Bush Industries Reports First Quarter Results; Declares Regular Quarterly Dividend.Business Editors JAMESTOWN, N.Y.--(BUSINESS WIRE)--April 19, 2000 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 tenth largest U.S. furniture manufacturer and a leader in surface technologies, today reported results for the first quarter ended April 1, 2000. Net income for the first quarter was $4,002,000, or 28 cents per 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. share, compared with earnings before 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). costs in last year's first quarter of $1,093,000, or eight cents per diluted share, an increase of 266 percent. Last year's first quarter resulted in a net loss of $5,440,000, or 38 cents per diluted share, which included an after-tax restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of approximately $6,533,000 ($9,672,000 pre-tax), or 46 cents per diluted share. Sales for the first quarter of 2000 increased 9.5 percent to $122,166,000 from $111,585,000 for the same period a year ago. "The sales increase for the quarter resulted from continued good sell-through at retail and increased new product placements at several key U.S. retail customers. These product successes are the result of our demonstrated leadership in the industry in product development and manufacturing technology as well as in providing merchandising merchandising Element of marketing concerned especially with the sale of goods and services to customers. One aspect of merchandising is advertising, which aims to capture the interest of the segment of the population most likely to buy the product. support programs to the retailer. The sales gain was partially offset by lower sales in our European operation, which was a result of our planned downsizing (1) Converting mainframe and mini-based systems to client/server LANs. (2) To reduce equipment and associated costs by switching to a less-expensive system. (jargon) downsizing of operations initiated during the first quarter of 1999," stated Paul Bush, chairman. He continued, "The improvement in net earnings resulted from increased volumes and continual improvement Continual Improvement (also called incremental improvement or staircase improvement) is a process or productivity improvement tool intended to have a stable and consistent growth and improvement of all the segments of a process or processes. in operating performance, but was partially offset by certain increases in raw material costs." As previously announced, the Board of Directors had approved the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. by the Company of Class A Common Stock in the open market. During the first quarter ended April 1, 2000, the company repurchased approximately 144,000 shares of its Class A Common Stock in the open market. The Company may repurchase additional shares of Class A Common Stock in the open market from time to time, depending upon the economic market and other conditions, as part of its previously announced stock repurchase plan stock repurchase plan 1. See buyback. 2. See self-tender. . In addition, Bush announced that the Board of Directors 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 on May 26, 2000 to stockholders of record May 12, 2000.
BUSH INDUSTRIES, INC. AND SUBSIDIARIES
Financial Highlights (Unaudited)
The following data sets forth certain unaudited condensed consolidated
statement of earnings information for the first three month period of
2000:
For the 13 Weeks Ended
----------------------
4/1/00 4/3/99
------ ------
Net sales $122,166,000 $111,585,000
Costs and expenses:
Cost of sales 84,733,000 81,332,000
Selling, general and
Administrative 27,680,000 25,958,000
Restructuring cost -0- 9,672,000
Interest expense 2,726,000 2,034,000
--------- ---------
115,139,000 118,996,000
----------- -----------
Earnings (Loss) before income
taxes 7,027,000 (7,411,000)
Income tax expense (benefit) 3,025,000 (1,971,000)
--------- ---------
Net earnings (loss) $4,002,000 ($5,440,000)
Earnings (loss) per share
Basic $.29 ($.39)
Diluted $.28 ($.38)
Weighted shares outstanding
Basic 13,807,000 13,877,000
Diluted 14,377,000 14,271,000
Except for the historical information contained herein, the matters discussed in this release may contain 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. which involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors offering the Company's operations, markets, products, services and prices, and other factors discussed in the Company's filings with the Securities and Exchange commission. |
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