BMC Industries, Inc. Reports First-Quarter 2003 Results.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--April 29, 2003 Company profitable in Q1; Optical Products sales improve; Buckbee-Mears to temporarily shut down mask lines BMC (BMC Software, Inc., Houston, TX, www.bmc.com) A leading supplier of software that supports and improves the availability, performance, and recovery of applications in complex computing environments. Industries, Inc. (NYSE NYSE See: New York Stock Exchange :BMM BMM Baptist Mid Missions BMm Bachelor of Multimedia BMM Bachelor of Mass Media BMM Borrowed Military Manpower BMM Brigade Mixte Mobile (Mixed Mobile Brigade, Cameroon) BMM Broadcast-Based Multimedia BMM Bit Map Memory ) today reported a net profit of $0.7 million, or $0.03 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to a net loss of $54.9 million, or $2.04 per diluted share, in the first quarter of last year. Reported results in the first quarter last year included the cumulative effect of an accounting change as a result of the company adopting financial accounting standard FAS 142 for goodwill of $52.7 million, a gain related to the sale of the company's Optifacts optical laboratory software unit of $3.5 million, and non-recurring, restructuring-related charges of $2.8 million associated with the closure of the company's Azusa Azusa (əz  `sə), city (1990 pop. 41,333), Los Angeles co., S Calif., in the San Gabriel valley; inc. 1898. It is a residential and industrial city in a citrus-fruit growing area. , Calif., lens manufacturing plant.
Excluding these items, for comparative purposes, BMC's first
quarter 2002 pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts.The phrase pro forma net loss was $2.6 million, or $0.10 per diluted share. The company announced consolidated revenues of $55.9 million for the first-quarter ended March 31, 2003, down 19 percent from $68.6 million in 2002 first quarter. First quarter 2003 revenue comparisons include the impact of several product lines, which were discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: last year. These product lines include the Buckbee-Mears' exit of the computer monitor aperture An orifice. It often refers to an opening in which light is allowed to pass in optical systems such as cameras and lasers. See f-stop and numerical aperture. mask business, and the sale of its non-mask sheet-etching business. In Vision-Ease, the company exited its non-prescription SunSport(TM) sun lens business. Excluding these discontinued product lines, consolidated revenues in the first quarter 2003 would have decreased 9%, from $60.8 million in first quarter 2002 to $55.2 million in first quarter 2003. "I am encouraged that even in this difficult economy, BMC posted its first profitable quarter in eight quarters," said Douglas Douglas, city, Isle of Man Douglas, city (1991 pop. 19,950), capital of the Isle of Man, Great Britain. It is a popular resort, connected by rail to Ramsey and Port Erin, on the Irish Sea. Tourism is the chief industry. C. Hepper, chairman and chief executive officer of BMC Industries. "We have been working diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d for the better part of 18 months to restructure both of our businesses for them to more effectively compete in their respective marketplaces. Our ability to deliver a profitable quarter in the face of lower sales demonstrates the lower breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations levels we have been able to achieve." "Looking forward, it has been our stated objective to return the company to profitability in 2003. We also recognize that reducing our debt to levels that allow the company to refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. its obligations at affordable rates and with flexible terms is essential. Balancing these objectives will put pressure on near-term near-term adj. Of, for, or involving a short period of time in the near future. profits," added Hepper. Since last November November: see month. , BMC's Vision-Ease business has made significant improvements in customer service, which has played a major role in re-establishing relationships with former customers and building new customer relationships. "I am especially pleased with evidence of a sales turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. at Vision-Ease, with sales up 34 percent from fourth quarter 2002," Hepper said. "Although we are encouraged by the recent sales trends, sales continue to track below last year. We remain focused on continuous improvement in all aspects of our optical products business to ensure these positive trends continue." As a result of the company's restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). efforts, BMC's Buckbee-Mears business, in comparison to last year's first quarter, reported improved profitability in the first quarter 2003 on much lower sales. The company added, however, that current market conditions in the aperture mask business will result in near-term pressure on profitability. "Our Buckbee-Mears group is experiencing some fundamental shifts in the market that will necessitate ne·ces·si·tate tr.v. ne·ces·si·tat·ed, ne·ces·si·tat·ing, ne·ces·si·tates 1. To make necessary or unavoidable. 2. To require or compel. changes to our mask production plans for the balance of the year," Hepper said. "While these decisions will reduce the near-term cash costs of this business, they will also reduce near-term profitability. As a result, this group will be accelerating further cost reductions and reducing inventories in order to effectively manage this situation." "We remain committed to reducing overall debt levels to increase our financial and operating flexibility," Hepper said. "We also continue to actively seek buyers for a number of non-core assets, including real estate in both Azusa, California Azusa is a city in Los Angeles County, California, United States. The population was 44,712 at the 2000 census. Though often assumed to be a compaction of the phrase "everything from A to Z in the USA , and St. Paul St. Paul as a missionary he fearlessly confronts the “perils of waters, of robbers, in the city, in the wilderness.” [N.T.: II Cor. 11:26] See : Bravery , Minnesota Minnesota, state, United States Minnesota (mĭn'ĭsō`tə), upper midwestern state of the United States. It is bordered by Lake Superior and Wisconsin (E), Iowa (S), South Dakota and North Dakota (W), and the Canadian provinces ." Of note during the quarter, BMC announced in February February: see month. that it had successfully achieved full compliance with the continued listing requirements Listing requirements Requirements, including minimum shares outstanding, market value, and income, that are laid down by an exchange for any stock to be listed for trading. of the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . Buckbee-Mears Group Operating Highlights The Buckbee-Mears group reported 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 $1.7 million during the first quarter, compared to operating earnings of $1.4 million in last year's first quarter. Operating earnings for the quarter were 6.2 percent of revenues, versus 3.9 percent of revenues in the first quarter of 2002. Operating earnings in the first quarter 2003 were higher than first quarter 2002 primarily as a result of the discontinued product lines noted earlier, which represented little or no profitability, coupled with a reduction in the overall operating cost structure of the business. First-quarter 2003 revenues for the Buckbee-Mears group totaled $26.9 million, a decrease of $8.6 million, or 24 percent, from $35.5 million in the first quarter of 2002. This decrease was due primarily to the discontinuation dis·con·tin·u·a·tion n. A cessation; a discontinuance. Noun 1. discontinuation - the act of discontinuing or breaking off; an interruption (temporary or permanent) discontinuance last year of several product lines, including computer monitor masks and the non-mask sheet-etching business, and due to reduced sales of television aperture masks resulting from overall market softness in the quarter. "Market conditions in the television aperture mask business are once again becoming more challenging," said Hepper. "Despite relatively stable demand in 2002, late last year we began feeling the effects of a fundamental shift in the market." A number of its traditional North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. and Western European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. picture-tube customers have either closed operations altogether or have moved them to lower-cost manufacturing sites, such as China. BMC continues to sell to these customers, and has responded to this shift by increasing selling efforts in Asia to increase sales to that region. "In addition to a lower overall cost structure, our Mask Operations will continue to work to replace lower-margin computer monitor and commodity television masks with higher-margin television masks - including advanced products for flat, widescreen See wide screen. and digital/HDTV applications," Hepper said. "However, softer sales and resulting increases in inventories will require changes in our mask production plans for the balance of the year." In response, the company in the second quarter will temporarily shut down three aperture mask production lines at its Cortland, New York This article is about the city in Cortland County, New York. For Cortlandt, New York in Westchester County, see Cortlandt, New York. Cortland is a city in Cortland County, New York, USA. As of the 2000 census, the city had a population of 18,740. , manufacturing facility for a three-week period beginning in mid-June. There is potential for one of these mask lines to be shut down earlier in the quarter depending on market demand. The company will also shut down one mask line at its Mullheim, Germany facility for an unspecified Adj. 1. unspecified - not stated explicitly or in detail; "threatened unspecified reprisals" specified - clearly and explicitly stated; "meals are at specified times" amount of time sometime during the second quarter. These shut downs are in addition to planned maintenance shutdowns typically scheduled in July and August. While the group has completed a number of restructuring initiatives in the past 18 months, BMC will continue to monitor closely the fundamental changes in the aperture mask business and will take additional actions, if necessary, to size this business appropriately. Revenues from television masks decreased 10 percent in the 2003 first quarter compared to last year's first quarter. Sales declines in the North American and European regions were partially offset by increased sales in Asia from a mix of both traditional customers and new customers. Revenues from non-mask operations decreased $1.0 million quarter-over-quarter. Excluding discontinued product lines, the group's remaining non-mask product sales rose $0.4 million in the 2003 first quarter versus the same period last year with this unit posting a small operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. . After two years of operating losses, this unit, given its sales trends, is quickly approaching its breakeven point and a return to profitability. Buckbee-Mears group's non-mask operations continued to work with its development partner in the first quarter to secure FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. approval of its medical manufacturing processes at its Cortland facility. The company did, however, experience some delays in the project during the quarter. "We are in discussions with our development partner on a revised project timeline
Timeline may refer to:
1. a device or mold of a suitable material, used to hold a skin graft in place. 2. a slender rodlike or threadlike device used to provide support for tubular structures that are being anastomosed, or manufacturing process," Hepper said. "We remain excited about the possibilities to leverage our precision manufacturing and product design technologies in the medical products arena. While we are encouraged about the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. potential of this stent project, we do not foresee fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. this project contributing significantly to future results within the next 12-18 months. We will, however, continue research and development efforts to expand our portfolio of products in this profitable market segment." Optical Products Group Operating Highlights First quarter revenues for the Optical Products group totaled $29.0 million, down $4.1 million, or 12 percent, versus the prior-year quarter, but up $7.3 million, or 34 percent from levels in the fourth quarter 2002. Polycarbonate A category of plastic materials used to make a myriad of products, including CDs and CD-ROMs. lens sales declined $1.0 million compared to the year-ago period, but were up $6.0 million from the fourth quarter 2002. Lower-margin, plastic lens sales declined $1.4 million versus the first quarter 2002. Glass lens sales declined $1.7 million compared to last year's first quarter. However, both plastic and glass lens sales each grew $0.7 million, respectively, versus the fourth quarter 2002. The Optical Products group reported 2003 first quarter earnings of $4.0 million, versus an operating loss of $2.5 million in the year-ago period. The group's prior-year quarter, however, was negatively impacted by $2.8 million of non-recurring restructuring and restructuring-related charges primarily for the group's Azusa plant closure. Excluding these charges, the group would have reported an operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. in last year's first quarter of $0.3 million. Operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: for the 2003 first quarter was 13.7 percent, compared to a negative operating margin of 7.5 percent in the prior-year quarter. Vision-Ease's double-digit operating margin this quarter is its first double-digit quarterly operating margin since mid- mid- pref. Middle: midbrain. 1999. "The improvement in operating profit this quarter, despite weaker sales levels, is primarily attributable to a more profitable mix of products sold and a continuing focus on higher technology film-based products," Hepper said. "While the Vision-Ease team is encouraged by the recent improvement in operating margins, we are not satisfied with our results with respect to both operating efficiencies and costs. We look forward to further margin improvement as the group attacks overall product and operating costs operating costs npl → gastos mpl operacionales at both its Ramsey, Minn., and Jakarta, Indonesia, facilities." In the 2003 first quarter, Vision-Ease experienced increased demand in several key premium product categories, including its Outlook(TM) polycarbonate progressive lens and its polycarbonate photochromic lenses pho·to·chro·mic lens n. A light-sensitive eyeglass lens that automatically darkens in sunlight and clears in reduced light. co-branded with Transitions(R). The company's sales in the first quarter also benefited from its portfolio of film-based products, specifically new proprietary polycarbonate-polarized sun lenses utilizing a unique melanin-based film. During the quarter, the company also announced two developments in connection with its patented polycarbonate polarizing sun lens technology. In March, Vision-Ease and Younger Mfg. Co. announced an agreement under which Younger will license Vision-Ease's polycarbonate polarizing patent portfolio. As part of the agreement, Vision-Ease received a license to certain Younger patents. This agreement resolves a patent infringement patent infringement n. the manufacture and/or use of an invention or improvement for which someone else owns a patent issued by the government, without obtaining permission of the owner of the patent by contract, license or waiver. lawsuit lawsuit: see procedure; tort. between Vision-Ease and Younger filed last year. Terms of the settlement and license agreement were not announced. Also in March, Vision-Ease announced the launch of two new marketing programs aimed at eye care professionals and optical laboratories that are designed to increase these customers' sales of Vision-Ease's SunRx prescription polarized A one-way direction of a signal or the molecules within a material pointing in one direction. sun lenses. To date, more than 120 wholesale optical labs and lab groups representing an estimated 65% of the wholesale laboratory volume have signed up to participate in these programs. Several key integrated retail chains are participating as well. The programs are expected to reach eye care dispensers and consumers in May. Investor Conference Call Information ------------------------------------ Tuesday, April 29, 2003 10:00 a.m. Central Time (11:00 a.m. Eastern Time) Call-in Number: 888-423-3275 (U.S.) or 612-332-0226 (International) Replay Number: 800-475-6701 (U.S.) or 320-365-3844 (International) Replay Access Code: 681884 A rebroadcast of the call will be available beginning at 3:45 p.m. Central Time, April 29, 2003 until 11:59 p.m. Central Time, May 6, 2003. The conference call will also be Webcast live, through a simulcast offered by CCBN CCBN Central Coast Bancorp CCBN Charles County Business Network .com and StreetEvents.com. To access this Webcast, go to the "Investor Relations Investor relations The process by which the corporation communicates with its investors. " portion of the Company's Web site, www.bmcind.com, click on "Conference Calls" and then click on the CCBN icon. About BMC Industries BMC Industries, founded in 1907, comprises two business segments: Buckbee-Mears and Optical Products. The Buckbee-Mears group offers a range of services and manufacturing capabilities to meet the most demanding precision metal manufacturing needs. The group is a leading producer of a variety of precision photo-etched and electroformed components that require fine features and tight tolerances. The group is also the only North American manufacturer of aperture masks, a key component in color television picture tubes. The Optical Products group, operating under the Vision-Ease Lens trade name, is a leading designer, manufacturer and distributor of polycarbonate, glass and plastic eyewear eye·wear n. 1. Eyeglasses, goggles, or other objects worn over the eyes. 2. Fashionable eyeglasses. lenses. Vision-Ease is a technology and a market share leader in the polycarbonate lens segment of the market. Polycarbonate lenses are thinner and lighter than lenses made of other materials, while providing inherent ultraviolet An invisible band of radiation at the upper end of the visible light spectrum. With wavelengths from 10 to 400 nm, ultraviolet starts at the end of visible light and ends at the beginning of X-rays. The primary source of ultraviolet light is the sun. (UV) filtering and impact resistant characteristics. BMC Industries, Inc. is listed on the New York Stock Exchange under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors "BMM." For more information about BMC Industries, Inc., visit the Company's Web site at www.bmcind.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This news release contains various "Forward-Looking Statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are intended to be covered by the safe harbors created thereby. Statements made in this news release that are not statements of historical facts, including statements regarding future performance, are Forward-Looking Statements. Forward-Looking Statements may be identified by the use of words such as "anticipates", "estimates", "expects", "forecasts", "projects", "intends", "plans", "predicts", and similar expressions. Forward-Looking Statements are subject to a number of risks and uncertainties that could cause, and in certain instances have caused, actual results or outcomes to differ materially from those projected, including, among others, our ability to manage working capital and align align (  līn),v to move the teeth into their proper positions to conform to the line of occlusion. costs with market conditions; ability to achieve higher yields at Vision-Ease; ability to reduce inventories while maintaining consistently high customer service levels and product fill rates; ability to increase sales of products at Vision-Ease; ability to replace lost domestic aperture mask sales with sales in Asia and other areas of the world; further aperture mask price declines; slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in growth of, or price reductions in, high-end optical lens products; fluctuations in currency exchange rates; rising raw material costs; ability to execute efficiently the temporary shut down and start-up Start-up The earliest stage of a new business venture. of operations at the company's aperture mask production facilities during the second and third quarters; the ability to achieve FDA approval for production of medical products at our Cortland facility; ongoing economic uncertainty and the affect of war or other conflict on the company's operations; the ability to generate sufficient cash flow to meet debt service obligations; the ability to meet future financial covenants related to, and the ability to negotiate financing arrangements in addition to, or in replacement of, our existing senior credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities . These and other risks and uncertainties are discussed in further detail in BMC's Annual Report and Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2002 and other documents filed with the Securities and Exchange Commission.
BMC INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per share amounts)
Three Months Ended
March 31
---------------------
2003 2002
----------------------------------------------------------------------
Revenues $ 55,854 $ 68,626
Cost of products sold 46,744 63,333
----------------------------------------------------------------------
Gross margin 9,110 5,293
Selling 3,471 3,598
Administrative 1,368 1,355
Non-recurring charges - 2,800
----------------------------------------------------------------------
Income (loss) from operations 4,271 (2,460)
----------------------------------------------------------------------
Other income and (expense)
Interest expense (2,851) (2,632)
Interest income 4 47
Other income (expense) (280) 3,742
----------------------------------------------------------------------
Earnings (loss) before income taxes and
accounting change 1,144 (1,303)
Income tax expense 418 878
----------------------------------------------------------------------
Earnings (loss) before accounting change 726 (2,181)
Accounting change - 52,704
----------------------------------------------------------------------
Net earnings (loss) $ 726 $ (54,885)
======================================================================
Basic and diluted earnings (loss) per share:
Before cumulative effect of accounting change 0.03 (0.08)
Cumulative effect of accounting change $ - $ (1.96)
----------------------------------------------------------------------
Net earnings (loss) 0.03 (2.04)
======================================================================
Number of shares included in per share
computation:
Basic 26,981 26,912
Diluted 27,085 26,912
======================================================================
Dividends declared per share $ - $ 0.0025
======================================================================
BMC INDUSTRIES, INC.
PRO FORMA NET EARNINGS/(LOSS) CALCULATION
(Unaudited)
(in thousands, except per share amounts)
Three Months Ended
March 31
-------------------
2003 2002
----------------------------------------------------------------------
Reported net earnings (loss) $ 726 $(54,885)
Adoption of FAS 142 (a) - 52,704
Gain on sale of non-core assets (a) - (2,205)
Non-recurring and restructuring-related charges (a) - 1,764
----------------------------------------------------------------------
Pro forma net earnings (loss) 726 (2,622)
Number of shares used in diluted EPS 27,085 26,912
----------------------------------------------------------------------
Pro forma diluted EPS $ 0.03 $ (0.10)
----------------------------------------------------------------------
(a) Assumes tax at the Company's estimated incremental tax rate of
37%, rather than the financial statement effective tax rate, except
for the $52,704 FAS 142 accounting change for which no tax benefit was
assumed.
BMC INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)
March 31, December 31,
ASSETS 2003 2002
----------------------------------------------------------------------
Current assets
Cash and cash equivalents $ 1,222 $ 1,635
Trade accounts receivable, net 25,915 27,660
Inventories 65,408 59,736
Deferred income taxes 9,039 9,492
Other current assets 6,877 6,350
----------------------------------------------------------------------
Total current assets 108,461 104,873
----------------------------------------------------------------------
Property, plant and equipment 283,218 279,844
Less accumulated depreciation 164,183 158,510
----------------------------------------------------------------------
Property, plant and equipment, net 119,035 121,334
----------------------------------------------------------------------
Deferred income taxes 3,278 3,083
Intangibles assets, net 11,924 12,141
Other assets 6,013 5,928
----------------------------------------------------------------------
Total assets $ 248,711 $ 247,359
======================================================================
LIABILITIES AND STOCKHOLDERS' EQUITY
----------------------------------------------------------------------
Current liabilities
Short-term borrowings $ 657 $ 747
Current portion long-term debt 14,010 14,010
Accounts payable 24,874 25,113
Income taxes payable 3,982 3,416
Deferred income taxes 90 88
Accrued expenses and other current
liabilities 16,474 17,359
----------------------------------------------------------------------
Total current liabilities 60,087 60,733
----------------------------------------------------------------------
Long-term debt 98,577 97,529
Other liabilities 27,744 28,463
Deferred income taxes 1,027 1,155
Stockholders' equity
Common stock 46,987 46,949
Retained earnings 20,683 19,957
Accumulated other comprehensive (loss) (6,325) (7,358)
Other (69) (69)
----------------------------------------------------------------------
Total stockholders' equity 61,276 59,479
----------------------------------------------------------------------
Total liabilities and stockholders' equity $ 248,711 $ 247,359
======================================================================
BMC INDUSTRIES, INC.
SEGMENT INFORMATION
(Unaudited)
(in thousands, except percentages)
Three Months Ended March 31,
----------------------------------------------------
Buckbee-Mears Optical Products Consolidated
----------------------------------------------------
2003 2002 2003 2002 2003 2002
----------------------------------------------------------------------
Revenues $26,883 $35,547 $28,971 $33,079 $55,854 $68,626
Cost of products
sold 24,039 33,105 22,705 30,228 46,744 63,333
----------------------------------------------------------------------
Gross margin 2,844 2,442 6,266 2,851 9,110 5,293
Gross
margin % 10.6% 6.9% 21.6% 8.6% 16.3% 7.7%
Selling 1,167 1,060 2,304 2,538 3,471 3,598
Non-recurring
charges - - - 2,800 - 2,800
Unallocated
corporate
adminis-
tration - - - - 1,368 1,355
Income (loss) from
operations $1,677 $1,382 $3,962 $(2,487) $4,271 $(2,460)
======================================================================
Income (loss) from
operations % 6.2% 3.9% 13.7% (7.5)% 7.6% (3.6)%
Capital spending $ 1,932 $ 1,527
Depreciation and
amortization $ 5,082 $ 5,574
EBITDA $ 9,073 $ 6,856
EBITDA % 16.2% 10.0%
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