Brunswick Technologies Reports Record Earnings and Revenues for Second Quarter and Six Months Ended June 30, 1998.BRUNSWICK Brunswick, cities, United States Brunswick. 1 City (1990 pop. 16,433), seat of Glynn co., SE Ga., on St. Simon's Sound near the Atlantic coast; laid out 1771–72, inc. 1856. It is a port of entry with numerous container docks. , Maine--(BUSINESS WIRE)--Aug. 11, 1998--Brunswick Technologies, Inc. (Nasdaq:BTIC BTIC Baggage Tag Issuer Code (aviation) ), a leading manufacturer and innovative developer of composite reinforcement reinforcement /re·in·force·ment/ (-in-fors´ment) in behavioral science, the presentation of a stimulus following a response that increases the frequency of subsequent responses, whether positive to desirable events, or materials, today reported record earnings and revenues for second quarter and six months ended June June: see month. 30, 1998. Second quarter revenues reached $10,968,000, up 36% over the same period last year. Net income for the quarter increased 16% to $518,000, or $.10 per fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, up from last year's second quarter of $446,000 or $.09 per share. Results for this quarter were calculated with 8% more shares outstanding than the prior year's quarter, and include the operations of BTI BTI Beverage Testing Institute BTI Boyce Thompson Institute BTI British American Tobacco (stock symbol) BTI Boston Theological Institute Bti Bacillus Thuringiensis Israelensis BTI BioTechnology Institute BTI Binding Tariff Information Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). , which was acquired in March, 1998.For the six months ended June 30, 1998, net income rose 28% to $936,000, or $.17 per fully diluted share compared to $732,000, or $.16 per share for the same period in 1997. Revenues for the first six months of 1998 grew to $20,015,000, up 30% or $4,610,000 over the first half of 1997. "BTI continued to achieve record growth and profits in the first half of 1998 and expects that this trend will continue for the balance of the year," stated Martin Grimnes, the company's 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. and Chairman. "We are even more encouraged with the strength of our base business, particularly marine conversions, which exceeded BTI expectations in a traditionally slow seasonal period for the industry. Also commenting on the quarter was Bill Dubay Dubay may refer to:
To make something easier to be endured. Mentioned in: Kinesiology, Applied this situation." Grimnes added, "Our European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. expansion strategy continues to deliver positive results. After an exceptional quarter, BTI Europe has a record backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. going into the third quarter, a historically slow period in Europe. We have been able to use our new European presence and distribution channels to develop new White Steel(R) projects across northern Europe." On the management front, BTI initiated the implementation of a state-of-the-art Enterprise Resource Planning See ERP. (application, business) Enterprise Resource Planning - (ERP) Any software system designed to support and automate the business processes of medium and large businesses. software system. North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. operations' financial reporting was successfully converted to the new system during the second quarter. Phil PHIL Philosophy Phil Philippine PHIL Philippians PHIL Philadelphia, PA, USA PHIL Public Health Image Library (US CDC) Harmon Harmon is a surname, and may refer to:
Maine, U.S. battleship destroyed (Feb. 15, 1898) in Havana harbor by an explosion that killed 260 men. The incident helped precipitate the Spanish-American War (Apr., 1898). Commanded by Capt. Charles Sigsbee, the ship had been sent (Jan. , has been promoted to Corporate Controller having joined the company more than 6 years ago. He has a B.S. in mechanical engineering and a MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration in finance. Elizabeth Dufresne, who recently joined the company, now holds his former position. She comes to this position with more than 8 years in manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. with Cooper Industries Cooper Industries NYSE: CBE is one of the oldest large companies in the United States, having been founded in 1833 as a partnership in Mount Vernon, Ohio. Incorporated in Ohio as The C. & G. , a well-known electrical component manufacturer in Maine. Dufresne has an engineering degree and a MBA. Matters discussed in this news release, including any discussion of or impact, expressed or implied, on the Company's anticipated operating results and future earnings per share contain 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. (identified by the words "estimate", "project", "plans", "believe", "expect" and similar expressions) that involve known and unknown risks and uncertainties. The Company's operating results may differ significantly from the results indicated by such forward-looking statements. Positive effects, and the timing thereof, resulting from the acquisition, are dependent upon the maintenance by Brunswick Technologies Europe of TTI's historical revenue and earnings, the Company's success in cross marketing products and the expansion of current markets. Brunswick Technologies Europe's success in marketing outside of the United Kingdom may be adversely affected by the valuation of the pound sterling versus other European currencies. Any plans to expand production, including any addition of manufacturing facilities (as to which the Company has no immediate plans), are dependent upon the growth in product acceptance and the Company" ability to obtain the necessary capital to build or acquire additional production facilities. Additionally, the Company's operating results may be adversely affected by many factors, including but not limited to competition from both composite and non-composite products, failures in marketing programs, the inability to assimilate as·sim·i·late v. 1. To consume and incorporate nutrients into the body after digestion. 2. To transform food into living tissue by the process of anabolism. TTI's business, special or unusual events and other events and other factors that may affect manufacturers in general. These and other risks are detailed from time to time in the Company's SEC reports, including the Company's Registration Statement on Form S-1 filed August 23, 1996, and its Form 10K for the year ended December 31, 1996. -0-
Brunswick Technologies, Inc.
Consolidated Statements of Income
(in thousands except earnings per share information)
Unaudited
Three Months Ended Six Months Ended Increase In $
-----------------
June 30 June 30 Three Six
1998 1997 1998 1997 Months Months
Net sales $10,968 $8,073 $20,015 $15,405 35.9% 29.9%
Cost of goods sold 8,444 5,872 15,299 11,320
Gross profit 2,524 2,201 4,716 4,085 14.7% 15.4%
23.0% 27.3% 23.6% 26.5%
Selling, general
and administrative
expenses 1,673 1,368 3,168 2,600
Research and
development
expenses 139 159 299 266
Operating income 712 674 1,249 1,219 5.7% 2.5%
----- ----- ----- -----
6.5% 8.3% 6.2% 7.9%
Other income
(expense)
Interest income 12 77 62 132
Interest expense (1) (98) (4) (260)
Miscelaneous, net 75 50 143 82
Income before
income taxes 798 703 1,450 1,173 13.5% 23.6%
----- ----- ----- -----
7.3% 8.7% 7.2% 7.6%
Income tax
expense 280 257 514 441
Net income $ 518 $ 446 $ 936 $ 732 16.2% 27.9%
----- ----- ----- -----
4.7% 5.5% 4.7% 4.8%
Preferred stock
dividend -- -- -- $ 48
Accretion of
preferred stock
redemption value -- -- -- 8
Net income
attributable to
common stock $ 518 $ 446 $ 936 $ 676 16.2% 38.5%
Basic:
Earnings per
share $ 0.10 $ 0.10 $ 0.18 $ 0.19 2.5% -4.4%
Weighted average
common shares
outstanding 5,161 4,551 5,156 3,607
Diluted:
Earnings per
share $ 0.10 $ 0.09 $ 0.17 $ 0.16 7.3% 9.1%
Weighted average
common shares
outstanding 5,445 5,029 5,456 4,655
Brunswick Technologies, Inc.
Consolidated Balance Sheets
(Thousands except share information)
June 30, December 31,
1998 1997
ASSETS
Current Assets:
(Unaudited)
Cash $ 430 $ 353
Marketable securities available for sale -- 6,607
Accounts receivable, net of allowance
for doubtful accounts of $101 in 1998
and $46 in 1997 5,904 2,909
Inventories 4,516 3,308
Deferred income taxes 179 179
Other current assets 290 354
Total current assets 11,319 13,710
Property, plant & equipment
Land and building 983 937
Furniture and fixtures 580 458
Leasehold Improvements 97 81
Machinery and equipment 8,366 6,375
Machine under contruction 794 231
Vehicles 92 92
Management Information System 312 102
------ ------
11,224 8,276
Less accumulated depreciation and amortization (2,380) (2,003)
Net property, plant and equipment 8,844 6,273
Due from shareholder 32 70
Investment in European Technology (net of
accumulated amortization of $50 in 1998) 2,186 --
Other assets (net of accumulated amortization
for patents of $4 and $1 in 1998 and 1997,
respectively) 84 124
Goodwill (net of accumulated amortization of
$458 and $322 in 1998 and 1997, respectively) 5,728 5,039
Total assets $ 28,193 $ 25,216
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Note payable to bank $ 143 $ --
Current installments of long-term debt 100 100
Due to stockholder 464 84
Accounts payable-trade 1,717 538
Accrued expenses 747 514
Income taxes payable 155 130
Total current liabilities 3,326 1,366
Long-term debt, excluding current
installments 253 253
Deferred income taxes 370 370
Shareholders' equity:
Preferred stock $10 par value:
1,000,000 authorized, none outstanding -- --
Common stock, $0.0001 par value;
20,000,000 shares authorized,
5,161,014 outstanding in 1998 and
5,146,606 outstanding in 1997 1 1
Additional paid in capital 24,749 24,715
Treasury stock at cost: 3,300 shares in
1998 and 1997 (5) (5)
Cummulative Translation Adjustment 47 --
Accumulated deficit (548) (1,484)
Total shareholders' equity 24,244 23,227
Total liabilities and shareholders'
equity (deficit) $ 28,193 $ 25,216
-0-
CONTACT: Lisa Sheprow, 207-729-7792
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