Blyth Industries announces record third 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)--Nov. 25, 1996--Blyth Industries Inc. (NYSE NYSE See: New York Stock Exchange : BTH) today announced its financial results for the third quarter ended Oct. 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 third quarter rose 41 percent to $139,583,000 compared with $99,014,000 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 54 percent to $24,619,000 when compared to $16,008,000 for the third quarter a year ago. Net earnings for the quarter increased 54 percent to $14,254,000 from $9,267,000 a year earlier. Net earnings per share for the third quarter were 46 cents up 39 percent from 33 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. Net earnings per share are restated for the December December: see month. 1995 two-for-one stock split effected as a stock dividend. For the 10th consecutive quarter since Blyth's initial listing on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. , Blyth's sales and profits exceeded the same quarter the year prior. As a result of the strong performance in the third quarter, net sales for the nine months ended Oct. 31, 1996, rose 48 percent to $346,411,000 compared with $234,910,000 a year earlier. Operating profit rose 66 percent to $48,143,000 when compared to $28,967,000 for the first nine months a year ago. Net earnings for the nine months period increased 66 percent to $28,110,000 from $16,982,000 during the same period last year. This translated to net earnings per share of 91 cents up 52 percent from 60 cents 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, "Consumer interest in our candles and accessories continues to be strong. Blyth's corporate strategy of participation in the retail, party plan and institutional channels of distribution all contributed to the increased sales and earnings for the third quarter. Each major business group experienced higher sales than a year ago for comparable periods, with each group growing at different rates. As has been true in the first half of the year, three product areas were among those which experienced the highest growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. for the quarter ended Oct. 31, 1996: PartyLite Gifts, our party plan direct seller 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. ; Ambria, our new brand of coordinated home fragrance and decorative lighting products; and international sales. In addition, we are pleased with our strategic partnering arrangement with Hallmark Cards Hallmark Cards, a privately owned American company based in Kansas City, Missouri, is the largest manufacturer of greeting cards in the United States. Approximately 50% of greeting cards sent in the United States every year are manufactured by Hallmark. , Incorporated. The conversion of former Hallmark hallmark, mark impressed on silverwork or goldwork to signify official approval of the standard of purity of the metal, also called plate mark. The hallmark was introduced by statute in England in 1300 and enforced by the Goldsmiths' Hall, London. accounts to various Blyth brands is progressing well." "The high level of consumer acceptance of our branded product lines outside the United States demonstrates the universal appeal of our products around the world. Earlier this month, we announced the groundbreaking for a new, state-of-the-art candle making facility in the United Kingdom. This plant is expected to be operational in the spring of 1998 to serve the European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. markets." 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. Blyth Industries Inc. can be found on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.blythindustries.com. -0-
Blyth Industries Inc.
Consolidated Statements of Earnings
(in thousands except per share data)
(unaudited)
Three Months Nine Months
Ended Oct. 31, Ended Oct. 31,
1996 1995 1996 1995
Net sales $139,583 $ 99,014 $346,411 $234,910
Cost of goods sold 62,225 47,218 154,894 113,494
Gross profit 77,358 51,796 191,517 121,416
Selling and shipping 42,868 28,758 113,396 73,733
Administrative 9,871 7,030 29,978 18,716
52,739 35,788 143,374 92,449
Operating profit 24,619 16,008 48,143 28,967
Other expense (income)
Interest expense 671 619 1,734 1,013
Interest income (50) (71) (748) (225)
Equity in earnings
of investees (230) (266) (337) (356)
391 282 649 432
Earnings before income
taxes and minority interest 24,228 15,726 47,494 28,535
Income tax expense 9,758 6,193 19,138 11,252
Earnings before
minority interest 14,470 9,533 28,356 17,283
Minority interest 216 266 246 301
Net earnings $14,254 $ 9,267 $28,110 $16,982
Net earnings per common and
common equivalent share/a $0.46 $0.33 $0.91 $0.60
Weighted average number
of shares outstanding/a 31,096 28,558 31,068 28,450
Note a: Restated for December 1995 two-for-one stock split effected
as a stock dividend.
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Consolidated Balance Sheets
(in thousands)
(unaudited)
Oct. 31, Oct. 31,
1996 1995
Assets
Cash and cash equivalents $11,335 $46,673
Accounts receivable, net 56,701 43,651
Inventories 106,766 66,327
Property, plant and equipment, net 82,429 44,772
Other assets 17,553 11,209
$274,784 $212,632
Liabilities and Equity
Bank debt $8,094 $ --
Senior notes 25,000 25,000
Other liabilities 69,747 51,360
Stockholders' equity 171,943 136,272
$274,784 $212,632
CONTACT: Blyth Industries Inc. Howard E. Rose, 847/294-1130, ext. 1291 |
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