Coleman reports record third quarter, nine month results.The Coleman Company, Inc. And Subsidiaries Condensed Consolidated Statements of Earnings (In thousands, except per share data) (Unaudited)
Three Months Ended September 30,
1995 1994
Net revenues $211,817 $162,443
Earnings (loss) before
extraordinary item $ 9,056 $ (1,160)(a)
Extraordinary item $(787)(b) $ --
Net earnings (loss) $ 8,269 $ (1,160)
Weighted average common
shares outstanding 26,574 26,687
Earnings (loss) per share:
Earnings (loss) before
extraordinary item $ .34 $ (.04)
Extraordinary item $ (.03) $ --
Net earnings (loss) $ .31 $ (.04)
Nine Months Ended September 30,
1995 1994
Net revenues $747,122 $595,425
Earnings before
extraordinary item $ 49,897 $34,583 (a)
Extraordinary item $ (787)(b) $ (677)(b)
Net earnings $ 49,110 $33,906
Weighted average common
shares outstanding 26,624 26,758
Earnings per share:
Earnings before
extraordinary item $ 1.87 $ 1.30
Extraordinary item $ (.03) $ (.03)
Net earnings $ 1.84 $ 1.27
(a) Includes aftertax charges of $7,360 related to restructuring and $911 related to environmental remediation costs. (b) Related to a renegotiated credit agreement. 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. Tuesday Tuesday: see week. reported record revenues and net earnings for the third quarter and first nine months of 1995. Net revenues for the quarter ending September September: see month. 30, 1995, were $211.8 million, a 30 percent increase from $162.4 million in 1994. Operating profits Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. were $23.2 million, a 40 percent increase from $16.6 million , before an environmental charge, in the comparable period last year. Earnings in the quarter before an extraordinary item were $9.1 million, a 27 percent increase from $7.1 million, before 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). and environmental charges in the same period of 1994. Earnings per share before the extraordinary item were 34 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. , up 26 percent from 27 cents before the restructuring and environmental charges last year. During the third quarter of 1995, the company completed a $200.0 million private placement debt issue. In connection with the private placement, the company renegotiated its previous credit agreement and recognized a non-cash, after tax charge of $0.8 million, or 3 cents per share, relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the writeoff writeoff A reduction to zero in the value of an asset carried on a firm's financial statement. Companies often hesitate to make writeoffs because profits reported to stockholders are reduced. of the deferred financing costs associated with the company's previous credit agreement. Restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. in the third quarter of 1994 of 31 cents per share related to the company's German cooler and domestic textile textile Any filament, fibre, or yarn that can be made into fabric or cloth, and the resulting material itself. The word originally referred only to woven fabrics but now includes knitted, bonded, felted, and tufted fabrics as well. operations and for 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 at two of its plants. Net earnings for the quarter were $8.3 million, compared to a loss in 1994 of $1.2 million. Earnings per share were 31 cents per share compared to 4 cents per share loss in 1994. For the first nine months of 1995, revenues were $747.1 million, a 25 percent gain over $596.4 million reported in 1994. Operating profits were $105.8 million, up 23 percent from $86.1 million, before environmental charges, in the first three quarters last year. Before the extraordinary item, earnings for the first nine months were $49.9 million, increasing 16 percent from $42.9 million, prior to the extraordinary item, restructuring and environmental charges in 1994, with earnings per share up 17 percent from $1.61 to $1.87. Net earnings for the first nine months were $49.1 million, a 45 percent increase from $33.9 million with earnings per share of $1.84, up 45 percent. 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, "These results continue the strong performance we have posted throughout 1995 with 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 in revenues and operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. in both 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. and International markets. Importantly, they also come at the time of year when our past experience shows key elements of our business slow their dynamic pace of the first six months. To us, these are very positive signs. "Recreation Hard Goods resumed their strong revenue growth with almost all product lines, including lanterns, camp stoves, coolers, jugs, lighting products, canoes and fishing boats contributing to a 13 percent increase to $107.1 million. For the first nine months they were up 9 percent to $426.5 million. "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 , reflecting the positive results of most lines plus the impact of 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 , a leading manufacturer of day packs and backpacks acquired last November November: see month. , had a 168 percent revenue increase to $38.9 million. Through the first three quarters their results are ahead 105 percent to $141.0 million. "Hardware/Home Center Products were up 23 percent to $65.8 million as 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 rebounded, partially due to recent hurricane activity, and growth continued in pressure washing equipment. They posted solid results for the first nine months as well, increasing 31 percent to $179.6 million." He pointed out, "From the perspective of our two principal geographic markets, North America revenues grew 34 percent over comparable quarter in 1994 to $161.3 million and 24 percent to $560.9 million through the first nine months. Beyond North America there was a 19 percent revenue improvement to $50.5 million in International for the period, a difficult comparison since 1994 results include revenues from the German Cooler operations which were sold in 1994. Through three quarters International revenues were up 28 percent to $186.2 million. "In addition to the double digit revenue increases reported throughout every aspect of our business there was a significant improvement in the gross margin percent from 28 percent in 1994 to 31 percent in 1995. The inclusion of the Eastpak acquisition and overall favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. product mix contributed to this improvement. A combination of factors impacted selling, general and administrative expenses including increased advertising expenditures, expenses associated with the Eastpak operation and the relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. of corporate, certain International and 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). Powermate offices. "In light of our pace through the third quarter, Coleman is assured of another record setting annual performance. The only remaining question is the margin by which 1995 will exceed 1994." 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 diversified (di·verˑ·s product lines for camping, leisure time and hardware/home center markets throughout 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 September 30,
1995 1994
Net revenues $211,817 $162,443 Cost of sales $145,885 $118,542 Gross profit $65,932 $43,901 Selling, general and administrative expenses $42,720 $28,838 Restructuring expense $ -- $18,456 Interest expense $ 6,266 $ 3,038 Amortization of goodwill and deferred charges $ 1,967 $ 1,523 Other expense, net $ 133 $ 52 Earnings (loss) before income taxes and extraordinary item $14,846 $(8,006) Provision for income taxes $ 5,790 $ (6,846) Earnings (loss) before extraordinary item $ 9,056 $(1,160) Extraordinary item $ (787) $ -- Net earnings (loss) $ 8,269 $ (1,160) Earnings (loss) per share: Earnings (loss) before extraordinary item $ .34 $ (.04) Extraordinary item $ (.03) $ -- Net earnings (loss) $ .31 $ (.04) Weighted average common shares outstanding 26,574 26,687 The Coleman Company, Inc. And Subsidiaries Condensed Consolidated Statements of Earnings (In thousands, except per share data) (Unaudited)
Nine Months Ended September 30,
1995 1994
Net revenues $747,122 $596,425 Cost of sales $ 513,119 417,445 Gross profit $234,003 $178,980 Selling, general and administrative expenses $128,156 $94,420 Restructuring expense $ -- $18,456 Interest expense $18,269 $8,990 Amortization of goodwill and deferred charges $5,715 $4,488 Other expense, net $ 64 $ 600 Earnings before income taxes and extraordinary item $81,799 $52,026 Provision for income taxes $31,902 $17,443 Earnings before extraordinary item $49,897 $34,583 Extraordinary item $ (787) $ (677) Net earnings $49,110 $ 33,906
Earnings per share:
Earnings before
extraordinary item $ 1.87 $ 1.30
Extraordinary item $ (.03) $(.03)
Net earnings $ 1.84 $ 1.27 Weighted average common shares outstanding 26,624 26,758 The Coleman Company, Inc. And Subsidiaries Condensed Consolidated Balance Sheets (In thousands) (Unaudited)
September 30,
1995 1994
Assets Cash $19,869 $ 11,021 Accounts receivable $181,490 $ 124,323 Inventories $191,608 $127,934 Deferred tax assets and other $30,385 $22,175 Total Current Assets $423,352 $285,453 Property, plant and equipment - net $162,930 $152,225 Intangibles and other assets $235,299 $192,021 Total Assets $821,581 $629,699 Liabilities and Stockholders' Equity Accounts and notes payable $94,405 $69,810 Other current liabilities $60,896 $60,631 Total Current Liabilities $155,301 $130,441 Long-term debt $315,856 $188,513 Other liabilities $49,564 $50,039 Stockholders' equity $300,860 $260,706 Total Liabilities and Stockholders' Equity $821,581 $629,699 The Coleman Company, Inc. And Subsidiaries Revenue by Product Class (In thousands) (Unaudited)
Three Months Ended September 30,
1995 1994 Change
Recreation Hard Goods $107,139 $ 94,492 + 13% Recreation Soft Goods $38,932 $14,519 + 168% Hardware/Home Center Products $ 65,746 $53,432 + 23% Total $211,817 $162,443 + 30% North America $161,331 $119,971 + 34% International $50,486 $42,472 + 19% Total $211,817 $162,443 + 30%
Nine Months Ended September 30,
1995 1994 Change
Recreation Hard Goods $426,528 $390,311 + 9% Recreation Soft Goods $140,959 $68,910 + 105% Hardware/Home Center Products $179,635 $137,204 + 31%
Total $747,122 $596,425 + 25%
North America $560,877 $451,271 + 24% International $186,245 $145,154 + 28%
Total $747,122 $596,425 + 25%
CONTACT: The Coleman Company, Inc., Golden, Colo. 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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