Consolidated Stainless reports record E.P.S. of $0.35 for first quarter of 1995, versus $0.08 in prior-year period.LONGWOOD, Fla.--(BUSINESS WIRE)--May 1, 1995--Consolidated Stainless Inc. (NASDAQ/NMS: "PIPE") today announced record sales and earnings for the first quarter of its 1995 year. For the three-month period ended March 31, 1995, the company reported net income, on a per-share basis (fully-diluted) of $0.35, compared with $0.08 in the corresponding period of the previous year. Net income increased 327% to $1,019,387, versus $238,636 in the prior-year period. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight were approximately $11.8 million, which represented an 88% increase when compared with year-earlier revenues of $6.3 million (restated to reflect the August 1994 acquisition of Performance Metals Inc.). The number of fully-diluted shares outstanding during the first quarter of 1995 averaged 2,904,884, compared with 2,810,776 primary shares outstanding a year earlier. Gross profit margins Gross profit margin 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. widened to 30.1% in the most recent quarter, versus 27.8% in the prior-year period, reflecting higher selling prices for 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 and related products. Selling, General & Administrative expenses declined to 13.3% of sales (from 21.0%), as semi-fixed overhead costs overhead costs see fixed costs. were spread across a larger revenue base. "During the first quarter of 1995, monthly production of stainless steel pipe at our new facility averaged nearly 1.4 million pounds," noted Ronald J. Adams
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, Georgia and Texas. Common stock in Consolidated Stainless Inc. is traded on NASDAQ'a National Market System under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors "PIPE". -0-
Consolidated Stainless Inc.
SELECTED FINANCIAL HIGHLIGHTS
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(Unaudited)
Three Months Ended
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March 31 March 31
1995 1994
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Net Sales $11,763,988 $6,259,807
Cost of Sales 8,219,063 4,518,951
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GROSS PROFIT 3,544,925 1,740,856
Selling, General & Admin.
Expenses 1,563,859 1,314,555
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Income from Operations 1,981,066 426,301
Other Income (Expense):
Interest (314,294) (114,221)
Other 32,205 85,647
INCOME BEFORE TAXES 1,698,977 397,727
Income Taxes 679,590 159,091
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NET INCOME $ 1,019,387 $ 238,636
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NET INCOME PER SHARE
Primary $ 0.35 $ 0.08
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Fully-Diluted $ 0.35 $ N.A.
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Shares Used in Computing EPS
Primary 2,896,088 2,810,776
Fully-Diluted 2,904,884 N.A.
CONTACT: Consolidated Stainless Inc., Longwood Ronald J. Adams, President, 407/682-4999 or R. Jerry Falkner, CFA (Computer Fraud and Abuse Act of 1986) Signed into law in 1986, the CFA was a significant step forward in criminalizing unauthorized access to computer systems and networks. The Act applies to "federal interest computers" that include any system used by the U.S. , Investor Relations Investor relations The process by which the corporation communicates with its investors. Counsel 800/377-9893 |
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