Citation Corporation reports financial results.BIRMINGHAM Birmingham, cities, United States Birmingham (bûr`mĭnghăm') 1 City (1990 pop. 265,968), seat of Jefferson co., N central Ala., in the Jones Valley near the southern end of the Appalachian system; founded and inc. , Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--July 31, 1995--Citation Corporation (Nasdaq:CAST) today announced its fiscal nine months and third quarter earnings for 1995. Sales for the nine months ended on July 2 were $215.6 million, a 52 per cent increase over fiscal 1994 nine months sales of $141.8. For the third quarter of fiscal 1995, sales were $82.1 million, a 61 per cent increase over the $51.1 million sales recorded in the third quarter of fiscal 1994. Net income for the 1995 fiscal nine months was $12.3 million, a $4.4 million increase from the 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 of the 1994 nine months period of $7.9 million. Net income per share for the first nine months of fiscal 1995 was $0.93, an 18 per cent increase over the $0.79 pro forma net income per share reported for the first nine months of fiscal 1994. Net income for the 1995 fiscal third quarter was $4.6 million, an increase of 42 per cent over pro forma fiscal 1994 third quarter results of $3.3 million. Earnings per share for the third quarter of 1995 were $0.35 per share versus a pro forma $0.33 per share for the fiscal third quarter of 1994. The fiscal 1994 nine months and third quarter results are pro forma because 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. was a subchapter S corporation subchapter S corporation n. the choice by a small corporation to be treated under "subchapter S" by the Internal Revenue Service, which allows the corporation to be treated like a partnership for taxation purposes. until its initial public offering in August 1994, and its earnings were taxed at the shareholder level rather than the corporate level. Pro forma net income for the 1994 periods reflects federal and state income taxes as if the company had been a C corporation based upon the tax rates that were in effect during the nine months ended July 2, 1995. The pro forma share income information during the 1994 third quarter and nine months gives 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 the company's shareholders effected at the closing of the initial public offering in 1994. Of the $73.8 million increase in sales for the first nine months, $44.4 million resulted from the sales from 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. , Oberdorfer Industries, Iroquois Foundry, Berlin Foundry and Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York Steel Foundry. All of these companies were acquired during fiscal 1995 except Mansfield Foundry which was acquired effective the last day of fiscal 1994 and did not contribute to sales and earnings in fiscal 1994. The remaining $29.4 million increase resulted from a general increase in volume and higher average selling prices The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. . Tons shipped in the 1995 nine month period were approximately 142,000 versus 99,500 tons in the first nine months of fiscal 1994. Citation Corporation produces gray and 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. , steel and aluminum castings for a wide variety of industries. The company currently has 13 foundries in Alabama, New York Alabama is a town in Genesee County, New York, United States. The population was 1,881 at the 2000 census. The village is named after the State of Alabama. The Town of Alabama is in the northwest part of the county. , 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. , Ohio, Pennsylvania, Texas and Wisconsin Wisconsin, state, United States Wisconsin (wĭskŏn`sən, –sĭn), upper midwestern state of the United States. It is bounded by Lake Superior and the Upper Peninsula of Michigan, from which it is divided by the Menominee and has an acquisition pending for the Castwell Products Division of Wells Manufacturing Company. -0-
Citation Corp. Financial Summary
(000 except net income per share)
Nine Months Ended Nine Months Ended
July 2, 1995 July 3, 1994
Sales $215,585 $141,783
Gross profit 45,505 29,626
Operating income 22,171 14,961
Net income (1994 pro forma) 12,276 7,863
Net income per share
(1994 pro forma) 0.93 0.79
Avg. number of shares outstanding 13,260.9 9,932.5
Supplemental net income $ 12,276 $ 8,572
Supplemental net income per share 0.93 0.65
Avg. number of shares outstanding 13,260.9 13,242.5
Three Months Ended Three Months Ended
July 2, 1995 July 3, 1994
Sales $ 82,130 $ 51,132
Gross profit 17,402 11,236
Operating income 8,574 6,131
Net income (1994 pro forma) 4,641 3,259
Net income per share
(1994 pro forma) 0.35 0.33
Avg. number of shares outstanding 13,297.8 9,932.5
Supplemental net income $ 4,641 $ 3,495
Supplemental net income per share 0.35 0.26
Avg. number of shares outstanding 13,297.8 13,242.5
Note: Supplemental net income and net income per share
information assumes that the number of shares actually sold at the
initial offering (4,312,000) occurred at the beginning of the 1994
fiscal nine months and third quarter. Supplemental net income
assumes that the proceeds from sale of 4.3 million shares were
applied to reduce debt and consequently reduce interest expense for
the 1994 fiscal periods, which has the corresponding effect of
increasing net income. The supplemental net income per share is
calculated using the 13.2 million shares.
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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