BREED Technologies posts earnings.LAKELAND Lakeland, resort city (1990 pop. 70,576), Polk co., central Fla., in the highland region; inc. 1885. It is an important processing and shipping center for a citrus-fruit and phosphate-mining region and is a retail trade center that serves a large area. , Fla.--(BUSINESS WIRE)--July 24, 1996--BREED Technologies Inc., a worldwide leader in the design, sale and manufacture of automotive occupant occupant n. 1) someone living in a residence or using premises, as a tenant or owner. 2) a person who takes possession of real property or a thing which has no known owner, intending to gain ownership. (See: occupancy) protection systems, reported net earnings of $63 million for the fiscal year ended June June: see month. 30, 1996. Earnings per share were $2.00. Sales totaled $431.7 million for 1996, an increase of 8% over 1995 sales of $401 million. "Fiscal Year 1996 was a year of tremendous growth for BREED. We focused on value-added val·ue-add·ed adj. Of or relating to the estimated value that is added to a product or material at each stage of its manufacture or distribution: acquisitions consistent with our strategy to increase vertical integration and to enhance BREED's capabilities as a full-system supplier of automotive occupant protection systems. These alliances provide a solid foundation for future sales, earnings growth and shareholder value," said Allen Al·len , Edgar 1892-1943. American anatomist who is noted for his studies of hormones and for the discovery (1923) of estrogen. K. Breed, Chairman and Chief Executive Officer. "The last full year of sales of the products currently offered by BREED would total about $750 million compared with the $431.7 million reported today. One of our most significant achievements was the July July: see month. 1, 1996 acquisition of Gallino, a leader in the technological and applicative ap·pli·ca·tive adj. 1. Characterized by actual application; applied. 2. Practical; applicatory. ap evolution of thermoplastic A polymer material that turns to liquid when heated and becomes solid when cooled. There are more than 40 types of thermoplastics, including acrylic, polypropylene, polycarbonate and polyethylene. , polyurethane polyurethane Any of a class of very versatile polymers that are made into flexible and rigid foams, fibres, elastomers (elastic polymers), surface coatings, and adhesives. and metal molding materials for interior and exterior automotive components in Europe," said Breed. "BREED's acquisition of Gallino will enable us to provide our global customers with high volume manufacturing capabilities of steering The process whereby builders, brokers, and rental property managers induce purchasers or lessees of real property to buy land or rent premises in neighborhoods composed of persons of the same race. wheels and instrument panels, integrated with technologically advanced safety systems." The Company reported net earnings for the fourth quarter of 1996 totaling $17.7 million, compared with 1995 fourth quarter earnings of $20.9 million. Earnings per share for the fourth quarter were $.56 compared to $.66 for the fourth quarter 1995. The decrease in earnings was primarily due to short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investment effects in companies acquired in this fiscal year, higher costs related to new customer product launches and higher research and development costs for new customer programs. These investment effects were partially offset by higher sales of complete airbag systems and lower general and administrative expenses. Sales totaled $129.5 million in the fourth quarter, an increase of 24% over 1995 fourth quarter sales of $104.7 million. The increase in sales was primarily due to MOMO MOMO Multiple Observative Mimetic Organicus (gaming, Xenosaga series) MOMO Molecules of Mesons Online MOMO Maximum Overlap Molecular Orbital , acquired in April 1996, and to increases in sales of complete airbag systems. Operating 42 facilities worldwide, the Company produces a complete line of occupant safety systems including inflators, airbag modules, integrated steering wheels and sensing systems. -0-
BREED TECHNOLOGIES INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except earnings per share)
Three Months Ended Year Ended
June 30, June 30,
1996 1995 1996 1995
Net sales $129,506 $104,736 $431,689 $400,972
Cost of sales 90,157 61,176 282,715 244,551
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Gross profit 39,349 43,560 148,974 156,421 Percent of sales 30.4% 41.6% 34.5% 39.0% Operating Expenses Research and development 6,356 5,122 24,090 18,506 Percent of sales 4.9% 4.9% 5.6% 4.6% Sales and marketing 3,040 2,606 12,348 9,335 Percent of sales 2.3% 2.5% 2.9% 2.3%
General and administrative 4,472 6,800 19,722 23,763
Percent of sales 3.5% 6.5% 4.6% 5.9%
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Total operating expenses 13,868 14,528 56,160 51,604
Percent of sales 10.7% 13.9% 13.0% 12.9%
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Operating income 25,481 29,032 92,814 104,817
Other income, net 122 2,095 5,524 5,316
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Earnings before
income taxes 25,603 31,127 98,338 110,133
Income taxes 7,900 10,200 35,300 37,800
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Net earnings $ 17,703 $ 20,927 $ 63,038 $ 72,333
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Earnings per share $ .56 $ .66 $ 2.00 $ 2.30
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Average shares
outstanding 31,600 31,487 31,550 31,434
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CONTACT: BREED Technologies Inc., Lakeland Media Relations Investor Relations Investor relations The process by which the corporation communicates with its investors. Lisa Spinazzola 941/668-6049 941/668-6464 |
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