Brampton Brick Reports First Quarter Results.BRAMPTON, Ontario Brampton (IPA: ˈbræmptən, ˈbræmtən) is a city in the GTA of Ontario, Canada and the seat of Peel Region. As of the 2006 census, Brampton's population stood at 433,806. -- Semi-Annual Dividend Declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. Brampton Brampton, city (1991 pop. 234,445), S Ont., Canada, NW of Toronto. Incorporated as a village (1852), a town (1873), and then a city (1976), it is noted for its greenhouses and flowers. Automobiles, shoes, lumber, optical goods, and other products are made. Brick Limited (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :BBL "Be back later." See digispeak. (chat) BBL - (I will) be back later. .SV.A) today reported a loss of $345,000, or $0.03 per share, for the first quarter of 2005 compared to net income of $2,554,000, or $0.24 per share, for the same period last year. The weighted average number of Class A Subordinate Voting Shares Voting Shares Shares that give the stockholder the right to vote on matters of corporate policy making as well as who will compose the members of the board of directors. Notes: Different classes of shares, such as preferred stock, sometimes don't allow for voting rights. and Class B Multiple Voting Noun 1. multiple voting - the act of voting in more than one place by the same person at the same election (illegal in U.S.) balloting, vote, voting, ballot - a choice that is made by counting the number of people in favor of each alternative; "there were only 17 Shares outstanding was 10,847,000 during both periods. Most of the $2,899,000 decline occurred in the clay clay, common name for a number of fine-grained, earthy materials that become plastic when wet. Chemically, clays are hydrous aluminum silicates, ordinarily containing impurities, e.g., potassium, sodium, calcium, magnesium, or iron, in small amounts. brick business segment. This division generated net income of $1,049,000 during the first quarter ended March 31, 2005 compared to $3,621,000 during the first quarter of 2004. The decrease is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to a decline in brick shipments, the impact of a scheduled maintenance shutdown shut·down n. A cessation of operations or activity, as at a factory. shutdown Noun the closing of a factory, shop, or other business Verb shut down of one kiln and higher manufacturing input costs, notably natural gas. Brick shipments declined due to a combination of poor weather conditions, particularly through late February February: see month. and March, and a more even balance between supply and demand in the new home construction market. This resulted in a lower level of construction activity through the first quarter of 2005 than during the same period of 2004. In addition, an improved brick supply position caused many dealers, which primarily service markets outside of the Greater Toronto Area The Greater Toronto Area (widely abbreviated as the GTA) is the most populous metropolitan area in Canada. The GTA is a provincial planning area with a population of 5,555,912 at the 2006 Canadian Census. , to reduce their purchases in the first quarter of this year compared to the first quarter of 2004. The scheduled maintenance shutdown resulted in repair and maintenance expenses charged against operations in the amount of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $635,000. Lower production volumes during this period resulted in additional unabsorbed manufacturing expenses, estimated at just over $1,000,000, also being charged against operations. The concrete products business segment, which is highly seasonal, incurred a loss of $1,400,000 for the first quarter of 2005 compared to a loss of $1,169,000 for the same period last year. The increase over last year was due to lower volumes but was partially offset by higher selling prices. A loss incurred by the Da Vinci da Vinci Surgery A surgical robot for performing certain surgeries–eg, mitral valve repair and laparoscopic procedures–eg, cholecystectomy and gastric ulcer repair. See Laparoscopic surgery, Robotics, Surgical robot. Stone Craft operations also contributed to the increase over last year. Net income from the medical waste operations was essentially flat at $12,000 compared to $26,000 in the corresponding prior period. Overall, 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 decreased by $4,484,000 from $20,171,000 to $15,687,000 and the Company incurred an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. , before interest and other items, of $876,000 for the first quarter of 2005 compared to 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. of $3,504,000 for the same period in 2004. Operating results of Richvale York York, former name of Toronto, Canada York, Ont.: see Toronto, Ont., Canada. York, city, England York, city (1991 pop. 123,126) and district, North Yorkshire, N England, at the confluence of the Ouse and Foss rivers. Block Inc., in which the Company has a 38.2% equity interest, were also negative in the first quarter of 2005, reflecting the lower level of construction activity noted above. As a result, the Company recorded a loss of $6,000 in the first quarter of 2005 compared to income of $76,000 for the same period in 2004 in respect of this interest. Cash flow required for operating activities totaled $5,886,000 for the first quarter, an increase of $2,364,000 over the same period last year, due primarily to lower earnings. Purchases of property, plant and equipment included the initial payment of $813,000 on the new tumbling equipment which is scheduled to be delivered and installed in the Michigan Michigan (mĭsh`ĭgən), upper midwestern state of the United States. It consists of two peninsulas thrusting into the Great Lakes and has borders with Ohio and Indiana (S), Wisconsin (W), and the Canadian province of Ontario (N,E). concrete products plant during the second quarter. The Company received a cash dividend of $763,000 from Richvale York Block Inc. during the quarter. Operating bank advances increased by $5,258,000 during the quarter reflecting the seasonal nature of the Company's clay brick and concrete products operations. The Company also announced today that the Board of Directors declared a dividend of $0.10 per Class A Subordinate Voting Share and Class B Multiple Voting Share outstanding, payable on June June: see month. 30, 2005 to shareholders of record on June 15, 2005. Certain statements contained herein constitute "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ". Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different from any future result, performance or achievements expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by such forward-looking statements. Brampton Brick is Canada's second largest manufacturer of clay brick. Products are used for residential construction and for industrial, commercial and institutional building projects. Oaks Concrete Products Ltd., a 70% owned subsidiary, manufactures concrete paving stones, retaining walls and enviro en·vi·ro n. pl. en·vi·ros Informal An environmentalist. products and sells related accessory accessory, in criminal law, a person who, though not present at the commission of a crime, becomes a participator in the crime either before or after the fact of commission. products for residential use and for industrial, commercial and institutional building projects. Da Vinci Stone Craft Ltd., a 75% owned subsidiary of Oaks Concrete Products Ltd., manufactures fireplace fireplace Opening made in the base of a chimney to hold an open fire. The opening is framed, usually ornamentally, by a mantel (or mantelpiece). A medieval development that replaced the open central hearth for heating and cooking, the fireplace was sometimes large enough to surrounds and accessory products. Medical Waste Management Inc., a 65% owned subsidiary, operates a facility for the destruction of biomedical bi·o·med·i·cal adj. 1. Of or relating to biomedicine. 2. Of, relating to, or involving biological, medical, and physical sciences. and pharmaceutical waste, including the only commercially operated medical waste incinerator incinerator, furnace for burning refuse. The older and simpler kind of incinerator was a brick-lined cell with a metal grate over a lower ash pit, with one opening in the top or side for loading and another opening in the side for removing incombustible masses called in Ontario Ontario, city, United States Ontario, city (1990 pop. 133,179), San Bernardino co., S Calif., near Los Angeles, in a region of vineyards; inc. 1891. . Roxy Roxy tries to “save” immoral husband. [Am. Lit.: Roxy] See : Faithfulness Construction Co. Limited, an 80% owned subsidiary, provides trucking services to third parties in addition to transporting raw materials and finished products for the Company. The Company also holds a 38.2% interest in Richvale York Block Inc., the largest manufacturer of concrete block in Ontario. Selected Financial Information
(Unaudited) (thousands of dollars, except per share amounts)
---------------------------------------------------------------------
Three months ended
March 31
CONSOLIDATED STATEMENTS OF INCOME 2005 2004
---------------------------------------------------------------------
---------------------------------------------------------------------
Net sales $ 15,687 $ 20,171
Cost of sales, selling, general
and administrative expenses 13,879 14,024
Amortization 2,684 2,643
--------------------------
16,563 16,667
Operating income (loss) before the
undernoted items (876) 3,504
Interest on long-term debt (244) (239)
Other interest income (expense) 2 (58)
Equity income (loss) from Richvale
York Block Inc. (6) 76
Foreign currency exchange gain 4 11
Other income (expense) 10 (159)
--------------------------
(234) (369)
Income (loss) before income taxes (1,110) 3,135
(Provision for) recovery of income taxes 290 (1,316)
--------------------------
Income (loss) before non-controlling
interests (820) 1,819
Non-controlling interests 475 735
--------------------------
Net income (loss) for the period $ (345) $ 2,554
--------------------------
Net income (loss) per Class A and B share $ (0.03) $ 0.24
--------------------------
Weighted average Class A and B shares
outstanding (000's) 10,847 10,847
(Unaudited) (thousands of dollars)
---------------------------------------------------------------------
Three months ended
March 31
CONSOLIDATED STATEMENTS OF CASH FLOWS 2005 2004
---------------------------------------------------------------------
---------------------------------------------------------------------
Cash provided by (used for)
Operating activities
Net income (loss) for the period $ (345) $ 2,554
Items not affecting cash
Amortization 2,684 2,643
Future income taxes (975) (503)
Non-controlling interests (475) (735)
Equity (income) loss from Richvale York Block Inc. 6 (76)
Loss (gain) on disposal of property,
plant and equipment (12) 91
-------------------
883 3,974
Changes in non-cash operating items
Accounts receivable (2,086) (3,931)
Inventories (3,465) (3,229)
Accounts payable and accrued liabilities 344 332
Income taxes payable (net) (1,486) (471)
Other (76) (197)
-------------------
(6,769) (7,496)
Cash used for operations (5,886) (3,522)
Investing activities
Purchase of property, plant and equipment (1,747) (916)
Dividend from Richvale York Block Inc. 763 -
Proceeds from disposal of property, plant
and equipment 16 14
Net proceeds from sale of land - 86
-------------------
Cash used for investment (968) (816)
Financing activities
Increase in bank operating advances 5,258 4,975
Repayment of term loans (34) (32)
Payment of obligations under capital leases (538) (648)
-------------------
Cash provided by financing 4,686 4,295
Foreign exchange on cash held in foreign currency (1) 3
-------------------
Decrease in cash and cash equivalents (2,169) (40)
Cash and cash equivalents - Beginning of
the period 13,571 356
-------------------
Cash and cash equivalents - End of the period $ 11,402 $ 316
-------------------
(thousands of dollars) (Unaudited)
---------------------------------------------------------------------
March 31 December 31
CONSOLIDATED BALANCE SHEETS 2005 2004
---------------------------------------------------------------------
ASSETS
Current assets
Cash and cash equivalents $ 11,402 $ 13,571
Accounts receivable 11,333 9,227
Inventories 19,364 15,723
Income taxes recoverable 1,002 37
Other current assets 1,492 1,341
Future income taxes 26 36
--------------------------
44,619 39,935
Property, plant and equipment (net) 101,198 101,343
Other assets
Goodwill 27,241 27,193
Future income taxes 1,255 714
Other 11,760 12,530
-------------------------
40,256 40,437
--------------------------
$ 186,073 $ 181,715
LIABILITIES
Current liabilities
Bank operating advances $ 7,698 $ 2,440
Accounts payable and accrued liabilities 10,216 9,094
Income taxes payable 16 537
Long-term debt, current portion 1,557 1,827
--------------------------
19,487 13,898
Long-term debt, less current portion 16,290 16,442
Future income taxes 10,785 11,224
Asset retirement obligation 925 914
--------------------------
47,487 42,478
Non-controlling interests 13,619 14,066
SHAREHOLDERS' EQUITY 124,967 125,171
--------------------------
$ 186,073 $ 181,715
--------------------------
--------------------------
BRAMPTON BRICK LIMITED (TSX:BBL.SV.A) |
|
|||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion