Consolidated Stainless reports 946% increase in first half 1995 earnings.LONGWOOD Longwood may refer to: United States
For the three-month period ended June June: see month. 30, 1995, the company's net income totalled $1,388,063 ($0.31 per share), compared with a net loss of $8,474 ($0.00 per share) in the second quarter of the prior year. Record sales of $12.4 million during the most recent quarter reflected a 73.7% increase, when compared with $7.1 million in the year-earlier period (restated to reflect the August 1994 acquisition of Performance Metals Inc). The number of fully-diluted shares outstanding during the second quarter of 1995 averaged 4,524,693, versus 4,207,238 primary shares outstanding in the corresponding period of the 1994 year. All per-share figures, and the number of shares outstanding, have been adjusted to reflect a 3-for-2 stock split which was payable on June 2, 1995, to shareholders of record May 31, 1995. During the six months ended June 30, 1995, net income rose approximately 946% to $2,407,450 ($0.53 per share), when compared with a prior-year profit of $230,163 ($0.05 per share). Revenues of $24.2 million in the first half of 1995 were approximately 80.3% higher than the $13.4 million in sales posted in the comparable period a year earlier (restated to reflect the acquisition of Performance Metals Inc.). The number of fully-diluted shares outstanding averaged 4,524,693 in the first half of 1995, compared with 4,211,792 average primary shares outstanding in the year-earlier period (restated to reflect a recent 3-for-2 stock split). "We are very pleased with the operating performance of our new stainless steel stainless steel: see steel. stainless steel Any of a family of alloy steels usually containing 10–30% chromium. The presence of chromium, together with low carbon content, gives remarkable resistance to corrosion and heat. pipe manufacturing plant in Auburndale, Florida Auburndale is a city in Polk County, Florida, United States. The population was 11,032 at the 2000 census. According to the U.S Census estimates of 2005, the city had a population of 12,381. , which has allowed the company to roughly double its shipments of manufactured pipe to customers," noted Ronald J. Adams
Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. expanded to 35.4% in the most recent quarter, compared with 21.2% in the prior-year period, and for the first half we enjoyed a gross profit margin of 32.8%. This improved profitability was a reflection of strong demand, firm product pricing, improved manufacturing efficiencies, and the absence of 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. and setup See BIOS setup and install program. costs which penalized pe·nal·ize tr.v. pe·nal·ized, pe·nal·iz·ing, pe·nal·iz·es 1. To subject to a penalty, especially for infringement of a law or official regulation. See Synonyms at punish. 2. earnings in the second quarter of last year. During the second quarter of 1995, our production of stainless steel pipe at the Auburndale facility averaged 1.5 million pounds per month, and we recently contracted for the purchase of equipment which will allow Consolidated to begin manufacturing certain stainless steel pipe fittings before the end of the year. We continue to evaluate acquisition opportunities, and management is optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op regarding sales and earnings prospects during the second half of 1995." Consolidated Stainless Inc. manufactures stainless steel pipe and supplies a broad line of stainless and nickel alloy Noun 1. nickel alloy - an alloy whose main constituent is nickel nickel-base alloy alloy, metal - a mixture containing two or more metallic elements or metallic and nonmetallic elements usually fused together or dissolving into each other when molten; "brass pipe, valves, and fittings (PVF PVF Polyvinylidene Fluoride PVF Pipe, Valves and Fittings PVF Poly-Vinyl Fluoride PVF Present Value Factor PVf Peso Vivo Final (Portugese) PVF Prepaid Variable Forward (equity trading strategy) ) and related products through its distribution network. The company's customers include original equipment manufacturers, commercial and industrial end-users and other distributors 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. and Canada. Headquartered in Longwood, Florida Longwood is a city in Seminole County, Florida, USA. The population was 13,745 at the 2000 census. As of 2006, the population recorded by the U.S. Census Bureau is 13,529 [2]. (Orlando area), Consolidated's primary production facility is located in Auburndale, Florida. The company operates six distribution/service centers in Florida (3), California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , Georgia Georgia, country, Asia Georgia (jôr`jə), Georgian Sakartvelo, Rus. Gruziya, officially Republic of Georgia, republic (2005 est. pop. 4,677,000), c.26,900 sq mi (69,700 sq km), in W Transcaucasia. and Texas. Common stock in Consolidated Stainless Inc. is traded on NASDAQ's National Market System under the symbol "PIPE". -0-
SELECTED FINANCIAL HIGHLIGHTS
(unaudited)
Three Months Ended
June 30 June 30
1995 1994
Net sales $12,389,640 $7,133,163 Cost of sales 8,008,466 5,618,187 GROSS PROFIT 4,381,174 1,514,976 Selling, general & admin. expense 1,758,955 1,315,283 Income from operations 2,622,219 199,693
Other income (expense):
Interest (343,545) (217,268)
Other 34,766 3,451
PRETAX INCOME (LOSS) 2,313,440 (14,124) Taxes on income 925,377 (5,650) NET INCOME (LOSS) $ 1,388,063 $ (8,474)
NET INCOME PER SHARE
Primary $ 0.31 $ 0.00
Fully-diluted $ 0.31 $ N.A.
Shares used in computing EPS
Primary 4,481,018 4,207,238
Fully-diluted 4,524,693 N.A.
-0-
Six Months Ended
June 30 June 30
1995 1994
Net sales $24,153,628 $13,392,970 Cost of Sales 16,227,529 10,137,138 GROSS PROFIT 7,926,099 3,255,832 Selling, General & Admin. Expense 3,322,814 2,629,838 Income from operations 4,603,285 625,994
Other income (expense)
Interest (657,839) (331,489)
Other 66,971 89,098
INCOME BEFORE TAXES 4,012,417 383,603 Taxes on income 1,604,967 153,440 NET INCOME $ 2,407,450 $ 230,163
NET INCOME PER SHARE
Primary $0.54 $0.05
Fully-diluted $0.53 $ N.A.
Shares used in computing EPS
Primary 4,428,359 4,211,792
Fully-diluted 4,524,693 N.A.
CONTACT: Consolidated Stainless Inc. Ronald J. Adams, 407/682-4999 or R.J. Falkner & Co. R. Jerry Falkner, 800/377-9893 |
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