Crompton & Knowles reports second quarter results; regular dividend declared.STAMFORD Stamford, town, England Stamford, town (1991 pop. 18,127), in the Parts of Kesteven, Lincolnshire, E central England, on the Welland River. It is a market town. Products include diesel engines, electrical equipment, bricks, and tiles. , Conn.--(BUSINESS WIRE)--July 19, 1995--Crompton & Knowles Knowles is a surname, and may refer to many people. : Top - 0–9 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z A
The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared with $16.1 million, or 31 cents per share, in 1994. Sales for the quarter increased 14 percent to $175.6 million from $154.5 million in the prior year's second quarter. The number of average common shares outstanding was 48.6 million in the second quarter of 1995 compared with 51.8 million in the prior year's second quarter. "Weakness in the domestic dyes market, especially in the apparel and paper sectors, continues to depress de·press v. 1. To lower in spirits; deject. 2. To cause to drop or sink; lower. 3. To press down. 4. To lessen the activity or force of something. our company's results during the quarter even as our specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. process equipment and controls segment posted a 52 percent sales gain," stated Vincent A. Calarco, the company's chairman, president and chief executive officer. "Additionally, domestic dyes sales trends during the current quarter do not suggest an imminent Impending; menacingly close at hand; threatening. Imminent peril, for example, is danger that is certain, immediate, and impending, such as the type an individual might be in as a result of a serious illness or accident. turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. ," he said. The company previously announced that it expected total 1995 earnings per share to approximate ap·prox·i·mate v. To bring together, as cut edges of tissue. adj. 1. Relating to the contact surfaces, either proximal or distal, of two adjacent teeth; proximate. 2. Close together. the $1.00 per share achieved in 1994. For the six months, net earnings were $25.3 million, or 52 cents per share, compared with $28.9 million, or 56 cents per share, in the prior year's first half. Sales for the latest six months were $343.8 million compared with $288.0 million in 1994. The regular quarterly dividend of 13.5 cents a share is payable August 25, 1995 to shareholders of record August 4, 1995. Crompton Cromp·ton , Samuel 1753-1827. British inventor of the spinning mule (1779). & Knowles' operating results from its two business segments were as follows: Specialty Chemicals A Specialty chemical is a chemical produced for a specialized use. They are produced in lower volume than bulk chemicals, of which petrochemicals, made from oil feedstocks, are the most common. However, both are produced in a chemical plant. Sales in the specialty chemicals segment decreased four percent to $101.2 million in the second quarter from $105.4 million the prior year. Operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. declined 33 percent to $13.1 million from $19.6 million in 1994. Domestic dyes sales declined 14 percent, primarily reflecting lower unit volume. International dyes sales increased 12 percent from the prior year on higher unit volume and a weaker dollar, offset in part by lower pricing. Specialty ingredients sales increased three percent in the quarter. Specialty Process Equipment & Controls Sales for the specialty process equipment and controls segment rose 52 percent during the second quarter to $74.4 million from $49.1 million in the prior year. Operating profit increased 31 percent to $11.0 million from $8.5 million in 1994. Contributing to the segment's sales gain were acquisitions completed since the first quarter of 1994 as well as a 12 percent increase in base business sales. The company's equipment 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 end of the quarter was $83 million compared to $78 million at the end of the first quarter. CROMPTON & KNOWLES CORPORATION AND SUBSIDIARIES Consolidated Statements of Earnings Quarters and six months ended July 1, 1995 and June 25, 1994 (In thousands, except per share data) (Unaudited)
Quarters ended Six months ended
July 1, June 25, July 1, June 25,
1995 1994 1995 1994
Net sales $ 175,617 $ 154,452 $ 343,810 $ 288,046
Cost of products sold 123,799 103,500 240,358 194,410 Selling, general and administrative 26,736 22,362 52,158 42,166 Depreciation and amortization 3,769 3,173 7,494 6,399 Interest 2,034 202 3,602 384 Other income (13) (91) (241) (635)
Total costs
and expenses 156,325 129,146 303,371 242,724
Earnings before income taxes 19,292 25,306 40,439 45,322 Income taxes 7,234 9,199 15,185 16,457 Net earnings $ 12,058 $ 16,107 $ 25,254 $ 28,865 Net earnings per common share $ .25 $ .31 $ .52 $ .56 Dividends per common share $ .135 $ .12 $ .255 $ .22 Average shares outstanding 48,577 51,791 48,569 51,935 -0-
CROMPTON & KNOWLES CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
July 1, 1995 and December 31, 1994
(in thousands)
(Unaudited)
July 1, December 31,
1995 1994
ASSETS
CURRENT ASSETS
cash $ 3,547 $ 1,832
Accounts receivable 106,722 81,859
Inventories 168,863 157,356
Other current assets 26,245 19,610
Total current assets 305,377 260,657
NON-CURRENT ASSETS
Property, plant and equipment 124,816 117,105
Cost in excess of acquired
net assets 50,040 43,429
Other assets 11,330 11,137
$ 491,563 $ 432,328
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Notes payable $ 73,212 $ 39,670
Accounts payable 51,280 47,000
Accrued expenses 34,146 33,369
Income taxes payable 4,757 4,138
Other current liabilities 18,732 14,865
Total current liabilities 182,127 139,042
NON-CURRENT LIABILITIES Long-term debt 54,000 54,000 Accrued postretirement liability 8,493 8,698 Deferred income taxes 7,061 6,681 Total non-current liabilities 69,554 69,379
STOCKHOLDERS' EQUITY
Common stock 5,336 5,336
Additional paid-in capital 60,022 62,241
Retained earnings 231,730 218,837
Accumulated translation
adjustment 7,777 1,858
Treasury stock at cost (62,408) (54,213)
Deferred compensation (2,575) (10,152)
Total stockholders' equity 239,882 223,907
$ 491,563 $ 432,328
CONTACT: Crompton & Knowles Corp. Peter Barna "Barna" is also used to refer to Barcelona. Barna (Irish: Bearna) is a village west of Galway city in County Galway, Ireland on the R336 regional road. , 203/353-5432 or Bibelnieks Associates Inc. Yanis Bibelnieks, 212/949-2295 |
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