Belding Heminway Company, Inc. reports improved 1996 second quarter and six month results.NEW YORK--(BUSINESS WIRE)--Aug. 5, 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 second quarter ended June 30, 1996. Sales for the second quarter of 1996 were $22.2 million compared to sales of $21.8 million in the period last year. Income applicable to common shares increased to $603,000, or $0.08 per share after provision for preferred dividends preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) , versus $166,000, or $0.02 per share after provision for preferred dividends, in the year ago quarter. Income 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 $940,000 compared to income from comparable operations of $483,000 in the year ago period. Preferred stock dividends accrued were $337,000 and $317,000 for 1996 and 1995, respectively. Significant reductions in operating costs operating costs npl → gastos mpl operacionales accounted in large part for the growth in net income. Results for the period reflect the Company's treatment of the Home Furnishings furnishings the extra type or quantity of hair on the head, tail, ears or legs, specified for a particular breed. For example, the feathers in setters, the beard in Bearded collies, the eyebrows in Schnauzers. 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. . For the six month period ended June 30, 1996, sales were $44.2 million compared with $45.2 million for the same period last year. Income applicable to common stock less dividends on preferred stock was $1,069,000 for the first half of 1996 versus $763,000 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 Six Months Ended
June 30 June 30
1996 1995 1996 1995
Net sales $ 22,236 $ 21,844 $ 44,243 $ 45,157 Cost of Sales 16,234 15,970 32,144 32,275 Gross profit 6,002 5,874 12,099 12,882 Selling, general & administrative expenses 3,339 3,910 6,980 8,213 Other (income) expense - net (213) (62) (266) (153) Income from continuing operations before interest and income taxes 2,876 2,026 5,385 4,822 Interest expense 1,217 864 2,312 1,945 Income from continuing operations before provision for income taxes 1,659 1,162 3,073 2,877 Provision for income taxes 719 679 1,335 1,488 Income from continuing operations 940 483 1,738 1,389 Less dividends on preferred stock 337 317 669 626 Income applicable to common stock from continuing operations 603 166 1,069 763 Income from discontinued operations - - 128 45 426 Income applicable to common stock $603 $294 $1,114 $1,189 Income per common share: Continuing operations $0.08 $0.02 $0.14 $0.10 Discontinued operations 0.00 0.02 0.01 0.06 Total $0.08 $0.04 $0.15 $ 0.16 Weighted average common shares outstanding (in thousands) 7,397 7,414 7,399 7,418 -0-
CONSOLIDATED & SUMMARIZED BALANCE SHEET
(Dollars in thousands)
June 30, 1996 December 31, 1995
Current Assets $32,044 $32,356 Total Assets $87,004 $94,124 Current Liabilities $19,364 $22,570 Total Liabilities $77,720 $86,622 Stockholders' Equity: Preferred $22,848 $22,179 Common $(13,564) $(14,677) CONTACT: Morgen-Walke Associates Investor Contact: June Filingeri, Robert Weiner Media Contact: Leslie Feldman, Suzanne Miller (212) 850-5600 |
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