Barnes Group reports all-time record earnings in second quarter.BRISTOL Bristol, cities, United States Bristol. 1 Industrial city (1990 pop. 60,640), Hartford co., central Conn., on the Pequabuck River; settled 1727, inc. 1785. Its clock-making industry dates from 1790. , Conn.--(BUSINESS WIRE)--July 11, 1996--Barnes Group Inc. today reported that earnings per share for the second quarter of 1996 were $1.30, up 16 percent from $1.12 a year ago, making it the best of any previous quarter in the company's history. Net income for the second quarter was $8.7 million, up 18 percent from $7.3 million in 1995, also a new record. Sales for the quarter were $153 million, up from $151 million last year. Theodore Theodore. For Russian rulers thus named, use Feodor. E. Martin, president and chief executive officer, said that Barnes Group's record second quarter results reflected continued improvement in its Barnes Aerospace business, strong profit gains at Bowman Distribution and good results from Associated Spring's largest U.S. divisions. For the first half of 1996, sales were $303 million, down from $310 million last year. Net income for the half was $15.3 million, or $2.31 per share, compared to $15.7 million or $2.41 per share, in the first half of 1995. Sales for Associated Spring in the second quarter were up one percent over last year, while operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was down slightly. "Gains were made at our three largest spring manufacturing plants, due mainly to continued strength in the domestic automotive market," Martin said, "but some 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. was noted in the group's electronics business and in its truck brake spring business." Profits at Associated Spring's distribution units were up over the second quarter last year, due to gains in its precision stock spring business in the U.S. and United Kingdom. "Good progress was made at Bowman Distribution in the second quarter," Martin said. Although sales were down three percent from a year ago, operating income was up substantially. Martin noted that Bowman's profit gains were due primarily to lower costs and greater efficiencies in its U.S. business, the effect of the workforce reduction in the first quarter. Bowman-Canada continued to turn in good sales gains and further progress was maid in improving Bowman's European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. business, particularly in the U.K. At Barnes Aerospace, sales were up 12 percent for the quarter over last year, and operating income increased significantly. Strong sales and profits were turned in by the group's Windsor Windsor, British royal family Windsor (wĭn`zər), family name of the royal house of Great Britain. The name Wettin, family name of Albert of Saxe-Coburg-Gotha, consort of Queen Victoria, was changed to Windsor by George V in 1917. Manufacturing precision machining business, which is reaping the benefits from its recently implemented cellular manufacturing Cellular Manufacturing is a model for workplace design, and is an integral part of lean manufacturing systems. The goal of lean manufacturing is the aggressive minimisation of waste (or, more precisely, muda) in order to achieve maximum efficiency of resources. techniques and from greater penetration of new-generation engines. Gains were also made at its Windsor Airmotive engine overhaul and repair units in the Unites States and the new Singapore Singapore (sĭng`gəpôr, sĭng`ə–, sĭng'gəpôr`), officially Republic of Singapore, republic (2005 est. pop. 4,426,000), 240 sq mi (625 sq km). operation. "Our outlook for the second half remains very positive," Martin said. "We expect to see major benefits from our continuing investment in advanced technology at Associated Spring, strengthening the group's position in the U.S. 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 improving sales and profits. At Bowman, we look for continued profit improvement and stronger sales in the U.S., as orders for large accounts begin to increase, and we see further progress in Europe. At Barnes Aerospace, we are focusing aggressively on ways to improve manufacturing costs, so we can take greater advantage of the upturn in our aerospace markets. Overall, providing there are no major slowdowns in key markets, we expect 1996 to be another record year for the company." Barnes Group (NYSE NYSE See: New York Stock Exchange :B), is a $600-million diversified diversified (di·verˑ·s international company based in Bristol, Conn. It is a leader in manufacturing precision springs and complex metal parts for automotive, aerospace and industrial markets, and a major distributor of parts and supplies to the 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. -0- For additional information, please call our Fax-On-Demand Service at 1-800-311-4606; for press releases via the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the : http://www.businesswire.com/cnn. -0-
BARNES GROUP INC.
Consolidated Statements of Income
(Dollars in Thousands)
Unaudited
Three Months Six Months
Ended June 30, Ended June 30,
1996 1995 1996 1995
Net sales $152,604 $150,993 $302,695 $309,611
Cost of sales 98,887 96,227 196,060 197,118
Selling and admin.
expenses 39,295 41,356 80,959 84,536
----- ----- ----- -----
138,182 137,583 277,019 281,654
Operating income 14,422 13,410 25,676 27,957 Other income 1,103 1,144 2,053 2,351 Interest expense 1,300 1,465 2,588 2,892 Other expenses 482 1,082 863 1,530 Income before income taxes 13,743 12,007 24,278 25,886 Income taxes 5,085 4,660 8,983 10,199 Net income $8,658 $7,347 $15,295 $15,687 Per common share: Net income $1.30 $1.12 $2.31 $2.41 Dividends .45 .40 .90 .80 Average common shares outstanding 6,643,064 6,552,198 6,612,849 6,507,918 -0- CONTACT: Barnes Group Inc. D.P. Hamilton Hamilton, city, Bermuda Hamilton, city (1990 est. pop. 3,100), capital of Bermuda, on Bermuda Island. It is a port at the head of Great Sound, a huge lagoon and deepwater harbor protected by coral reefs. or J.F. Sand Jr. 860/583-7070 |
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