CMC Industries Inc. reports financial results.CORINTH Corinth, city, Greece Corinth (kŏr`ĭnth) or Kórinthos (kô`rĭnthôs), city (1991 pop. , Miss.--(BUSINESS WIRE)--Feb. 21, 1995--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 unaudited earnings for the second fiscal quarter and six months ended January January: see month. 31, 1995. For the quarter ended January 31, 1995, the Company had 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 of $38.8 million, compared to net sales of $44.6 million for the quarter ended January 31, 1994. Net income was $.8 million, or $.12 per share compared to $1.2 million, or $.21 per share for the same period last year. For the six months ended January 31, 1995, the Company reported net sales of $77.2 million compared to $84.6 million for the six months ended January 31, 1994. Net income for the six months ended was $1.6 million, or $.25 per share, compared to $2.4 million, or $.48 per share for the prior year's comparable period. "The decline in operating results from last year is attributable to the decrease in sales and associated utilization of personnel and equipment," stated Steve J. Fry, CMC's Chairman and Chief Executive Officer. "We are confident in our long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. strategy that emphasizes a broadening of our customer base and a transition to several continuous flow manufacturing Continuous Flow Manufacturing (CFM) is a manufacturing strategy that produces a part via a just-in-time and kan-ban production approach, and calls for an ongoing examination and improvement efforts which ultimately requires integration of all elements of the production system. lines. Over the past quarter we have added several new personnel in order to strengthen our middle management and program management personnel which will better position the Company for the future." Headquartered 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. , 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 is a leading provider of contract manufacturing services 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 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. in Corinth, Mississippi and Milpitas, California Milpitas (IPA pronunciation: mɪlpitʌs; inhabitants are called 'Milpitans') is a city in Santa Clara County, California. It is located with San Jose to its south and Fremont to its north, at the eastern end of Highway 237 and generally between Interstate freeways 680 and . -0-
CMC Industries, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
January 31, 1995 July 31, 1994
(unaudited) (a)
ASSETS
Current assets
Cash and cash equivalents $ 72 $ 286
Accounts receivable, net 24,697 21,631
Inventories 25,056 29,149
Other current assets 562 336
------ ------
Total current assets 50,387 51,402
Plant and equipment, net 6,819 7,201
Other assets 7,797 7,823
------ ------
$ 65,003 $ 66,426
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Short-term debt $ 8,727 $ 9,864
Accounts payable and other
current liabilities 18,193 21,676
------ ------
Total current liabilities 26,920 31,540
Long-term liabilities 8,535 6,903
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TOTAL LIABILITIES 35,455 38,443
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TOTAL STOCKHOLDERS' EQUITY 29,548 27,983
------ ------
$ 65,003 $66,426
(a) Condensed from audited consolidated financial statements.
CMC Industries, Inc.
Condensed Consolidated Statements of Income
(in thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
Jan. 31, Jan. 31,
1995 1994 1995 1994
Net sales $38,764 $44,570 $77,188 $84,616 Cost of sales 35,595 40,761 70,604 77,115 Gross profit 3,169 3,809 6,584 7,501 Selling, general & administrative 1,571 1,601 3,316 2,985 Operating income 1,598 2,208 3,268 4,516 Interest expense 387 337 769 600 Income before income taxes 1,211 1,871 2,499 3,916 Provision for income taxes 458 708 948 1,481 Net income $ 753 $ 1,163 $ 1,551 $ 2,435 Net income per common share $ 0.12 $ 0.21 $ 0.25 $ 0.48 Average shares outstanding 6,272 5,437 6,254 5,054 CONTACT: CMC Industries Inc., Corinth Lanny N. Lambert Lambert may refer to
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