Citation Corporation announces preliminary fourth quarter and annual results.BIRMINGHAM, Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--November 22, 1994--Citation Corporation (Nasdaq:CAST) today announced preliminary fourth quarter and annual results for the fiscal year ended October 2, 1994. Fourth quarter sales were $49.8 million, a 17 percent increase over fiscal 1993 fourth quarter sales of $42.4 million. Annual sales for the fiscal year were $191.6 million, a 27 percent increase from fiscal 1993 sales of $150.3 million. Income before taxes was $4.4 million in the 1994 fourth quarter, an increase of $3.4 million over the $1.0 million reported for the 1993 fourth quarter. For the year, income before taxes was $17.2 million, an $11.1 million increase over the $6.1 million for fiscal 1993. Pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net income for the 1994 fourth quarter was $2.8 million versus $0.6 million in the 1993 fourth quarter, an increase of $2.2 million. Pro forma net income for fiscal 1994 was $10.7 million, versus a pro forma $3.6 million for fiscal 1993, an increase of 198 percent. Pro forma net income per share for the fourth quarter was $0.23, a 283 percent increase from $0.06 for the 1993 fourth quarter. Pro forma net income per share for the 1994 fiscal year was $1.02 as compared to pro forma net income per share of $0.36 in fiscal 1993, an increase of 183 percent. Citation Citation (foaled 1945) U.S. Thoroughbred racehorse. In four seasons he won 32 of 45 races, finished second in ten, and third in two. He won the 1948 Triple Crown, and became the first horse to win $1 million. He set a world record in 1950 by running a mile in 1:33 3/5. Corporation was an S Corporation until completion of its initial public offering on August 2, 1994. For this reason, net income and net income per share are calculated on a pro forma basis. Accordingly, net income for fiscal 1993 and a portion of fiscal 1994 reflects federal and state income taxes as if the company had been a C Corporation based upon the tax rates in effect during the period reported. In addition, per share calculations for fiscal 1993 and a portion of fiscal 1994 include the number of shares (1,002,500) of Common Stock that would be required to be sold at the initial offering price to fund the S Corporation distribution to existing stockholders. On a historic basis, Citation reported preliminary net income of $11.1 million or $1.06 net income per share for the 1994 fiscal year. The fourth quarter reflected a net loss of $(1.8) million or $(0.14) per share. The loss in the fourth quarter resulted from the company's IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. occurring in that quarter. As a result, the company converted from an S Corporation to a C Corporation at the time of the public offering. Therefore, all deferred taxes resulting from the conversion were charged against fourth quarter earnings. As stated above, income before taxes for the 1994 fourth quarter was $4.4 million as compared to $1.0 million for the 1993 fourth quarter, an increase of 346 percent. T. Morris Hackney Hackney, inner borough (1991 pop. 164,200) of Greater London, SE England, on the Lea River. Clothing manufacture (in Hackney) and printing and furniture making (in Shoreditch) are the borough's chief industries. London's first theater was built in Shoreditch (c.1575). , Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said, "the strong sales reflect the increases in the economy and strong sales efforts. Most of our units today are operating at, or near capacity." Hackney said the earnings increase was attributed to improving operations. "Gross margins in fiscal 1994 increased significantly due to our emphasis on margin management and improvements in efficiency," he stated. "We currently expect fiscal 1995 performance of Citation to continue at a strong level. The economic outlook remains good, our backlogs are at record levels, and our acquisitions and internal expansion should increase results from last year," he said. Citation announced earlier in the year that it had completed the acquisition of Mansfield Foundry A semiconductor manufacturer that makes chips for third parties. It may be a large chip maker that sells its excess manufacturing capacity or one that makes chips exclusively for other companies. in Mansfield, Ohio Mansfield is a city in the U.S. state of Ohio and the county seat of Richland CountyGR6. The municipality is located in north-central Ohio in the western foothills of the Alleghenies, approximately 80 miles (129 km) southwest of Cleveland and 66 miles as of October 2, 1994. Further, letters of agreement for the acquisition of Berlin Foundry of Berlin, Wisconsin
Berlin is a city in Wisconsin. The population was 574,305 at the 2000 census. The city is located mostly within the Town of Berlin in Green Lake County. and Oberdorfer Industries of Syracuse, New York
Syracuse (IPA: were also announced recently. The agreements are subject to further negotiation and completion of a definitive agreement in each case. The company is also on schedule for a planned two-phase expansion of its Texas Foundries division in Lufkin, Texas. The first of two high-speed automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. molding lines has been installed and started up. The second machine is expected to start up in late summer 1995. Together, the two machines increase Texas Foundries capacity by approximately $40 million. -0-
CITATION CORPORATION
Preliminary Financial Highlights
(All figures except Net Income Per Share and Shares Outstanding
are in millions)
Fiscal Year Ended
10/02/94 10/03/93
Sales $191.6 $150.3
Income before taxes $ 17.2 $ 6.1
Pro forma Net Income $ 10.7 $ 3.6
Pro forma Net Income per Share $ 1.02 $ 0.36
Avg. Number of Shares Outstanding 10,485,474 9,932,500
Supplemental Net Income Per Share $ 0.88 $ 0.34
Avg. Number of Shares Outstanding 13,242,500 13,242,500
Fourth Quarter Ended
10/02/94 10/03/93
Sales $ 49.8 $ 42.4
Income before taxes $ 4.4 $ 1.0
Pro forma Net Income $ 2.8 $ 0.6
Pro forma Net Income per Share $ 0.23 $ 0.06
Avg. Number of Shares Outstanding 9,932,500 12,144,396
Supplemental Net Income Per Share $ 0.23 $ 0.06
Avg. Number of Shares Outstanding 13,242,500 13,242,500
-0- As indicated, pro forma net income per share reflects federal and state income taxes as if the company had been a C Corporation based on the tax rates that were in effect during the periods reported, and the weighted average number of shares used to calculate it give effect to the number of shares (1,002,500) that would have been required to be sold by the company (at the initial public offering price of $8.00 per share) to fund an $8.0 million S Corporation distribution to its shareholders effected at the closing of the company's initial public offering in August 1994. The company's S Corporation status terminated upon consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of the company's initial public offering. Supplemental net income per share reflects the sale, at the beginning of each period, of 4,312,500 shares in the company's initial public offering and the change in tax status of the company. The weighted average number of shares outstanding used to calculate supplemental net income per share is the total number of shares outstanding as of October 2, 1994, exclusive of the shares reserved for issuance upon the exercise of stock options. Citation Corporation is one of the largest independent U.S. manufacturers of precision ductile iron Ductile iron, also called ductile cast iron or nodular cast iron, is a type of cast iron invented in 1943 by Keith Millis[1]. While most varieties of cast iron are brittle, ductile iron is much more ductile, as the name implies. , gray iron and steel castings Steel casting is a manufacturing process in which molten metal is poured into a mold, allowed to solidify within the mold, and then the mold is broken and the solid piece is taken out. for the automotive/light truck, heavy truck, and other industrial markets. The company currently operates nine foundries in Alabama Alabama, indigenous people of North America Alabama (ăləbăm`ə), indigenous people of North America whose language belongs to the Muskogean branch of the Hokan-Siouan linguistic stock (see Native American languages). , Texas and North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. . CONTACT: Citation Corporation, Birmingham Stanley Stanley, town (1991 pop. 1,557), capital of the Falkland Islands, S Atlantic Ocean, on East Falkland island. It is the main port and trading center of the islands. The name is sometimes written as Port Stanley. B. Atkins, 205/871-5731 |
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