Blyth Industries announces record annual earnings.GREENWICH Greenwich, borough, Greater London, England Greenwich (grĭn`īj, grĕn`–), outer borough (1991 pop. 200,800) of Greater London, SE England, on the Thames River. Manufactures include telephone equipment and underwater cable. , Conn.--(BUSINESS WIRE)--April 10, 1996--Blyth Industries Inc. (NYSE NYSE See: New York Stock Exchange :BTH) today announced its financial results for the fiscal year ended Jan. 31, 1996. 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 for the year ended Jan. 31, 1996 rose 54 percent to $331,341,000 compared with $214,826,000 the year earlier. Operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. rose 79 percent to $40,620,000 compared to $22,701,000 for the year earlier. Net earnings increased 80 percent to $24,024,000 compared to $13,333,000 for the year earlier. Net earnings per share were up 66 percent to $0.83 from $0.50 for the year earlier. Net earnings per share were adjusted for the December December: see month. 1995 2 for 1 stock split effected as a stock dividend. Net sales for the fourth quarter rose 50 percent to $96,431,000 compared to $64,377,000 for the fourth quarter last year. Operating profit rose 96 percent to $11,652,000 compared to $5,957,000 for the fourth quarter last year. Net earnings increased 97 percent to $7,042,000 compared to $3,578,000 for the fourth quarter last year. Net earnings per share were up 77 percent to $0.23 from $0.13, for the fourth quarter last year. Net earnings per share were adjusted for the December 1995 2 for 1 stock split effected as a stock dividend. Robert B. Goergen Robert B. Goergen is an American corporate executive, entrepreneur and philanthropist. He is the founder, chairman and CEO of Blyth, Inc. He is also the founder and chairman of The Ropart Group, a private-equity investment firm. , chairman of the board, said, "The demand for our consumer Christmas Christmas [Christ's Mass], in the Christian calendar, feast of the nativity of Jesus, celebrated in Roman Catholic and Protestant Churches on Dec. 25. In liturgical importance it ranks after Easter, Pentecost, and Epiphany (Jan. 6). seasonal and everyday products, particularly scented candles and candle accessories, remained at a high level. The response to our products continued to grow 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. , Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of and Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). in the fourth quarter. The pattern of scented candles
growing substantially faster than unscented candles continued throughout
the year, which reflects changing consumer lifestyles in and around the
home. Our party plan direct seller and international sales continued to
grow above the overall corporate growth rate."Blyth Blyth (blīth), town (1991 pop. 36,466), Northumberland, NE England, at the mouth of the Blyth River. It is an industrial center and seaport, with shipbuilding and ship repair. Industries Inc., based in Greenwich, Conn., is a leading manufacturer, designer, and marketer of an extensive line of candles, scented candles, outdoor citronella citronella, common name for a grass, Cymbopogon nardus, the source of oil of citronella, used in perfumes and soaps and as an insect repellent. The plant, with bluish green, lemon-scented leaves, is cultivated in Java and Sri Lanka. candles, and fragrance products, including potpourri, and designs and markets a broad range of related accessories and decorative gift bags. -0-
Blyth Industries Inc.
Consolidated Statements of Earnings
(In thousands except per share amounts)
(Unaudited)
Three Months Three Months
Ended Jan. 31, Ended Jan. 31,
1996 1995
Net Sales $96,431 $64,377 Cost of Goods Sold 42,466 31,633 Gross Profit 53,965 32,744
Selling Expenses 31,211 19,389
Administrative Expenses 11,102 7,398
42,313 26,787
Operating Profit 11,652 5,957
Other Expense (Income)
Interest Expense 585 150
Interest Income (565) (73)
Equity in Earnings of Investees (293) (147)
(273) (70)
Earnings Before Income Taxes and Minority Interest 11,925 6,027 Income Tax Expense 4,807 2,449 Earnings Before Minority Interest 7,118 3,578 Minority Interest 76 -- Net Earnings $7,042 $3,578 Net Earnings Per Share (1) $ 0.23 $ 0.13 Weighted Average Shares Outstanding (1) 30,706 28,192
Year Year
Ended Jan. 31, Ended Jan. 31,
1996 1995
Net Sales $331,341 $214,826 Cost of Goods Sold 155,959 106,767 Gross Profit 175,382 108,059 Selling Expenses 104,944 65,131 Administrative Expenses 29,818 20,227
134,762 85,358
Operating Profit 40,620 22,701
Other Expense (Income)
Interest Expense 1,614 736
Interest Income (805) (73)
Equity in Earnings of Investees (649) (260)
160 403
Earnings Before Income Taxes and Minority Interest 40,460 22,298 Income Tax Expense 16,059 8,965 Earnings Before Minority Interest 24,401 13,333 Minority Interest 377 -- Net Earnings $24,024 $13,333 Net Earnings Per Share (1) $ 0.83 $ 0.50 Weighted Average Shares Outstanding (1) 29,080 26,970
(1) Restated for December 1995 two for one stock split effected as a
stock dividend.
-0-
Consolidated Balance Sheets
(In thousands of dollars)
(Unaudited)
Assets: Jan. 31, 1996 Jan. 31, 1995
Cash and Cash Equivalents $ 46,509 $ 9,081
Accounts Receivable, Net 24,889 23,154
Inventories 73,176 35,780
Property, Plant & Equipment, Net 58,159 25,659
Other Assets 11,989 2,322
$214,722 $ 95,966
Liabilities & Equity
Bank Debt $ -- $ --
Senior Notes 25,000 --
Other Liabilities 46,368 32,174
Stockholders' Equity 143,354 63,822
$214,722 $ 95,966
CONTACT: Blyth Industries Inc., Greenwich Howard Howard, English noble family. Landowners in Norfolk from the 13th cent., the Howards obtained the duchy of Norfolk through the marriage of Sir Robert Howard to Margaret Mowbray, daughter of Thomas Mowbray, 1st duke of Norfolk. E. Rose 847/294-1130, Ext. 1291 |
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