Brunswick Technologies reports sales and earnings for fourth quarter and year end 1996.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)--March 4, 1997--Brunswick Technologies Inc. (Nasdaq: BTIC BTIC Baggage Tag Issuer Code (aviation) ) reports net revenue for the fourth quarter ended Dec. 31, 1996, reached a record $6,392,199, up from $4,442,798 a year ago. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. rose to $360,524 from $88,557, and net income increased to $200,124, or $.06 per share compared to $63,411, or $.02 per share in fourth quarter 1995. For the year 1996, net revenue increased to $19,815,711 from $15,476,424 in 1995. Operating income increased to $877,045 from $845,927, and net income was $593,397, or $.17 per share compared to $906,505, or $.26 per share in 1995. The company stated, when comparing annual earnings between 1995 and 1996, it is important to note that 1996 earnings were fully taxed. Additionally, in 1995, 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 recorded an income tax benefit of $121,900 as a result of recognized income tax loss carryforwards tax loss carryforward See carryforward. . When the income tax expense is normalized, 1995 earnings per share would be $.14 compared to $.17 per share for 1996. Martin Grimnes, chairman 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, "1996 was an extraordinary year for BTI. We experienced record sales growth, we acquired Advanced Textiles Inc., our second largest competitor, which helped to solidify so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. BTI's leading market position, we moved to a new state-of-the-art manufacturing facility, and we prepared for the initial public offering which was successfully completed on Feb. 10, 1997, netting the company approximately $14.3 million." Grimnes continued, "We are pleased with the company's strong fourth quarter performance and the accomplishments of last year, and plan to continue our leadership role in the industry." BTI is a leading developer and manufacturer of innovative engineered 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 fabrics. These materials are used in a variety of products ranging from ballistic bal·lis·tic adj. 1. a. Of or relating to the study of the dynamics of projectiles. b. Of or relating to the study of the internal action of firearms. 2. armor, boats and snowboards, to rail cars, marine pilings, bridges and offshore oil and gas production equipment.
Brunswick Technologies' financial highlights
Three months ended Dec. 31 1996 1995
Net revenue $ 6,392,199 $ 4,442,798
Operating income $ 360,524 $ 88,557
Income tax benefit (expense) $ (113,000) $ 8,900
Net income $ 200,124 $ 63,411
Net income per share $ 0.06 $ 0.02
Weighted average shares outstanding 3,499,252 3,465,222
Year ended Dec. 31 1996 1995
Net revenue $19,815,711 $15,476,424
Operating income $ 877,045 $ 845,927
Income tax benefit (expense) $ (335,000) $ 121,900
Net income $ 593,397 $ 906,505
Net income per share $ 0.17 $ 0.26
Weighted average shares outstanding 3,498,303 3,460,445
Note: The 1996 numbers include two months of Advanced Textiles Inc.
acquired on Oct. 30, 1996.
CONTACT: Brunswick Technologies Inc. Martin S. Grimnes 207/729-7792 |
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