Breed reports eanrings, implements global strategies.LAKELAND Lakeland, resort city (1990 pop. 70,576), Polk co., central Fla., in the highland region; inc. 1885. It is an important processing and shipping center for a citrus-fruit and phosphate-mining region and is a retail trade center that serves a large area. , Fla.--(BUSINESS WIRE)--Oct. 29, 1996--BREED Technologies, Inc. (NYSE NYSE See: New York Stock Exchange :BDT BDT In currencies, this is the abbreviation for the Bangladesh Taka. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) announced first quarter earnings Tuesday during an aggressive global expansion and product development strategy. 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 first quarter of fiscal 1997 totaled $158.7 million, an increase of 71 percent over the company's sales of $92.6 million in the first quarter of fiscal 1996. The increase in sales is attributed to acquisitions completed within the last eight months. "BREED is setting the pace in the automotive industry's move toward providing Original Equipment Manufacturers high quality, reliable products through integrated systems," said Allen Al·len , Edgar 1892-1943. American anatomist who is noted for his studies of hormones and for the discovery (1923) of estrogen. K. Breed, Chairman and Chief Executive Officer. "Over the past year BREED has grown from an automotive crash sensor A device that measures or detects a real-world condition, such as motion, heat or light and converts the condition into an analog or digital representation. An optical sensor detects the intensity or brightness of light, or the intensity of red, green and blue for color systems. supplier to a full occupant occupant n. 1) someone living in a residence or using premises, as a tenant or owner. 2) a person who takes possession of real property or a thing which has no known owner, intending to gain ownership. (See: occupancy) protection systems and electronic sensing technologies supplier." During the past eight months, BREED acquired five companies, four of which were included in the results of this reporting period. The steering The process whereby builders, brokers, and rental property managers induce purchasers or lessees of real property to buy land or rent premises in neighborhoods composed of persons of the same race. wheel operations of United Technologies Automotive were acquired on Oct. 25, 1996. "These investments establish a solid foundation for long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. earnings growth, future sales and shareholder value by strengthening our global presence, expanding our product mix and providing a strong market share," said Breed. "Our subsidiaries strengthen in-house In-house In the context of general equities, keeping an activity within the firm. For example, rather than go to the marketplace and sell a security for a client to anyone, an attempt is made to find a buyer to complete the transaction with the firm. capabilities and broaden the appeal of our already competitive advantage as a single source supplier." The company reported earnings per share of $0.25 for the first quarter and net earnings of $7.8 million. First quarter earnings include expenditures related to start-up Start-up The earliest stage of a new business venture. of new manufacturing facilities, costs associated with consolidation efforts, increases in research and development expenses and new product development. The research and development expenditures are related to BREED's next generation products, which include side-impact and driver side inflators, integrated steering wheels with multi-function controls, sensing diagnostic modules, occupant sensing technologies and intelligent airbag restraint systems. The company's margins were affected by a shift in product mix, reflecting a change from fiscal 1996 first quarter earnings per share of 40 cents. "We are intensively focusing on our mission to be the preferred worldwide supplier of occupant protection systems and sensing technology by providing products and services that will exceed our customer's expectations," concluded Breed. "We will continue to build our future through aggressive global expansion, increased research and development investments, state-of-the-art facilities and new product development." Headquartered in Lakeland, Fla., BREED is a full automotive occupant safety system supplier providing the global automotive market with research and development, engineering, testing and manufacturing capabilities in 47 global facilities. Information about BREED and its products is available 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 http:\\www.breedtech.com. -0-
BREED TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
(In thousands, except earnings per share)
Three Months Ended
September 30,
1996 1995
Net sales $158,671 $92,601
Cost of sales 117,023 57,739
Gross profit 41,648 34,862
Percent of sales 26.2% 37.6%
Operating expenses
Selling, general and administrative 15,465 9,357
Percent of sales 9.7% 10.1%
Research and development 7,973 5,652
Percent of sales 5.0% 6.1%
Total operating expenses 23,438 15,009
Percent of sales 14.8% 16.2%
Operating income 18,210 19,853
Other income (expense)
Royalty income, net (197) 1,014
Interest income 239 388
Interest expense (4,447) (336)
Other, net (659) (318)
Other income (expense), net (5,064) 748
Earnings before taxes 13,146 20,601
Income taxes 5,300 8,000
Net earnings $7,846 $12,601
Earnings per share $0.25 $0.40
Average shares outstanding 31,628 31,514
NOTE TO EDITORS: In the World Wide Web address noted in this news release, there is a double slash between http: and www.breedtech.com. These symbols may not appear properly in some systems. CONTACT: BREED Technologies Inc., Lakeland Media Relations Lisa Spinazzola, 941/668-6464 or Investor Relations Investor relations The process by which the corporation communicates with its investors. Bob Fincher, 941/668-6049 |
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