Doehler-Jarvis, Inc. reports third quarter and nine month results.TOLEDO, Ohio--(BUSINESS WIRE)--Nov. 2, 1994--Doehler-Jarvis, Inc. today reported results for the third quarter and nine months ended September 30, 1994. For the third quarter of 1994, the consolidated net loss was $2.5 million compared to $2.4 million in the third quarter of 1993. The income from operations for third quarter 1994 was $770,000 compared to $36,000 for the same period in 1993. The company's consolidated net loss was $487,000 for the first nine months of 1994 compared to a consolidated net loss of $27.3 million for the same period in 1993. The 1994 nine month results included one time charges to implement an employee-restricted stock program and write off unamortized, organizational costs associated with the former Doehler-Jarvis partnership in the amounts of $703,000 and $220,000, respectively. The 1993 nine-month results were reduced by a charge made to comply with the adoption of Statement of Financial Accounting Standard No. 106 "Employers' Accounting for Postretirement Benefits Other Than Pensions" (SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System No. 106). The net impact of this accounting change was a non-cash, after tax charge of $27.0 million at January 1, 1993. The net loss for the first nine months of 1993, excluding the cumulative effect of SFAS No. 106, was $327,000. Excluding the one-time charges, previously mentioned net income would have been $436,000 for the first nine months of 1994, compared to a net loss of $327,000 in 1993. "I am pleased with our operating results in light of our new program start ups and volume increases. We expect our fourth quarter 1994 operating performance to be better than the fourth quarter of 1993. The third quarter of 1994 was a very strong sales quarter compared to 1993. However, we don't expect this trend of year-over-year sales growth to be as strong in the fourth quarter as the OEM's struggle with capacity constraints CONSTRAINTS - A language for solving constraints using value inference. ["CONSTRAINTS: A Language for Expressing Almost-Hierarchical Descriptions", G.J. Sussman et al, Artif Intell 14(1):1-39 (Aug 1980)]. and they adjust their component inventory going into 1995," said Ronald Stewart Ronald Alexander Stewart (born 13 April 1927 in Beeton, Ontario) was a Progressive Conservative party member of the Canadian House of Commons. He was a wholesaler by career. , President and COO of Doehler-Jarvis, Inc. (a holding company); and President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Doehler-Jarvis operating companies operating company A business that engages in transactions with outsiders. . During the second quarter of 1994, the company completed a recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. plan which consisted of (i) issuing $87 million in 11 7/8 percent senior notes due 2002 (ii) execution of a new revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility, (iii) repaying term loans and a revolving credit line with a bank group; (iv) the repayment of substantially all of the company's outstanding long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. ; and (v) the conversion of the company from a limited partnership to a corporation. Shares of the company are not publicly traded. Doehler-Jarvis, Inc. is the largest independent manufacturer of aluminum castings in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. (based on sales), specializing in complex, high-volume aluminum castings primarily for use in the automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. . The company has production facilities in Toledo, Ohio
SELECTED FINANCIAL INFORMATION
(unaudited)
(Dollars in thousands except per share)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
--------------------- -----------------
1994 1993 1994 1993
------ ------- ------ ------
NET CASTING SALES $54,010 $44,523 $170,519 $154,963
========== ========= ========== ==========
INCOME FROM OPERATIONS $770 $36 $8,664(a) $7,172
LOSS BEFORE CUMULATIVE
EFFECT OF CHANGE IN
ACCOUNTING FOR POST
RETIREMENT BENEFITS $(2,486) $(2,400) $(487)(a) $(327)
CUMULATIVE EFFECT OF CHANGE
IN ACCOUNTING FOR
POSTRETIREMENT BENEFITS -- -- -- (26,966)
---------- ---------- --------- ---------
NET LOSS $(2,486) $(2,400) $(487)(a) $(27,293)
========== ========= ========== ==========
NET LOSS AVAILABLE TO
COMMON SHAREHOLDERS $(2,955) $(2,400) $(1,046)(a) $(27,293)
========== ========= ========== ==========
NET LOSS PER SHARE AVAILABLE
TO COMMON SHAREHOLDERS
BEFORE CUMULATIVE EFFECT
OF CHANGE IN ACCOUNTING
PRINCIPLE $(139.54) $(113.34)(b) $(49.40) $(15.44)(b)
=========== ========== ========== ==========
AVERAGE COMMON SHARES
OUTSTANDING -- -- 21,176 21,176(b)
========== ==========
(a) Includes one time charges to implement an employee restricted stock program and write off unamortized, organizational costs associated with the former partnership in the amounts of $703 and $220, respectively. (b) Prior to June 13, 1994 the company was a partnership. Average common shares outstanding at this date represent 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 shares as if the partnership had been incorporated. Per share amounts exclude the pro forma effects of preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. dividends. CONTACT: Doehler-Jarvis, Inc.
Gary Rohrs, 419/470-8020
or
Dilenschneider Group
Joel Pomerantz, 212/922-0900
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