Baldwin Piano & Organ Co. reports financial results.LOVELAND Loveland, city (1990 pop. 37,352), Larimer co., N Colo.; inc. 1881. Loveland lies in a fertile farm area, irrigated by the Colorado–Big Thompson project. It is a processing and shipping center for sugar beets, grains, fruits and vegetables, beans, and livestock. , Ohio--(BUSINESS WIRE)--July 26, 1995--Baldwin Piano piano or pianoforte, musical instrument whose sound is produced by vibrating strings struck by felt hammers that are controlled from a keyboard. The piano's earliest predecessor was the dulcimer. The first piano was made c. & Organ organ, a musical wind instrument in which sound is produced by one or more sets of pipes controlled by a keyboard, each pipe producing only one pitch by means of a mechanically produced or electrically controlled wind supply. Co.'s 1995 second quarter 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 increased 9% to $30.7 million from $28.1 million in 1994, primarily reflecting an increase in all areas of outside contracting--electronics, music and furniture. Net earnings for the second quarter increased 23% to $.8 million ($.24 per share) from $.7 million ($.20 per share) in 1994. Net sales for the first six months of 1995 increased 13% to $60.4 million from $53.6 million in 1994, reflecting an increase in the volume of keyboard A set of input keys on a terminal or computer. It includes the standard typewriter keys, several specialized keys and the features outlined below. See QWERTY keyboard, Dvorak keyboard, AZERTY keyboard and virtual keyboard. sales and outside contracting business. Net earnings for the first six months of 1995 increased 19% to $1.6 million ($.48 per share) from $1.4 million ($.40 per share) in 1994. The increase in net earnings for both the second quarter and the first six months of 1995 is primarily the result of reductions in selling, general and administrative expenses. Gross profit has not increased in 1995 in spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite increasing sales. This is the result of higher production costs and a larger proportion of total sales coming from outside contracting which carries a lower gross margin. -0-
Three Months Ended Six Months Ended
(in thousands, except June 30, June 30,
net earnings per share) -------------- ----------
1995 1994 1995 1994
Net sales $ 30,688 $ 28,076 $ 60,448 $ 53,648
Costs of Goods sold 24,070 21,387 47,591 40,724
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Gross Profit 6,618 6,689 12,857 12,924
Income on the sale of
installment receivables 1,249 1,252 2,472 2,641
Interest income on
installment receivables 146 149 302 271
Other operating income 701 749 1,487 1,525
Selling, general and
administrative
expenses (6,853) (7,284) (13,465) (14,240)
Interest expense (503) (462) (1,025) (859)
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Earnings before
income taxes 1,358 1,093 2,628 2,262
Income taxes 527 420 982 884
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Net earnings $ 831 $ 673 $ 1,646 $ 1,378
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--------- -------- --------- ---------
Net earnings per share $ .24 $ .20 $ .48 $ .40
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Average number of
shares outstanding 3,415 3,415 3,415 3,415
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Baldwin Baldwin, cities, United States Baldwin. 1 Uninc. city (1990 pop. 22,719), Nassau co., SE N.Y., on the south shore of Long Island, on Baldwin Bay; settled 1640s. A fishing center and summer resort, it has varied manufactures. Piano & Organ Co. has manufactured and marketed keyboard musical products over 130 years. The market leader of acoustic acoustic /acous·tic/ (ah-kldbomacs´tik) relating to sound or hearing. a·cous·tic or a·cous·ti·cal adj. Of or relating to sound, the sense of hearing, or the perception of sound. pianos in the United Sates, Baldwin also manufactures electronic and electro-mechanical components for Original Equipment Manufacturers. CONTACT: Baldwin Piano & Organ Co., Loveland Charles Charles, archduke of Austria Charles, 1771–1847, archduke of Austria; brother of Holy Roman Emperor Francis II. Despite his epilepsy, he was the ablest Austrian commander in the French Revolutionary and Napoleonic wars; however, he was handicapped by Juengling, 513/576-4522 |
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