Brass Eagle Announces Second Quarter Results; EPS in Line With Analysts' Expectations.ROGERS, Ark.--(BUSINESS WIRE)--July 29, 1999-- Brass Eagle Inc. (Nasdaq: XTRM XTRM Extreme ) the worldwide leader in the manufacturing, marketing and distribution of paintball paintball Sports medicine A sport in which marble-sized gelatin capsules filled with a nontoxic dye are shot at speeds of 300 kph/200 mph Warning: products today reported earnings for the second quarter and six months ended June June: see month. 30, 1999. 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 fell 10.7% to $17,416,000 for the second quarter ended June 30, 1999, versus $19,497,000 for the same period last year. As reported on July July: see month. 6th, the decrease in sales was primarily due to a shift in the timing of product expansions at certain retailers. Additionally, last year's second quarter included significant new store stocking orders. Net income for the three months ended June 30, 1999 rose 10.5% to $2,832,000, compared to $2,564,000 in the second quarter of 1998 and fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of increased 12.1% to $0.37, versus fully-diluted earnings per share of $0.33 during the same period. For the six month period ended June 30, 1999, net sales increased 3.6% to $36,420,000 versus $35,155,000 for the same period last year. Net income for the first six months of fiscal 1999 rose 31.5% to $5,062,000, compared to $3,849,000 in the first six months of fiscal of 1998 and fully diluted earnings per share increased 32.0% to $0.66, versus fully-diluted earnings per share of $0.50 during the corresponding period a year ago. Lynn Scott Lynn Scott (born June 23, 1977 in Turpin, Oklahoma) is a former American football safety for the Dallas Cowboys of the NFL. He was signed by the Cowboys in 2001 as an undrafted free agent out of Northwestern Oklahoma State University. , President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , commented, "As we stated in our July 6 announcement, we believe that Brass Eagle is well-positioned to continue to achieve solid growth across our customer base and benefit from the projected industry growth. We dominate a market that is expected to grow 20%-30% over the next few years, which combined with our proven operating and growth strategies, bodes well for our Company." "As we look ahead, we are encouraged by our solid position in the rapidly expanding paintball market. Specifically, we have excellent relationships across our retail customer base; we are continually con·tin·u·al adj. 1. Recurring regularly or frequently: the continual need to pay the mortgage. 2. broadening broad·en tr. & intr.v. broad·ened, broad·en·ing, broad·ens To make or become broad or broader. broad and strengthening our offerings; and finally, Brass Eagle's products appeal to the growing youth demographic See demographics. , which has tremendous spending power The power of legislatures to tax and spend. Spending power is conferred to state and federal legislatures through their constitution. Judicial Review of legislative spending varies from state to state, but the law of federal spending informs courts in all states. ." Brass Eagle is unique in providing a full line of paintball markers  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. and 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 from beginner through competition level. The Company is the dominant supplier of products for this rapidly growing sport. For more information, please call Chad Chad (chăd, chäd), Fr. Tchad, officially Republic of Chad, republic (2005 est. pop. 9,826,000), 495,752 sq mi (1,284,000 sq km), N central Africa. Jacobs, Integrated Corporate Relations, Inc., at 203-222-9013 or send faxes to 203-222-9372
BRASS EAGLE INC.
CONDENSED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
----------------------------------------------------
1999 1998 1999 1998
---- ---- ---- ----
NET SALES $ 17,416 $ 19,497 $ 36,420 $ 35,155
COST OF SALES 9,670 12,196 21,278 22,449
----- ------ ------ ------
GROSS PROFIT 7,746 7,301 15,142 12,706
OPERATING
EXPENSES 3,359 3,234 7,164 6,698
OPERATING ----- ----- ----- -----
INCOME 4,387 4,067 7,978 6,008
INTEREST
INCOME /
(EXPENSE) 55 90 120 231
-- -- --- ---
INCOME BEFORE
INCOME TAXES 4,442 4,157 8,098 6,239
PROVISION FOR INCOME
TAXES 1,610 1,593 3,036 2,390
----- ----- ----- -----
NET INCOME $ 2,832 $ 2,564 $ 5,062 $ 3,849
===== ===== ===== =====
NET INCOME PER SHARE
BASIC 0.39 0.35 0.70 0.53
DILUTED 0.37 0.33 0.66 0.50
WEIGHTED AVERAGE SHARES
OUTSTANDING
BASIC 7,246,434 7,240,756 7,245,739 7,236,793
DILUTED 7,730,061 7,683,310 7,709,827 7,682,299
BRASS EAGLE INC.
CONDENSED BALANCE SHEETS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
JUNE 30, DECEMBER 31,
1999 1998
----------------------------
(unaudited)
ASSETS
CURRENT ASSETS
CASH & INVESTMENTS $ 2,943 $ 6,836
ACCOUNTS RECEIVABLE-LESS ALLOWANCE FOR
DOUBTFUL ACCOUNTS OF $457 IN 1999 AND
$479 IN 1998 18,234 18,271
INVENTORIES 12,354 5,607
PREPAID EXPENSES AND OTHER CURRENT ASSETS 2,934 2,829
----- -----
TOTAL CURRENT ASSETS 36,465 33,543
PROPERTY AND EQUIPMENT, NET 7,375 5,337
OTHER ASSETS
INTANGIBLE ASSETS, NET 6,884 2,550
===== =====
$50,724 $41,430
====== ======
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
ACCOUNTS PAYABLE 6,384 2,772
ACCRUED EXPENSES 4,579 4,171
----- -----
TOTAL CURRENT LIABILITIES 10,963 6,943
DEFERRED INCOME TAXES 350 213
STOCKHOLDERS' EQUITY
COMMON STOCK, $.01 PAR VALUE,
10,000,000 SHARES AUTHORIZED,
ISSUED AND OUTSTANDING
7,248,055 IN 1999, AND
7,241,951 IN 1998 72 72
ADDITIONAL PAID-IN CAPITAL 25,742 25,667
RETAINED EARNINGS 13,597 8,535
------ ------
39,411 34,274
------ ------
$50,724 $41,430
====== ======
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion