Brush Engineered Materials Inc. Reports Third Quarter Sales of $135.6 Million, up 8% Compared to Prior Year; Third Quarter EPS $0.20.CLEVELAND Cleveland, former county, England Cleveland, former county, NE England, created under the Local Government Act of 1972 (effective 1974). It was composed of the county boroughs of Hartlepool and Teeside and parts of the former counties of Durham and -- Brush Engineered Materials Brush Engineered Materials Inc. is a multinational company specializing in high performance engineered materials emphasizing the qualities of strength, reliability, miniaturization and weight savings, thermal dissipation, electrical conductivity and reflectivity. Inc. (NYSE NYSE See: New York Stock Exchange :BW) today reported that third quarter sales were $135.6 million, up $9.8 million or 8% compared to the third quarter 2004 sales of $125.8 million. Net income for the quarter was $3.9 million, up 14% compared to the prior year. Earnings per share were $0.20 compared to $0.18 for the same quarter of the prior year. The stronger sales for the third quarter were driven by continued strength in the product applications that the Company serves in the magnetic media, wireless photonics photonics, the science and technology based on and concerned with the controlled flow of photons, or light particles. It is the optical equivalent of electronics, and the two technologies coexist in such innovations as optoelectronic integrated circuits. , handset The part of the telephone that contains the speaker and the microphone. On a desktop phone, the part you hold in your hand is the handset. On a cellphone, the entire phone is the handset. See multihandset cordless and headset. , semiconductor and industrial component market segments. The strength in these areas was offset in part by continued weakness in the Company's product applications in the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. infrastructure, computer, automotive, and defense markets. Approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. one fourth of the year-over-year sales increase is related to higher precious and base metal prices that the Company has been able to pass on to customers. The third quarter was the eleventh In music or music theory an eleventh is the note eleven scale degrees from the root of a chord and also the interval between the root and the eleventh. Since there are only seven degrees in a diatonic scale the eleventh degree is the same as the subdominant and the interval consecutive quarter where sales were higher than the comparable quarter of the prior year. While earnings for the third quarter improved when compared to the prior year, results were negatively affected by significantly higher material costs, especially copper, as well as an unfavorable product mix. During the quarter copper prices increased by approximately 17% and negatively affected earnings by approximately $0.8 million. The Company can only pass through to customers a portion of the higher copper cost. This, along with the weaker mix and higher costs of other materials, combined to drive the Company's gross margin down 2.0 points compared to the third quarter of the prior year. For the first nine months, the Company reported net income of $13.7 million or $0.71 per share 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. on sales of $400.6 million. This compares to net income of $13.8 million or $0.77 per share diluted on sales of $380.3 million for the first nine months of 2004. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. sales were 5% higher than the same period in 2004. Metal prices passed on to customers and exchange rates accounted for approximately one third of the sales increase. Gross margin as a percent of sales was 21%, down 1.6 points compared to the same period last year. Higher copper prices have negatively impacted earnings by approximately $2.0 million on a year-to-date basis. BUSINESS SEGMENT REPORTING Business segment reporting Reporting the results of the separate divisions or subsidiaries of a business. Metal Systems Group The Metal Systems Group consists of Alloy alloy (ăl`oi, əloi`) [O. Fr.,=combine], substance with metallic properties that consists of a metal fused with one or more metals or nonmetals. Products, Technical Materials, Inc. (TMI TMI Too Much Information TMI Three Mile Island TMI TRMM Microwave Imager TMI Transactions on Medical Imaging TMI Texas Military Institute TMI Teen Missions International TMI Tauber Manufacturing Institute ), Beryllium beryllium (bərĭl`ēəm) [from beryl ], metallic chemical element; symbol Be; at. no. 4; at. wt. 9.01218; m.p. about 1,278°C;; b.p. 2,970°C; (estimated); sp. gr. 1.85 at 20°C;; valence +2. Products and Brush brush a bushy tail in dogs. brush Cytology A disposible with synthetic 'whiskers', used to scrape cells from mucosal surfaces. See Endocervical brush. Resources Inc. The Metal Systems Group now includes Brush Resources Inc., our Utah mine and mill, which previously was classified in Other. This reclassification Reclassification The process of changing the class of mutual funds once certain requirements have been met. These requirements are generally placed on load mutual funds. Reclassification is not considered to be a taxable event. better reflects how the operations are now managed. Brush Resources produces beryllium hydroxide Beryllium hydroxide is one of the few amphoteric metal hydroxides, capable of being an acid or a base under different conditions. For example, it dissolves in sodium hydroxide solution to give a colourless solution of sodium beryllate: 2NaOH(aq) + Be(OH)2 , a raw material input for our beryllium businesses and for sale to an external customer. Prior year results have been adjusted to reflect the change. The Metal Systems Group's third quarter sales were $73.8 million, down 4% compared to the third quarter of 2004 sales of $76.7 million. For the first nine months, sales were $231.7 million, up approximately 1% compared to $229.8 million in the prior year. The third quarter operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. was $0.2 million, about flat with the third quarter 2004 operating profit of $0.3 million. Operating profit for the first nine months was $6.3 million, up 12% compared to the same period of last year. Alloy Products' third quarter sales were up 5% to $51.5 million from $48.9 million in the prior year. Approximately 35% of the third quarter sales increase was due to higher copper prices which were passed through to customers. Third quarter sales of Alloy strip products were negatively affected by the normal domestic and European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. seasonal factors. In addition, demand for our strip products in the telecommunications infrastructure, computer and U.S. automotive electronics markets remained weak throughout the third quarter and as a result, Alloy strip product sales were flat year over year. The softness in these markets was offset in part by the continued progress in the sale of new products targeted for applications in the industrial components markets which include oil and gas, aerospace and heavy equipment. New product sales helped drive Alloy bulk products' revenue up 17% in the third quarter. Alloy Products' margins were negatively impacted by higher copper prices, product mix and the third quarter seasonal factors. Alloy Products year to date sales were $155.1 million which compares to $156.1 million in the prior year. The year to date comparison is negatively affected by the strong demand that existed in the earlier quarters of the prior year which was in part driven by customer inventory builds. TMI's third quarter sales of $11.8 million were 16% below the third quarter 2004 sales of $14.1 million. Year-to-date sales were $37.1 million, down 13% from the same period last year. TMI's lower sales are a direct result of the continued weakness for their products in their two largest markets, U.S. automotive electronics and telecommunications. Beryllium Products' third quarter sales of $8.0 million were 11% lower than the third quarter 2004 sales. For the first nine months of the year, sales increased 28% to $33.9 million compared to the same period in 2004. The strong year-to-date sales increase was driven by shipments of materials for the NASA NASA: see National Aeronautics and Space Administration. NASA in full National Aeronautics and Space Administration Independent U.S. James Webb Space Telescope This article or section documents a scheduled or expected spaceflight. Details may change as the launch date approaches or more information becomes available. program. The third quarter sales were negatively impacted by the continuing delay in defense spending for the new programs that include our materials. Brush Resources had sales in the third quarter of $2.5 million compared to $4.7 million for the third quarter of 2004. For the first nine month of the year sales were $5.7 million, up 21% compared to the same period last year. Microelectronics microelectronics, branch of electronic technology devoted to the design and development of extremely small electronic devices that consume very little electric power. Group The Microelectronics Group includes Williams Advanced Materials Advanced Materials is a leading peer-reviewed materials science journal published every two weeks. Advanced Materials includes Communications, Reviews, and Feature Articles from the cutting edge of materials science, including topics in chemistry, physics, Inc. (WAM WAM - Intermediate language for compiled Prolog, used by the Warren Abstract Machine. "An Abstract Prolog Instruction Set", D.H.D. Warren, TR 309, SRI 1983. ) and Electronic Products. The Microelectronics Group's sales for the third quarter of 2005 were $61.9 million, up 26% compared to $49.0 million in the third quarter of 2004. Sales for the first nine months were $168.9 million, 12% higher than 2004 year-to-date sales of $150.5 million. Operating profit for the third quarter was $5.7 million, up 46% compared to $3.9 million for the third quarter of 2004. Operating profit year to date is $14.1 million, about flat with the same period last year due to new product development costs and an unfavorable mix shift driven by a decline in U.S. automotive and telecommunications infrastructure product shipments. WAM's third quarter sales were up 34% to $55.6 million compared to $41.5 million for the prior year. Year-to-date, WAM grew 18% to $149.6 million compared to $127.0 million in the prior year. Metal prices that were passed through to customers accounted for 11% of the sales increase for the third quarter and 17% year to date. The sales growth in the third quarter and first nine months of the year is due to the strength of new applications in the magnetic data storage, wireless photonics, handset and semiconductor markets. This strength is expected to continue through the fourth quarter. WAM continued to expand its reach in Asia and 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). to better serve its customer base and also
recently completed the acquisition of Thin Film Technology Inc. (TFT (Thin Film Transistor) The term typically refers to active matrix screens on laptop computers. Active matrix LCD provides a sharper screen display and broader viewing angle than does passive matrix. See LCD and thin film. TFT - Thin Film transistor ) located in Buellton, California Buellton is a city in Santa Barbara County, California, United States. The city of Buellton is one of the communities that make up the Santa Ynez Valley. The population was 3,828 at the 2000 census. . TFT is a provider of precision optical coatings An optical coating is a process of placing thin layer of material on an optical component such as a lens or mirror which alters the way in which the optic reflects and transmits light. , photo lithography lithography (lĭthŏg`rəfē), type of planographic or surface printing. It is distinguished from letterpress (relief) printing and from intaglio printing (in which the design is cut or etched into the plate). , thin film hybrid circuits A circuit that contains different types of circuitry or chips. See mixed signal and hybrid microcircuit. , and specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. thin film coatings and services for the defense, medical and other growing commercial markets. Electronic Products' third quarter 2005 sales were $6.3 million and first nine months sales were $19.3 million down 17% as compared to the third quarter and first nine months of 2004 due to weaker conditions in U.S. automotive, telecommunications infrastructure and defense. OUTLOOK The overall outlook in the Company's major markets is largely unchanged. While some improvement has been experienced, the weakness reported earlier in the Company's larger markets, telecommunications infrastructure, computer and automotive electronics continued through the third quarter. The softness in demand for the Company's products in these markets continues to be offset by strength and ongoing growth for the Company's materials and new products in the magnetic media, wireless photonic Dealing with light (photons). See photon and photonics. , handset, semiconductor and industrial components markets. While the Company's sales outlook, including mix, is somewhat improved from earlier estimates, other factors are now adversely affecting the earnings outlook. Operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: for the third and fourth quarter 2005 had been expected to be consistent with the prior year. However, raw material price increases, primarily copper, as well as unfavorable mix and higher energy costs have driven gross margins down by approximately three percentage points thus far in 2005. The Company had previously reported that it expected sales growth for the full year to be in the 4% to 8% range. The Company now believes that sales growth for the year will be in the mid to high end of that range. Although lead times are short and forecasting in this market environment continues to be difficult, the Company currently expects fourth quarter sales to be 8% to 12% ahead of the prior year and in the range of $125.0 to $130.0 million. In the fourth quarter of 2004, the Company shipped approximately $4.8 million of optical mirror material for NASA's James Webb Space Telescope program. Excluding the Webb business from the year-to-year comparisons, the expected fourth quarter growth in the remainder of the Company's markets is in the range of 13% to 17% The Company is taking actions to help mitigate mit·i·gate v. To moderate in force or intensity. mit  i·ga tion n. the margin and
profit impact of the higher material and energy costs. These include
selling price increases, the implementation of energy and commodity
surcharges and reductions in other costs. These actions are expected to
favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. affect margins as the fourth quarter progresses. Fourth Quarter gross margins are currently expected to improve by up to 1.0 percentage point compared to the third quarter gross margin of 19.1%. Additional benefit is expected in subsequent quarters as these actions become fully implemented. The Company also continues to make good progress with its initiatives to broaden and diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. its base and expand geographically ge·o·graph·ic also ge·o·graph·i·cal adj. 1. Of or relating to geography. 2. Concerning the topography of a specific region. ge which, when coupled with the continued development and introduction of new products, will continue to enhance overall growth in the fourth quarter and in 2006. CHAIRMAN'S COMMENTS Commenting on the results, Gordon Gordon, river in W Tasmania, Australia, 125 mi (200 km) long. Flowing from mountains to the W coast, its main tributaries are the Franklin and Denison from the N, and Serpentine and Olga to the S. D. Harnett, 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. , stated, "I am pleased that sales growth exceeded our expectations for the third quarter. This is the eleventh consecutive quarter where sales were higher than the previous year's performance. Our marketing efforts and new product development are enhancing our growth opportunities. I am, however, disappointed in the earnings performance in the third quarter. We have taken several steps to improve our earnings leverage going forward. We remain disciplined in our strategy and committed to our growth initiatives." 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. Portions of the content set forth in this document that are not statements of historical or current facts are forward-looking statements. The Company's actual future performance, including performance in the near term, may materially differ from that contemplated by the forward-looking statements as a result of a variety of factors. These factors include, in addition to those mentioned elsewhere herein: --The global economy; --The condition of the markets the Company serves, whether defined geographically or by segment, with the major market segments being telecommunications and computer, automotive electronic, magnetic and optical data storage, aerospace and defense, industrial components, and appliance A stand-alone hardware device or software environment dedicated to a specific task. See hardware appliance and software appliance. ; --The successful development and introduction of new products and applications; --Actual sales, operating rates Operating rate The percentage of total production capacity of a company, industry, or country that is being used. operating rate The portion of capacity at which a business operates. and margins in the fourth quarter 2005 and for the full year of 2005; --Changes in product mix and the financial condition of key customers; --The Company's success in implementing its strategic plans and the timely and successful completion of any capital projects; --Other financial factors, including cost and availability of materials, interest rates, exchange rates, tax rates, pension costs, energy costs, regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. compliance cost and the cost and availability of insurance; --Changes in government regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. and the enactment of any new legislation that impacts the Company's obligations; --The uncertainties related to the impact of war and terrorist activities; and --The conclusion of pending litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. matters in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the Company's expectation that there will be no material adverse effects. Brush Engineered Materials Inc. is headquartered in Cleveland, Ohio "Cleveland" redirects here. For the Cleveland metropolitan area, see . For other uses, see Cleveland (disambiguation). Cleveland is a city in the U.S. state of Ohio and the county seat of Cuyahoga County, the most populous county in the state. . The Company, through its wholly-owned subsidiaries, supplies worldwide markets with beryllium products, alloy products, electronic products, precious metal products, and engineered material systems.
Brush Engineered Materials Inc.
Digest of Earnings
September 30, 2005
2005 2004
------------- -------------
Third Quarter
Net Sales $135,614,000 $125,766,000
Net Income $3,908,000 $3,431,000
Share Earnings - Basic $0.20 $0.18
Average Shares - Basic 19,227,082 18,936,641
Share Earnings - Diluted $0.20 $0.18
Average Shares - Diluted 19,372,387 19,308,693
Year-to-date
Net Sales $400,637,000 $380,267,000
Net Income $13,725,000 $13,755,000
Share Earnings - Basic $0.71 $0.79
Average Shares - Basic 19,216,285 17,414,097
Share Earnings - Diluted $0.71 $0.77
Average Shares - Diluted 19,371,581 17,756,659
Consolidated Balance Sheets
(Unaudited)
Sept. 30, Dec. 31,
(Dollars in thousands) 2005 2004
----------------------------------------------------------------------
Assets
Current assets
Cash and cash equivalents $23,153 $49,643
Accounts receivable 67,513 59,229
Inventories 99,809 95,271
Prepaid expenses 11,063 8,348
Deferred income taxes 507 275
--------- ---------
Total current assets 202,045 212,766
Other assets 8,513 14,876
Long-term deferred income taxes 650 928
Property, plant and equipment 550,239 540,937
Less allowances for depreciation,
depletion and impairment 378,148 363,318
--------- ---------
172,091 177,619
Goodwill 10,805 7,992
--------- ---------
$394,104 $414,181
========= =========
Liabilities and Shareholders' Equity
Current liabilities
Short-term debt $16,730 $11,692
Current portion of long-term debt 635 19,209
Accounts payable 18,005 13,234
Other liabilities and accrued items 34,485 50,452
Unearned revenue - 7,789
Income taxes 878 1,591
--------- ---------
Total current liabilities 70,733 103,967
Other long-term liabilities 9,345 10,798
Retirement and post-employment benefits 56,770 49,729
Long-term debt 40,916 41,549
Shareholders' equity 216,340 208,138
--------- ---------
$394,104 $414,181
========= =========
See notes to consolidated financial statements.
Consolidated Statements of Income
(Unaudited)
(Dollars in thousands Third Quarter Ended Nine Months Ended
except share and per Sept. 30, Oct. 1, Sept. 30, Oct. 1,
share amounts) 2005 2004 2005 2004
---------------------------------------------- -----------------------
Net sales $135,614 $125,766 $400,637 $380,267
Cost of sales 109,674 99,182 317,014 294,665
----------- ----------- ----------- -----------
Gross margin 25,940 26,584 83,623 85,602
Selling, general and
administrative
expense 19,219 18,773 56,853 56,981
Research and
development expense 1,137 1,130 3,673 3,496
Other-net (219) 965 3,444 4,284
----------- ----------- ----------- -----------
Operating profit 5,803 5,716 19,653 20,841
Interest expense 1,575 1,955 4,843 6,562
----------- ----------- ----------- -----------
Income before income
taxes 4,228 3,761 14,810 14,279
Income taxes 320 330 1,085 524
----------- ----------- ----------- -----------
Net income $3,908 $3,431 $13,725 $13,755
=========== =========== =========== ===========
Per share of common
stock: basic $0.20 $0.18 $0.71 $0.79
Weighted average
number of common
shares outstanding 19,227,082 18,936,641 19,216,285 17,414,097
Per share of common
stock: diluted $0.20 $0.18 $0.71 $0.77
Weighted average
number of common
shares outstanding 19,372,387 19,308,693 19,371,581 17,756,659
See notes to consolidated financial statements.
Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
Sept. 30, Oct. 1,
(Dollars in thousands) 2005 2004
----------------------------------------------------------------------
Net income $13,725 $13,755
Adjustments to reconcile net income to net cash
provided from operating activities:
Depreciation, depletion and amortization 16,042 17,339
Amortization of deferred financing costs in
interest expense 874 1,084
Derivative financial instrument ineffectiveness (487) 465
Decrease (increase) in accounts receivable (8,552) (18,013)
Decrease (increase) in inventory (5,906) (9,371)
Decrease (increase) in prepaid and other current
assets (185) 362
Increase (decrease) in accounts payable and
accrued expenses (9,094) 477
Increase (decrease) in unearned revenue (7,789) 6,484
Increase (decrease) in interest and taxes payable (734) (719)
Increase (decrease) in long-term liabilities 1,870 (3,096)
Other - net 1,791 2,955
--------- --------
Net cash provided from operating activities 1,555 11,722
Cash flows from investing activities:
Payments for purchase of property, plant and
equipment (9,083) (5,013)
Payments for purchase of business less cash
received (3,982) -
Payments for mine development - (133)
Purchase of equipment previously held under
operating lease (448) -
Proceeds from sale of property, plant and
equipment 45 15
Other investments - net (48) 14
--------- --------
Net cash used in investing activities (13,516) (5,117)
Cash flows from financing activities:
Proceeds from issuance/(repayment) of short-term
debt 5,355 3,104
Proceeds from issuance of long-term debt - 24
Repayment of long-term debt (19,205) (29,346)
Issuance of common stock - 38,749
Issuance of common stock under stock option plans 367 2,855
--------- --------
Net cash provided from (used in) financing
activities (13,483) 15,386
Effects of exchange rate changes (1,046) (46)
--------- --------
Net change in cash and cash equivalents (26,490) 21,945
Cash and cash equivalents at beginning of period 49,643 5,062
--------- --------
Cash and cash equivalents at end of period $23,153 $27,007
========= ========
See notes to consolidated financial statements.
Notes to Consolidated Financial Statements
(Unaudited)
Note A - Accounting Policies
In management's opinion, the accompanying consolidated financial
statements contain all adjustments necessary to present fairly the
financial position as of September 30, 2005 and December 31, 2004 and
the results of operations for the three and nine months ended
September 30, 2005 and October 1, 2004. All of the adjustments were
of a normal and recurring nature. Certain items in the prior year
have been reclassified to conform to the 2005 consolidated financial
statement presentation.
Note B - Inventories
Sept. 30, Dec. 31,
(Dollars in thousands) 2005 2004
------------------------------------------------------------- --------
Principally average cost:
Raw materials and supplies $23,155 $22,705
Work in process 80,201 77,438
Finished goods 30,032 27,538
--------- --------
Gross inventories 133,388 127,681
Excess of average cost over LIFO
Inventory value 33,579 32,410
--------- --------
Net inventories $99,809 $95,271
========= ========
Notes to Consolidated Financial Statements
(Unaudited)
Note C - Comprehensive Income
The reconciliation between net income and comprehensive income for the
three and nine month periods ended September 30, 2005 and October 1,
2004 is as follows:
Third Quarter Ended Nine Months Ended
Sept. 30, Oct. 1, Sept. 30, Oct. 1,
(Dollars in thousands) 2005 2004 2005 2004
----------------------------------------------------------------------
Net income $3,908 $3,431 $13,725 $13,755
Cumulative translation
adjustment (446) (267) (1,443) (398)
Change in the fair value of
derivative financial instruments 1,123 100 6,772 2,453
Minimum pension liability - - (11,138) -
---------- -------- --------- --------
Comprehensive income $4,585 $3,264 $7,916 $15,810
========== ======== ========= ========
The $11.1 million charge to comprehensive income for the minimum
pension liability occurred in the second quarter 2005 as a result of
the remeasurement of the domestic defined benefit pension plan.
Note D - Segment Reporting
Effective January 1, 2005, the operating results of Brush Resources
Inc. are included as part of the Metal Systems Group. Previously, the
operating results of Brush Resources were included as part of All
Other in the segment disclosures. Brush Resources sells beryllium
hydroxide, produced through its Utah operations, to outside customers
and to businesses within the Metal Systems Group. This change is more
reflective of how the Company's businesses are evaluated. The 2004
amounts presented below have been reclassified to reflect this change.
(Dollars in Metal Micro- Total All
thousands) Systems Electronics Segments Other Total
----------------------------------------------------------------------
Third Quarter 2005
---------------------
Revenues from
external customers $73,762 $61,852 $135,614 $- $135,614
Intersegment revenues 832 429 1,261 - 1,261
Operating profit (loss) 240 5,675 5,915 (112) 5,803
Third Quarter 2004
---------------------
Revenues from
external customers $76,728 $49,038 $125,766 $- $125,766
Intersegment revenues 867 284 1,151 - 1,151
Operating profit 252 3,900 4,152 1,564 5,716
First Nine Months 2005
-----------------------
Revenues from
external customers $231,746 $168,891 $400,637 $- $400,637
Intersegment revenues 2,053 1,202 3,255 - 3,255
Operating profit
(loss) 6,348 14,137 20,485 (832) 19,653
First Nine Months 2004
-----------------------
Revenues from
external customers $229,815 $150,452 $380,267 $- $380,267
Intersegment revenues 2,937 971 3,908 - 3,908
Operating profit 5,659 14,193 19,852 989 20,841
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