CMC Industries, Inc. Announces Third Quarter Fiscal 1999 Results.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)--May 18, 1999-- 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, Inc. (Nasdaq: 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 third quarter of fiscal 1999 ended April 30, 1999. For the third quarter, 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 $58,677,000, as compared to net sales of $58,565,000 for the same period of the prior year. Net income for the third quarter of 1999 was a loss of $572,000, or $0.07 loss 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, as compared to a net gain of $580,000, or $0.07 per diluted share, for the third quarter of fiscal 1998. On May 10, 1999, the Company announced its definitive merger agreement with ACT Manufacturing, Inc. (Nasdaq: ACTM ACTM Atlantic College of Therapeutic Massage (Fredericton, NB, Canada) ACTM Aircraft Collection Tasking Message ). "We are excited about the merger with ACT, as well as the direction in which our business is headed," commented Matthew Matthew one of the twelve disciples. [N.T.: Matthew] See : Evangelism Landa, President & 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. "The last few quarters have been a transitional period for CMC, as we have brought our Mexico facility on-line and to volume production. The simultaneous investment necessary to establish a new facility and start up a large number of new customer programs has depressed our earnings over the past few quarters. And while this was exacerbated by some delays in the start-up Start-up The earliest stage of a new business venture. of certain of these new programs, we now enter our fourth quarter with the largest backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. we have experienced in nearly two years. "In addition, customer reaction to the merger announcement has been . We believe the the combination of CMC and ACT will allow for additional growth in our existing customer base and the opportunity to accelerate new customer wins for the combined company," Mr. Landa concluded. 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 company information, visit CMC's home page at http//www.cmcindustries.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 Statements of Income
(In thousands, except per share data)
UNAUDITED
Three Months Ended Nine Months Ended
April 30, April 30,
--------------------------------------------
1999 1998 1999 1998
--------- ----------- --------- --------
Net sales $ 58,677 $ 58,565 $ 206,991 $ 237,612
Cost of sales 56,405 54,596 200,538 222,580
--------- --------- --------- ---------
Gross profit 2,272 3,969 6,453 15,032
Selling, general
and administrative
expenses 2,907 2,731 9,354 9,012
--------- --------- --------- ---------
Operating income (635) 1,238 (2,901) 6,020
Interest expense, net 280 311 1,114 1,063
--------- --------- --------- ---------
Income before income
taxes (915) 927 (4,015) 4,957
Provision for income
taxes (343) 347 (1,506) 1,858
--------- --------- --------- ---------
Net income $ (572) $ 580 $ (2,509) $ 3,099
========= ========= ========= =========
Net income per common
share
Basic $ (0.07) $ 0.08 $ (0.33) $ 0.44
Diluted $ (0.07) $ 0.08 $ (0.33) $ 0.41
Weighted average
shares outstanding
Basic 7,657 7,440 7,606 7,104
Diluted 7,657 7,724 7,606 7,495
See notes to unaudited condensed consolidated financial statements.
CMC Industries, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
April 30, July 31,
1999 1998
Unaudited (1)
ASSETS
Current assets
Cash and cash equivalents $ 5,260 $ 5,281
Accounts and notes receivable, net 26,002 36,960
Inventories 30,838 20,275
Other current assets 1,499 2,000
------- -------
Total current assets 63,599 64,516
Plant and equipment, net 19,276 18,790
Other assets 11,130 11,299
------- -------
$94,005 $94,605
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Short-term debt $11,566 $20,257
Accounts payable and other current
liabilities 36,416 28,666
------- -------
Total current liabilities 47,982 48,923
Long-term debt and other noncurrent
liabilities 5,911 3,737
------- -------
Total liabilities 53,893 52,660
Stockholders' equity 40,112 41,945
------- -------
$94,005 $94,605
======= =======
(1) Condensed from audited consolidated financial statements.
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