Belding Heminway Company, Inc. reports 1996 third quarter and nine month results.NEW YORK--(BUSINESS WIRE)--Nov. 14, 1996--Belding Heminway Company, Inc. (NYSE NYSE See: New York Stock Exchange :BHY BHY Bulk Hydrogen BHY Beihai, PR China (airport code) ) today announced improved financial results for the third quarter ended September 30, 1996. Sales for the third quarter of 1996 were $22.9 million compared to sales of $20.6 million in the period last year. Income, including income from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. , applicable to common shares increased to $1,439,000, or $0.19 per share after provision for preferred dividends, versus $102,000, or $0.01 per share after provision for preferred dividends, in the year ago quarter. Income 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 applicable to common shares, after provision for preferred dividends, increased to $0.15 per share from $0.02 per share 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 $1,471,000 compared to income from comparable operations of $477,000 in the year ago period. Preferred stock dividends accrued were $345,000 and $326,000 for 1996 and 1995, respectively. Sales increased in the Company's consumer product segment, principally in the Button Division and from the incremental sales due to the Culver Textiles acquisition on August 31, 1995. Improved margins resulting from better cost controls, primarily in the Company's industrial product segment, contributed to the rise in net income. Results for the period reflect the Company's sale of the Home Furnishings Division during the quarter and its treatment 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. prior to the sale. For the nine month period ended September 30, 1996, sales were $67.2 million compared with $65.8 million for the same period last year. Income from continuing operations applicable to common stock after provision for preferred stock dividends was $2,195,000 for the first nine months of 1996 versus $914,000 for the corresponding period of 1995. 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 . -0-
BELDING HEMINWAY COMPANY, INC.
AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)
Three Months Ended Nine Months Ended
Sept. 30 Sept. 30
1996 1995 1996 1995
Net sales $ 22,915 $ 20,612 $ 67,158 $ 65,769
Cost of Sales 15,919 15,212 48,063 47,487
Gross profit 6,996 5,400 19,095 18,282
Selling, general &
administrative expenses 3,528 3,441 10,508 11,654
Other (income)
expense - net (118) (69) (384) (222)
Income from continuing
operations before
interest and income
taxes 3,586 2,028 8,971 6,850
Interest expense 1,083 1,016 3,395 2,961
Income from continuing
operations before
provision for income
taxes 2,503 1,012 5,576 3,889
Provision for income
taxes 1,032 535 2,367 2,023
Income from continuing
operations 1,471 477 3,209 1,866
Less dividends on
preferred stock 345 326 1,014 952
Income applicable to common
stock from continuing
operations 1,126 151 2,195 914
Income from discontinued
operations 313 (49) 358 377
Income applicable to
common stock $1,439 $ 102 $ 2,553 $ 1,291
Income per common share:
Continuing operations $ 0.15 $ 0.02 $ 0.30 $ 0.12
Discontinued operations 0.04 (0.01) 0.05 0.05
Total $ 0.19 $ 0.01 $ 0.35 $ 0.17
Weighted average
common shares
outstanding
(in thousands) 7,392 7,413 7,397 7,416
CONSOLIDATED & SUMMARIZED BALANCE SHEET
(Dollars in thousands)
Sept. 30, 1996 December 31, 1995
Current Assets $32,671 $32,356
Total Assets $82,612 $94,124
Current Liabilities (excluding
debt) $14,833 $18,541
Total Liabilities $71,544 $86,622
Stockholders' Equity:
Preferred $23,193 $22,179
Common $(12,125) $(14,677)
CONTACT: Gary Silverman Vice President, Human Resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. (212) 556-4700 or Morgen-Walke Associates Investor Contact: June Filingeri, Jonathan Schaffer Jonathan Schaffer is an American philosopher specializing in Metaphysics and Epistemology. Since earning his PhD. from Rutgers in 1999, Schaffer has published 33 papers. He wrote his dissertation - "Causation and the Probabilities of Processes" - under Brian McLaughin. Media Contact: Leslie Feldman, Suzanne Miller (212) 850-5600 |
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