Barnes Group earnings up 17 percent in third quarter; Nine-month results reach record highs.BRISTOL, Conn.--(BUSINESS WIRE)--Oct. 12, 1995--Barnes Group Inc. today reported a 17 percent gain in earnings for the third quarter of 1995, compared to the same period last year, on a one percent increase in sales. Net income for the third quarter rose to $6.3 million, or 95 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. , from $5.4 million, or 84 cents per share, a year ago, making it the company's most profitable third quarter since 1980. Sales for the quarter were $142 million, up from $140 million in the third quarter of 1994. For the first nine months of 1995, sales were $451 million, up 6 percent from $426 million in the same period last year. Net income fro three quarters was $21.9 million, or $3.36 per share, up 39 percent from $15.8 million, or $2.49 per share, in the first nine months of 1994. Both sales and earnings for the nine-month period set new highs for the company. Theodore E. Martin, president and chief executive officer, said that the company's solid third quarter earnings reflected the continued strong recovery in its Barnes Aerospace operations and substantial profit gains at Bowman Distribution. He noted, however, that year-over-year results at Associated Spring were below expectations, partially offsetting the gains made by Barnes Group's two other businesses. Sales for Associated Spring in the third quarter were off 3 percent from the strong levels of a year ago and quarterly profits were also lower, Martin said. Both sales and profits were down at most of Associated Spring's North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. units, due in part to a softer durable goods durable goods Goods, such as appliances and automobiles, that have a useful life over a number of periods. Firms that produce durable goods are often subject to wide fluctuations in sales and profits. Also called consumer durables. market, and to operating inefficiencies at its Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. plant related to the transfer of equipment and product from a former West Coast facility. The lower profits were also the result of continuing labor problems at its Bristol, Conn. plant, where work slowdowns since March have resulted in decreased shipments and excess costs. "We have held sporadic sporadic /spo·rad·ic/ (spo-rad´ic) occurring singly; widely scattered; not epidemic or endemic. spo·rad·ic or spo·rad·i·cal adj. 1. Occurring at irregular intervals. 2. talks, but no significant progress has been made as yet towards completing a new labor contract at Bristol," Martin said. On the positive side, Martin noted that Associated Spring's Singapore division, which provides parts to the electronics industry, continues to turn in excellent year-over-year results. In Mexico, the installation of new state-of-the-art production equipment at its Mexico City Mexico City Spanish Ciudad de México City (pop., 2000: city, 8,605,239; 2003 metro. area est., 18,660,000), capital of Mexico. Located at an elevation of 7,350 ft (2,240 m), it is officially coterminous with the Federal District, which occupies 571 sq mi facility was completed in the third quarter and is expected to make significant improvements in product quality, productivity and costs. "We're excited about the growth prospects for our Mexican Mexican named after or originating in Mexico. Mexican axolotl see ambystomamexicanum. Mexican beaded lizard (Heloderma horridum operation," Martin said, "and we expect to see an expansion of its business to Japan, Europe and the U.S." Sales for Bowman Distribution were down 6 percent in the third quarter, but 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. climbed substantially, due primarily to lower year year-over-year operating costs operating costs npl → gastos mpl operacionales at Bowman's business 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. . "To accelerate the sales pace in the U.S., we are focusing on increasing the number of quality sales people in key markets and improving the entire Bowman selling effort," Martin said. "Overseas, we are making good progress in reducing the losses in Bowman's European business, but the pace of sales growth has been below expectations," Martin noted. "Additional investment in people and training is taking place to step up the timetable and provide faster growth in this still relatively young business. Building an entire organization from scratch as we have done in Europe is a long process, but we expect the rate of growth to accelerate in the next few years." Sales at Barnes Aerospace continued to improve in the third quarter, climbing 35 percent over a year ago. Profits improved significantly as well, with the group reporting a profit for the third consecutive quarter. "We are especially pleased with the year-over-year improvements turned in by the group's Windsor Manufacturing and Advanced Fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. units," he added. "overall, our outlook for the remainder of the year continues to be positive, and we look for a record year in both sales and earnings for the company," Martin said. Barnes Group Inc. (NYSE NYSE See: New York Stock Exchange :B) is a nearly $600-million diversified diversified (di·verˑ·s international company headquartered in Bristol, Connecticut Bristol is a city located in Hartford County, Connecticut, 20 miles (32 km) southwest of Hartford. According to 2006 Census Bureau estimates, the population of the city is 61,353. . It is the largest precision spring manufacturer in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. ; a leading producer of complex machined and hot-formed components for jet engines and airframes, and a major distributor of repair and replacement products to the maintenance, repair and operating supplies (MRO MRO In currencies, this is the abbreviation for the Mauritanian Ouguiya. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) market.
BARNES GROUP INC.
Consolidated Statement of Income
(Dollars in Thousands Except Per Share)
(Unaudited)
Three Months Nine Months
Ended Sept. 30, Ended Sept. 30,
1995 1994 1995 1994
Net sales $141,679 $140,261 $451,290 $425,520
Cost of sales 91,856 89,688 288,974 272,160
Selling and administrative
expenses 38,694 40,401 123,230 124,766
----- ----- ----- -----
130,550 130,089 412,204 396,926
Operating income 11,129 10,172 39,086 28,594 Other income 992 1,056 3,344 3,319 Interest expense 1,367 1,320 4,259 3,996 Other expenses 422 865 1,952 1,989 Income before income taxes 10,332 9,043 36,219 25,928 Income taxes 4,071 3,671 14,270 10,138 Net income $6,261 $5,372 $21,949 $15,790 Per common share: Net income $0.95 $0.84 $3.36 $2.49 Dividends $0.40 $0.35 $1.20 $1.05 Average common shares outstanding 6,581,479 6,371,543 6,532,708 6,331,867 CONTACT: Barnes Group, Bristol J.F. Sand or J.E. Besser 203/583-7070 |
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