Cascade Corporation Announces Earnings for the Third Quarter.Business Editors PORTLAND Portland, town, England Portland, town (1991 pop. 12,945), Dorset, S England. It is on the Isle of Portland, a small rocky peninsula. Portland stone has been used in St. Paul's Cathedral and other important London buildings. Lobsters and crabs are harvested. , Ore.--(BUSINESS WIRE)--Dec. 14, 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. ) reported that net income for the quarter was $792,000 ($.06 per share), compared to $1,340,000 ($.11 per share) reported for the 1999 third quarter. Consolidated 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 were $82,900,000, reflecting a gain of 1% over the $82,500,000 of net sales posted in the prior year period. Earnings for the third quarter of 2000 include after-tax non-recurring charges of approximately $3,100,000 ($.25 per share) related to anticipated restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). activities in Europe and Australia, accruals Accruals Accounts on a balance sheet that represent liabilities and non-cash-based assets used in accrual-based accounting. These accounts include, among many others, accounts payable, accounts receivable, goodwill, future tax liability and future interest expense. for environmental and insurance 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. expenses and Board of Director Special Committee costs attributed to the pending merger of Cascade with Lift Group. Also in the third quarter of 2000, the Company's effective tax rate increased to 42% due to the impact of foreign tax rate changes resulting from restructuring activities primarily in Australia. The change in the effective tax rate decreased net income for the quarter ended October 31, 2000 by $820,000 ($.07 per share). The prior year third quarter earnings include non-recurring charges of $3,286,000 ($.27 per share) from the integration of acquired operations and steps taken to assure the consistency of global financial reporting. Consolidated net sales for the first nine months of 2000 totaled $254,900,000, an increase of 6.7% over comparable net sales of $238,800,000 recorded in the first nine months of 1999, after adjusting for the sale of the Industrial Tire Division in first quarter of 1999. Reported net income for the first nine months of 2000 was $10,567,000 ($.86 per share) compared to $9,892,000 ($.79 per share) in the first nine months of 1999. Year to date 2000 earnings from operations adjusted for after tax non-recurring charges, excluding the change in the effective tax rate, (previously and herein disclosed) were $15,038,000 ($1.23 per share). The change in the effective tax rate decreased net income for the quarter ended October 31, 2000 by $820,000 ($.07 per share). Comparable earnings for the first nine months of 1999 were $14,263,000 ($1.14 per share) which excludes the non-recurring 1999 third quarter charges mentioned above and the after-tax loss from the sale of the Industrial Tire Division. Over the past nine months the Company has undertaken initiatives to restructure operations in both Europe and Australia. Restructuring costs after-tax incurred to date total $1,900,000 consisting primarily of inventory and equipment writedowns and employee termination benefits. The Company believes that these restructuring activities are now near completion and should have minimal impact on fourth quarter results. Warren attributed 2000 sales growth to strong North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. lift truck industry bookings and shipments. While shipments continue to exceed industry expectations, growing 15% third quarter vs. prior year, third quarter bookings were slightly under the prior year period. These comparisons reflect a slowing of industry growth compared to the 21% and 10% respective growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. for bookings and shipments in the second quarter of 2000. Warren added that North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. is producing nearly two thirds of the Company's volume. 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 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
(in thousands except share and per share data)
INCOME SUMMARY Nine Months Ended October 31,
2000 1999
---- ----
Net Sales $254,936 $249,678
-------- --------
Operating Expenses:
Cost of Goods Sold 163,239 164,225
Depreciation and
Amortization 13,601 14,961
Selling and
Administrative Expenses 53,446 47,040
Operating Income 230,286 226,226
Interest Income (994) (687)
Interest Expense 6,120 6,845
Other Expense, net 1,304 2,192
------ -----
Income Before Income Taxes 18,220 15,102
Income Taxes 7,653 5,210
----- -----
Net Income $ 10,567 $ 9,892
======== =======
Basic Earnings Per Share $ 0.90 $ 0.84
Diluted Earnings Per Share $ 0.86 $ 0.79
Diluted Weighted Average
Shares Outstanding 12,261,753 12,500,487
========== ==========
CONDENSED BALANCE SHEET AS OF OCTOBER 31, 2000
Assets Liabilities and Shareholders' Equity
Current Assets:
Cash $12,125 Current Liabilities $ 56,288
Receivables, net 60,972 Long -Term Liabilities:
Inventories 37,226
Long -Term Debt 88,210
Other Current Assets 6,160
-----
Other Long-Term Liabilities 14,773
------
Total Current Assets 116,483
Property, Plant &
Equipment, Net 76,607 Total Liabilities 159,271
-------
Goodwill and Other
Assets, Net 89,251 Exchangeable Preferred Stock and
------- Minority Interest 11,374
Shareholders' Equity 111,696
-------
Total Assets $282,341 Total Liabilities &
======== Shareholders' Equity $282,341
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