Corrpro announces financial results for fiscal 1996 first quarter.MEDINA, Ohio--(BUSINESS WIRE)--Aug. 14, 1995--Corrpro Companies, Inc. (NYSE NYSE See: New York Stock Exchange - CO) today reported financial results for the fiscal 1996 first quarter which ended June June: see month. 30, 1995. First quarter revenues were $33.5 million, an increase of 26.3% over the $26.5 million for the same period in the previous year. The Company incurred a net loss of $3.1 million, or 53 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. , compared with net income of $1.3 million, or 21 cents per share, a year ago. The pretax loss pretax loss A loss reported before tax benefits are considered. of $4.7 million for the fiscal 1996 first quarter included a $1.5 million charge for litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and other unusual expenses. The remaining portion of the loss for the first quarter was due to lower 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. recognized on domestic services and an increase in SG&A expenses due to the additional costs associated with the Company's corporate administration and management of the increased scope of the business. The Company has undertaken corrective cor·rec·tive adj. Counteracting or modifying what is malfunctioning, undesirable, or injurious. n. An agent that corrects. corrective, n cost and pricing actions with respect to both service and product sales the results of which the Company believes will begin to be realized in the second and third quarter of fiscal 1996. Joseph W. Rog, Chairman of the Board, President and Chief Executive Officer, stated, ``We are making progress with the corrective actions A corrective action is a change implemented to address a weakness identified in a management system. Normally corrective actions are instigated in response to a customer complaint, abnormal levels if internal nonconformity, nonconformities identified during an internal audit or that we have undertaken during the second quarter. We have reduced workforce, consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: offices, recruited two managers with manufacturing expertise, realigned the senior management team, and employed pricing disciplines to obtain adequate margins. We have also worked to complete a number of lower margin jobs and orders which were in the backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. at the beginning of the fiscal year. We expect improved results during the second quarter as the effects of the corrective actions are realized leading to a gradual The Gradual (Latin: graduale, sometimes called the Grail) is a chant in the extraordinary form of the Roman Catholic Mass, sung after the reading or singing of the Epistle and before the Alleluia, or, during penitential seasons, before the Tract. return to profitability. However, the Company may incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. a reduced loss in the second quarter.'' 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 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. 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 transit, in astronomy, passage of a body across a meridian or passage of a small body across the visible disk of a larger one. (The passage of a large body across a smaller one is called an eclipse or occultation. 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.
UNAUDITED FINANCIAL HIGHLIGHTS
(In thousands, except per share and per share amounts)
Three Months Ended June 30,
___________________________
1995 1994
_______ _______
Net Sales $33,477 $26,499 Net (Loss)/Income (3,145) 1,251 Net (Loss)/Income per share (0.53) 0.21 Weighted Average Shares 5,955,512 6,075,438
CORRPRO COMPANIES, INC.
Consolidated Income Statement Data (Unaudited)
(In thousands, except share and per share amounts)
For the Three Months Ended
June 30,
__________________________
1995 1994
____ ____
Revenues:
Engineering & Construction Services $ 14,201 $ 12,823
Product Sales 19,276 13,676
______ ______
33,477 26,499
Cost of Sales:
Engineering & Construction Services 11,179 7,006
Product Sales 15,003 10,722
______ ______
26,182 17,728
______ ______
Gross Profit Margin 7,295 8,771
Selling, General & Administrative
Expenses 11,427 6,425
______ ______
Operating Income (4,132) 2,346
Interest Expense (565) (211)
Other Income (Expense) 17 (10)
______ ______
(Loss) Income Before Taxes (4,680) 2,125
Income Taxes (1,535) 874
______ ______
Net (Loss) Income $ (3,145) $ 1,251
______ ______
______ ______
Net (Loss) Income Per Share $ (.53) $ .21
______ ______
______ ______
Shares Outstanding 5,955,512 6,075,438
_________ _________
_________ _________
CORRPRO COMPANIES, INC.
Consolidated Balance Sheet (Unaudited)
(In Thousands)
June 30, March 31,
________ _________
1995 1995
____ ____
ASSETS
Current assets:
_______________
Cash $ 623 $ 1,385
Accounts receivable 35,463 34,930
Inventories 21,310 18,304
Other current assets 6,316 6,895
_______ _______
Total current assets 63,712 61,514
Property, plant and equipment, net 21,525 21,385
Other assets 27,818 27,423
_______ _______
TOTAL ASSETS $ 113,055 $ 110,322
_______ _______
_______ _______
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
___________________
Current portion, long-term debt $ 2,798 $ 2,322
Other borrowings and notes payable 605 273
Accounts payable 15,561 15,449
Other accrued expenses 8,350 6,204
_______ _______
Total current liabilities 27,314 24,248
Long-term liabilities:
_____________________
Long-term debt, net of current 28,580 25,869
Deferred long term FIT 80 78
_______ _______
Total liabilities 55,974 50,195
Minority interest 4,086 4,067
Total shareholders' equity 52,995 56,060
_______ _______
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
$ 113,055 $ 110,322
_______ _______
_______ _______
CORRPRO COMPANIES, INC.
Consolidated Statement of Cash Flows
(Unaudited, In Thousands)
Three Months Ended June 30,
__________________________
1995 1994
____ ____
Cash flows from operating activities:
Net (loss) income $ (3,145) $ 1,251
Adjustments to reconcile net
(loss) income to net cash used
for operating activities 88 (5,835)
_______ _______
Net cash used for operating
activities (3,057) (4,584)
Net cash used for investing
activities (1,304) (762)
Net cash provided by financing
activities 3,584 11,406
Effect of changes in foreign currency
exchange rates 16 35
_______ _______
Net (decrease) increase in cash (761) 6,095
Cash and cash equivalents at beginning
of period 1,385 1,667
_______ _______
Cash and cash equivalents at end of period $ 624 $ 7,762
_______ _______
_______ _______
CONTACT: Corrpro Companies, Inc., Medina 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. Adamov Adamov may refer to:
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