Brush Wellman reports 13% improvement in net income on 12% sales increase in the second quarter 1995.CLEVELAND--(BUSINESS WIRE)--July 24, 1995--Brush Wellman Wellman(n) may refer to:
See: New York Stock Exchange :BW) today reported net income for the second quarter 1995 of $6.7 million. This represents a 13% increase compared with net income of $5.9 million in the second quarter 1994. Earnings per share during the second quarter 1995 were 40 cents, an 11% improvement over second quarter 1994 earnings per share of 36 cents. Sales for the second quarter were $97 million, a 12% increase over sales of $87 million during the second quarter last year. For the first six months of 1995, net income was $13.5 million and earnings per share were 82 cents. This represents an increase of 17% from first half 1994 net income of $11.6 million and 15% over first half 1994 earnings per share of 71 cents. Sales during the first half 1995 were a record $196 million, a 14% increase over first half 1994 sales of $171 million. 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, President and Chief Executive Officer said, ``I am pleased to report that sales and earnings continued to be very strong during the second quarter. Our sales have now increased compared with the previous year for twelve consecutive quarters, and earnings surpassed the previous year for the eighth quarter in a row. Our balance sheet also remains strong. Long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. to total capital at the end of the quarter remained 9%. ``Sales gains were achieved in all product lines except 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 (formerly designated Beryllium Metal). Sales 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 continue to expand, both 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 in our International markets. Technical Materials, Inc. and Ceramic This article is about ceramic materials. For the fine art, see Ceramic art. The word ceramic is derived from the Greek word κεραμικός (keramikos). Products also achieved impressive sales gains relative to the second quarter last year. Sales of Precious Metal Products increased slightly over the second quarter last year, but were down from the first quarter 1995, due to the redesign re·de·sign tr.v. re·de·signed, re·de·sign·ing, re·de·signs To make a revision in the appearance or function of. re of a component by one of our major customers in the semiconductor market. This redesign had been anticipated for several quarters. Beryllium Products sales declined in the first half compared with last year due principally to the absence of sales to the Defense Logistics Agency Noun 1. Defense Logistics Agency - a logistics combat support agency in the Department of Defense; provides worldwide support for military missions Defense Department, Department of Defense, DoD, United States Department of Defense, Defense - the federal department stockpile stock·pile n. A supply stored for future use, usually carefully accrued and maintained. tr.v. stock·piled, stock·pil·ing, stock·piles To accumulate and maintain a supply of for future use. . ``Looking forward, we expect our business to remain strong in the second half of 1995. Due to normal seasonal factors in the third and fourth quarters, second half sales and earnings will probably be below the first half performance, but should continue to grow relative to last year. We expect earnings for the full year to be in the range of $1.35 to $1.45, compared with $1.14 in 1994 and $0.40 in 1993. We are pleased with the progress in our earnings performance. We know that the opportunity exists to build upon this base over the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. , if we continue to pursue new market opportunities, develop new products and processes, and continue to improve our operating performance.'' Brush brush a bushy tail in dogs. brush Cytology A disposible with synthetic 'whiskers', used to scrape cells from mucosal surfaces. See Endocervical brush. Wellman Inc., with headquarters 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. , is a manufacturer of engineered materials. The Company and its subsidiaries supply worldwide markets with Beryllium Products, Alloy Products, Ceramic Products, Precious Metal Products and Specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. Metal Systems. For further information, please contact: Timothy Timothy, epistles in the New Testament Timothy, two letters of the New Testament. With Titus they comprise the Pastoral Epistles, in which St. Paul addresses his coworkers as the guardians and transmitters of his teaching. J. Reid Vice President Corporate Communications Corporate communications is the process of facilitating information and knowledge exchanges with internal and key external groups and individuals that have a direct relationship with an enterprise. Brush Wellman Inc. 17876 St. Clair Avenue St. Clair Avenue is a major street in Toronto, Ontario, Canada. It was laid out in the late eighteenth century by the British as a concession road (the Third Concession), 2 km (1.25 mi) north of Bloor Street and 4 km (2.5 mi) north of Queen Street (formerly Lot Street). St. Cleveland, Ohio 44110 (216) 383-6835 -0- Consolidated Statements of Income (Unaudited) (Dollars in thousands Second Quarter Ended First Half Ended except share and per July 2, July 3, July 2, July 3, share amounts) 1995 1994 1995 1994 ____________________________________________________________________ Net sales $97,283 $86,560 $196,194 $171,354
Costs and expenses:
Cost of sales 70,042 61,567 141,581 123,168
Selling, administrative
and general expenses 15,754 13,121 31,262 25,739
Research and
development expenses 1,996 2,189 3,816 4,376
Interest expense 349 449 861 920
Other-net 84 1,063 380 1,836
__________ __________ __________ __________
88,225 78,389 177,900 156,039
__________ __________ __________ __________
Income before income
taxes 9,058 8,171 18,294 15,315
Income taxes 2,382 2,279 4,830 3,828
__________ __________ __________ __________
Net income $6,676 $5,892 $13,464 $11,487
__________ __________ __________ __________
__________ __________ __________ __________
Per share of common
stock: $0.40 $0.36 $0.82 $0.71
Cash dividends per common share $0.08 $0.05 $0.16 $0.10 Weighted average number of common shares outstanding 16,503,398 16,204,652 16,483,041 16,165,713 See notes to consolidated financial statements.
Consolidated Balance Sheets
(Unaudited)
July 2, Dec. 31,
(Dollars in thousands) 1995 1994
____________________________________________________________________
Assets
Current Assets
Cash and cash equivalents $24,534 $20,441
Accounts receivable 61,512 52,272
Inventories 94,656 93,601
Prepaid expenses and other current
assets 15,965 14,903
________ ________
Total current assets 196,667 181,217
Other assets 18,519 19,153
Property, plant and equipment 360,352 350,811
Less allowances for depreciation,
depletion and impairment 244,172 234,048
________ ________
116,180 116,763
________ ________
$331,366 $317,133
________ ________
________ ________
Liabilities and Shareholders' Equity
Current liabilities
Short-term debt $19,628 $20,643
Accounts payable 10,470 8,861
Other liabilities and accrued items 27,527 26,649
Dividends payable - 1,288
Income taxes 10,468 8,482
________ ________
Total current liabilities 68,093 65,923
Other long-term liabilities 42,791 41,940 Long-term debt 18,397 18,527 Deferred income taxes 3,280 3,803
Shareholders' equity 198,805 186,940
________ ________
$331,366 $317,133
________ ________
________ ________
See notes to consolidated financial statements.
Consolidated Statements of Cash Flows
(Unaudited) First Half Ended
July 2, July 3,
(Dollars in thousands) 1995 1994
_________________________________________________________________
Net income $13,464 $11,487
Adjustments to reconcile net income
to net cash provided from operating
activities:
Depreciation, depletion and amortization 10,051 9,270
Amortization of mine development 951 721
Decrease (increase) in accounts
receivable (6,560) (8,291)
Decrease (increase) in inventory (1,055) 192
Decrease (increase) in prepaid and
other current assets (889) (301)
Increase (decrease) in accounts payable
and accrued expenses 556 5,217
Increase (decrease) in interest and
taxes payable 1,647 1,757
Increase (decrease) in deferred
income tax (523) (723)
Other - net 544 739
________ ________
Net cash provided from
operating activities 18,186 20,068
Cash flows from investing activities:
Payments for purchase of property,
plant and equipment (9,838) (8,911)
Payments for mine development (515) (253)
Proceeds from (payment for) other
investments 668 -
________ ________
Net cash provided from (used in)
investing activities (9,685) (9,164)
Cash flows from financing activities:
Proceeds from (repayment of) short-term
debt - net (2,347) 618
Proceeds from (repayment of) long-term
debt - net (393) (344)
Issuance of common stock under stock
option plans 987 162
Payments of dividends (3,876) (2,414)
________ ________
Net cash provided from (used in)
financing activities (5,629) (1,978)
Effects of exchange rate changes 1,221 1,222
________ ________
Net change in cash and cash
equivalents 4,093 10,148
Cash and cash equivalents at
beginning of period 20,441 7,690
________ ________
Cash and cash equivalents at end
of period $24,534 $17,838
________ ________
________ ________
See notes to consolidated financial statements. Notes to Consolidated Financial Statements (unaudited) July 2, 1995 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 July 2, 1995 and Dec. 31, 1994 and the results of operations for the three and six months ended July 2, 1995 and July 3, 1994.
Note B - Inventories
July 2, Dec. 31,
(Dollars in thousands) 1995 1994
____________________________________________________________________
Principally average cost:
Raw materials and supplies $19,382 $21,020
In process 56,956 55,008
Finished 42,363 39,530
________ ________
118,701 115,558
Excess of average cost over
LIFO inventory value 24,045 21,957
________ ________
$94,656 $93,601
________ ________
________ ________
CONTACT: Brush Wellman Inc., 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 Timothy J. Reid, 216/383-6835 |
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