Brush Wellman reports third quarter results.(NYSE NYSE See: New York Stock Exchange :BW) today reported net income for the third quarter 1995 of $3.3 million. This represents a 37% increase over net income of $2.4 million during the same period last year. Earnings per share during the third quarter 1995 were 20 cents, up 33% from earnings of 15 cents per share Cents per share 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 1994. Third quarter 1995 sales were $89 million, a 3% improvement from third quarter 1994 sales of $87 million, and the highest third quarter sales level in the history of the Company. For the first nine months of 1995, net income was $16.8 million, a 21% increase over net income of $13.9 million during the first nine months last year. Earnings per share during the first nine months 1995 were $1.02 cents, a 19% improvement from the first nine months 1994, when earnings per share were 86 cents. Sales for the first nine months were $286 million, an 11% increase over the first nine months 1994 sales of $258 million. The 1994 results included a pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern charge of about $2 million, equivalent to 9 cents per share after tax, which was taken in the third quarter 1994 relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of an operation in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). . 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, "We are encouraged by the growth in our sales, which continued in the third quarter. The 3% increase was achieved despite a significant decline in sales of precious metal products by our 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, subsidiary. 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 Wellman(n) may refer to:
Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. . "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. alloys This is a list of alloys for which an article exists in Wikipedia (or is proposed but not yet written). They are grouped by base metal, in order of increasing atomic number. Within these headings they are in no particular order. continued to expand in the third quarter, reflecting high levels of demand, worldwide, for these materials in electronics applications, and our continuing success in developing new applications for beryllium alloys in automotive electronics, appliances, telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. and plastic molding molding, in architecture, furniture, and decorative objects, a surface or group of surfaces of projecting or receding contours. A molding may serve as a defining element, terminating a unit or an entire composition (e.g. markets. In addition, Technical Materials Inc., 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 and Beryllium Products all posted sales gains relative to the third quarter last year. "Williams Advanced Materials' sales of precious metal products declined significantly in the third 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 major microprocessor microprocessor, integrated circuit containing the arithmetic, logic, and control circuitry required to interpret and execute instructions from a computer program. application. A portion of the sales decline was offset by growth in sales of Williams' vapor deposition Vapor deposition Production of a film of material often on a heated surface and in a vacuum. Vapor deposition technology is used in a large variety of applications. products. "Our third quarter earnings performance, however, fell short of our goals. Earnings were negatively impacted by the strong dollar, the sales decline and mix shifts at Williams Advanced Materials, and yield and performance issues in Ceramic Products. "The earnings performance thus far in 1995 has contributed to our already strong cash flow and further strengthened our balance sheet. 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 capital at the end of the third quarter was 8%. "Looking forward, order patterns suggest that fourth quarter sales and earnings should be similar to the third quarter. Thus 1995 should represent another record year in terms of sales Terms of sale Conditions under which a firm proposes to sell its goods or services for cash or credit. ; earnings, for the year, could also exceed the 1994 total. For 1996, we are committed to continue increasing our sales penetration The successful unauthorized breach of a security perimeter. See penetration test. in the worldwide 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. materials market, and we are determined to do a better job of producing earnings growth and improved returns to our shareholders." 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 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, Ceramic Products, Precious Metal Products, and Specialty Metal Systems. -0- Consolidated Statements of Income (Unaudited) (Dollars in thousands Third Quarter Ended Nine Months Ended except share and per Sept. 29, Oct. 2, Sept. 29, Oct. 2, share amounts) 1995 1994 1995 1994 ____________________________________________________________________ Net sales $89,361 $86,730 $285,555 $258,084
Costs and expenses:
Cost of sales 66,729 66,630 208,310 189,799
Selling, administrative
and general expenses 15,327 14,003 46,590 39,743
Research and development
expenses 2,119 2,147 5,934 6,523
Interest expense 331 537 1,192 1,457
Other - net 725 652 1,104 2,486
_______ _______ ________ ________
85,231 83,969 263,130 240,008
_______ _______ ________ ________
Income before income taxes 4,130 2,761 22,425 18,076
Income taxes 799 329 5,628 4,157
_______ _______ ________ ________
Net income $ 3,331 $ 2,432 $ 16,797 $ 13,919
_______ _______ ________ ________
_______ _______ ________ ________
Per share of common stock: $0.20 $0.15 $1.02 $0.86 Cash dividends per common share $0.10 $0.08 $0.26 $0.18 Weighted average number of common shares outstanding 16,518,151 16,192,515 16,423,947 16,184,387 See notes to consolidated financial statements. -0-
Consolidated Balance Sheets
(Unaudited)
Sept. 29, Dec. 31,
(Dollars in thousands) 1995 1994
___________________________________________________________________
Assets
Current assets
Cash and cash equivalents $ 23,253 $ 20,441
Accounts receivable 61,450 52,272
Inventories 91,657 93,601
Prepaid expenses and other current assets 15,906 14,903
________ ________
Total current assets 192,266 181,217
Other assets 18,386 19,153
Property, plant and equipment 365,874 350,811
Less allowances for depreciation,
depletion and impairment 249,696 234,048
________ ________
116,178 116,763
________ ________
$326,830 $317,133
________ ________
________ ________
Liabilities and shareholders' equity
Current liabilities
Short-term debt $ 18,868 $ 20,643
Accounts payable 6,703 8,861
Other liabilities and accrued items 25,946 26,649
Dividends payable - 1,288
Income taxes 11,080 8,482
________ ________
Total current liabilities 62,597 65,923
Other long-term liabilities 43,313 41,940 Long-term debt 17,826 18,527 Deferred income taxes 2,283 3,803
Shareholders' equity 200,811 186,940
________ ________
$326,830 $317,133
________ ________
________ ________
See notes to consolidated financial statements. -0-
Consolidated Statements of Cash Flows
(Unaudited) Nine Months Ended
Sept. 29, Oct. 2,
(Dollars in thousands) 1995 1994
____________________________________________________________________
Net income $16,797 $13,919
Adjustments to reconcile net income
to net cash provided from operating
activities:
Depreciation, depletion and amortization 14,739 13,992
Amortization of mine development 2,166 1,158
Decrease (increase) in accounts receivable (8,862) (9,430)
Decrease (increase) in inventory 1,944 (2,485)
Decrease (increase) in prepaid and other
current assets (986) 3
Increase (decrease) in accounts payable
and accrued expenses (3,029) 3,571
Increase (decrease) in interest and
taxes payable 2,128 1,339
Increase (decrease) in deferred income tax (1,521) (1,033)
Other - net 1,000 1,784
_______ _______
Net cash provided from operating activities 24,376 22,818
Cash flows from investing activities:
Payments for purchase of property,
plant and equipment (15,471) (12,385)
Payments for mine development (674) (450)
Proceeds from (payment for) other investments 947 -
_______ _______
Net cash provided from (used in)
investing activities (15,198) (12,835)
Cash flows from financing activities:
Proceeds from (repayment of) short-term
debt - net (1,910) (1,939)
Proceeds from (repayment of) long-term
debt - net (776) (698)
Issuance of common stock under stock
option plans 1,291 442
Payments of dividends (5,504) (3,703)
_______ _______
Net cash provided from (used in)
financing activities (6,899) (5,898)
Effects of exchange rate changes 533 2,068
_______ _______
Net change in cash and cash equivalents 2,812 6,153
Cash and cash equivalents at beginning of
period 20,441 7,690
_______ _______
Cash and cash equivalents at end of period $23,253 $13,843
_______ _______
_______ _______
See notes to consolidated financial statements. -0- Notes to Consolidated Financial Statements (unaudited) Sept. 29, 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 Sept. 29, 1995 and Dec. 31, 1994 and the results of operations for the three and nine months ended Sept. 29, 1995 and Oct. 2, 1994.
Note B - Inventories
Sept. 29, Dec. 31,
(Dollars in thousands) 1995 1994
___________________________________________________________________
Principally average cost:
Raw materials and supplies $20,050 $21,020
In process 55,900 55,008
Finished 41,350 39,530
_______ _______
117,300 115,558
Excess of average cost over
LIFO inventory value 25,643 21,957
_______ _______
$91,657 $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 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, 216/383-6835 |
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