Barnes Group reports record second quarter earnings.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 13, 1995--Barnes Group Inc. today reported record second quarter earnings, as net income for the period rose 33 percent from the same quarter last year on a sales increase of 5.5 percent. Net income for the quarter was $7.3 million, or $1.12 per share, versus $5.5 million, or $.87 per share, a year ago, making it the company's best second quarter in its history. Sales for the quarter were $151 million, compared to $143 million last year. For the first half of 1995, sales were $310 million, up 8.5 percent from $285 million last year. Net income for the half was $15.7 million, or $2.41 per share, up 51 percent from $10.4 million, or $1.65 per share, in the first half of 1994. Both sales and earnings in the first half set new highs for the company. Theodore Theodore. For Russian rulers thus named, use Feodor. E. Martin, president and chief executive officer, said Barnes Group's second quarter results reflected significant improvement in its Barnes Aerospace business, good performance at Associated Spring and solid profit gains at Bowman Distribution. Sales and profits at Associated Spring were very close to the record levels set in the first quarter of 1995, Martin said. Compared to the strong second quarter of last year, Associated Spring sales were up 4 percent and profit gains were in line with the sales increase. Martin noted that Associated Spring's North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. manufacturing business was affected by a softening softening /sof·ten·ing/ (sof´en-ing) malacia. softening a change of consistency, with loss of firmness or hardness. of the U.S. automotive market and by work slowdowns caused by the slow progress in contract negotiations at several UAW (spelling) UAW - Misspelling of "IAW"? plants. Offsetting these factors was the very strong performance turned in by its overseas manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. and the continued good results at Associated Spring's Raymond Raymond, town, Canada Raymond, town (1991 pop. 3,130), S Alta., Canada, SE of Lethbridge, in a sugar beet area. Sugar is refined and honey is produced there. A provincial agricultural college is in the town. distribution division. Although sales at Bowman Distribution were only slightly up from the second quarter last year, profits climbed significantly, Martin said, primarily due to lower costs at Bowman-U.S., the group's largest business. Slightly lower year-over-year sales at Bowman-U.S. were caused by a number of factors, including softening demand in some key market segments served by Bowman, and lower than planned employment levels in its field sales organization, Martin said. "We have done a good job taking costs out of the business, but we still have a lot of work to do to improve the total selling effort at Bowman," he added." Bowman's European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. business record improved sales and smaller operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. than last year. Sales at Barnes Aerospace climbed 23 percent over last year. Results improved significantly at each of its three businesses, and the group reported a modest profit in the second quarter compared to a loss in 1994. "I am particularly pleased by the progress being made at Barnes Aerospace's Windsor Manufacturing unit," Martin said. "It reported improved earnings in the first half in spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite the cost of a major factory reorganization which is expected to contribute significantly to its profitability in the second half of the year. "The company's outlook for the second half of 1995 is good," Martin said. "Although we don't expect the profit growth rate to match the first half, we look for good year-over-year earnings gains for the balance of the year." Barnes Group Inc. (NYSE NYSE See: New York Stock Exchange :B), a $600-million diversified diversified (di·verˑ·s international business based in Bristol, Conn., is a leading manufacturer of precision springs and complex components for automotive, aerospace and other 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. industries, and a major distributor of parts and supplies 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 Six Months
Ended June 30, Ended June 30,
1995 1994 1995 1994
Net sales $150,993 $143,157 $309,611 $285,259
Cost of sales 96,227 91,770 197,118 182,472
Selling and administrative
expenses 41,356 41,763 84,536 84,365
----- ----- ----- -----
137,583 133,533 281,654 266,837
Operating income 13,410 9,624 27,957 18,422 Other income 1,144 1,142 2,351 2,263 Interest expense 1,465 1,296 2,892 2,676 Other expenses 1,082 743 1,530 1,124 Income before income taxes 12,007 8,727 25,886 16,885 Income taxes 4,660 3,204 10,199 6,467 Net income $7,347 $5,523 $15,687 $10,418 Per common share: Net income $1.12 $.87 $2.41 $1.65 Dividends $.40 $.35 $.80 $.70 Average common shares outstanding 6,552,198 6,327,109 6,507,918 6,311,701 CONTACT: Barnes Group Inc., Bristol J.E. Besser or J.F. Sand, Jr., 203/583-7070 |
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