Calnetics Corp. announces financial results.CHATSWORTH, Calif.--(BUSINESS WIRE)--Jan. 15, 1997--Calnetics Corp. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :CALN) Wednesday announced 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 second quarter ended Dec. 31, 1996, were $8,586,000, an increase of 13 percent compared with sales of $7,627,000 for the same period in 1995. Net income for the three months ended Dec. 31, 1996, increased 32 percent to $359,000 from $271,000 for the same three months in the prior year. Income per share was 11 cents and 9 cents for the three months ended Dec. 31, 1996 and 1995, respectively. Net sales for the six months ended Dec. 31, 1996, were $17,032,000, compared with $16,399,000 for the same period in the prior year: an increase of 4 percent. Net income for the six months ended Dec. 31, 1996, increased 35 percent from $567,000 to $763,000 compared with the same six months in 1995, representing an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. return on average shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. of 16.5 percent. Income per share increased from 19 cents to 24 cents for the six months ended Dec. 31, 1995 and 1996, respectively. In December 1996, the unsecured term loan agreement with the banks was revised by reducing the interest rate of 1/4 percent over prime from the former 3/4 percent. At the same time, the company renewed for one year the existing unsecured line of credit agreement of $2.5 million at prime rate and at Dec. 31, 1996, the entire amount was available. Working capital remains favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. at $8,076,000 with a current ratio of 2.8:1. Clinton G. Gerlach, chairman, stated that "the company was pleased with the operating results for the first half of the fiscal year, but I am concerned about the adverse effect the floods are having in northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern and the resulting likelihood, in the next couple of months, of the deferral deferral - Waiting for quiet on the Ethernet. of incoming orders and shipments for the company's agricultural irrigation irrigation, in agriculture, artificial watering of the land. Although used chiefly in regions with annual rainfall of less than 20 in. (51 cm), it is also used in wetter areas to grow certain crops, e.g., rice. products." Calnetics is a manufacturer of molded mold 1 n. 1. A hollow form or matrix for shaping a fluid or plastic substance. 2. A frame or model around or on which something is formed or shaped. 3. Something that is made in or shaped on a mold. plastic bobbins, components, filters, fittings, sheet and tubing that serves the industrial plastics, building materials Building materials used in the construction industry to create . These categories of materials and products are used by and construction project managers to specify the materials and methods used for . and agricultural irrigation industries. -0-
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended Six Months Ended
Dec. 31, Dec. 31,
1996 1995 1996 1995
Net sales $ 8,586,000 $ 7,627,000 $17,032,000 $16,399,000
Income before
tax $ 616,000 $ 462,000 $ 1,316,000 $ 970,000
Provision for
taxes 257,000 191,000 553,000 403,000
Net income $ 359,000 $ 271,000 $ 763,000 $ 567,000
Per share 11 cents 9 cents 24 cents 19 cents
Average shares
outstanding 3,119,688 3,059,416 3,124,347 3,063,260
CONDENSED CONSOLIDATED BALANCE SHEETS
Dec. 31, June 30,
1996 1996
Assets
Current assets $12,462,000 $12,942,000
Property, plant and
equipment (net) 4,380,000 4,171,000
Other assets 1,538,000 1,573,000
Total $18,380,000 $18,686,000
Liabilities and shareholders' equity
Current liabilities $ 4,386,000 $ 5,015,000
Long-term liabilities 4,344,000 4,798,000
Shareholders' equity 9,650,000 8,873,000
Total $18,380,000 $18,686,000
Working capital $ 8,076,000 $ 7,927,000
Current ratio 2.8:1 2.6:1
CONTACT: Calnetics Corp., Chatsworth Clinton G. Gerlach, 818/886-9819 |
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