Bridgeport Machines Reports Second Quarter Results.BRIDGEPORT, Conn.--(BUSINESS WIRE)--Nov. 4, 1997--Bridgeport Machines, Inc. (Nasdaq: BPTM BPTM Berkeley Predictive Technology Model ) today reported results for the fiscal 1998 second quarter in line with its previously announced expectations. For the fiscal 1998 second quarter ending September 27, 1997, 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 were $44,896,000 compared with $51,478,000 in the second quarter of fiscal 1997. The second quarter net loss was $757,000 or $0.13 per share, compared with net income of $1,609,000 or $0.28 per share, in the second quarter of fiscal 1997. The second quarter of fiscal 1997 included a one-time favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. pre-tax adjustment of $700,000 or $0.07 per share after-tax for a retroactive Having reference to things that happened in the past, prior to the occurrence of the act in question. A retroactive or retrospective law is one that takes away or impairs vested rights acquired under existing laws, creates new obligations, imposes new duties, or attaches a refund of import duties. Results for the second quarter of fiscal 1998 reflect a decline in sales in Europe offset somewhat by an increase in sales in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . The decline in European sales resulted from soft market conditions and higher selling prices of the Company's products due to the increase in the value of the British pound versus other European currencies. Dan L. Griffith, President and Chief Executive Officer, commented: "The decline in European sales levels is resulting in lower absorption of fixed costs fixed costs, n.pl the costs that do not change to meet fluctuations in enrollment or in use of services (e.g., salaries, rent, business license fees, and depreciation). in the Company's European manufacturing facilities. This, combined with our seasonally slow summer period when we take plant shutdowns, produced a loss in the quarter. The Company has reduced headcount in its European operations by 9%. The Company is preparing for the introduction of several new products in the European market by fiscal year end which will help to absorb fixed costs in the future." Mr. Griffith continued, "Backlog at the end of September was approximately $29.2 million of which $15.7 million related to European sales. While the Company has seen an increase in incoming orders in Europe recently, we do not anticipate that our European business will return to prior year levels in the near future. Over the longer term, we continue to believe that the Company's strategic focus on global markets and new product development will result in growth and improved profitability." Bridgeport Machines, Inc., founded in 1939, is a leading manufacturer of manual and computer numerically controlled (CNC (Computerized Numerical Control) See numerical control. CNC - Collaborative Networked Communication ) metal cutting machine tools in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and United Kingdom. The Company primarily focuses on standardized standardized pertaining to data that have been submitted to standardization procedures. standardized morbidity rate see morbidity rate. standardized mortality rate see mortality rate. , general-purpose machine See general-purpose computer. tools for small-to-medium sized machine shops throughout the United States and in 60 countries worldwide. The Company also manufactures and sells surface grinders A surface grinder is a machine tool used to provide precision ground surfaces, either to a critical size or for the surface finish. The typical precision of a surface grinder depends on the type and usage, however +/- 0.002 mm (+/- 0. under the Harig brand name and sells manual and CNC lathes under the ROMI ROMI Return on Marketing Investment ROMI Rule Out Myocardial Infarction ROMI Rekey Operator-Machine Interface , EZ-PATH and Power Path brand names. Safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for 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. : Except for historical information contained herein, certain statements in this release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward- looking statements involve known and unknown risks and uncertainties which may cause the Company's actual results in future periods to differ materially from forecasted results. Factors that could cause actual results to differ materially include, but are not limited to, the following: economic and other business conditions that may affect demand in the U.S. and European markets; the mix of products sold and the profit margins thereon there·on adv. 1. On or upon this, that, or it. 2. Archaic Following that immediately; thereupon. Adv. 1. thereon - on that; "text and commentary thereon" on it, on that ; order cancellations or reduced bookings by customers or distributors; and discounting necessitated by price competition. Those and other risks are described in the Company's filings with the Securities and Exchange Commission (SEC) over the last 12 months, copies of which are available from the SEC or may be obtained upon request from the Company. -0-
BRIDGEPORT MACHINES, INC.
STATEMENT OF OPERATIONS
(Amount in thousands, except per share)
QUARTER ENDED SIX MONTHS ENDED
9/27/97 9/28/96 9/27/97 9/28/96
Net Sales $ 44,896 $ 51,478 $ 99,442 $ 113,692
Cost of Sales 35,393 39,629 77,327 87,896
--------- --------- --------- ---------
Gross Profit 9,503 11,849 22,115 25,796
Selling, General
& Administrative
Expenses 9,653 8,603 18,932 17,559
--------- --------- --------- ---------
Operating Income
(Loss) (150) 3,246 3,183 8,237
--------- --------- --------- ---------
Other Income
(Expense) 176 (61) 46 91
Interest Income
(Expense) (657) (723) (1,301) (1,426)
--------- --------- --------- ---------
Total Other (481) (784) (1,255) (1,335)
--------- --------- --------- ---------
Income (Loss)
Before Income Taxes (631) 2,462 1,928 6,902
--------- --------- --------- ---------
Provision for
Income Taxes 126 853 1,184 2,568
--------- --------- --------- ---------
Net Income (Loss) ($ 757) $ 1,609 $ 744 $ 4,334
========= ========= ========= =========
Earnings (Loss)
per share ($ 0.13) $ 0.28 $ 0.13 $ 0.75
Weighted average
number of shares
outstanding 5,646 5,738 5,668 5,743
-0-
SELECTED BALANCE SHEET DATA
(In thousands)
9/27/97 3/29/97 9/28/96
Total Cash $ 5,475 $ 2,992 $ 6,442
Total Accounts
Receivable 33,046 38,691 42,914
Total Inventory 64,334 63,068 63,313
Total Current Assets 107,430 109,839 117,921
Total Assets 128,640 131,711 140,218
Total Current
Liabilities 58,767 60,143 71,027
Total Debt 28,792 30,334 37,969
Total Liabilities 63,359 66,125 78,627
Total Stockholders'
Equity 65,281 65,586 61,591
CONTACT: BRIDGEPORT MACHINES, INC. Dan L. Griffith Walter C. Lazarcheck 203/367-3651 |
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