CTB International Reports Strong Third Quarter Results, Authorizes Repurchase of up to 500,000 Shares.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)--Oct. 29, 1997--CTB International Corp. (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 :CTBC CTBC Computer Take Back Campaign CTBC Cape Town Bridge Club (South Africa) ), today reported that earnings for the third quarter ended September September: see month. 30, 1997 rose 63 percent on a 61 percent gain in sales. Net income for the third quarter totaled $6.4 million, or 48 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. , compared to $3.9 million, or 29 cents per share in the year-earlier period. Calculated on a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis, earnings per share increased 12 percent to 51 cents per share, up from 46 cents per share in 1996. The third quarter represents the company's first quarter as a public company, having completed its initial public offering on August 21, 1997. "We are very pleased with our progress," said Chris Chocola Joseph Christopher "Chris" Chocola (born February 24 1962) was a Republican member of the United States House of Representatives from Indiana's At-large congressional district (map) from 2003 to 2007. He was defeated in 2006 by Joe Donnelly. , president and chief executive officer of CTB CTB Council Tax Benefit (UK) CTB Coopération Technique Belge (French: Belgian Technical Cooperation) CTB Commonwealth Transportation Board (Virginia Department of Transportation) International Corp. "As a newly public company, these results reflect our commitment to continue our strong track record of sales and earnings growth. We are executing our strategies in order to ensure our position as the world-class world-class adj. 1. Ranking among the foremost in the world; of an international standard of excellence; of the highest order: a world-class figure skater. 2. , best-cost producer of automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. feeding, watering, ventilation ventilation, process of supplying fresh air to an enclosed space and removing from it air contaminated by odors, gases, or smoke. Proper ventilation requires also that there be a movement or circulation of the air within the space and that the temperature and , commercial egg laying and handling systems, and feed and grain storage bins in the industry, dedicated to product leadership." Chocola continued, "Our solid operating performance was driven by our efforts to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. leading market share positions and brand name recognition and to provide an integrated product offering to the industry. The acquisitions of the BUTLER Butler, city (1990 pop. 15,714), seat of Butler co., W Pa.; inc. as a borough 1817, as a city 1917. It is located in an area with coal, natural gas, oil, and limestone resources. Glass and plastic products, machinery, and abrasives are made. (R)(1) grain storage systems and the FANCOM(R) climate control and software applications earlier this year are evidence of our commitment to broaden our product lines and offer integrated equipment solutions." CTB also announced that its board of directors authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of up to 500,000 shares of common stock in the open market. "Authorizing a share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program signals the board of directors' confidence in the future of the company," Chocola said. He noted that the board believes it is prudent to have this mechanism in place to take advantage of opportunities that may arise in the financial markets. For the quarter ended September 30, 1997, sales totaled $71.7 million, compared to sales of $44.5 million in the prior year. The sales gain was driven by four principal factors: the acquisitions of Fancom and Butler; a focus on the market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" strategy in the watering and ventilation products; strong sales of hog feeding and grain storage systems; and the sale 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. buildings as part of a turn-key See turnkey system. (jargon, application) turn-key - A term which describes a complete system (hardware and software) which can be used for a specific application without requiring further programming or software installation. breeder breeder 1. a person with an animal enterprise involving the multiplication of the herd, flock or group. 2. a female animal used basically for the production of saleable young. project for which CTB is supplying all the feeding, watering and ventilation products. Pro forma sales were up 9 percent over the third quarter of 1996. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. totaled $12.2 million, up 57 percent from $7.8 million in the same period of 1996. Pro forma operating income rose 9 percent to $12.2 million from $11.2 million in the third quarter of 1996. For the nine months ended September 30, 1997, CTB reported sales of $153.9 million, an increase of 35 percent over sales of $114.1 million in the prior year period. Operating income grew 42 percent to $22.0 million compared to $15.4 million last year. Net income increased 72 percent to $11.9 million, or 90 cents per share, compared to net income of $6.9 million, or 52 cents per share in the year-earlier period. Pro forma sales for the nine months grew 10 percent to $182.6 million, compared to pro forma sales of $166.7 million in same period of 1996. Pro forma operating income totaled $25.7 million, an increase of 15 percent over 1996 pro forma operating income of $22.3 million. Pro forma net income increased 34 percent to $15.2 million, or $1.14 per share, compared to pro forma net income of $11.3 million, or 85 cents per share, in the prior year period. The following represents the financial results for the third quarter excluding the effect of the divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of the company's vinyl vinyl /vi·nyl/ (vi´nil) the univalent group CH2dbondCH—. vinyl chloride a vinyl group to which an atom of chlorine is attached; the monomer which polymerizes to polyvinyl chloride; it is toxic business in May 1997. Pro forma sales grew 13 percent to $71.7 million, compared to $63.6 million in the comparable 1996 period. Pro forma operating income totaled $12.2 million, an increase of 14 percent, over $10.7 million in the third quarter of 1996. Pro forma net income totaled $6.9 million, or 51 cents per share, up from $5.8 million, or 44 cents per share in same period of 1996. For the nine months, excluding the effect of the vinyl business divestiture, pro forma sales grew 12 percent to $178.0 million, compared to pro forma sales of $159.4 million in same period of 1996. Pro forma operating income rose 19 percent to $25.3 million in comparison to $21.2 million last year. Pro forma net income increased 26 percent to $13.7 million, or $1.02 per share, compared to pro forma net income of $10.8 million, or 81 cents per share, in the prior year period. CTB International Corp., based in Milford, Indiana Milford is the name of two places in the U.S. state of Indiana:
(1) BUTLER(R) is a registered trademark of Butler Manufacturing Company. -0-
CTB International Corp. and Subsidiaries
Condensed Consolidated Income Statements
(In thousands, except per share data)
(Unaudited)
Three Months Ended
September 30,
___________________________________
%
1997 1996 Change
____ ____ ______
Net sales $ 71,740 $ 44,506 61.2%
Cost of sales 51,150 31,706 61.3%
__________ __________
Gross profit 20,590 12,800 60.9%
28.7% 28.8%
Other operating expenses:
Selling, general, and
administrative expense 7,974 4,796 66.3%
Amortization of goodwill 430 240 79.2%
__________ __________
Operating Income 12,186 7,764 57.0%
17.0% 17.4%
Other income (expense):
Interest income 67 37 81.1%
Interest expense (1,674) (1,401) 19.5%
Gain on sale of
Vinyl Division -- --
__________ __________
Income before taxes 10,579 6,400 65.3%
Income taxes 4,204 2,499 68.2%
__________ __________
Net income $ 6,375 $ 3,901 63.4%
__________ __________
__________ __________
8.9% 8.8%
Pro forma earnings per share $ 0.48 $ 0.29 63.4%
__________ __________
__________ __________
Pro forma average number of
common shares outstanding 13,339 13,339
__________ __________
__________ __________
Cash dividends None None
__________ __________
__________ __________
Nine Months Ended
September 30,
___________________________________
%
1997 1996 Change
____ ____ ______
Net sales $ 153,904 $ 114,114 34.9%
Cost of sales 112,009 84,432 32.7%
__________ __________
Gross profit 41,895 29,682 41.1%
27.2% 26.0%
Other operating expenses:
Selling, general, and
administrative expense 18,965 13,525 40.2%
Amortization of goodwill 973 719 35.3%
__________ __________
Operating Income 21,957 15,438 42.2%
14.3% 13.5%
Other income (expense):
Interest income 145 129 12.4%
Interest expense (4,529) (4,178) 8.4%
Gain on sale of
Vinyl Division 3,562 --
__________ __________
Income before taxes 21,135 11,389 85.6%
Income taxes 9,193 4,449 106.6%
__________ __________
Net income $ 11,942 $ 6,940 72.1%
__________ __________
__________ __________
7.8% 6.1%
Pro forma earnings per share $ 0.90 $ 0.52 72.1%
__________ __________
__________ __________
Pro forma average number of
common shares outstanding 13,339 13,339
__________ __________
__________ __________
Cash dividends None None
__________ __________
__________ __________
CTB International Corp. and Subsidiaries
Proforma Condensed Consolidated Income Statements
(In thousands, except per share data)
(Unaudited)
Three Months Ended
September 30,
___________________________________
%
1997 1996 Change
____ ____ ______
Net sales $ 71,740 $ 66,123 8.5%
Cost of sales 51,150 47,230 8.3%
__________ __________
Gross profit 20,590 18,893 9.0%
28.7% 28.6%
Other operating expenses:
Selling, general, and
administrative expense 7,974 7,298 9.3%
Amortization of goodwill 430 430 0.0%
__________ __________
Operating Income 12,186 11,165 9.1%
17.0% 16.9%
Other income (expense):
Interest income 67 37 81.1%
Interest expense (934) (1,118) -16.5%
Gain on sale of
Vinyl Division -- --
__________ __________
Income before taxes 11,319 10,084 12.2%
Income taxes 4,468 3,984 12.1%
__________ __________
Net income $ 6,851 $ 6,100 12.3%
__________ __________
__________ __________
9.5% 9.2%
Pro forma earnings per share $ 0.51 $ 0.46 12.3%
__________ __________
__________ __________
Pro forma average number of
common shares outstanding 13,339 13,339
__________ __________
__________ __________
Cash dividends None None
__________ __________
__________ __________
Nine Months Ended
September 30,
___________________________________
%
1997 1996 Change
____ ____ ______
Net sales $ 182,627 $ 166,667 9.6%
Cost of sales 132,041 121,936 8.3%
__________ __________
Gross profit 50,586 44,731 13.1%
27.7% 26.8%
Other operating expenses:
Selling, general, and
administrative expense 23,604 21,131 11.7%
Amortization of goodwill 1,291 1,291 0.0%
__________ __________
Operating Income 25,691 22,309 15.2%
14.1% 13.4%
Other income (expense):
Interest income 151 129 17.1%
Interest expense (2,923) (3,624) -19.3%
Gain on sale of
Vinyl Division 3,562 --
__________ __________
Income before taxes 26,481 18,814 40.8%
Income taxes 11,316 7,478 51.3%
__________ __________
Net income $ 15,165 $ 11,336 33.8%
__________ __________
__________ __________
8.3% 6.8%
Pro forma earnings per share $ 1.14 $ 0.85 33.8%
__________ __________
__________ __________
Pro forma average number of
common shares outstanding 13,339 13,339
__________ __________
__________ __________
Cash dividends None None
__________ __________
__________ __________
CONTACT: CTB International Corp. Don Steinhilber, 219/658-4191 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion