Carpenter reports higher earnings for its second fiscal quarter.READING, Pa.--(BUSINESS WIRE)--Jan. 19, 1996--Carpenter Technology Corp. (NYSE NYSE See: New York Stock Exchange :CRS CRS Course CRS Certified Residential Specialist (real estate certification) CRS Central Reservation System CRS Can't Remember Stuff (polite form) CRS Cost Reduction Strategy CRS Consumer Relations Specialist ) Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant reported net income of $12.3 million for its second fiscal quarter ended Dec. 31, 1995, up 25 percent compared with $9.8 million for the same period a year ago. Primary earnings per share were 71 cents compared with 58 cents for the same period a year ago. Sales for the second quarter were $210.1 million, up 22 percent from $172.4 million last year. For the first six months of the current fiscal year, net income was $24.2 million, up 64 percent compared with $14.8 million for the same period last year. Primary earnings per share were $1.41 compared with 86 cents for the same period a year ago. Sales for the six months were $394.6 million, a 20 percent increase from the $328.5 million reported last year. The increase in earnings in both the second quarter and six months was primarily a result of improved sales volume and selling prices in the Steel Division. Steel Division unit volume shipments were up 3 percent in the second quarter and 4 percent for the six months compared with the year-ago periods. Selling price increases over the past year recovered higher raw material and other costs and partially restored profit margins which had been eroded e·rode v. e·rod·ed, e·rod·ing, e·rodes v.tr. 1. To wear (something) away by or as if by abrasion: Waves eroded the shore. 2. To eat into; corrode. in prior years. The effective tax rates for the current quarter and six months were lower than a year ago primarily because of reduced state income tax estimates. Second quarter results were negatively impacted by increased Steel Division maintenance spending during holiday shutdowns in preparation for the planned higher equipment utilization rates during the next six months in order to ship the record customer backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. currently being experienced. The 19 percent interest in Walsin-CarTech, a joint venture in Taiwan Taiwan (tī`wän`), Portuguese Formosa, officially Republic of China, island nation (2005 est. pop. 22,894,000), 13,885 sq mi (35,961 sq km), in the Pacific Ocean, separated from the mainland of S China by the 100-mi-wide (161-km) Taiwan , resulted in a loss of $2.1 million during the second quarter and $2.4 million for the six-month period compared with losses of $0.9 million and $1.1 million for the quarter and six-month period of last year, respectively. Lower volumes and reduced selling prices in an oversupplied market are the prime reasons for the lower performance. In addition, results were adversely affected by lower production levels due to planned shutdowns for maintenance and reduction of inventories. Last year, pre-operating expenses were being capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. through Dec. 31, 1994. Interest costs rose chiefly as a result of lower capitalized interest Capitalized interest Interest that is not immediately expensed, but rather is considered as an asset and is then amortized through the income statement over time. In the context of project financing, interest that is paid by additional borrowing. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the joint venture, Walsin-CarTech, investment in Taiwan. Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. W. Cardy, chairman, president and chief executive officer, said, "We are pleased with Carpenter's increased earnings and shipment levels for this quarter and the six-month period, and we have made the necessary expenditures to maintain our equipment in a condition to meet the demands of the marketplace. "In the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , we are experiencing increased demand for automotive, aerospace and power generation related products, and our international sales continue to exceed our expectations. We are disappointed that the break-even level for Walsin-CarTech has not yet been achieved, and we have increased our resources committed to helping this joint venture enhance its performance." The company continues to benefit from the improved U.S. economy, higher plant utilization rates and its continuous improvement programs to improve reliability and control costs. Carpenter, headquartered in Reading manufactures high performance alloys This is a list of alloys for which an article exists in Wikipedia (or is proposed but not yet written). They are grouped by base metal, in order of increasing atomic number. Within these headings they are in no particular order. and specialty steel products for automotive, aerospace, electronics and other industries worldwide. The company also manufactures ceramic This article is about ceramic materials. For the fine art, see Ceramic art. The word ceramic is derived from the Greek word κεραμικός (keramikos). cores for the casting industry and metal injection 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. parts for many applications. Carpenter has approximately 4,400 employees throughout the world, including 2,700 in Reading. -0-
CONSOLIDATED STATEMENT OF INCOME (Unaudited)
(In Thousands, Except Per Share Data)
Three Months Ended Six Months Ended
December 31 December 31
1995 1994 1995 1994
NET SALES $210,126 $172,400 $394,595 $328,484 COSTS AND EXPENSES: Cost of sales 157,229 127,917 293,434 249,485
Selling and
administrative expenses 27,933 25,239 52,725 49,193
Interest expense 4,821 3,064 9,403 5,762
Equity in loss of
joint venture 2,140 860 2,365 1,100
Other income, net (21) (274) (224) (785)
192,102 156,806 357,703 304,755
INCOME BEFORE INCOME TAXES 18,024 15,594 36,892 23,729 Income taxes 5,731 5,767 12,693 8,970 NET INCOME $ 12,293 $ 9,827 $ 24,199 $ 14,759 EARNINGS PER COMMON SHARE: Primary $ .71 $ .58 $ 1.41 $ .86 Fully diluted $ .69 $ .56 $ 1.36 $ .83 Weighted average common shares outstanding 16,698 16,322 16,619 16,364 Cash dividends per common share $ .33 $ .30 $ .66 $ .60 CONTACT: Carpenter Technology Corp., Reading John A. Schuler, Treasurer, 610/208-2165 |
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