CTB International Corp. Reports 2000 Earnings of $1.16 Per Diluted Share; An Increase of 40 Percent Over 1999.Business Editors MILFORD Milford. 1 Residential city (1990 pop. 49,938), New Haven co., SW Conn., on Long Island Sound; settled 1639, inc. as a city 1959. Oysters and clams are gathered there for commercial use, and the city also has light manufacturing, such as the production , Ind IND Investigational new drug Therapeutics A status assigned by the FDA to a drug before allowing its use in humans, exempting it from premarketing approval requirements so that experimental clinical trials may be conducted. See Phase 1.2, 3 studies, Sponsorship. .--(BUSINESS WIRE)--Feb. 20, 2001 CTB CTB Council Tax Benefit (UK) CTB Coopération Technique Belge (French: Belgian Technical Cooperation) CTB Commonwealth Transportation Board (Virginia Department of Transportation) International Corp. (Nasdaq:CTBC CTBC Computer Take Back Campaign CTBC Cape Town Bridge Club (South Africa) ) today announced a 40 percent increase in its earnings 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 for 2000 to $1.16 from 83 cents in 1999. This strong full-year earnings performance came despite a decline in revenues. The Company reported full-year sales of $259.1 million, down five percent from 1999's $272.6 million. Fourth quarter sales were $45.5 million, down 13 percent from 1999. CTB showed substantial improvement in net income for the year of 27 percent to $13.0 million. This was in spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite a fourth quarter net loss of $139,000 (one cent per diluted share) compared to net income of $1.2 million (ten cents Ten Cents has several meanings:
Fourth quarter results include a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta charge of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $700,000 related to previously announced expense reduction actions, including the 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). of CTB's Fancom Group operations in the Netherlands Netherlands (nĕth`ərləndz), Du. Nederland or Koninkrijk der Nederlanden, officially Kingdom of the Netherlands, constitutional monarchy (2005 est. pop. 16,407,000), 15,963 sq mi (41,344 sq km), NW Europe. . This charge was offset, as the Company anticipated, by an unusual non-cash gain of approximately $900,000 in the quarter relative to curtailment Curtailment The act of contracting or reducing operations of a company in the hope of bringing it financial or operational stability. This management technique is often used when a company has grown too fast and is unable to effectively manage its operations. of postretirement medical benefits. Victor A. Mancinelli, president and chief executive officer of CTB International Corp., noted, "We are really pleased with our improved net income in 2000 and with the operating improvements made throughout the year. We are especially grateful to our employees for their successful efforts to help CTB be leaner lean 1 v. leaned, lean·ing, leans v.intr. 1. To bend or slant away from the vertical. 2. and more profitable, despite reduced sales. Of course, we would always prefer to have stellar market conditions, but, clearly, in 2000 we've we've Contraction of we have. we've have demonstrated our ability to perform in spite of difficult conditions in many of our markets." Sales in the quarter were negatively impacted by a combination of continued market softness and weakness of the euro. For the year, the decline in sales is attributed to these factors and to the completion of poultry poultry, domesticated fowl kept primarily for meat and eggs; including birds of the order Galliformes, e.g., the chicken, turkey, guinea fowl, pheasant, quail, and peacock; and natatorial (swimming) birds, e.g., the duck and goose. building sales in 1999 (a discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: activity), which contributed more than 40 percent of the sales decline. Mancinelli continued, "We expect current soft market conditions to continue through the first half of 2001, as growers Growers are the people, animals, plants, and various living creatures that assist in the growing of plants and other living creatures. More specifically, the term "growers" refers to individual people who put forth effort to grow plants for food and medicinal use, including the try to adjust production output with lower consumption. It is this imbalance imbalance /im·bal·ance/ (im-bal´ans) 1. lack of balance, such as between two opposing muscles or between electrolytes in the body. 2. dysequilibrium (2). of production to consumption that makes sales forecasting Sales forecast A key input to a firm's financial planning process. External sales forecasts are based on historical experience, statistical analysis, and consideration of various macroeconomic factors. difficult. We still anticipate for the 2001 year to have earnings growth in the low-to-mid teens as we work through challenges in certain of our markets and continue to realize benefits of operational improvements and cost reduction actions we have implemented." CTB is hosting a live Webcast of its conference call on the investor section of its Web site (www.ctbinc.com/invest.htm) today at 11:00 a.m. Eastern Time. To listen to the call on the Web, please visit the site at least fifteen minutes early to download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. and install any necessary audio software. A replay of the call will also be available on the site for two weeks. CTB International Corp. is a leading designer, manufacturer and marketer of systems for the poultry, hog, egg production, and grain industries. Founded in 1952, CTB operates from facilities in the U.S.A., Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. as well as through a worldwide distribution
network. The Company's web address is www.ctbinc.com.This document contains certain statements representing the Company's expectations or beliefs concerning future events. These statements are 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. within the meaning of Section 21E of the Securities Exchange Act of 1934, which provides a safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for such statements. The forward-looking statements contained in this document include, without limitation, statements related to anticipated or expected sales, operational improvements, expense reductions, cost savings, market conditions, and earnings growth, and involve certain risks and uncertainties regarding CTB International Corp.'s business and operations and the agriculture industry. The Company's actual results could differ materially from those expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by such forward-looking statements. The Company cautions that these statements are further qualified by other important factors, including, but not limited to, those set forth in the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filing and its other filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update this information.
CTB International Corp. and Subsidiaries
Condensed Consolidated Income Statements
(In thousands, except per share data)
(Unaudited)
For the Three Months Ended For the Twelve Months Ended
Dec. 31, Dec. 31,
-------------------------- ---------------------------
2000 1999 2000 1999
---- ---- ---- ----
NET SALES $45,518 $52,350 -13.1% $259,115 $272,603 -4.9%
COST OF SALES 36,333 39,139 -7.2% 189,894 202,534 -6.2%
-------- -------- -------- --------
Gross profit 9,185 13,211 -30.5% 69,221 70,069 -1.2%
20.2% 25.2% 26.7% 25.7%
OTHER OPERATING
EXPENSE:
Selling, general,
and
administrative
expenses 7,893 9,050 -12.8% 40,795 42,331 -3.6%
17.3% 17.3% 15.7% 15.5%
Amortization of
goodwill 597 595 0.3% 2,388 2,513 -5.0%
-------- -------- -------- --------
OPERATING INCOME 695 3,566 -80.5% 26,038 25,225 3.2%
1.5% 6.8% 10.0% 9.3%
INTEREST
EXPENSE - Net (829) (1,330) -37.7% (4,349) (6,205) -29.9%
OTHER INCOME
(EXPENSE) - Net (99) (150) -34.0% (39) (1,984) -98.0%
-------- -------- -------- --------
INCOME (LOSS)
BEFORE INCOME
TAXES (233) 2,086 -111.2% 21,650 17,036 27.1%
INCOME TAXES (94) 884 -110.6% 8,660 6,820 27.0%
-------- -------- -------- --------
NET INCOME
(LOSS) ($139) $1,202 -111.6% $12,990 $10,216 27.2%
-------- -------- -------- --------
-------- -------- -------- --------
-0.3% 2.3% 5.0% 3.7%
DILUTED EARNINGS
(LOSS) PER SHARE:
Earnings (loss)
per share ($0.01) $0.10 -110.0% $1.16 $0.83 39.8%
-------- -------- -------- --------
-------- -------- -------- --------
Weighted average
shares 11,112 12,206 -9.0% 11,227 12,273 -8.5%
-------- -------- -------- --------
-------- -------- -------- --------
CTB International Corp. and Subsidiaries
Summary by Business Segment
(In thousands)
(Unaudited)
For the Three For the Twelve
Months Ended Months Ended
December 31, 2000(1) December 31, 2000(1)
-------------------- --------------------
External net sales
Protein Group $19,095 $92,610
Grain 7,730 86,294
International 18,693 80,211
-------------------- --------------------
Total $45,518 $259,115
-------------------- --------------------
-------------------- --------------------
Operating income
Protein Group $1,761 $17,820
Grain (793) 19,325
International 121 7,805
Other(2) (394) (18,912)
-------------------- --------------------
Total $695 $26,038
-------------------- --------------------
-------------------- --------------------
(1) Comparable prior year data is impracticable to obtain.
(2) Consists primarily of CTB's centralized and/or corporate functions
and includes inter-company eliminations.
CTB International Corp. and Subsidiaries
Condensed Consolidated Balance Sheet
(In thousands)
(Unaudited)
As of As of
December 31, December 31,
2000 1999
------------ ------------
ASSETS
Current assets $ 62,368 $ 65,632
Property, plant, and equipment - net 50,399 55,515
Intangibles - net 81,848 86,157
Other assets 742 258
------------ ------------
Total assets $ 195,357 $ 207,562
------------ ------------
------------ ------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities $ 33,507 $ 35,862
Long-term debt 62,505 77,060
Deferred income taxes 8,982 9,449
Accrued postretirement benefit cost
& other 3,350 4,437
------------ ------------
Total liabilities 108,344 126,808
Shareholders' equity 87,013 80,754
------------ ------------
Total liabilities and
shareholders' equity $ 195,357 $ 207,562
------------ ------------
------------ ------------
CTB International Corp. and Subsidiaries
Condensed Consolidated Statement of Cash Flows
(In thousands)
(Unaudited)
For the Twelve Months Ended
December 31,
2000 1999
---- ----
Net cash flows from operating
activities $22,120 $37,106
Net cash flows from investing
activities (3,974) (40,397)
Net cash flows from financing
activities (17,902) 6,731
------- -------
Net increase in cash and cash
equivalents 244 3,440
Net effect of translation differences (674) (1,609)
Cash and cash equivalents, beginning
of period 2,439 608
------- -------
Cash and cash equivalents, end of
period $ 2,009 $ 2,439
------- -------
------- -------
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