Blyth Industries announces record first quarter 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)--May 31, 1995--Blyth Industries Inc. (NYSE NYSE See: New York Stock Exchange :BTH) today announced its financial results for the first quarter ended April 30, 1995. 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 first quarter rose 53% to $68,902,000 compared with $44,991,000 a 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 55% to $6,683,000 when compared to $4,300,000 for the first quarter of year ago. Net earnings in the quarter increased 63% to $4,106,000 from $2,520,000 a year earlier. Net earnings per share for the first quarter were 29 cents, up 61% from 18 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. during the same period last year. 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 "Fundamental consumer interest in our candles and accessories continues at a high level. In particular, consumer response to our new outdoor seasonal and everyday products was strong in the first quarter. As has been our strategy, Blyth's participation in the institutional, party plan, and retail channels of distribution all contributed to the increased sales and net earnings, for the first quarter. Of the three channels, PartyLite Gifts, our party plan direct seller, experienced the highest growth rate for the quarter ended April 30, 1995. Moreover, international sales, particularly in 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 , grew at a rate greater than the company as a whole. The consumer acceptance of our branded product lines in markets outside 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. continues to support the concept that our products have strong international appeal." 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. completed the acquisition of Jeanmarie Creations Inc., a decorative gift bag company, on April 25, 1995. Results of operations for Jeanmarie Creations Inc. will be 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: beginning with our second quarter. Blyth Industries Inc., based in Greenwich, 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 home fragrance products, including potpourri, and designs and markets and 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 4/30 Ended 4/30
1995 1994
Net sales $68,902 $44,991 Cost of goods sold 32,737 22,641 Gross profit 36,165 22,350 Selling, general & administrative expenses 29,482 18,050 Operating profit 6,683 4,300
Other expense (income)
Interest expense 65 100
Interest income (113) -
Equity in earnings of investee (67) -
(115) 100
Earnings before income taxes 6,798 4,200 Income taxes 2,692 1,680 Net earnings $4,106 $ 2,520 Net earnings per share $ 0.29 $ 0.18 Average shares outstanding 14,129 14,096 -0-
Consolidated Balance Sheets
(In thousands of dollars)
(Unaudited)
Assets: April 30, 1995 April 30, 1994
Cash $ 4,387 $ 6,437
Accounts receivable, net 28,234 19,130
Inventories 44,991 34,611
Property, plant & equipment, net 29,021 19,179
Other assets 8,851 2,141
$115,484 81,498
Liabilities & Equity
Bank debt $ 4,000 $ -
Other liabilities 42,153 28,687
Stockholders' equity 69,331 52,811
$115,484 $81,498
-0-
CONTACT: Blyth Industries Inc. 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, 708/294-1130, Ext. 1291 |
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