,337 45,639 Operating Earnings (Loss) 4,345 6,140 (3,853) 21,418 -- Percent 7.3% 10.3% (1.7)% 10.5% Interest expense, net 3,939 3,555 15,019 12,581 Earnings (Loss) Before Income Taxes 406 2,585 (18,872) 8,837 Income tax expense (benefit) (59) 1,052 (6,806) 3,481 Net Earnings (Loss) $ 465 $ 1,533 $(12,066) $ 5,356 Net Earnings (Loss) Per Common Share $ .03 $ .10 $ (.75) $ .35 Common and common equivalent shares 16,063 16,100 16,021 15,438 CONTACT: Corporate & Financial Relations, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Jay Jacobson, 212/889-6362 |
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