Corrpro announces net income of 18 cents per share for fiscal 1997 first quarter.MEDINA, Ohio--(BUSINESS WIRE)--July 22, 1996--Corrpro Companies, Inc. (NYSE-CO) today reported results for its fiscal 1997 first quarter which ended June June: see month. 30, 1996. Revenues for the first quarter totaled $36.5 million compared with $33.5 million for the prior year first quarter, an increase of 8.9%. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the first quarter totaled $2.6 million compared with an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $4.1 million for the prior year period. Prior year operating loss included unusual charges of $1.5 million. The Company generated net income of $1.2 million or 18 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 first quarter compared with a net loss of $3.1 million or 53 cents per share in the prior year period. During the first quarter, the Company realized increases in both service and product revenues. The revenue growth was all internally generated as there were no acquisitions in either the current or prior year. Service revenues increased 10.3% which is primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to growth at the Company's domestic core businesses. Product revenues were up 7.9% for the quarter. This growth also relates to the domestic core businesses as well as the Company's Wilson Wilson, city (1990 pop. 36,930), seat of Wilson co., E N.C., in a rich agricultural region; inc. 1849. It is a commercial and industrial center with a large tobacco market. Manufactures include textile goods (especially clothing), metal products, and processed foods. Walton operation. Partially offsetting the growth in product revenues was a $1.2 million decline relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's Corrtherm foundry A semiconductor manufacturer that makes chips for third parties. It may be a large chip maker that sells its excess manufacturing capacity or one that makes chips exclusively for other companies. operation. Although the majority of Corrtherm's operating difficulties have been resolved, its results continue to be negatively impacted by lower revenue levels. Excluding the impact of the decline at Corrtherm, revenues were up approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 14% between years. A portion of this increase represents a carryover carryover n. in taxation accounting, using a tax year's deductions, business losses or credits to apply to the following year's tax return to reduce the tax liability. (See: carryback) of business from the fourth quarter of fiscal 1996. Severe winter weather during the prior year fourth quarter delayed certain engineering and construction projects to future periods. 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. continued to improve during the first quarter and, on an overall basis, represented 30.2% of revenues compared to 21.8% in the prior year period. Service margins totaled 36.6% for the first quarter compared to 21.3% in the prior year period. Gross margins on product sales totaled 25.5% for the first quarter compared to 22.2% in the prior year period. Product margins, however, continue to be negatively impacted by low margins at Corrtherm. Although Corrtherm's gross margins have improved between years, they continue to be below those of the Company's other operations. 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. were down $1.5 million or 15.3% between years as the Company continues to realize the benefits of the cost reduction measures implemented during the prior fiscal year. Operating expenses for the first quarter totaled $8.4 million or 23.0% of revenues compared to $9.9 million or 29.6% of revenues in the prior year period. The Company also announced that 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:
The process by which the corporation communicates with its investors. had resigned to pursue another opportunity. The Company's investor relations function will now be handled directly by the Company's Senior Vice President and Chief Financial Officer, Neal R. Restivo. Mr. Adamov had previously reported directly to Mr. Restivo. Commenting on the announcements, Joseph W. Rog, Chairman of the Board, President and Chief Executive Officer, stated, "The Company continued to make progress during the first quarter and, overall, we were very pleased with the results that were achieved. We believe that the first quarter results further demonstrate that we have been able to successfully put the majority of our significant operating problems behind us. Excluding the impact of the decline at Corrtherm, our businesses generated revenue growth of approximately 14% during the first quarter. While a portion of this growth was a carryover from the prior year fourth quarter, it does show that there are growth opportunities in the worldwide markets that we serve. During the remainder of fiscal 1997, our primary focus will continue to be on asset management, cost controls, and bottom line performance. We view fiscal 1997 as a transition year during which time we will work towards further enhancing our profitability and positioning the Company for the future while at the same time expanding our business in a controlled manner." Corrpro Companies, Inc., 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. , with over 50 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 worldwide leading supplier 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 and engineering services as well as a leading supplier of rectifiers, a key power supply component in cathodic protection systems. In addition, Corrpro is the worldwide leader in maritime cathodic protection, corrosion monitoring systems and the manufacturing of anodes for cathodic protection systems. (Financial tables follow) -0-
CORRPRO COMPANIES, INC.
Consolidated Income Statement Data
(In Thousands, Except Per Share Amounts)
(UNAUDITED)
For the Three
Months Ended
June 30,
1996 1995
Revenues:
Engineering & construction services $15,663 $14,200
Product sales 20,805 19,277
_______ _______
36,468 33,477
Cost of sales:
Engineering & construction services 9,935 11,179
Product sales 15,510 15,003
_______ _______
25,445 26,182
_______ _______
Gross profit 11,023 7,295
Selling, general & administrative
expenses 8,398 9,910
Unusual charges --- 1,500
_______ _______
Operating income (loss) 2,625 (4,115)
Interest expense (590) (565)
_______ _______
Income (loss) before income taxes 2,035 (4,680)
Provision (benefit) for income taxes 815 (1,535)
_______ _______
Net income (loss) $ 1,220 $ (3,145)
_______ _______
_______ _______
Net income (loss) per share $ .18 $ (.53)
_______ _______
_______ _______
Weighted average shares 6,785 $ 5,956
_______ _______
_______ _______
Supplemental financial information:
Depreciation and amortization 24 886
Capital expenditures, net 550 704
CORRPRO COMPANIES, INC.
Consolidated Balance Sheet Data
(In Thousands)
(UNAUDITED)
June 30, March 31,
1996 1996
ASSETS
Current assets:
Cash and cash equivalents $ 2,603 $ 3,256
Accounts receivable, net 35,283 30,257
Inventories 18,989 17,056
Other current assets 6,489 9,346
________ ________
Total current assets 63,364 59,915
Property, plant and equipment, net 20,549 20,615
Other assets 27,805 27,668
________ ________
TOTAL ASSETS $111,718 $108,198
________ ________
________ ________
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term borrowings and
current portion of long-term debt $ 1,385 $ 1,527
Accounts payable 17,649 16,836
Accrued liabilities and other 7,607 7,762
________ ________
Total current liabilities 26,641 26,125
Long-term debt, net of current portion 28,121 26,616 Other long-term liabilities 744 674 Minority interest 440 502
Total shareholders' equity 55,772 54,281
________ ________
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $111,718 $108,198
________ ________
________ ________
CONTACT: Corrpro Companies, Inc. Neal R. Restivo, 330/723-5082 |
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