CMC Industries announces earnings.CORINTH Corinth, city, Greece Corinth (kŏr`ĭnth) or Kórinthos (kô`rĭnthôs), city (1991 pop. , Miss.--(BUSINESS WIRE)--Sept. 1, 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 operating results for the fourth quarter and fiscal year ended July 31, 1995. The Company reported a net loss of $393,000, or 6 cents a share, for the fourth quarter ended July 31, 1995, compared to a net profit of $208,000, or 3 cents a share, for the fourth quarter of the prior year. 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 for the quarter were $33,604,000, reflecting a 5.7 percent decrease from net sales of $35,649,000 for the fourth quarter of fiscal 1994. For the full year, the Company posted a net profit of $40,000, or 1 cent per share, compared to net income of $3,376,000, or 60 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. , for fiscal year 1994. Net sales for the year were $144,303,000, down 11.9 percent from $163,779,000 for the previous year. The Company attributed the decline in operating results to a a decrease in orders from its historical customer base combined with a shift in its sales mix sales mix See product mix. to lower margin products. Also contributing to the reduction in earnings during the quarter was an increase in expenses incurred to improve program management and customer service designed to increase future sales and profitability. 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 industry. 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 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. 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)
(unaudited)
July 31, 1995 July 31, 1994
ASSETS
Current assets
Cash and cash equivalents $ 89 $ 286
Accounts receivable, net 24,159 21,631
Inventories 26,006 29,149
Other current assets 2,275 336
Total current assets 52,529 51,402
Plant and equipment, net 7,042 7,201
Other assets 6,956 7,823
------ ------
$ 66,527 $ 66,426
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Short-term debt $ 11,910 $ 9,864 Accounts payable and other current liabilities 19,031 21,676 Total current liabilities 30,941 31,540 Long-term liabilities 7,248 6,903 TOTAL LIABILITIES 38,189 38,443
TOTAL STOCKHOLDERS' EQUITY 28,338 27,983
------ ------
$ 66,527 $ 66,426
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,
1995 1994 1995 1994
Net sales $33,604 $35,649 $144,303 $163,779 Cost of sales 32,142 33,237 136,691 150,793 Gross profit 1,462 2,412 7,612 12,986 Selling, general & administrative expenses 1,746 1,696 7,062 6,168 Operating Income (loss) (284) 716 550 6,818 Interest expense, net 339 384 1,561 1,386 Income (loss) before income taxes (623) 332 (1,011) 5,432 Provision (benefit) for income taxes (230) 124 (1,051) 2,056 Net income (loss) $ (393) $ 208 $ 40 $ 3,376 Net income (loss) per common share $ (0.06) $ 0.03 $ 0.01 $ 0.60 Average shares outstanding 6,247 6,229 6,253 5,664 CONTACT: CMC Industries, Inc., Corinth Lanny N. Lambert Lambert may refer to
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion