Benson Eyecare announces third quarter results.RYE, N.Y.--(BUSINESS WIRE)--Oct. 30, 1995--Benson Eyecare Corporation (NYSE NYSE See: New York Stock Exchange :EYE), today reported consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: financial results for the third quarter of 1995. This release includes pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma pooled results reflecting the merger with Bolle America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BLLE) which is currently scheduled to close on Thursday Thursday: see week. , Nov. 2, 1995. For the quarter ended Sept. 30, 1995, the company had net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $65.4 million, pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta loss of $16.5 million and net loss of $13.4 million or $0.46 per share, after a $17.0 million charge for exceptional and facilities reorganization The process of carrying out, through agreements and legal proceedings, a business plan for winding up the affairs of, or foreclosing a mortgage upon, the property of a corporation that has become insolvent. expenses. On a pro forma pooled basis (including the results of Bolle), for the quarter ended Sept. 30, 1995, the company had net sales of $72.1 million, pre-tax loss of $18.6 million and a net loss of $14.7 million or $0.46 per share, after the exceptional charge and a charge for Bolle merger-related expenses of $2.7 million. Excluding the exceptional, facilities reorganization and merger-related expenses, the company had 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. after interest of $453,000 and $1,042,000 on an actual and pro forma pooled basis, respectively, for the quarter ended Sept. 30, 1995. These results compare to the third quarter of 1994 for which the company reported net sales of $23.0 million, pre-tax loss of $2.3 million and net loss of $1.0 million, or $0.05 per share. On a pro forma pooled basis (including both Bolle and 1994 acquisitions and dispositions), the company had net sales of $63.6 million, pre-tax income of $3.0 million and net income of $2.0 million or $.07 per share for the quarter ended Sept. 30, 1994. For the nine months ended Sept. 30, 1995, the company had net sales of $217.6 million, pre-tax loss of $2.1 million and net loss of $2.7 million or $0.10 per share, after a $17.0 million charge for exceptional and facilities reorganization expenses. On a pro forma pooled basis (including the results of Bolle), for the nine months ended Sept. 30, 1995, the company had net sales of $237.3 million, pre-tax loss of $2.7 million and a net loss of $3.1 million or $0.10 per share, including Bolle merger-related expenses of $2.7 million. Excluding the exceptional, facilities reorganization and merger-related expenses, the company had operating income after interest of $14.8 million and $17.0 million on an actual and pro forma pooled basis, respectively, for the nine months ended Sept. 30, 1995. These results compare to the nine months ended Sept. 30, 1994 for which the company reported net sales of $109.7 million and pre-tax and net income of $7.4 million or $0.40 per share. On a pro forma pooled basis (including both Bolle and 1994 acquisitions and dispositions), the company had net sales of $217.1 million, pre-tax income of $15.7 million and net income of $10.9 million or $0.39 per share for the nine months ended Sept. 30, 1994. Benson Benson may mean: Places in England:
v. re·or·gan·ized, re·or·gan·iz·ing, re·or·gan·iz·es v.tr. To organize again or anew. v.intr. To undergo or effect changes in organization. the warehouse distribution facilities; (iii) a $5.7 million provision against the costs of restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). the Foster Grant Group's display operations in connection with the sale of the display manufacturing business to HMG hMG menotropins (human menopausal gonadotropin). HMG abbr. human menopausal gonadotropin Worldwide; and, (iv) the write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of $2.4 million of deferred financing costs in connection with a change in the company's revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility with a new bank syndicate Syndicate organized crime unit throughout major cities of the United States. [Am. Hist.: NCE, 2018] See : Gangsterism . The merger related expenses of $2.7 million relate to the merger of Benson Eyecare and Bolle which is currently scheduled to close on Nov. 2, 1995. All of these special charges are non-recurring in nature. Martin E. Franklin, chairman and chief executive officer, commented on the results, "Excluding the significant one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. special charges, the company's operating results were in line with our expectations. The special charges should enable our businesses to resume the growth they have been pursuing. The Prescription operations continue to expand, and we are particularly pleased with the growth exhibited in our polycarbonate A category of plastic materials used to make a myriad of products, including CDs and CD-ROMs. lens manufacturing at Orcolite, where a doubling of factory capacity is underway. We have addressed the issues at Foster Grant head-on head-on adv. 1. With the head or front first: The cars crashed head-on. 2. In open conflict; in direct opposition: , and believe our partnership with HMG Worldwide for displays will assist in substantial performance improvements next year. We are excited about the upcoming proposed acquisition of Bolle America and believe this will create a unique opportunity for the Group." Benson Eyecare Corporation is an integrated optical products company. Its principal operations include the Omega Group, the largest operator of independent wholesale laboratories in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. ; Orcolite, a leading manufacturer of ophthalmic ophthalmic /oph·thal·mic/ (of-thal´mik) ocular (1). oph·thal·mic adj. Of or relating to the eye; ocular. Ophthalmic Pertaining to the eye. lens products; and,the Foster Grant Group, the largest distributor of value-priced sunglasses sunglasses A tinted pair of glasses used to ↓ light arriving at the eye, which are labeled according to the amount of UV light blocked; nonprescription glasses are classified according to use and amount of UV radiation blocked Sunglasses and reading glasses in the United States; and will include, subject to the anticipated completion of the acquisition on Nov.2, 1995, Bolle America, exclusive marketer and distributor of Bolle(R) premium sunglasses, sport shields and goggles goggles, n the protective eyewear worn by dental personnel and patients during dental procedures. goggles see periocular leukotrichia. . -0-
BENSON EYECARE CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
Pro Forma Pooled
Sept. 30, 1995 Sept. 30 1995 Dec. 31, 1994
(Unaudited) (Unaudited)
ASSETS
Current assets:
Cash and cash
equivalents $10,943 $15,671 $11,554
Trade receivables, net 42,480 47,622 38,695
Inventories 60,519 66,902 44,042
Other current assets 4,509 5,009 5,983
Total current assets 118,451 135,204 100,274
Property and equipment, net 44,756 45,301 40,553 Goodwill, net 86,427 86,427 70,218 Intangible assets, net 17,486 17,686 18,554 Equity in and notes receivable from affiliated companies 10,564 10,564 9,929 Deferred tax asset, net 7,893 7,893 7,126 Other assets 17,978 17,978 15,729 Total assets $303,555 $321,053 $262,383 LIABILITIES AND STOCKHOLDERS'EQUITY Current liabilities: Short-term debt $61,198 $61,226 $51,448 Accounts payable 29,684 31,391 24,160 Accrued compensation 7,757 8,248 5,664 Other accrued expenses 14,171 16,219 14,501 Total current liabilities 112,810 117,084 95,773 Long-term debt 63,977 63,977 59,806 Other long-term liabilities 6,029 6,029 9,247 Total liabilities 182,816 187,090 164,826 Commitments and contingencies
Stockholders' equity:
Preferred stock - par value $1;
500 shares authorized; none
outstanding
Common stock - par value $.01;
40,000 shares authorized;
28,791, 32,056 and 25,805
shares issued 288 320 258
Additional paid-in
capital 120,486 131,183 94,259
Cumulative translation
adjustment (75) (75) (103)
Treasury stock - 195
shares at cost (1,365) (1,365) (1,365)
Retained earnings 1,405 3,900 4,508
Total stockholders'
equity 120,739 133,963 97,557
Total liabilities
and stockholders'
equity $303,555 $321,053 $262,383
-0-
BENSON EYECARE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended
Sept. 30
Pro Forma Pro Forma
Pooled Pooled
1995 1995 1994 1995
Net sales $65,431 $72,073 $23,027 $63,587 Cost and expenses: Cost of sales 40,558 44,052 10,362 36,337 Selling, general and administrative expense 22,300 24,982 15,042 22,673 Exceptional, facilities reorganization and merger-related expenses 16,972 19,672 Interest expense 2,609 2,617 989 2,043 Other income, net (489) (620) (1,020) (510) Total costs and expenses 81,950 90,703 25,373 60,543 Income (loss) before income taxes (16,519) (18,630) (2,346) 3,044 Provision for income taxes (3,125) (3,910) (1,358) 1,009 Net income (loss) $(13,394) $(14,720) $ (988) $ 2,035 Weighted average common shares outstanding 29,000 32,265 18,679 28,186 Earnings (loss) per share $ (0.46) $ (0.46) $ (0.05) $ 0.07 -0-
BENSON EYECARE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(Unaudited)
Nine Months Ended
Sept. 30
Pro Forma Pro Forma
Pooled Pooled
1995 1995 1994 1994
Net sales $217,591 $237,254 $109,713 $217,065 Cost and expenses: Cost of sales 126,726 136,331 50,925 124,065 Selling, general and administrative expense 70,388 78,528 51,149 71,674 Exceptional, facilities reorganization and merger-related expenses 16,972 19,672 Interest expense 8,353 8,374 2,166 7,046 Other income, net (2,714) (2,931) (1,878) (1,405) Total costs and expenses 219,725 239,974 102,362 201,380 Income (loss) before income taxes (2,134) (2,720) 7,351 15,685 Provision for income taxes 568 336 -- 4,785 Net income (loss) $ (2,702) $(3,056) 7,351 $10,900 Weighted average common shares outstanding 27,243 30,508 18,601 28,108 Earnings (loss) per share $(0.10) $(0.10) $0.40 $0.39 CONTACT: Benson Eyecare, Rye Martin E. Franklin, 914/967-9400 or The Newlin Newlin is a surname, and may refer to:
Company, 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 Jackie Jackie is a female or male name, originally a pet form of Jack/John or Jacqueline. Jackie! is an awesome girl who is in lvoe with andrew and tyler and has a bffl named Cassie! Fictional characters
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