Coleman 1995 Revenues, Earnings Set Records Before Extraordinary and Asset Impairment Charges.GOLDEN, Colo.--(BUSINESS WIRE)--Feb. 8, 1996--The Coleman Company This article is about the Coleman Company, suppliers of recreational equipment. For other uses of the word Coleman, see Coleman (disambiguation) Coleman Company, Inc. is a company that makes camping gear. It was founded by W. C. , Inc. announced today record revenues and earnings for 1995. With solid fourth quarter growth in each of its three product lines, revenues for 1995 were $933.6 million, up 24 percent from the $751.6 million reported in 1994. Earnings, before asset 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. and extraordinary charges, rose 19 percent reaching $49.9 million, or $1.88 per share. This compares to $1.58 per share in 1994 before special charges for 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). , environmental remediation Generally, remediation means providing a remedy, so environmental remediation deals with the removal of pollution or contaminants from environmental media such as soil, groundwater, sediment, or surface water for the general protection of human health and the environment or from a and an extraordinary item. Net earnings were negatively impacted by recognition in the fourth quarter of the impairment of assets related to its Brazilian operation reflecting the company's early adoption of FAS 121, which established new accounting standards for the impairment of long lived assets. After the asset impairment charge of 37 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. and a three cent per share extraordinary charge in the third quarter, earnings were $39.3 million, or $1.48 per share, up 20 percent from the $1.23 reported in 1994. In the fourth quarter of 1995 revenues were $186.5 million, a 20 percent increase from $155.2 million in the same period a year earlier. Earnings, before the 1995 asset impairment and 1994 environmental charges were $0.1 million and a net loss of $.06 million in the final three months of 1995 and 1994 respectively. Earnings per share rose from a loss of 2 cents to a profit of 1 cent. The fourth quarter is historically the company's lowest in earnings. The net loss for the quarter, after the asset impairment charge, was $9.8 million, an increase from a net loss of $1.1 million after environmental charges in the final three months of 1994. The net loss per share rose from a loss of 4 cents the previous year to a loss of 37 cents. Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. Hammes, chairman and chief executive officer said, "The results we are reporting reflect very positive performance by every major segment of our business. Coleman Cole·man , Cy Originally Seymour Kauffman. Born 1929. American composer and theatrical producer whose best known Broadway productions include Sweet Charity (1966) and The Will Rogers Follies (1991). posted new revenue records in every product class 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. despite a year that started with historically bad weather and ended with a discouraging dis·cour·age tr.v. dis·cour·aged, dis·cour·ag·ing, dis·cour·ag·es 1. To deprive of confidence, hope, or spirit. 2. To hamper by discouraging; deter. 3. general retail environment. "Customers and consumers compensated compensated /com·pen·sat·ed/ (kom´pen-sa?tid) counterbalanced; offset. for the bad weather in the spring and early summer selling season by extending the normal time frame for retail recreation equipment purchases well into the fourth quarter. Consequently, Recreation Hard Goods numbers for the year reached $521.3 million, up 9 percent from 1994. "Similarly Recreation Soft Goods soft goods pl.n. See dry goods. Noun 1. soft goods - textiles or clothing and related merchandise drygoods commodity, trade good, good - articles of commerce , posted a full year increase of 93 percent from last year to $167.6 million, augmented by an increased contribution from Eastpak Eastpak is a popular brand of packs, bags, luggage and clothing owned by VF Corporation, one of the world's largest apparel companies. History Eastern Canvas Products, as the brand was first known, was established in 1960 by Monte Goldman and produced bags for the armed which was acquired in late 1994. "Hardware/Home Center growth, up 30 percent to $244.7 million from the previous year, came from all three of its product groups, with portable electric generator generator, in electricity, machine used to change mechanical energy into electrical energy. It operates on the principle of electromagnetic induction, discovered (1831) by Michael Faraday. sales rebounding in the last half of the year to complement the major increase in pressure washer A pressure washer is a mechanical device that uses high-pressure water to remove mold, grime, dust mud and dirt from surfaces and objects such as buildings, vehicles and concrete road surfaces. volume and steady growth from air compressors. "International operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. with revenues of $220.1 million, a 25 percent increase over 1994, continued to be the key to our overall success. No element was more responsible for continuing their strong double digit Noun 1. double digit - a two-digit integer; from 10 to 99 integer, whole number - any of the natural numbers (positive or negative) or zero; "an integer is a number that is not a fraction" growth rate than Coleman Japan, with its leadership position in the Japanese Japanese (jăp'ənēz`), language of uncertain origin that is spoken by more than 125 million people, most of whom live in Japan. There are also many speakers of Japanese in the Ryukyu Islands, Korea, Taiwan, parts of the United States, and recreation market." He continued, "The gains recorded throughout Coleman's businesses demonstrate that the growth trends which have taken us to well over $900 million in revenues are continuing. "To insure Insure can mean:
"Net earnings were impacted by certain non-recurring and offsetting factors worth noting. On the favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. side, a change in the method of accounting for the company's forward currency contracts resulted in the company recognizing the unrealized currency gains in the fourth quarter. On the negative side were the losses associated with the Brazilian operation. "In addition, while recording significant sales gains for the year, pressure washers, reflecting competitive industry wide conditions, experienced significantly reduced gross margins in the fourth quarter as compared to earlier periods." Hammes noted, "In the fourth quarter management took decisive actions to deal with increasing operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. in Brazil Brazil (brəzĭl`), Port. Brasil, officially Federative Republic of Brazil, republic (2005 est. pop. 186,113,000), 3,286,470 sq mi (8,511,965 sq km), E South America. . These actions included replacing senior management, increasing prices, dramatically cutting back our manufacturing and reducing SG&A and overhead. Consistent with those actions was the company's early adoption of FAS 121 and the asset impairment charge related to the company's investment in its Brazilian operations. "Coleman is well positioned as we start the new year. Our track record reflects balanced, intelligently diversified diversified (di·verˑ·s strength. We enter 1996 optimistically op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op , with the belief that revenues and earnings will continue to grow consistent with our historical trends." Coleman is traded as CLN CLN Clean CLN Community Learning Network CLN Colon CLN Celsion Corporation CLN Class Library for Numbers CLN Credit Linked Note CLN Comitato di Liberazione Nazionale (Committee of National Liberation) CLN Corn Lethal Necrosis on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . It manufactures and distributes widely diversified product lines for camping, leisure time, hardware/home center, home safety and security markets in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of and more than 100 other countries. -0-
The Coleman Company Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings
(In thousands, except per share data)
(Unaudited)
Three Months Ended
Dec. 31,
1995 1994
Net revenues $ 186,452 $ 155,155 Net loss $ (9,830) $ (1,103) Loss per share $ ( .37) $ (.04) Before non-recurring items/a $ .01 $ (.02) Weighted average common shares outstanding 26,578 26,598
12 Months Ended
December 31,
1995 1994
Net revenues $933,574 $ 751,580 Earnings before extraordinary item $ 40,067 $ 33,480 Extraordinary item $ (787) $ (677) Net earnings $ 39,280 $ 32,803 Earnings per share: Earnings before extraordinary item $ 1.51 $ 1.26 Extraordinary item $ (.03) $ (.03) Net earnings $ 1.48 $ 1.23 Before non-recurring items/b $ 1.88 $ 1.58
Weighted average
common shares outstanding 26,613 26,718
(a) Before asset impairment charge in 1995 of $9,856 and charge for
environmental remediation in 1994 of $455.
(b) Before asset impairment and extraordinary item charges in 1995 of
$10,643 and charges for restructuring, environmental remediation
and an extraordinary item in 1994 of $9,403.
The Coleman Company, Inc. And Subsidiaries
Condensed Consolidated Statements of Earnings
(In Thousands, Except per Share Data)
(Unaudited)
Three Months Ended
December 31,
1995 1994
Net revenues $186,452 $155,155 Cost of sales $136,308 $118,265 Gross profit $50,144 $36,890 Selling, general and administrative expenses $46,532 $34,046 Asset impairment charges $12,289 $ -- Interest expense $6,276 $4,384 Amortization of goodwill and deferred charges $2,030 $1,721 Other expense, net $270 $538 Loss before income taxes $(17,253) $(3,799) Provision for income tax (benefit) expense $(7,423) $(2,696) Net loss $(9,830) $(1,103) Loss per share/a $ (.37) $ (.04) Weighted average common shares outstanding 26,578 26,598
(a) Before asset impairment
charge in 1995 and charge for
environmental remediation and $ .01 $ (.02)
in 1994
The Coleman Company Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings
(In Thousands, Except per Share Data)
(Unaudited)
Year Ended
December 31,
1995 1994
Net revenues $933,574 $751,580 Cost of sales $649,427 $535,710 Gross profit $284,147 $215,870 Selling, general and administrative expenses $174,688 $128,466 Interest expense $ 24,545 $ 13,374 Asset impairment charges $ 12,289 $ -- Restructuring expense $ -- $ 18,456 Amortization of goodwill and deferred charges $ 7,745 $ 6,209 Other expense, net $ 334 $ 1,138 Earnings before income taxes and extraordinary item $ 64,546 $ 48,227 Provision for income taxes $ 24,479 $ 14,747 Earnings before extraordinary item $ 40,067 $ 33,480 Extraordinary item $ (787) $ (677) Net earnings $ 39,280 $ 32,803
Earnings per share:
Earnings before extraordinary
item $1.51 $1.26
Extraordinary item $(.03) $(.03)
Net earnings/a $1.48 $1.23 Weighted average common shares outstanding 26,613 26,718
(a) Before asset impairment and
extraordinary item charges
in 1995 and charges for
restructuring, environmental
remediation and an extraordinary
item in 1994 $ 1 .88 $ 1.58
The Coleman Inc. and Subsidiaries
Revenue by Product Class
(In Thousands)
(Unaudited)
Three Months Ended December 31,
1995 1994 Change
Recreation Hard Goods $ 94,763 $ 86,610 + 9% Recreation Soft Goods $26,597 $17,817 + 49% Hardware/Home Center Products $65,092 $50,728 + 28% Total $186,452 $155,155 + 20% North America $152,636 $124,342 + 23% International $33,816 $30,813 + 10% Total $186,452 $155,155 + 20%
Twelve Months Ended December 31,
1995 1994 Change
Recreation Hard Goods $521,291 $476,921 + 9% Recreation Soft Goods $167,556 $86,727 + 93% Hardware/Home Center Products $244,727 $187,932 + 30% Total $933,574 $751,580 + 24% North America $713,513 $575,613 + 24% International $220,061 $175,967 + 25% Total $933,574 $751,580 + 24%
The Coleman Company, Inc. And Subsidiaries
Condensed Consolidated Statements of Earnings
(In Thousands, Except per Share Data)
(Unaudited)
Three Months
Ended December 31,
1995 1994
Net revenues $ 186,452 $ 155,155 Net loss $ (9,830) $ (1,103) Loss per share $ ( .37) $ (.04) Before non-recurring items/a $ .01 $ (.02) Weighted average common shares outstanding 26,578 26,598
12 Months Ended
December 31,
1995 1994
Net revenues $933,574 $ 751,580 Earnings before extraordinary item $ 40,067 $ 33,480 Extraordinary item $ (787) $ (677) Net earnings $ 39,280 $ 32,803
Earnings per share:
Earnings before
extraordinary item $ 1.51 $ 1.26
Extraordinary item $ (.03) $ (.03)
Net earnings $ 1.48 $ 1.23
Before non-recurring
items/b $ 1.88 $ 1.58
Weighted average common shares outstanding 26,613 26,718
(a) Before asset impairment charge in 1995 of $9,856 and charge for
environmental remediation in 1994 of $455.
(b) Before asset impairment and extraordinary item charges in 1995
of $10,643 and charges for restructuring, environmental remediation
and an extraordinary item in 1994 of $9,403.
CONTACT: Coleman Co. Charles Charles, archduke of Austria Charles, 1771–1847, archduke of Austria; brother of Holy Roman Emperor Francis II. Despite his epilepsy, he was the ablest Austrian commander in the French Revolutionary and Napoleonic wars; however, he was handicapped by McIlwaine, 303/202-2446 |
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