Cascade Corporation Announces Corrected Sales for the First Quarter.Business Editors PORTLAND, Ore.--(BUSINESS WIRE)--June 30, 2000 Robert C. Warren, Jr., President and Chief Executive Officer of Cascade A connected series of devices or images. It often implies that the second and subsequent device takes over after the previous one is used up. For example, cascading tapes in a dual-tape backup system means the second tape is written after the first one is full. Corporation (NYSE NYSE See: New York Stock Exchange :CAE (1) (Computer-Aided Engineering) Software that analyzes designs which have been created in the computer or that have been created elsewhere and entered into the computer. ), today issued a correction of previously announced Cascade Corporation first quarter results to adjust for intercompany sales. Warren reported Warren Report government’s much disputed conclusion that President Kennedy’s assassin acted alone. [Am. Hist.: Van Doren, 594] See : Controversy that, while the correction does not affect earnings as reported, sales and cost of goods sold Cost of goods sold The total cost of buying raw materials, and paying for all the factors that go into producing finished goods. cost of goods sold figures previously reported will be reduced by $5,262,000. Net income and the balance sheet were not affected by this change. Quarterly financial statements as corrected follow. Cascade Corporation, headquartered in Portland, Oregon Oregon, city, United States Oregon, city (1990 pop. 18,334), Lucas co., NW Ohio, a suburb adjacent to Toledo, on Lake Erie; inc. 1958. It is a port with railroad-owned and -operated docks. The city has industries producing oil, chemicals, and metal products. is a leading international manufacturer of lift truck attachments, forks Forks may refer to:
Under the "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. provision" of the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act, Cascade Corporation is required to advise you that this news release contains "forward looking statements" based on assumptions as to future sales and earnings, which in turn are dependant on Adj. 1. dependant on - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent on, contingent upon, dependant upon, dependent on, dependent upon, depending on, contingent economic conditions in general including interest rates, and on competitive factors in, and on the cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. nature of the Materials Handling Materials handling The loading, moving, and unloading of materials. The hundreds of different ways of handling materials are generally classified according to the type of equipment used. Industry.
Cascade Corporation & Subsidiary Companies Summary of Earnings
(in thousands except share data)
INCOME SUMMARY Three Months Ended
April 30,
2000 1999
------- -------
Net Sales $86,720 $89,500
------- -------
Operating Expenses:
Cost of Goods Sold 55,159 58,830
Depreciation and Amortization 4,421 5,220
Selling and Administrative Expenses 16,662 16,215
------ ------
76,242 80,265
------ ------
Operating Income 10,478 9,235
Interest Income (390) (115)
Interest Expense 1,955 2,385
Other Expense, net 639 695
------ ------
Income Before Income Taxes 8,274 6,270
Income Taxes 3,103 2,160
----- -----
Net Income $ 5,171 $ 4,110
======= =======
Basic Earnings Per Share $ 0.45 $ 0.35
Diluted Earnings Per Share $ 0.42 $ 0.33
Diluted Weighted Average Shares
Outstanding 12,239,890 12,639,138
=========== ==========
CONDENSED BALANCE SHEET AS OF APRIL 30, 2000
Assets
------
Current Assets:
Cash $13,808
Receivables 59,442
Inventories 43,672
Other Current Assets 7,540
Total Current Assets 124,462
Property, Plant & Equipment, Net 82,607
Goodwill and Other Assets, Net 93,846
--------
Total Assets $300,915
========
Liabilities and Shareholders' Equity
------------------------------------
Current Liabilities $ 61,198
Long-Term Liabilities:
Long-Term Debt 99,572
Other Long-Term Liabilities 14,239
Total Liabilities 175,009
Exchangeable Preferred Stock and Minority
Interest 11,374
Shareholders' Equity 114,532
-------
Total Liabilities & Shareholders' Equity $300,915
========
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion