Baldwin Piano & Organ Company reports net earnings for the third quarter of 1996.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)--Oct. 24, 1996--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. Company reports net earnings of $.2 million or $.06 per share in the third quarter of 1996, as compared to $.7 million or $.20 per share in 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 were $26.5 million, equal to last year. Sales in the Company's core businesses of Music and Contract Electronics were strong, both up 8% for the quarter. However, overall sales do not reflect this progress due to the impact on sales of the Company's continuing exit from its non-strategic Contract Music/Furniture business, which began second quarter. The third quarter earnings decline is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk mainly to lower gross profit and higher interest expense. While manufacturing costs associated with the Contract Music/Furniture business have been reduced, they have not come down in proportion to the rapid sales decline in this business, thereby hurting gross profit margin Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. . 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. has initiated significant cost reduction efforts focused on manufacturing costs and SG&A expense. Interest expense for the third quarter is higher than last year because inventory levels are up and because retail financing business growth continues to be strong. The management has put in place a comprehensive inventory reduction plan to bring inventory levels back into historical ranges. Net sales for the first nine months of 1996 decreased to $79.8 million from $87.0 million. The sales decline is due to first half impact of the consolidation of Baldwin and Wurlitzer Noun 1. Wurlitzer - United States businessman (born in German) who founded a company to make pipe organs (1831-1914) Rudolf Wurlitzer , particularly in the first and second quarters of 1996, and due to the Company's exit from the Contract Music/Furniture business. For reasons similar to those described for third quarter, net earnings for the first nine months of 1996 decreased to $1.6 million or $.48 per share from $2.3 million or $.68 per share in 1995. -0-
Three Months Ended Nine Months Ended
(in thousands, except September 30, September 30,
net earnings per share) 1996 1995 1996 1995
____ ____ ____ ____
Net sales $26,508 $26,519 $79,794 $86,967
Cost of goods sold 21,543 21,011 63,634 68,179
_______ _______ _______ _______
Gross profit 4,965 5,508 16,160 18,788
Income on the sale of
installment receivables 1,404 1,231 4,338 3,607
Interest income on
installment receivables 336 210 985 617
Other operating income 842 933 2,648 2,705
Selling, general and
administrative expenses (6,496) (6,376) (19,648) (20,558)
Interest expense (827) (465) (2,009) (1,490)
_______ _______ _______ _______
Earnings before
income taxes 224 1,041 2,474 3,669
Income taxes 32 371 848 1,353
_______ _______ _______ _______
Net earnings $ 192 $ 670 $ 1,626 $ 2,316
_______ _______ _______ _______
_______ _______ _______ _______
Net earnings per share $.06 $.20 $.48 $.68
____ ____ ____ ____
____ ____ ____ ____
Average number of
shares outstanding 3,423 3,415 3,419 3,415
_____ _____ _____ _____
_____ _____ _____ _____
Baldwin Piano & Organ Company has manufactured and marketed 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. musical products over 130 years and has been providing consumer financing for its instruments for nearly a century. 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 States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Baldwin also manufactures electronic and electro-mechanical components for Original Equipment Manufacturers. CONTACT: Baldwin Piano & Organ Company, Loveland Carl Sims, 513/576-4506 |
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