Champion announces fourth quarter and full year audited results.GODERICH, ONTARIO--(BUSINESS WIRE)--Feb. 15, 1996--Champion Road Machinery Limited today announced net income for the fourth quarter ended December December: see month. 31, 1995 of $3,563,000 versus fourth quarter 1994 net income of $3,458,000. Earnings per share were $0.32 on an average of 11,171,200 shares outstanding for the fourth quarter of 1995, compared with earnings per share of $0.32 on 11,170,000 shares outstanding a year earlier. Fourth quarter 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 $58,443,000, an increase of 16% over $50,379,000 in the fourth quarter of 1994. Financial results are reported in Canadian Dollars Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents . For the twelve months ended December 31, 1995, net income was $9,502,000 compared to net income of $9,293,000 for fiscal 1994. Earnings per share were $0.85, versus $0.90 for the same period in 1994. Net sales increased 28% year over year from $176,335,000 in 1994 to $225,741,000 in 1995. In addition, the Board of Directors has approved a quarterly dividend on the Company's common shares of $0.05 per share, payable on April 3, 1996 to shareholders of record as of March 15, 1995. "The fourth quarter continued to show strong sales growth for the Company," said Arthur Arthur, king of Britain: see Arthurian legend. Arthur king and hero of Scotland, Wales, and England. [Arthurian Legend: Parrinder, 28] See : Heroism Church, President and Chief Executive Officer. "We have made significant progress in improving our profitability, and for the most part the cost/capacity/issues experienced earlier in 1995 are behind us." Champion Road Machinery Limited designs, manufactures and markets graders, compactors, asphalt asphalt (ăs`fôlt, –fălt), brownish-black substance used commonly in road making, roofing, and waterproofing. Chemically, it is a natural mixture of hydrocarbons. pavers, snow removal, and other related equipment used in the construction and maintenance of roads by government authorities and private contractors in more than 95 countries. Champion employs over 800 people, primarily in Ontario Ontario, city, United States Ontario, city (1990 pop. 133,179), San Bernardino co., S Calif., near Los Angeles, in a region of vineyards; inc. 1891. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). & ME: CHN CHN China CHN Chain CHN Canadian Health Network CHN Coalition on Human Needs CHN California Homeschool Network CHN Cleveland Housing Network CHN Center for Human Nutrition CHN Carbon, Hydrogen, Nitrogen CHN Community Health Nurse , NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CRMLF). -0- CHAMPION ROAD MACHINERY LIMITED Consolidated Statement of Income Fourth quarter and full year 1995 results Thousands of Canadian dollars, except earnings per share data
Three months ended (unaudited)
Dec. 31, 1995 Dec. 31, 1995 % Change
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Net sales $58,443 $50,379 16%
Cost of sales 46,508 39,669 17%
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Gross profit 11,935 10,710 11%
Selling, general and
administrative expenses 6,552 5,429 21%
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Operating income 5,383 5,281 2%
Interest expenses (369) 35 (1154%)
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Income before
Income taxes 5,752 5,246 10%
Income tax expense/
(income) 2,189 1,788 22%
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Net income $ 3,563 $ 3,458 3%
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Basic earnings
per share $ 0.32 $ 0.32 (0%)
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Average number of
common shares
outstanding 11,171,200 11,170,000 0%
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Twelve months ended (unaudited)
Dec. 31, 1995 Dec. 31, 1994 % Change
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Net sales $225,741 $176,335 28%
Cost of sales 185,637 $139,396 33%
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Gross profit 40,104 36,939 9%
Selling general and
administrative
expenses 24,920 21,761 15%
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Operating income 15,184 15,178 0%
Interest
expenses (168) 324 (152%)
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Income before
income taxes 15,352 14,854 3%
Income tax expense/
(income) 5,850 5,561 5%
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Net income $ 9,502 $ 9,293 2%
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Basic earnings
per share $ 0.85 $ 0.90 (6%)
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Average number of
common shares
outstanding 11,170,700 10,353,055 8%
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CONTACT: Champion Road Machinery Ltd. Scott E. Hall, 519/524-2601 |
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