Cooper Tire announces first quarter results.FINDLAY Findlay (fĭn`lē, fĭnd`lē), city (1990 pop. 35,703), seat of Hancock co., NW Ohio, on the Blanchard River; inc. 1887. Petroleum products, tires, washing machines, heavy machinery, and plastic goods are among its many manufactures. , Ohio--(BUSINESS WIRE)--Cooper Tire & Rubber Company today reported first quarter sales of $379.5 million for the period ended March 31, with earnings of $25.2 million or 31 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. . During the same period in 1996, sales were $381 million with earnings of $23.1 million or 28 cents per share. This represents an increase of 9 percent in net income. In announcing the results, Cooper chairman, Patrick W. Rooney Rooney can refer to:
2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or prevailing, we were pleased with our results for the first quarter. Our production efficiencies and product mix improved, and raw material costs began to moderate. Tire pricing was still extremely competitive, but currently appears to be firming. "Tire sales for the quarter were generally strong, but were adversely affected by a realignment re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. of inventories during the quarter by one of the company's largest customers. This customer's deferred demand for tires should begin to reverse during the second quarter as the selling season commences. Sales were strong for our engineered products. With light vehicle production increasing only modestly, our sales outpaced the industry," Rooney continued. Near the end of the quarter, Cooper completed the purchase of Avon Avon, former county, England Avon, former county, SW England, bordering the Severn estuary and the Bristol Channel. Created in 1974 from S Gloucestershire, Bristol, and N Somerset. Tyres, Ltd. of Melksham Coordinates: Melksham is a medium-sized English town, lying on the River Avon. It lies in the north of the West Wiltshire district, in the county of Wiltshire. , England England, the largest and most populous portion of the United Kingdom of Great Britain and Northern Ireland (1991 pop. 46,382,050), 50,334 sq mi (130,365 sq km). It is bounded by Wales and the Irish Sea on the west and Scotland on the north. . Cooper's sales and earnings reported for the first quarter do not contain any of the Avon results. The nominal amount of sales and earnings experienced by the Avon operation between the date of acquisition and the end of the quarter will be added to Cooper's second quarter results. The balance sheet does reflect the changes in assets and liabilities. During the quarter, the company completed the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of five million shares of its common stock at an average price of $20.00 per share. To finance the acquisition and stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. , the company issued $200 million of long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. public debt securities. The 30-year Notes were priced to yield 7.72% and will pay a coupon A certificate evidencing the obligation to pay an installment of interest or a dividend that must be cut and presented to its issuer for payment when it is due. Coupons are usually attached to a document, such as a promissory note, bond, share of stock, or a bearer of 7.625%. "We believe our Cooper team is poised to benefit from moderating raw material costs and continuing operating efficiencies. The new Avon brand will add significant opportunity for our global marketing capabilities. We believe the replacement tire market will show moderate growth for the remainder of the year," Rooney concluded. (Statement of income and balance sheet follows...) -0-
COOPER TIRE & RUBBER COMPANY
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
(Amounts in thousands; March 31,
per share amounts in dollars) 1997 1996
Revenues:
Net sales $ 379,532 $ 381,038
Other income 254 276
__________ __________
379,786 381,314
Costs and expenses:
Cost of products sold 315,913 324,333
Selling, general, administrative 21,812 19,848
Interest 1,691 4
__________ __________
339,416 344,185
__________ __________
Income before income taxes 40,370 37,129
Provision for income taxes 15,220 14,020
__________ __________
Net income $ 25,150 $ 23,109
__________ __________
__________ __________
Net income per share $ .31 $ .28
Weighted average shares outstanding 80,301 83,666
Depreciation $ 21,298 $ 17,801
Capital expenditures $ 26,220 $ 65,642
CONSOLIDATED BALANCE SHEETS
March 31,
1997 1996
Assets
______
Current assets:
Cash and cash equivalents $ 33,934 $ 5,420
Accounts receivable 303,085 278,530
Inventories 188,891 158,810
Prepaid expenses and deferred
income taxes 17,926 14,179
__________ __________
Total current assets 543,836 456,939
Property, plant and equipment - net 847,225 726,627
Other assets 69,803 33,076
__________ __________
$1,460,864 $1,216,642
__________ __________
__________ __________
Liabilities and Stockholders' Equity
____________________________________
Current liabilities:
Notes payable $ 55,179 $ 45,000
Trade payables and accrued
liabilities 167,509 146,963
Income taxes 15,846 11,673
Current portion of debt 5,129 5,046
__________ __________
Total current liabilities 243,663 208,682
Long-term debt 223,305 28,445
Postretirement benefits other than
pensions 141,191 135,101
Other long-term liabilities 40,923 38,429
Deferred income taxes 60,828 40,259
Stockholders' equity 750,954 765,726
__________ __________
$1,460,864 $1,216,642
__________ __________
__________ __________
These interim statements are unaudited subject to year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. adjustments. Certain amounts for 1996 have been restated to conform to Verb 1. conform to - satisfy a condition or restriction; "Does this paper meet the requirements for the degree?" fit, meet coordinate - be co-ordinated; "These activities coordinate well" 1997 presentations. CONTACT: Cooper Tire & Rubber Company, Findlay J. Alec ALEC - A Language with an Extensible Compiler Reinhardt Rein·hardt , Jean Baptiste Known as "Django." 1910-1953. Belgian-born French jazz guitarist noted for his improvisational skills. Despite losing the use of two fingers in an injury to his left hand in 1928, he remained an influential , 419/423-1321 |
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