Brampton Brick Reports Third Quarter Results, Semi-Annual Dividend Declared.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 $4,781,000, or $0.44 per share, for the third quarter ended September September: see month. 30, 2005 compared to $4,894,000, or $0.45 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 $2,744,000, or 9.1%, to $33,051,000 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 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. The increase in average clay brick selling prices was due to a shift in product mix to a larger sized brick. Increases in the cost of sales, combined with increased shipping expenses and higher selling, general and administrative expenses, offset much of the increase in net sales. Consequently, gross margins were negatively affected. 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 interest and other items increased to $7,768,000 for the quarter from $7,628,000 for the third quarter of 2004. The Company incurred a foreign exchange loss of $871,000 for the quarter due to the impact of the strengthening of the Canadian dollar Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents versus the U.S. dollar. In the third quarter of 2004 the foreign exchange loss was $474,000. For the nine months ended September 30, 2005 net income was $10,886,000, or $1.00 per share, compared to $14,447,000, or $1.33 per share, for the same period in 2004. The weighted average number of shares outstanding was 10,847,000 during both periods. Net sales for the nine months to September 30, 2005 were $85,971,000 compared to $85,265,000 in 2004. Of the $3,561,000 decrease in net income to September 30, $2,899,000 occurred in the first quarter. 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 and substantially lower brick shipments due to poor weather conditions and a return to more traditional, seasonal building patterns resulted in a $2,572,000 decline in net income attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the clay brick business segment in the first quarter of 2005. In addition to the repair and maintenance expenses incurred in connection with the kiln shutdown, the reduction in production volumes during this period resulted in a much higher proportion of manufacturing costs being charged against operations. The loss incurred by the highly seasonal concrete products business segment was also higher in the first quarter of 2005 compared to the same period in 2004. 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 $15,630,000 for the third quarter of 2005 and $14,243,000 for the nine month period compared to $11,017,000 and $16,981,000, respectively, for the comparative periods in 2004. Higher collections of 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 in third quarter of 2005 were the result of much higher sales in the month of June June: see month. , 2005 compared to June, 2004. This 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 accounted for most of the increase in cash flow from operations for the quarter. For the nine month period, the negative impact of lower earnings was partially offset by a reduction in the net change in other non-cash operating items. Cash requirements for the purchase of property, plant and equipment totaled $1,675,000 for the third quarter compared to $826,000 for the third quarter of 2004. For the nine months ended September 30, 2005, purchases of property, plant and equipment totaled $5,496,000 compared to $2,749,000 for the same period last year. Included in these amounts for 2005 were the expenditures 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 the new automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. tumbling system equipment 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. Commercial production from this new equipment commenced in September. The decrease of $4,145,000 in bank operating advances for the third quarter reflected the normal seasonal fluctuation Fluctuation A price or interest rate change. , primarily in the concrete products business segment. The increase of $1,985,000 for the nine month period reflected the effect of lower cash flow from operations to date in 2005 compared to last year plus higher cash requirements for capital expenditures. The Company also announced today that the Board of Directors 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. a dividend of $0.10 per Class A Subordinate Voting Share and Class B Multiple Voting Share outstanding, payable on December December: see month. 31, 2005 to shareholders of record on December 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 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 Nine months ended
CONSOLIDATED STATEMENTS OF September 30 September 30
INCOME 2005 2004 2005 2004
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Net sales $ 33,051 $ 30,307 $ 85,971 $ 85,265
Cost of sales, selling,
general and
administrative expenses 22,692 19,924 60,994 55,494
Amortization 2,591 2,755 7,981 8,066
-------- -------- -------- -------
25,283 22,679 68,975 63,560
Operating income before the
undernoted items 7,768 7,628 16,996 21,705
Interest on long-term debt (225) (241) (737) (723)
Other interest income
(expense) 24 (15) 6 (137)
Equity income from Richvale
York Block Inc. 306 172 675 521
Foreign exchange loss (871) (474) (701) (333)
Other income (expense) (43) (47) (72) 19
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(809) (605) (829) (653)
Income before income taxes 6,959 7,023 16,167 21,052
(Provision for) recovery of
income taxes
Current (2,316) (2,181) (6,044) (6,717)
Future 96 132 604 54
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(2,220) (2,049) (5,440) (6,663)
Income before non-controlling
interests 4,739 4,974 10,727 14,389
Non-controlling interests 42 (80) 159 58
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Net income for the period $ 4,781 $ 4,894 $ 10,886 $ 14,447
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Net income per Class A and B
share $ 0.44 $ 0.45 $ 1.00 $ 1.33
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Weighted average Class A and B
shares outstanding (000's) 10,847 10,847 10,847 10,847
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Selected Financial Information
(Unaudited) (thousands of dollars)
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Three months ended Nine months ended
CONSOLIDATED STATEMENTS OF September 30 September 30
CASH FLOWS 2005 2004 2005 2004
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Cash provided by (used for)
Operating activities
Net income for the period $ 4,781 $ 4,894 $ 10,886 $ 14,447
Items not affecting cash
Amortization 2,591 2,755 7,981 8,066
Future income taxes (96) (132) (604) (54)
Non-controlling interests (42) 80 (159) (58)
Equity income from Richvale
York Block Inc. (306) (172) (675) (521)
Unrealized foreign exchange
gain (5) 1 (69) 1
Loss on disposal of
property, plant and
equipment 134 101 28 114
--------- --------- --------- --------
7,057 7,527 17,388 21,995
Changes in non-cash
operating items
Accounts receivable 5,688 2,625 (7,718) (5,084)
Inventories 2,072 1,824 1,929 (271)
Accounts payable and accrued
liabilities 284 (1,229) 2,925 (1,547)
Income taxes (net) 521 105 63 1,904
Other 8 165 (344) (16)
--------- --------- --------- --------
8,573 3,490 (3,145) (5,014)
Cash provided by operations 15,630 11,017 14,243 16,981
Investing activities
Purchase of property, plant
and equipment (1,675) (826) (5,496) (2,749)
Proceeds from disposal of
property,
plant and equipment 132 229 435 965
Dividend from Richvale York
Block Inc. - - 763 -
Increase in investment in
Oaks Concrete Products Ltd. - - - (3,844)
Net proceeds from sale of
land - - - 86
--------- --------- --------- --------
Cash used for investment (1,543) (597) (4,298) (5,542)
Financing activities
Increase (decrease) in bank
operating advances (4,145) (3,235) 1,985 405
Repayment of term loans (274) (33) (342) (97)
Payments on obligations
under capital leases (508) (475) (1,523) (1,912)
Repurchase of capital stock (13) - (15) -
Proceeds from exercise of
stock options 17 - 17 -
Payment of dividend - - (1,085) -
--------- --------- --------- --------
Cash used for financing (4,923) (3,743) (963) (1,604)
Foreign exchange on cash
held in foreign currency 11 (12) 4 (2)
--------- --------- --------- --------
Increase in cash and cash
equivalents 9,175 6,665 8,986 9,833
Cash and cash equivalents -
Beginning of the period 13,382 3,524 13,571 356
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Cash and cash equivalents -
End of the period $ 22,557 $ 10,189 $ 22,557 $ 10,189
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Selected Financial Information
(thousands of dollars) (unaudited)
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September 30 December 31
CONSOLIDATED BALANCE SHEETS 2005 2004
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ASSETS
Current assets
Cash and cash equivalents $ 22,557 $ 13,571
Accounts receivable 16,862 9,227
Inventories 13,490 15,723
Income taxes recoverable - 37
Other current assets 2,054 1,341
Future income taxes - 36
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54,963 39,935
Property, plant and equipment (net) 101,572 101,343
Other assets
Goodwill 26,757 27,193
Investment in Richvale York Block Inc. 8,692 8,780
Future income taxes 1,344 714
Other 3,750 3,750
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40,543 40,437
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$ 197,078 $ 181,715
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LIABILITIES
Current liabilities
Bank operating advances $ 4,425 $ 2,440
Accounts payable and accrued liabilities 12,380 9,094
Income taxes payable 564 537
Long-term debt, current portion 1,668 1,827
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19,037 13,898
Long-term debt, less current portion 17,326 16,442
Future income taxes 11,258 11,224
Asset retirement obligation 946 914
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48,567 42,478
Non-controlling interests 13,741 14,066
SHAREHOLDERS' EQUITY 134,770 125,171
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$ 197,078 $ 181,715
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Brampton Brick Limited (TSX:BBL.SV.A) |
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