Belding Heminway Company, Inc. reports 1996 first quarter results.NEW YORK--(BUSINESS WIRE)--May 6, 1996--Belding Heminway Company, Inc. (NYSE NYSE See: New York Stock Exchange :BHY BHY Bulk Hydrogen BHY Beihai, PR China (airport code) ) today announced its financial results for the first quarter ended March 31, 1996. The results for the period reflect the Company's previously announced decision to divest its Home Furnishings Division, and account for the Division as a discontinued operation discontinued operation A segment of a business that has been abandoned or sold or for which plans for one or another of these actions have been approved. See also continuing operations. . The Company reported 1996 first quarter sales from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the of $22.0 million versus comparable sales of $23.3 million in the first quarter last year. Income applicable to common shares from continuing operations was $466,000, or $0.06 per share after provision for preferred dividends. This compares with income applicable to common shares from comparable operations of $597,000, or $0.08 per share after provision for preferred dividends in the year ago quarter. Income from continuing operations before provision for preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. dividends was $798,000 compared to income from comparable operations of $906,000 in the year ago period. Preferred stock dividends were $332,000, and $309,000 in the first quarter of 1996 and 1995, respectively. Net income applicable to common shares including discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. was $511,000, or $0.07 per share compared with 1995 first quarter net income applicable to common shares including discontinued operations of $895,000, or $0.12 per share. The 1996 first quarter results from continuing operations benefited from increasing demand for the Company's cocoon cocoon: see pupa. bobbin bobbin, implement on which thread is wound, used in sewing, spinning, weaving, and lace making. Sometimes the wooden spools of sewing thread are called bobbins. products as compared with the lower levels of demand experienced through the last half of 1995. In addition, the Button Division continued to benefit from increasing sales of its new craft and button products which were introduced in the second half of 1995. The Company's continuing operations' results continue to be impacted by a difficult retail environment, particularly affecting our industrial customers in the footwear and furniture sectors. Belding Heminway manufactures and markets industrial and consumer threads, and consumer sewing and crafts products, principally buttons. In addition to its headquarters in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , it has manufacturing or distribution facilities in Lansing, Iowa Lansing is a city in Allamakee County, Iowa, United States. The population was 1,012 at the 2000 census. Geography Lansing is located at (43.361525, -91.223378)GR1. , Hendersonville, North Carolina For the city in Vance County, North Carolina, see Henderson, North Carolina. Hendersonville is a city in Henderson County, North Carolina, USA, 22 miles (35 km) southeast of Asheville. , Watertown and Winsted, Connecticut Winsted is a census-designated place and an incorporated city in Litchfield County, Connecticut, United States. It is part of the town of Winchester, Connecticut.The population was 7,321 at the 2000 census. , and Bronx, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . Belding's Home Furnishings division manufactures decorative home furnishings fabrics through its manufacturing and distribution facilities in Emporia, Virginia. -0-
BELDING HEMINWAY COMPANY, INC.
AND SUBSIDIARIES
UNAUDITED CONDENSED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)
Three Months Ended
March 31,
1996 1995
Net sales $ 22,007 $ 23,313
Cost of sales 15,910 16,305
Gross profit 6,097 7,008
Selling, general and administrative expenses 3,641 4,303 Other (income) expense - net (53) (91) Income from continuing operations before interest and income taxes 2,509 2,796 Interest expense 1,095 1,081 Income from continuing operations before provision for income taxes 1,414 1,715 Provision for income taxes 616 809 Income from continuing operations 798 906 Less dividends on preferred stock 332 309 Income applicable to common stock from continuing operations 466 597 Income from discontinued operations 45 298 Income applicable to common stock $ 511 $ 895 Income per common share: Continuing operations $0.06 $0.08 Discontinued operations 0.01 0.04 Total $0.07 $0.12 Weighted average common shares outstanding (in thousands) 7,399 7,421 Total depreciation and amortization 773 787 -0-
CONSOLIDATED & SUMMARIZED BALANCE SHEET
(Dollars in thousands)
March 31, 1996 December 31, 1995
Current Assets $ 32,388 $ 32,356 Total Assets $ 93,265 $ 94,124 Current Liabilities $ 22,007 $ 22,570 Total Liabilities $ 84,921 $ 86,622 Stockholders' Equity: Preferred $ 22,511 $ 22,179 Common $(14,167) $(14,677) CONTACT: BELDING HEMINWAY COMPANY, INC. Gary Silverman Vice President, Human Resources 212/556-4700 or Morgen-Walke Associates Investor Contact: June Filingeri, Robert Weiner Media Contact: Leslie Feldman, Suzanne Miller 212/850-5600 |
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