Brown Jordan International Reports Third Quarter Results.Business Editors POMPANO BEACH Pompano Beach (pŏm`pənō), city (1990 pop. 72,411), Broward co., SE Fla., on the Atlantic coast and the Intracoastal Waterway; inc. 1908. It is a resort city with ocean beaches, excellent fishing, and a harness-racing track. , Fla.--(BUSINESS WIRE)--Nov. 3, 2003 Brown Jordan International, Inc. ("BJI BJI Bemidji, MN, USA - Bemidji Municipal Airport (Airport Code) " or "the Company"), the premier designer, manufacturer and marketer of luxury outdoor and contract furnishings, announced its third quarter 2003 results today. BJI narrowed its net loss to $1.0 million for the quarter ended September 26, 2003, compared to a loss of $2.5 million for the same period of the prior year, in what is typically the weakest quarter for the Company. The improvement was driven by a 4.5% increase in 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 to $54.8 million for the quarter ended September 26, 2003, up from $52.5 million for the same period of 2002 and an overall decrease in operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. for the quarter. Consolidated sales for the nine months ended September 26, 2003, were $247.5 million, compared to $251.7 million for the same period of the prior year. The Company reported a net loss of $0.8 million for the nine months ended September 26, 2003, compared to a net loss of $198.3 million for the same period of 2002. The loss for the nine months ended September 27, 2002 includes an impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. transition adjustment of $201.2 million, net of tax, resulting from the Company's adoption of Statement of Financial Accounting Standards No. 142, "Goodwill and Other Intangible Assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. ." EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become , as defined in the table below, was $8.7 million for the three months ended September 26, 2003, compared to EBITDA of $5.4 million for same period of 2002, an increase of 62%. EBITDA for the nine months ended September 26, 2003, was $30.2 million, compared to $33.8 million for the same period of the prior year. Bruce R. Albertson, BJI's 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. , stated, "We are very pleased with the third quarter results and our ability to increase EBITDA by 62%, and sales by 4.5% over the third quarter of 2002. In addition, the sales growth in the second and third quarters has nearly erased the negative impact of adverse weather conditions in the first quarter, which was down 18% compared to the prior year. "The Contract Sales Channel experienced a decline in net sales for the third quarter of 2003 due to the timing of shipments. However, orders received during the quarter were actually up 23% compared to the same period of the prior year and the backlog at the end of the quarter was up 43% compared to 2002."
($000's) Three Months Ended Nine Months Ended
------------------- ---------------------
Sept. 26, Sept. 27, Sept. 26, Sept. 27,
2003 2002 2003 2002
Net loss $(981) $(2,485) $(771) $(199,080)
Interest expense 8,027 7,876 25,592 24,404
(Benefit) provision for
income taxes (354) (1,613) (207) 1,406
Depreciation expense 933 935 2,783 2,974
Amortization expense 686 697 2,162 2,092
Loss on sale of assets 106 (8) 283 733
Other 318 318
Cumulative effect of
change in accounting
principle, net - - - 201,247
--------- --------- ---------- ----------
EBITDA (1) $8,735 $5,402 $30,160 $33,776
========= ========= ========== ==========
(1) EBITDA is defined as net loss plus interest expense, (benefit)
provision for income taxes, depreciation expense, amortization
expense, loss on sale of assets, other and cumulative effect of
change in accounting principle added back. EBITDA is a measure used
by the Company's senior lenders to monitor financial performance.
About Brown Jordan International Brown Jordan International, Inc. designs, manufactures and markets retail and contract furnishings under the brand names Brown Jordan, Tommy Bahama Tommy Bahama is a licensed line of clothing that markets high-end tropical-themed wear amongst other clothing and household goods. The company sells these products through its own chain of retail outlets in Canada and the United States, and through other retailers. , Pompeii, Winston, Vineyard, Molla, Tradewinds, Stuart Clark Stuart Rupert Clark (born 28 September 1975, Sutherland, New South Wales) is an Australian Test cricketer who plays for the New South Wales Blues and Hampshire. He bowls right-arm fast medium deliveries. , Werner Woods, Casual Living, Loewenstein, Charter, Lodging by Charter, Woodsmiths, Wabash Valley The Wabash Valley is a region with parts in both Illinois and Indiana. It is named for the Wabash River and spans the middle to the middle-lower portion of the river and is centered at Terre Haute, Indiana. The term Wabash Valley is frequently used in local media. , Texacraft, and Tropic Craft. Brown Jordan International's corporate office is located in Pompano Beach, Florida Pompano Beach is a city in Broward County, Florida, along the coast of the Atlantic Ocean just to the north of Fort Lauderdale. The Nearby Hillsboro Inlet forms part of the Atlantic Intracoastal Waterway. As of 2006, the U.S. with offices and manufacturing facilities located both domestically and internationally. Brown Jordan International, Inc. is an affiliate of Trivest Partners, L.P., a private investment firm, which is a leading provider of equity for middle market corporate acquisitions, recapitalizations and growth capital financings. Since its founding in 1981, Trivest has sponsored more than 115 acquisitions and recapitalizations, totaling approximately $2.0 billion in value. Trivest recently closed its third institutional investment fund, Trivest Fund III, L.P., with $316.1 million in total commitments. For more information, please visit http://www.trivest.com. This release contains 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. , which are subject to assumptions, risks and other uncertainties that could cause our actual future results to differ materially from those expressed or implied by the forward-looking statements. Please refer to our SEC filings for a discussion of certain assumptions, risks and other uncertainties. The Company's annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. is available on line at www.sec.gov under "Search for Company Filings." The file number is 033-85476. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion