Devon Group makes announcement.STAMFORD, Conn.--(BUSINESS WIRE)--Oct. 27, 1997--Devon Group Inc., Stamford (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :DEVN), today announced that for its second fiscal quarter, income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the was $6,446,000 ($.88 per share) on sales of $65,571,000 compared to last year's same quarter results of $5,786,000 ($.78 per share) on sales of $55,031,000. ^ For the six months ended Sept. 30, 1997 income from continuing operations was $11,287,000 ($1.54 per share) on sales of $120,982,000 versus prior year income from continuing operations of $9,962,000 ($1.35 per share) on sales of $102,897,000. Devon had previously announced consummation of the sale of its magazine printing subsidiary. The after tax gain of $6,818,000 from this disposition, combined with net 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. from this subsidiary through the date of sale, produced $.99 in net income per share from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. for the quarter. Commenting on this announcement, Marne Obernauer, Jr., chairman and chief executive officer, stated, "We are pleased to report increases in both sales and income resulting from strong performances at both of our businesses. Company-wide sales exceeded the prior year's second quarter by 19%, while income per common share from continuing operations grew by 13%. At Black Dot, sales were up 15% this quarter versus the prior year's second quarter due primarily to increased creative, design, and photographic services provided to new retail advertising and catalog catalog, descriptive list, on cards or in a book, of the contents of a library. Assurbanipal's library at Nineveh was cataloged on shelves of slate. The first known subject catalog was compiled by Callimachus at the Alexandrian Library in the 3d cent. B.C. customers. Our success in expanding this base of customers, coupled with incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. revenues related to existing retail advertising accounts, more than offset lower textbook-related revenues. Devon Publishing Group's sales grew by 25% versus the comparable prior year's quarter with each of its subsidiaries contributing. Sales of Portal Publications' cards, in particular its seasonal lines, grew significantly as did the matted product and T-shirt lines. All products benefited from the combined effects of increased chain store sales and the continuing success of the Anne Geddes Anne Geddes, MNZM, (born September 1956) is an Australian-born photographer, clothing designer and businesswoman who now lives and works in New Zealand. She is well-known for her stylised depictions of babies and motherhood. imagery." Devon Group Inc. is a diversified graphic arts graphic arts: see aquatint; drawing; drypoint; engraving; etching; illustration; linoleum block printing; lithography; mezzotint; niello; pastel; poster; silk-screen printing; silhouette; silverpoint; sketch; stencil; woodcut and wood engraving. company that provides the following services and products: advertising and editorial production, conventional and digital photography, interactive multi-media, computerized typesetting typesetting: see printing. typesetting Setting of type for use in any of various printing processes. Type for printing, using woodblocks, was invented in China in the 11th century, and movable type using metal molds had appeared in Korea by the 13th , composition, and color separation Separating a picture by colors in order to make negatives and plates for color printing. The four-color process requires four separations: cyan, magenta, yellow and black (CMYK). See OPI and DCS. services to corporate, retail, advertising, and publishing customers, and publishing/distribution of posters, art reproductions, original art, greeting cards See e-card. , notecards NoteCards - An ambitious hypertext system developed at Xerox PARC, "designed to support the task of transforming a chaotic collection of unrelated thoughts into an integrated, orderly interpretation of ideas and their interconnections". , calendars, and related products. Attached is a financial summary for the three- and six-month periods ended Sept. 30, 1997 and 1996. -0-
Devon Group Inc.
Financial Summary
(in thousands, except per share data)
For the Three Months For the Six Months
ended Sept. 30, ended Sept. 30,
1997 1996 1997 1996
Sales $ 65,571 $ 55,031 $120,982 $102,897
Operating costs and expenses:
Cost of sales 36,635 30,419 67,768 57,704
Selling, general, and
administrative 18,524 15,399 35,241 29,407
Income from operations 10,412 9,213 17,973 15,786
Interest income, net 299 219 614 467
Other income, net 31 213 224 355
Income from continuing
operations before
income taxes 10,742 9,645 18,811 16,608
Provision for income taxes 4,296 3,859 7,524 6,646
Income from continuing
operations 6,446 5,786 11,287 9,962
Discontinued operations:
Gain on sale 6,618 - 6,618 -
Income from operations 384 525 1,046 1,108
Income from discontinued
operations 7,202 525 7,864 1,108
Net income $ 13,648 $ 6,311 $19,151 $11,070
Net income per common share
Continuing operations $ 0.88 $ 0.78 $ 1.54 $ 1.35
Discontinued operations 0.99 0.07 1.08 0.15
Net income $ 1.87 $ 0.85 $ 2.62 $ 1.50
Average common shares
outstanding 7,314 7,396 7,299 7,390
As of Sept. 30,
1997 1996
Total assets $188,679 $156,343
Total long-term debt $ 3,053 $ 2,078
Total stockholders' equity $150,607 $124,178
CONTACT: Devon Group Inc. Bruce K. Koch, 203/964-1444 |
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