Blyth Industries announces record second 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)--Sept. 5, 1995--Blyth Industries Inc. (NYSE NYSE See: New York Stock Exchange :BTH) today announced its financial results for the second quarter ended July July: see month. 31, 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 second quarter rose 56% to $66,994,000 compared with $42,983,000 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 84% to $6,276,000 when compared to $3,410,000 for the second quarter a year ago. Net earnings for the quarter increased 79% to $3,609,000 from $2,015,000 a year earlier. Net earnings per share for the second quarter were $0.25, up 79% from $0.14 per share during the same period last year. As a result of the strong performance in the second quarter, net sales for the six months ended July 31, 1995, when compared to the same period last year, rose 54% to $135,896,000, while operating profit rose 68% to $12,959,000. This translated to net earnings per share of $0.54, up 69% from $0.32 per share 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 remains at a high level. In particular, consumer response to our outdoor seasonal and everyday products was strong 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 second quarter. Scented candle products are growing substantially
faster than unscented products and reflect changing consumer lifestyles.
In and around the home, consumers are using candles and related products
for varied occasions and in more locations. As a result, sales of our
new fragrance-filled jars and and specialty candles are growing more
than traditional dinner candles. Moreover, international sales continue
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. completed the acquisition of Jeanmarie Creations Inc., a decorative gift bag company, on April 25, 1995. Results of operations for Jeanmarie Creations Inc. were 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: for the second quarter. Blyth also announced that it expects to file later this month a registration statement with the Securities and Exchange Commission relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc an underwritten offering Underwritten offering A purchase and sale. of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 1,500,000 shares of common stock, 1,200,000 shares of which are expected to be sold by the company and 300,000 shares of which are expected to be sold by selling stockholders. One of the selling stockholders is also expected to grant an option to purchase up to 150,000 shares to cover underwriters' over-allotments, if any. The company intends to use the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the shares offered by the company for general corporate purposes, capital expenditures for new facilities such as its new manufacturing plant in Batavia Batavia, city, United States Batavia (bətā`vēə), city (1990 pop. 16,310), seat of Genesee co., W N.Y.; inc. 1915. It was laid out in 1801 by Joseph Ellicott, agent for the Holland Land Company. , Ill., machinery and equipment and expanded distribution facilities to accommodate its increasing sales growth, and possible acquisitions of complementary businesses and products. The offering will be made only by means of a prospectus A document, notice, circular, advertisement, letter, or communication in written form or by radio or television that offers any security for sale, or confirms the sale of any security. . 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 a broad range of related accessories and decorative gift bags. -0-
Blyth Industries Inc.
Consolidated Statements of Earnings
(In thousands except per share data)
(Unaudited)
Three Months Three Months
Ended July 31, Ended July 31,
1995 1994
Net sales $66,994 $42,983 Cost of goods sold 33,539 22,324 Gross profit 33,455 20,659 Selling, general & administrative expenses 27,179 17,249 Operating profit 6,276 3,410
Other expense (income)
Interest expense 329 96(a)
Interest income (41) (21)
Equity in earnings of investees (23) (12)
265 63
Earnings before income taxes and minority interest 6,011 3,347(a) Income tax expense 2,367 1,332(a) Earnings before minority interest 3,644 2,015(a) Minority interest 35 -- Net earnings $3,609 $ 2,015 Net earnings per share $ 0.25 $ 0.14(a) Average shares outstanding 14,162 14,096(a)
Six Months Six Months
Ended July 31, Ended July 31,
1995 1994
Net sales $ 135,896 $87,974 Cost of goods sold 66,276 44,965 Gross profit 69,620 43,009 Selling, general & administrative expenses 56,661 35,299 Operating profit 12,959 7,710
Other expense (income)
Interest expense 394 196(a)
Interest income (154) (21)
Equity in earnings of investees (90) (12)
150 163
Earnings before income taxes and minority interest 12,809 7,547(a) Income tax expense 5,059 3,012(a) Earnings before minority interest 7,750 4,535(a) Minority interest 35 -- Net earnings $7,715 $ 4,535 Net earnings per share $ 0.54 $ 0.32(a) Average shares outstanding 14,144 14,096(a)
Consolidated Balance Sheets
(In thousands)
(Unaudited)
Assets: July 31, 1995 July 31, 1994
Cash $ 4,534 $ 817
Accounts receivable, net 24,978 18,981
Inventories 61,565 38,103
Property, plant & equipment, net 36,060 21,268
Other assets 11,070 2,190
$138,207 81,359
Liabilities & Equity
Bank debt $ -- $ 1,960
Senior notes 25,000 --
Other liabilities 40,172 24,559
Stockholders' equity 73,035 54,840
$138,207 $81,359
-0-
(a) Pro Forma to reflect the company's initial public offering
of 2,000,000 shares in May, 1994, the use of a portion of
the net proceeds to reduce debt as of the beginning of the
applicable period, and the payment of a restructuring dividend.
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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