Brush Wellman reports 37% improvement in third quarter net income.CLEVELAND--(BUSINESS WIRE)--Oct. 21, 1996--Brush Wellman Wellman(n) may refer to:
The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. in the third quarter 1995. Third quarter 1996 sales were $88 million, a 1% decline from third quarter 1995 sales of $89 million. Gross margins increased to 26.9% in the third quarter 1996, compared with 25.3% during the same period last year. For the first nine months of 1996, net income was $17.9 million, a 6% increase over net income of $16.8 million during the first nine months last year. Earnings per share during the first nine months 1996 were $1.11 cents, a 9% improvement from the first nine months 1995, when earnings per share were $1.02 cents. Sales for the first nine months of both 1996 and 1995 were $286 million. The balance sheet also remains strong, as 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. was 7% of capital at the end of the third quarter, despite the fact that capital expenditures year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. increased by over $5 million, or 34%, compared with the first nine months of 1995. 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, "Following record performance in the second quarter, sales softened soft·en v. soft·ened, soft·en·ing, soft·ens v.tr. 1. To make soft or softer. 2. To undermine or reduce the strength, morale, or resistance of. 3. in the third quarter. International 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 declined in the third quarter relative to last year, continuing a trend which began early in the year. The decline in international sales resulted from lower demand in European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. and Asian markets, and was magnified by the translation effects of the stronger dollar relative to last year. Sales of 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 Strip 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 decreased somewhat in the third quarter 1996 compared with the third quarter 1995. "Sales of Alloy Products to domestic customers, as well as sales of 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 Precious Metal Products increased during the third quarter 1996 compared with the same period last year. The rate of increase in domestic sales of Alloy Products slowed from previous quarters this year, due to mix shifts in strip products, and a seasonal slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in recreation and leisure markets. "Looking forward, order patterns suggest that fourth quarter sales will improve compared with the third quarter. Earnings are also expected to increase. Longer term, it appears that capacity constraints CONSTRAINTS - A language for solving constraints using value inference. ["CONSTRAINTS: A Language for Expressing Almost-Hierarchical Descriptions", G.J. Sussman et al, Artif Intell 14(1):1-39 (Aug 1980)]. and product mix shifts may limit the potential for growth until the new capacity comes on stream in 1998." 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 Metal Systems. -0-
Consolidated Balance Sheets
(Unaudited)
Sept. 27, Dec. 31,
(Dollars in thousands) 1996 1995
____________________________________________________________________
Assets
Current Assets
Cash and cash equivalents $21,294 $29,553
Accounts receivable 56,344 52,532
Inventories 91,862 92,727
Prepaid expenses and other
current assets 16,975 16,935
________ ________
Total current assets 186,475 191,747
Other assets 18,095 18,912
Property, Plant and Equipment 394,167 374,367
Less allowances for depreciation,
depletion and impairment 270,433 253,173
________ ________
123,734 121,194
________ ________
$328,304 $331,853
________ ________
Liabilities and Shareholders' Equity
Current Liabilities
Short-term debt $19,866 $22,757
Accounts payable 3,700 8,772
Other liabilities and accrued
items 23,044 23,734
Dividends payable _ 1,621
Income taxes 9,756 9,707
________ ________
Total current liabilities 56,366 66,591
Other Long-Term Liabilities 4,916 4,148
Retirement and Post-Employment Benefits 42,274 41,297
Long-Term Debt 15,400 16,996
Deferred Income Taxes 1,490 2,519
Shareholders' Equity 207,858 200,302
________ ________
$328,304 $331,853
________ ________
See notes to consolidated financial statements.
Consolidated Statements of Cash Flows
(Unaudited) Nine Months Ended
Sept. 27, Sept. 29,
(Dollars in thousands) 1996 1995
____________________________________________________________________
Net Income $17,864 $16,797
Adjustments to Reconcile Net Income
to Net Cash Provided From Operating
Activities:
Depreciation, depletion and amortization 14,574 14,739
Amortization of mine development 4,427 2,166
Decrease (increase) in accounts
receivable (4,764) (8,862)
Decrease (increase) in inventory 919 1,944
Decrease (increase) in prepaid and
other current assets (225) (986)
Increase (decrease) in accounts payable
and accrued expenses (5,018) (3,518)
Increase (decrease) in interest and
taxes payable (96) 2,128
Increase (decrease) in deferred income tax (1,030) (1,521)
Increase (decrease) in other long-term
liabilities 1,846 1,794
Other-net (6) (305)
________ ________
Net Cash Provided From
Operating Activities 28,491 24,376
Cash Flows from Investing Activities:
Payments for purchase of property, plant
and equipment (20,754) (15,471)
Payments for mine development (529) (674)
Proceeds from (Payments for) other
investments 1,212 947
________ ________
Net Cash Provided From (Used In)
Investing Activities (20,071) (15,198)
Cash Flows from Financing Activities
Proceeds from issuance of short-term debt 1,219 3,866
Repayment of short-term debt (3,449) (5,776)
Proceeds from issuance of long-term debt (768) (776)
Repayment of long-term debt (800) 0
Issuance of Common Stock under stock
option plans 1,248 1,291
Purchase of Common Stock for treasury (6,655) _
Payments of dividends (6,503) (5,504)
________ ________
Net Cash Provided From (Used In)
Financing Activities (15,708) (6,899)
Effects of Exchange Rate Changes (971) 533
________ ________
Net Change in Cash and Cash
Equivalents (8,259) 2,812
Cash and Cash Equivalents at Beginning
of Period 29,553 20,441
________ ________
Cash and Cash Equivalents at End of
Period $21,294 $23,253
________ ________
See notes to consolidated financial statements.
Consolidated Statements of Income
(Unaudited)
Third Quarter Ended
Sept. 27, Sept. 29
(Dollars in thousands except share and 1996 1995
per share amounts) _________________________
Net sales $ 88,312 $ 89,361
Cost of sales 64,584 66,729
_________ _________
Gross Profit 23,728 22,632
Selling, administrative and
general expenses 15,967 15,327
Research and development
expenses 1,933 2,119
Other-net (230) 725
_________ _________
Operating Profit 6,058 4,461
Interest expense 334 331
_________ _________
Income before income taxes 5,724 4,130
Income taxes 1,159 799
_________ _________
Net Income $ 4,565 $ 3,331
_________ _________
_________ _________
Per share of Common Stock: $ 0.28 $ 0.20
Cash dividends per common share $ 0.11 $ 0.10
Weighted average number of common
shares outstanding 16,076,202 16,518,151
Nine Months Ended
Sept. 27, Sept. 29
1996 1995
_________________________
Net sales $ 286,462 $ 285,555
Cost of sales 206,292 208,310
_________ _________
Gross Profit 80,170 77,245
Selling, administrative and
general expenses 48,415 46,590
Research and development
expenses 6,094 5,934
Other-net (693) 1,104
_________ _________
Operating Profit 26,354 23,617
Interest expense 1,015 1,192
_________ _________
Income before income taxes 25,339 22,425
Income taxes 7,475 5,628
_________ _________
Net Income $ 17,864 $ 16,797
_________ _________
_________ _________
Per share of Common Stock $ 1.11 $ 1.02
Cash dividends per common share $ 0.31 $ 0.26
Weighted average number of common
shares outstanding 16,102,470 16,423,947
See notes to consolidated financial statements
Notes to Consolidated Financial Statements
(unaudited)
September 27, 1996
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 Sept. 30, 1996 and Dec. 31, 1995 and the
results of operations for the three months ended Sept. 27, 1996 and
Sept. 29, 1995.
Note B - Inventories
Sept. 27, Dec. 31,
(Dollars in thousands) 1996 1995
____________________________________________________________________
Principally average cost:
Raw materials and supplies $23,964 $19,719
In Process 50,943 57,012
Finished 42,748 42,223
_______ _______
117,655 118,954
Excess of average cost over
LIFO inventory value 25,793 26,227
_______ _______
$91,862 $92,727
_______ _______
CONTACT: Brush Wellman Inc. 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. Reid, 216/383-6835 |
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