Cascade Corporation Announces Operating Results for the First Quarter.Business Editors FAIRVIEW Fairview, borough (1990 pop. 10,733), Bergen co., NE N.J.; settled 1860, inc. 1894. Clothing and embroideries are made in Fairview. , Ore.--(BUSINESS WIRE)--June 6, 2002 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. 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 net income for the first quarter ended April 30, 2002, of $4.2 million ($.35 per share), compared to net income of $4.9 million ($.40 per share) in the first quarter of the prior year. 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 $59.9 million, a 14.8% decrease, when compared to consolidated net sales of $70.4 million posted in the prior year first quarter. Warren attributed the decrease in the Company's net sales to decreases in shipment rates in the lift truck industry throughout the world. Lift truck shipment rates in 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. , the Company's largest market, have decreased 35% below shipment levels for the first quarter of the prior year. North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. shipment levels began experiencing significant declines in the second quarter of fiscal 2002. These reduced shipment levels continued through the end of the year. Industry shipment levels in the first quarter of fiscal 2003 have improved modestly over the levels experienced in the fourth quarter of the prior year. Fiscal 2003 results do not include any amortization expense due to recent changes in accounting principles, which eliminated goodwill amortization. Net income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the , excluding $1.1 million of amortization expense recorded in the first quarter of fiscal 2002, would have been $5.3 million ($0.43 per share). The decrease in first quarter fiscal 2003 net income from fiscal 2002, taking into effect this change, is 20.4%. Selling and administrative expenses have decreased 7.0% in fiscal 2003 due to the effects of cost saving initiatives, including 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). efforts in recent years in Australia and Europe, and lower personnel costs due to work force reductions in the past year. Warren added that while the recent modest improvement in lift truck shipment rates may indicate the start of a slow industry recovery, uncertainty as to long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. improvement in North America shipments and the difficult economic environment in many key European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. markets leaves Cascade cautious as to business prospects for the remainder of fiscal 2003 (year ending January 31, 2003). If current industry and Cascade order trends continued for the balance of the year, Cascade would expect net sales and net income for the year to be consistent with fiscal 2002 levels, subject to quarterly variations and excluding the operations of the cylinder cylinder, in mathematics, surface generated by a line moving parallel to a given fixed line and continually intersecting a given fixed curve called the directrix; each line of the family of lines forming the cylinder is called a ruling, or generator. division, which was sold in January 2002, and write-offs for bad debts, environmental expenses and goodwill impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. taken in fiscal 2002. Cascade Corporation, headquartered in Portland, Ore., 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 dependent on 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, as well as the outcome of pending litigation.
Cascade Corporation
(in thousands except per share data)
CONSOLIDATED STATEMENTS OF INCOME Three Months Ended April 30
--------------------------------- ---------------------------
2002 2001
---- ----
Net sales $ 59,942 $ 70,356
Cost of goods sold 38,879 45,656
--------- ----------
Gross profit 21,063 24,700
Selling and administrative expenses 13,303 14,308
Amortization -- 1,078
--------- ----------
Operating income 7,760 9,314
Interest expense, net 1,091 1,626
Other expense 177 202
--------- ----------
Income from continuing operations
before provision for income taxes 6,492 7,486
Income tax provision 2,272 2,845
--------- ----------
Income from continuing operations 4,220 4,641
Discontinued operations:
Income from discontinued operations,
net of income taxes -- 287
--------- ----------
Net income $ 4,220 $ 4,928
========= ==========
Basic earnings per share:
Continuing operations $ 0.37 $ 0.41
Discontinued operations -- 0.02
--------- ----------
$ 0.37 $ 0.43
========= ==========
Diluted earnings per share:
Continuing operations $ 0.35 $ 0.38
Discontinued operations -- 0.02
--------- ----------
$ 0.35 $ 0.40
========= ==========
Diluted weighted average shares outstanding 12,209 12,293
========= ==========
CONSOLIDATED BALANCE SHEETS
Assets
April 30, Jan. 31,
2002 2002
Current Assets:
Cash $26,341 $25,611
Marketable Securities 4,500 --
Receivables, Net 44,733 39,312
Inventories 30,542 30,817
Other Current Assets 11,631 10,317
------ ------
Total Current Assets 117,747 106,057
Property, Plant & Equipment, Net 60,583 61,412
Goodwill and Other Assets, Net 80,779 79,817
------ ------
Total Assets $259,109 $247,286
======== ========
Liabilities and Shareholders' Equity
Current Liabilities $ 44,848 $ 40,046
Long-Term Liabilities:
Long-Term Debt 65,551 65,679
Other Long-Term Liabilities 17,045 16,920
------ ------
Total Liabilities 127,444 122,645
Exchangeable Preferred Stock
and Minority Interest 11,374 11,374
Shareholders' Equity 120,291 113,267
------- -------
Total Liabilities & Shareholders' Equity $259,109 $247,286
======== ========
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion