Corrpro announces Fiscal 1995 results and management changes.MEDINA, Ohio--(BUSINESS WIRE)--Corrpro Companies, Inc. (NYSE NYSE See: New York Stock Exchange :CO) today reported that it had incurred a loss of 21 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. for the fourth quarter of Fiscal 1995, and that its earnings for the full year were 43 cents per share. Revenue for Fiscal 1995 was $126,009,000, up 81.2% from last year's $69,536,000. Cost of sales increased 94.7% to $89,226,000 from $45,833,000. Net Income was $2,836,000 or 43 cents per share, compared to $4,845,000 or $1.00 per share in Fiscal 1994 on a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis. Revenue for the fourth quarter of Fiscal 1995 was $33,972,000, up 93.2% from last year's $17,588,000. The Net Loss for the quarter was $1,382,000 or 21 cents per share, compared to Net Income of $956,000 or 19 cents per share in the fourth quarter of Fiscal 1994 on a pro forma basis. Net income and net income per share in Fiscal 1994 are presented on a pro forma basis to facilitate period-to-period comparisons. Pro forma figures reflect the Company's initial public stock offering of 1.8 million shares at $11 per share and the use of proceeds to repay indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. as though these transactions had occurred at the beginning of Fiscal 1994. Pro forma adjustments include primarily the elimination of interest expense on debt retired and the $1.6 million unusual charge recorded for appreciation rights in Fiscal 1994, and the tax effect on such adjustments. No pro forma effect has been given to the acquisitions occurring during Fiscal 1994 or Fiscal 1995 or the Company's secondary public stock offering in May of Fiscal 1995. The Company is engaged in discussions with its lender concerning present noncompliance noncompliance failure of the owner to follow instructions, particularly in administering medication as prescribed; a cause of a less than expected response to treatment. noncompliance with certain loan covenants A loan covenant is a condition in a commercial loan or bond issue that requires the borrower to fulfill certain conditions or forbids the borrower from undertaking certain actions, or possibly restricts certain activities to circumstances when other conditions are met. . Its audited financial statements for 1995 have not yet been released. The Company also announced that its Board of Directors elected its Chairman and Chief Executive Officer, Joseph W. Rog, to the additional office of President and that James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. A. Benko has been named as interim Chief Financial Officer. They have replaced Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. M. Gossett and Ronald S. Langos, who previously held those positions. The Company is actively recruiting a new Chief Financial Officer. Richard Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a Harr, the Company's Comptroller, is on a leave of absence, but will be available for consultation with the Company. The Company had previously reported that its earnings for Fiscal 1995 would be within a range of 40 cents to 45 cents per share, and that its fourth quarter loss was due in part to approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $4 million of 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. pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern adjustments. Based on a review being conducted under the direction of the Board's Audit Committee, the Company has determined that more than $3 million of those adjustments reflected an understatement of operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , and that a number of those adjustments resulted from accounting entries for which there was no apparent justification. Certain of the year-end adjustments affected the second and third quarter and the Company announced that its earnings per share were 27 cents and 17 cents for the second and third quarters of Fiscal 1995, respectively, rather than 32 cents and 37 cents previously reported. While the Audit Committee's inquiry is ongoing, there is no indication that there will be adjustments to Fiscal 1994. The Company also announced that several class action lawsuits class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax have been filed against the Company and certain of its officers which assert claims arising out of the Fiscal 1995 preliminary results announced by the Company and seek unspecified Adj. 1. unspecified - not stated explicitly or in detail; "threatened unspecified reprisals" specified - clearly and explicitly stated; "meals are at specified times" damages. Chairman Joseph W. Rog stated, ``We are working hard to put these events behind us. Corrpro's business is fundamentally sound. The Company is experiencing high levels of quoting and order activity and major projects have been obtained in the offshore market. The orders for cathodic protection Cathodic protection (CP) is a technique to control the corrosion of a metal surface by making that surface the cathode of an electrochemical cell. It is a method used to protect metal structures from corrosion. of concrete structures are very high for this time of the year and the water transportation and storage industry continues to be an important growth area for the Company.'' ``In the oil and gas industry, we continue to build close relationships with our clients through alliance and master services agreements and now have twice as many of these agreements in place as we did a year ago. These agreements encompass comprehensive corrosion engineering and material supply services for production, transmission and distribution assets. Major structures involved include drilling rigs, production platforms, pipelines and storage vessels.'' ``The Company's accounting function is being strengthened and we have hired Jim Benko to act as our interim Chief Financial Officer. Jim Benko has over 24 years of very broad accounting experience including work in financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against , cost accounting, SEC and related filings, cash flow management, acquisition assimilation Assimilation The absorption of stock by the public from a new issue. Notes: Underwriters hope to sell all of a new issue to the public. See also: Issuer, Underwriting Assimilation , and business system implementation. He has an MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration and is a Certified Management Accountant  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. . Jim's prior positions have included Vice President & Treasurer of K&F Industries and Aircraft Braking Systems Corporation and Vice President of Finance and Administration for Loral Lo´ral n. 1. (Zool.) Of or pertaining to the lores. 2. Of or pertaining to lore . Systems Group.'' ``We are going to focus on the Company's existing business and move forward. I will be working closely with Jim Benko and Barry Barry, Welsh Barri, town (1991 pop. 45,053) and port, Vale of Glamorgan, S Wales, on the Bristol Channel. Once a major coal-exporting port, its more diversified export products include cement, flour, and steel products. W. Schadeck, President of Corrpro 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 , Inc., who will move to our Medina office on a temporary basis.'' Corrpro, headquartered in Medina, Ohio Medina [məˈdaɪnə] is a city in Medina County, Ohio, United States. The population was 25,139 at the 2000 census. The 2004 projected population was estimated at 28,536. , and with over 50 fully staffed offices worldwide, is the leading provider of corrosion control engineering services, systems and equipment to the infrastructure, environmental and energy markets throughout the world. Corrpro is the U.S. and Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. market share leader of cathodic protection systems which are applied to such structures as bridges, above-ground and underground storage tanks An Underground Storage Tank (UST), in United States environmental law, is a tank and any underground piping connected to the tank that has at least 10 percent of its combined volume underground. , parking garages, electric power plants, oil and gas pipelines, transit systems, water treatment systems, offshore oil rigs and ships. Corrpro is also the U.S. market share leader in rectifiers, a key power supply component in cathodic protection systems and the worldwide leader in the maritime cathodic protection market, corrosion monitoring systems and manufacturing of anodes for cathodic protection systems. -0-
CORRPRO COMPANIES, INC.
FINANCIAL HIGHLIGHTS
(in thousands, except share and per share amounts)
Unaudited Three Months Ended March 31,
___________________________________________
1995 1994
______ ________________________
Actual Pro Forma Actual
Operations Operations Operations
__________ ___________ __________
Revenues:
Engineering and construction
services $14,804 $11,182 $11,182
Product sales 19,168 6,406 6,406
_______ _______ _______
33,972 17,588 17,588
Gross Profit:
Engineering and construction
services 4,803 3,522 3,522
Product sales 2,773 2,093 2,093
_______ _______ _______
7,576 5,615 5,615
Net Income (Loss) (1,382) 956 886 Net Income (Loss) Per Share (0.21) 0.19 0.18 Weighted Average Shares 6,468,481 5,036,502 5,036,502
Twelve Months Ended March 31,
___________________________________________
1995 1994
______ ________________________
Actual Pro Forma Actual
Operations Operations Operations
__________ __________ __________
Revenues:
Engineering and construction
services $62,395 $48,166 $48,166
Product sales 63,614 21,370 21,370
_______ _______ _______
126,009 69,536 69,536
Gross Profit:
Engineering and construction
services 21,928 18,451 18,451
Product sales 14,855 5,252 5,252
_______ _______ _______
36,783 23,703 23,703
Net Income 2,836 4,845 2,740(a) Net Income Per Share 0.43 1.00 0.68 Weighted Average Shares 6,667,350 4,862,223 4,027,210 (a) Includes unusual one-time $1.6 million stock appreciation charge.
CORRPRO COMPANIES, INC.
Consolidated Balance Sheet
(In thousands)
March 31,
1995 1994
________ ________
ASSETS
Current Assets:
_______________
Cash $1,384 $1,667
Account receivable 34,930 23,641
Inventories 18,304 9,412
Other Current Assets 6,895 3,677
________ _______
Total Current Assets 61,513 38,397
Property, Plant & Equipment, Net 21,386 9,155
Other Assets 27,423 20,306
________ _______
TOTAL ASSETS $110,322 $67,858
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
____________________
Current Portion, Long-Term Debt $ 2,594 $ 1,600
Accounts Payable 15,449 10,655
Other Accrued Expenses 6,204 5,701
________ _______
Total Current Liabilities 24,247 17,956
Long-Term Liabilities:
_____________________
Long-Term Debt, Net of Current 25,870 21,492
Deferred Income Taxes 78 88
________ _______
Total Liabilities 50,195 39,536
Minority Interest 4,067 4,022
________ _______
Total Shareholders' Equity 56,060 24,300
________ _______
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $110,322 $67,858
________ _______
________ _______
CONTACT: Corrpro Companies, Inc., Medina Robert M. Adamov Adamov may refer to:
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