Cade Industries announces 94 percent increase in second quarter sales; special charge against earnings results in second quarter loss; improved operating margins.LANSING Lansing. 1 Village (1990 pop. 28,086), Cook co., NE Ill., a suburb of Chicago, near the Ind. line; inc. 1893. Among the city's industries are meatpacking, food processing, and the manufacture of metal products. 2 City (1990 pop. , Mich.--(BUSINESS WIRE)--Aug. 14, 1995--Cade Industries Inc. (NASDAQ/NMS:CADE) which is engaged worldwide in the design, development, manufacture, and overhaul and repair of high technology composite components for the aerospace and air transport industries, announced today that second quarter sales were $8,639,000, (which included $2.9 million of sales from the newly acquired H.A.C a.c., adv the abbreviation for ante cibum, a Latin phrase meaning “before eating.” . subsidiary) up 94 percent from sales of $4,448,000 in the comparable quarter of 1994. Results for the quarter were a net loss of ($541,000) which included a special charge of $747,000 for costs associated with its Cade Composites subsidiary. Without the special charge, the Company would have recorded a net income of $206,000 for the quarter, compared to 1994 second quarter earnings of $7,000. Cade President Richard Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a A. Lund stated that, ``The special charge at our Cade Composites subsidiary results from the Company's review of development costs, related project investments, their future revenue potential, and receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed . These costs consisted of work in process, non recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. engineering charges, program termination costs, tooling investments, prototype development costs, and accounts receivables accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying charges.'' Lund went on to say that, ``The Company's Auto-Air and H.A.C. subsidiaries had solid improvements in sales and earnings, with the trend expected to continue.'' Discussing Cade Composites, he commented that, ``The Company has changed the executive team and we believe that this subsidiary's new management will favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impact its operations.'' -0-
Quarter Ended Six Months Ended
June 30 June 30
1995 1994 1995 1994
Sales $8,639,000 $4,448,000 $15,989,000 $9,652,000 Net income (loss) (541,000) 7,000 (416,000) 9,000 Net income (loss) per share (0.02) 0.00 (0.02) 0.00 Weighted average common shares outstanding 21,681,593 16,947,512 21,681,512 16,927,487 For more information or to receive a copy of this press release, please call our News on Demand Service at 1-800/344-6458. CONTACT: Cade Industries Inc., Lansing S.A. Mull or E.B. Stephens, 517/394-1333 |
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