Citation reports record sales and earnings for 2nd quarter.BIRMINGHAM, Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--April 16, 1997--Citation Corporation (Nasdaq: CAST) today reported that it had record sales and earnings for its second quarter of fiscal 1997 and first half. Sales for the second quarter of fiscal 1997 were $170.4 million, an increase of $49.4 million or 41 per cent from fiscal 1996's second quarter of $121.0 million. Net income for the 1997 second quarter was $6.4 million, up $1.1 million or 21 per cent from fiscal 1996's second quarter of $5.3 million. Earnings per share (EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. ) of $0.36 for the 1997 quarter is a 20 per cent increase from the $0.30 reported for the comparable quarter of fiscal 1996. For the fiscal first half, sales of $310.9 million topped fiscal 1996's first half results of $212.7 million by $98.2 million or 46 per cent. Net income for the first six months of fiscal 1997 was $9.9 million, an increase of $1.5 million, or 17 per cent, from fiscal 1996's first half of $8.4 million. EPS for the 1997 first half was $0.56, compared to $0.48 in the first half of fiscal 1996. The sales increase resulted largely from acquisitions including Interstate in·ter·state adj. Involving, existing between, or connecting two or more states. n. One of a system of highways extending between the major cities of the 48 contiguous United States. Noun 1. Forging Industries of Milwaukee, Wisconsin For other places with the same name, see Milwaukee (disambiguation). Milwaukee is the largest city within the state of Wisconsin and 25th largest (by population) in the United States. and Navasota, Texas Navasota is a city in Grimes County, Texas, United States. The population was 6,789 at the 2000 census. In 2005, the Texas Legislature named the city "The Blues Capital of Texas," in honor of the late Mance Lipscomb, a Navasota native and blues musician. , which was purchased in the first quarter of fiscal 1997. In addition, Bohn Aluminum, Hi-Tech Corporation and full-quarter results of Southern Aluminum Castings contributed to the sales increase. The three were acquired during the second and third quarters of fiscal 1996. In addition to the impact of acquired companies, sales of Citation's "same store" units also increased by more than three per cent from the prior year comparable quarter. The company shipped 69,300 tons of product during the second quarter of fiscal 1997, up 15 per cent from the 60,400 tons shipped in fiscal 1996's second quarter. 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, "This quarter reflects the continuing successful integration of the acquisitions made since our 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. in August 1994, as well as improved utilization of major capital projects at two of our largest units and a reasonably solid business climate. "Our Special Foundry Group which consists of our aluminum, steel and specialty alloy alloy (ăl`oi, əloi`) [O. Fr.,=combine], substance with metallic properties that consists of a metal fused with one or more metals or nonmetals. iron divisions had strong volume in both the automotive and industrial sectors during the quarter. Southern Aluminum Castings, which supplies engine sub-assemblies to Ford Motor Co., made good progress in ramping up to meet strong demand after a difficult first quarter. "Interstate Forging also showed improved results from the first quarter. Volume for steel forgings supplied to its customers in the construction equipment and heavy truck markets was good. "We still have capacity available in both our High Volume and Medium Volume Foundry Groups, which supply 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. castings, however, continuing improvement of the ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale of our Texas Foundries expansion from the fourth quarter of fiscal 1996 certainly helped results. We have also announced a major capital expansion of our 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. Foam Casting Company which will double lost foam capacity there to about $30 million. Much of that expansion is already sold out. "There is room for improvement at all of our units, however, most appear to be on the right track, and if the overall economy continues approximately in its current path, we anticipate continued improvement in the third and fourth quarters over the comparable prior year quarters." Citation Corporation is a metal components producer for capital and durable goods durable goods Goods, such as appliances and automobiles, that have a useful life over a number of periods. Firms that produce durable goods are often subject to wide fluctuations in sales and profits. Also called consumer durables. industries with 16 manufacturing divisions located in eight states. It has approximately 5,600 employees and fiscal 1996 annual sales were $488 million. -0-
Second Quarter Ended
(000 except per share)
30 March 31 March
1997 1996
Sales $170,435 $120,955
Gross Profit 29,582 22,345
S,G& A Expenses 15,290 11,776
Operating Income 14,292 10,569
Interest Expense 3,836 1,862
Other Income
(Expense) 18 119
Income before tax 10,474 8,826
Taxes 4,085 3,530
Net Income 6,389 5,296
Earnings per Share $0.36 $0.30
Avg. Number of Shares
Outstanding 17,725.9 17,675.5
Six Months Ended
30 March 31 March
1997 1996
Sales $310,921 $212,716
Gross Profit 51,708 38,205
S,G& A Expenses 28,095 21,732
Operating Income 23,613 16,473
Interest Expense 7,353 2,651
Other Income
(Expense) (91) 218
Income before tax 16,169 14,040
Taxes 6,306 5,616
Net Income 9,863 8,424
Earnings per Share $0.56 $0.48
Avg. Number of Shares
Outstanding 17,722.2 17,675.5
CONTACT: Citation Corporation, Birmingham Stanley B. Atkins, 205/871-5731 |
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