Bush Industries Reports 3rd Quarter/9 Months Results, Declares Regular Cash Dividend.JAMESTOWN Jamestown, cities, United States Jamestown. 1 City (1990 pop. 34,681), Chautauqua co., W N.Y., on Chautauqua Lake; founded c.1806, inc. as a city 1886. It is the business and financial center of a dairy, livestock, and vineyard area. , N.Y.--(BUSINESS WIRE)--Oct. 22, 1998--Bush Industries, Inc. (NYSE NYSE See: New York Stock Exchange : BSH BSH Bosch und Siemens Hausgeräte GmbH (Germany) BSH Bausparkasse Schwaebisch Hall (German Building Society) BSH Bourne Shell BSH Bundesamt für Seeschiffahrt und Hydrographie ), the 11th largest U.S. furniture manufacturer and leader in surface technologies, reported results for the third quarter and nine months ended October October: see month. 3, 1998. Third quarter net income declined to $1,006,000 from $5,279,000 for the same period a year ago. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were seven cents on approximately 14,698,000 shares outstanding, compared with 36 cents on approximately 14,715,000 shares outstanding for the comparable period last year. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight reached $94,252,000, up from $76,517,000 for the same quarter a year ago, an increase of approximately 23 percent. For the nine-month period, net income was $10,363,000 in 1998 versus $15,727,000 for the same period in 1997. Diluted earnings per share were 70 cents, compared with $1.08 for the same period a year ago. Sales for the nine-month period in 1998 were $300,154,000, compared with 1997's same period sales of $219,813,000, an increase of approximately 37 percent. "Our sales revenues exceeded those of the same period a year ago due to good seasonal sell-through sell-through Adjective of the sale of prerecorded video cassettes, without their first being for hire only at retail and full quarter sales from our Rohr ROHR Restoration of Human Rights Gruppe and Fournier Fournier is the surname of a number of notable people:
Mr. Bush further stated, "These initiatives include: our newly acquired Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). facility; the launching of new surface technology equipment at our Erie facility; the adaptation of Rohr-Bush manufacturing; the nationwide rollout of the Company's delivery and assembly service company, TASC TASC The After School Corporation TASC The American Surrogacy Center TASC Treatment Accountability for Safer Communities TASC The Analytic Sciences Corporation TASC Transportation Administrative Service Center TASC Total Administrative Services Corporation , and the completion of a permanent showroom in Germany. "We also anticipate that fourth quarter earnings will be impacted by the continued integration of our subsidiaries and our investments in new service programs, markets and products, as well as their impact on our manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. . We expect integration of our subsidiaries to be substantially complete by the first quarter of 1999. While these investments are impacting our earnings short term, they position the Company to take advantage of the fundamental longer-term growth prospects for our business," he concluded. Bush also announced that the Board of Directors has declared the regular quarterly cash dividend of five 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. , payable November 20, 1998, to shareholders of record as of November 6, 1998.
BUSH INDUSTRIES, INC. AND SUBSIDIARIES
Financial Highlights (Unaudited)
For the Three Months Ended
10/3/98 9/27/97
Net sales $94,252,000 $76,517,000
Costs and expenses:
Cost of sales 68,766,000 54,105,000
General, selling and
administrative 22,285,000 12,928,000
Interest expense 1,737,000 836,000
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$92,788,000 $67,869,000
Earnings before income taxes 1,464,000 8,648,000
Income taxes 458,000 3,369,000
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Net earnings $1,006,000 $5,279,000
Earnings per share:
Basic $0.07 $0.39
Diluted $0.07 $0.36
Weighted shares outstanding:
Basic 13,876,000 13,527,000
Diluted 14,698,000 14,715,000
For the Nine Months Ended
10/3/98 9/27/97
Net sales $300,154,000 $219,813,000
Costs and expenses:
Cost of sales 217,452,000 151,156,000
General, selling and
administrative 62,593,000 40,483,000
Interest expense 4,002,000 2,246,000
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$284,047,000 $193,885,000
Earnings before income taxes 16,107,000 25,928,000
Income taxes 5,744,000 10,201,000
---------------- ---------------
Net earnings $10,363,000 $15,727,000
Earnings per share:
Basic $0.75 $1.17
Diluted $0.70 $1.08
Weighted shares outstanding:
Basic 13,807,000 13,391,000
Diluted 14,801,000 14,522,000
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