CMC Industries, Inc. Announces Record Results for Fiscal 1998.SANTA CLARA Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , Calif.--(BUSINESS WIRE)--Aug. 25, 1998--CMC Industries, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CMCI CMCI Constant Maturity Commodity Index (investing) CMCI Cable Modem to CPE Interface (Sprint) CMCI Computer and Math Citation Index CMCI CM Consulting and Investigations ) today announced its operating results for the fourth quarter and fiscal year ended July 31, 1998. For the year ended July 31, 1998, the Company's 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 were $301,955,000, a 41% increase over sales of $214,485,000 for the same period of the prior year. Net income for the year was $3,138,000, or $0.42 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, a 95% increase over net income of $1,606,000, or $0.22 per diluted share, in the previous fiscal year. Net sales for the fourth quarter of fiscal 1998 were $64,333,000, an increase over net sales of $61,843,000 in the fourth quarter of fiscal 1997. Quarterly net income amounted to a net gain of $39,000, or $0.01 per diluted share, as compared to a net loss of $580,000, or a loss of $0.08 per diluted share, in the fourth quarter of fiscal 1997. "We are pleased with the overall performance of the Company in fiscal 1998," commented Matthew Landa, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CMC (Common Messaging Calls) A programming interface specified by the XAPIA as the standard messaging API for X.400 and other messaging systems. CMC is intended to provide a common API for applications that want to become mail enabled. 1. Industries. "We increased sales more than 40% on a year over year basis, established our first international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. in Hermosillo, Mexico and Taipei, Taiwan, diversified diversified (di·verˑ·s our customer base, and won a number of new contracts. Finally, we strengthened our Board of Directors with the addition of two new members during the year. We are excited about our current customer base and new customer opportunities as we look ahead to fiscal 1999." Headquartered in Santa Clara, California Santa Clara, California (IPA: /ˌsæntəˈklærə/) , founded in 1777 and incorporated in 1852, is a city in Santa Clara County, in the U.S. state of California. , CMC Industries is a leading provider of electronics manufacturing services Electronic manufacturing services (EMS) is term used for companies that design, test, manufacture, distribute and provide return/repair services for electronic component and assemblies for original equipment manufacturers (OEMs). to original equipment manufacturers in the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , computer and electronics industries. The Company has operations in Corinth, Mississippi Corinth is a city in Alcorn County, Mississippi, United States. The population was 14,054 at the 2000 census. It is the county seat of Alcorn CountyGR6. Its ZIP codes are 38834 and 38835. ; Santa Clara, California; Hermosillo, Mexico; Huntsville, Alabama Huntsville is the county seat of Madison County, Alabama. Huntsville is the largest city in northern Alabama in a region of a half-million people, with the city proper having 168,132 residents (2006 estimate). and Taipei, Taiwan. For further information, visit CMC's home page at http//www.cmcmfg.com. The matters set forth in this news release may contain forward looking statements. Actual results may differ materially from those described herein and are dependent on certain risks and uncertainties including, but not limited to, the timing and magnitude of orders from customers with projects currently in development as well as continued orders and growth in orders from customers already in volume production, the ability of the Company to accurately forecast the timing and magnitude of future customer orders and appropriately adjust its expenditures in respect thereof, changes in customer mix and volume, competition, component availability, inventory obsolescence ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. , business conditions in the general economy as well as the industries in which the Company and the Company's customers compete and other risk factors such as those detailed in the Company's filings with the Securities and Exchange Commission. -0-
CMC Industries, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
UNAUDITED
July 31, 1998 July 31, 1997
ASSETS
Current assets
Cash and cash equivalents $ 5,281 $ 4,298
Accounts receivable, net 36,960 41,719
Inventories 20,275 29,900
Other current assets 2,000 1,196
------- -------
Total current assets 64,516 77,113
Plant and equipment, net 18,790 11,498
Other assets 11,299 7,932
------- -------
$94,605 $96,543
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Short-term debt $20,257 $14,520
Accounts payable and other current
liabilities 28,742 41,958
------- -------
Total current liabilities 48,999 56,478
Long-term debt and other noncurrent
liabilities 3,054 5,221
------- -------
Total liabilities 52,053 61,699
Stockholders' equity 42,552 34,844
------- -------
$94,605 $96,543
CMC Industries, Inc.
Condensed Consolidated Statements of Income
(In thousands, except per share data)
UNAUDITED
Three Months Ended Twelve Months Ended
July 31, July 31,
1998 1997 1998 1997
Net sales $ 64,333 $ 61,843 $301,955 $214,485
Cost of sales 61,238 59,554 283,828 201,081
Gross profit 3,095 2,289 18,127 13,404
Selling, general and
administrative expenses 2,712 2,849 11,724 9,454
Operating income 383 (560) 6,403 3,950
Interest expense, net 321 359 1,384 1,350
Income before income taxes 62 (919) 5,019 2,600
Provision for income taxes 23 (339) 1,881 994
Net income $ 39 $ (580) $ 3,138 $ 1,606
Net income per common share
Basic $ 0.01 $ (0.08) $ 0.44 $ 0.24
Diluted $ 0.01 $ (0.08) $ 0.42 $ 0.22
Weighted average shares
outstanding
Basic 7,510 6,892 7,205 6,757
Diluted 7,728 6,892 7,553 7,167
CONTACT: CMC Industries, Inc.
Andrew Moley, 408/982-9999
OR
Morgen-Walke Associates,Inc.
Carolyn Bass, Jim Byers, Doug Sherk, 415/296-7383
Sandra Badurina, Karen Amlong, 212/850-5600
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