Brampton Brick Reports Second 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. -- 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 net income of $6,450,000, or $0.59 per share, for the second quarter ended June June: see month. 30, 2005 compared to $6,999,000, or $0.65 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. 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 quarter increased by $2,446,000, or 7.0%, to $37,233,000 on the strength of higher volumes in all three business segments and higher average selling prices The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. in the clay brick and medical waste business segments. Average selling prices in the concrete products business segment were slightly lower than they were during the second quarter of 2004. Price increases in 2005 have not fully recouped all of the price discounts which were put into place on certain products in the third quarter of 2004. Higher manufacturing costs charged against operations, primarily in the clay brick business segment and which were caused by lower production volumes, resulted in a $469,000 decrease in 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. before other items from $10,573,000 for the second quarter of 2004 to $10,104,000 for the second quarter of 2005. An increase in the provision for income taxes also contributed to the decrease in net income for the quarter. During the second quarter of 2005, the Company began production of two new brick sizes. Introduction of these new sizes entailed trial production runs and installation and commissioning of new equipment at both the making and packaging stages of production. These factors contributed to an approximate ap·prox·i·mate v. To bring together, as cut edges of tissue. adj. 1. Relating to the contact surfaces, either proximal or distal, of two adjacent teeth; proximate. 2. Close together. 12% reduction in brick production volumes in the second quarter of 2005 compared to the same period of 2004. For the six months ended June 30, 2005 net income was $6,105,000, or $0.56 per share, compared to $9,553,000, or $0.88 per share, for the same period in 2004. The weighted average number of shares outstanding was 10,847,000 during both periods. Substantially lower brick shipments in the first quarter were due to generally poor weather conditions and a return to more traditional, seasonal building patterns. The lower brick shipments combined with repair and maintenance expenses pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to a scheduled kiln 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 in the first quarter, as well as underabsorbed fixed manufacturing expenses charged against operations due to lower production volumes during the shutdown, produced a $4,849,000 decrease in operating income before other items for the year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. . An increase in selling, general and administrative expenses also contributed to the decrease. Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses amounted to $4,499,000 for the second quarter of 2005 compared to $9,486,000 for the second quarter of last year. For the six months to June 30, 2005 operating activities consumed con·sume v. con·sumed, con·sum·ing, con·sumes v.tr. 1. To take in as food; eat or drink up. See Synonyms at eat. 2. a. cash resources of $1,387,000 compared to cash inflows of $5,964,000 for the same period last year. Lower earnings in 2005 and higher accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying caused by a significant increase in sales in June 2005 compared to June 2004, which will be collected during the third quarter, accounted for most of the variance The discrepancy between what a party to a lawsuit alleges will be proved in pleadings and what the party actually proves at trial. In Zoning law, an official permit to use property in a manner that departs from the way in which other property in the same locality between 2004 and 2005. Purchases of property, plant and equipment included amounts of $743,000 and $1,678,000 in the second quarter and year-to-date, respectively, for a new tumbling equipment system acquired for 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. The new equipment is expected to be in production approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. mid-August Noun 1. mid-August - the middle part of August period, period of time, time period - an amount of time; "a time period of 30 years"; "hastened the period of time of his recovery"; "Picasso's blue period" . The increases in bank operating advances for the second quarter and year-to-date reflected normal seasonal fluctuations, primarily in the concrete products business segment, plus the additional requirement this year to fund capital expenditures related to the installation of the new tumbling equipment system. A dividend payment of 10 cents per Class A Subordinate Voting Share and 10 cents per Class B Multiple Voting Share - $1,085,000 in the aggregate - was paid on June 30. The Board of Directors also approved the filing of a Notice of Intention to Make a Normal Course Issuer Bid with the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. which, conditional Subject to change; dependent upon or granted based on the occurrence of a future, uncertain event. A conditional payment is the payment of a debt or obligation contingent upon the performance of a certain specified act. upon approval being received, would allow the Company to buy back up to approximately 420,000 of its outstanding Class A Subordinate Voting Shares over the ensuing en·sue intr.v. en·sued, en·su·ing, en·sues 1. To follow as a consequence or result. See Synonyms at follow. 2. To take place subsequently. twelve month period. The Company believes that its shares have been trading in a price range which does not adequately reflect fair value in relation to current earnings and future business prospects. The Companies' current Normal Course Issuer Bid expires on August 9, 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 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 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, transports raw materials and finished products for the Company as well as providing trucking services to third parties. The Company also holds a 38.2% interest in 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., the largest manufacturer of concrete block in Ontario.
Selected Financial Information
(Unaudited) (thousands of dollars, except per share amounts)
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Three months ended Six months ended
CONSOLIDATED STATEMENTS June 30 June 30
OF INCOME 2005 2004 2005 2004
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Net sales $ 37,233 $ 34,787 $ 52,920 $ 54,958
Cost of sales, selling,
general and
administrative expenses 24,423 21,546 38,302 35,570
Amortization 2,706 2,668 5,390 5,311
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27,129 24,214 43,692 40,881
Operating income before
the undernoted items 10,104 10,573 9,228 14,077
Interest on long-term debt (268) (243) (512) (482)
Other interest expense (20) (64) (18) (122)
Equity income from
Richvale York Block Inc. 375 273 369 349
Foreign exchange gain 166 130 170 141
Other income (expense) (39) 225 (29) 66
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214 321 (20) (48)
Income before income taxes 10,318 10,894 9,208 14,029
Provision for income taxes
Current (3,043) (2,717) (3,728) (4,536)
Future (467) (581) 508 (78)
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(3,510) (3,298) (3,220) (4,614)
Income before
non-controlling interests 6,808 7,596 5,988 9,415
Non-controlling interests (358) (597) 117 138
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Net income for the period $ 6,450 $ 6,999 $ 6,105 $ 9,553
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Net income per Class
A and B share $ 0.59 $ 0.65 $ 0.56 $ 0.88
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Weighted average Class
A and B shares
outstanding (000's) 10,847 10,847 10,847 10,847
Selected Financial Information
(Unaudited) (thousands of dollars)
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Three months ended Six months ended
CONSOLIDATED STATEMENTS June 30 June 30
OF CASH FLOWS 2005 2004 2005 2004
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Cash provided by (used for)
Operating activities
Net income for the period $ 6,450 $ 6,999 $ 6,105 $ 9,553
Items not affecting cash
Amortization 2,706 2,668 5,390 5,311
Future income taxes 467 581 (508) 78
Non-controlling interests 358 597 (117) (138)
Equity income from Richvale
York Block Inc. (375) (273) (369) (349)
Unrealized foreign
exchange gain (63) - (63) -
(Gain) loss on disposal
of property, plant and
equipment (95) (78) (107) 13
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9,448 10,494 10,331 14,468
Changes in non-cash
operating items
Accounts receivable (11,320) (3,778) (13,406) (7,709)
Inventories 3,322 1,134 (143) (2,095)
Accounts payable and
accrued liabilities 2,297 (650) 2,641 (318)
Income taxes (net) 1,028 2,270 (458) 1,799
Other (276) 16 (352) (181)
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(4,949) (1,008) (11,718) (8,504)
Cash provided by
(used for) operations 4,499 9,486 (1,387) 5,964
Investing activities
Purchase of property,
plant and equipment (2,074) (1,007) (3,821) (1,923)
Dividend from Richvale
York Block Inc. - - 763 -
Increase in investment in
Oaks Concrete Products Ltd. - (3,844) - (3,844)
Proceeds from disposal of
property, plant and
equipment 287 722 303 736
Net proceeds from sale
of land - - - 86
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Cash used for investment (1,787) (4,129) (2,755) (4,945)
Financing activities
Increase (decrease) in
bank operating advances 872 (1,335) 6,130 3,640
Repayment of long-term debt (34) (32) (68) (64)
Payments on obligations
under capital leases (477) (789) (1,015) (1,437)
Repurchase of capital stock (2) - (2) -
Payment of dividend (1,085) - (1,085) -
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Cash provided by
(used for) financing (726) (2,156) 3,960 2,139
Foreign exchange on cash
held in foreign currency (6) 7 (7) 10
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Increase (decrease) in cash
and cash equivalents 1,980 3,208 (189) 3,168
Cash and cash equivalents
- Beginning of the period 11,402 316 13,571 356
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Cash and cash equivalents
- End of the period $ 13,382 $ 3,524 $ 13,382 $ 3,524
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Selected Financial Information
(thousands of dollars) (unaudited)
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June 30 December 31
CONSOLIDATED BALANCE SHEETS 2005 2004
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ASSETS
Current assets
Cash and cash equivalents $ 13,382 $ 13,571
Accounts receivable 22,621 9,227
Inventories 15,831 15,723
Income taxes recoverable 36 37
Other current assets 1,830 1,341
Future income taxes 14 36
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53,714 39,935
Property, plant and equipment (net) 103,064 101,343
Other assets
Goodwill 27,385 27,193
Investment in Richvale York Block Inc. 8,385 8,780
Future income taxes 1,051 714
Other 3,750 3,750
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40,571 40,437
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$ 197,349 $ 181,715
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LIABILITIES
Current liabilities
Bank operating advances $ 8,570 $ 2,440
Accounts payable and accrued liabilities 12,367 9,094
Income taxes payable 79 537
Long-term debt, current portion 1,602 1,827
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22,618 13,898
Long-term debt, less current portion 18,197 16,442
Future income taxes 11,020 11,224
Asset retirement obligation 936 914
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52,771 42,478
Non-controlling interests 14,040 14,066
SHAREHOLDERS' EQUITY 130,538 125,171
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$ 197,349 $ 181,715
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BRAMPTON BRICK LIMITED (TSX:BBL.SV.A) |
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