Duplex reports fiscal year-end results.SYCAMORE sycamore: see plane tree.sycamore Any of several distinct trees called by the same name though in different genera and families. In the U.S. the term refers to the American plane tree or buttonwood (Platanus occidentalis), a hardy street tree. , Ill.--(BUSINESS WIRE)--Dec. 16, 1994--Duplex Products Inc., a leading provider of business information products and technologies, today reported a loss for the fiscal year ended October October: see month. 29, 1994 of $16,127,000, or $(2.12 per share) compared with net earnings of $2,454,000 ($0.32 per share) the previous year. Sales in 1994 of ($265,791,000) advanced 3% from 1993's level, representing the first year-over-year increase since 1989. Before the impact of restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. and accounting changes, 1994's net loss was $2,743,000 ($0.36 per share) as contrasted with net income of $2,354,000 ($0.30 per share) in 1993. In 1994, the Company recorded a $10,500,000 pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern charge related to the implementation of a strategic program to continue its aggressive efforts to restructure the Company's operations. This program was designed to sharpen sharp·en tr. & intr.v. sharp·ened, sharp·en·ing, sharp·ens To make or become sharp or sharper. sharp the Company's marketing and product focus, enhance cost competitiveness, improve margins, and streamline streamline, path of a fluid flowing steadily and without appreciable turbulence. A body is said to be streamlined if its shape offers the least possible resistance to a current of air, water, or other fluid. sales, manufacturing and administrative functions. 1994 also saw the Company modify its revenue recognition policies for custom forms. The Company elected e·lect v. e·lect·ed, e·lect·ing, e·lects v.tr. 1. To select by vote for an office or for membership. 2. To pick out; select: elect an art course. to make this change, which depressed Depressed A description of a market, security, or product that is experiencing weak demand and lowering prices. Notes: A depressed market, security, or product implies that prices and volume are low. There are many reasons for a depressed market, security, or product. 1994 net results by $7,084,000, because it more accurately reflects current operations and is expected to improve cash flow. Restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). actions and an accounting change also impacted 1993 results. Last year, a pretax provision of $1,500,000 was established to cover severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when and other costs associated with corporate staff reductions, and Statement of Accounting Standards No. 109, "Accounting for Income Taxes," was adopted increasing net earnings by $1,000,000. For the fourth quarter of 1994, a net loss of $7,216,000, ($0.95 per share), was recorded, while net income of $846,000, or $0.11 per share was reported in the comparable 1993 period. Sales in 1994's fourth quarter were $66,821,000, essentially the same as in the same period in 1993. In addition to the previously mentioned revenue recognition change, 1994's fourth quarter was also impacted by management's decision to modify the company's restructuring program, giving rise to a $1,500,000 pretax reduction of 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. . Before restructuring costs and accounting change, the fourth quarter 1994 net loss was $1,032,000 ($0.14 per share) compared with net earnings of $846,000 ($0.11 per share) in 1993. Fourth quarter and total year 1994 operating results were negatively impacted by above-normal price discounting, significant increases in bond paper costs, and high selling expenses. Recently introduced changes in the company's cost estimating and pricing control systems and sales commission program modifications are having a positive effect. In addition, pricing actions have been taken to offset the impact of paper cost increases. These unfavorable items were partially offset by improved manufacturing productivity related to the implementation of the business' restructuring plans and other efficiency improvement programs. Performance was also enhanced by selective outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. of certain products. 1994 saw the company begin to implement its new market focused strategy of providing value-added val·ue-add·ed adj. Of or relating to the estimated value that is added to a product or material at each stage of its manufacture or distribution: products and services to customers to assist them in minimizing the cost of processing information as contrasted with only being a supplier of forms and related products. This strategy, aimed at significantly growing sales and profitability, included expenditures in 1994 to support the development of related products and capabilities. -0-
Fourth Quarter(a)
12/29/94 12/30/93
Net sales $66,821,000 $67,064,000
Cost of goods sold 51,951,000 51,522,000
---------- ----------
Gross profit 14,870,000 15,542,000
Selling,general &
administrative expenses 16,630,000 14,838,000
Restructuring costs (credits) (1,500,000) --
---------- ----------
Operating profit (loss) (260,000) 704,000
Other income 106,000 546,000
---------- ----------
Earnings (loss) before
income taxes (credits)
& accounting changes (154,000) 1,250,000
Provision for income taxes (credits) (22,000) 404,000
---------- ----------
Earnings (loss) before accounting
changes (132,000) 846,000
Cumulative effect of acctg. changes (7,084,000) --
---------- ----------
Net earnings (loss) $ (7,216,000) $ 846,000
========== ==========
Earnings loss per share before
accounting changes $(0.02) $ 0.11
Cumulative effect of accounting
changes (0.93) --
----- ------
Net earnings (loss) per share $(0.95) $ 0.11
====== ======
Average shares 7,562,000 7,696,000
The following pro forma information
reflects the company's results as if
the revenue recognition accounting
change recorded in the fourth quarter
of 1994 had been retroactively applied:
Net sales $70,180,000 $66,082,000
Net earnings (loss) 570,000 629,000
Net earnings (loss) per share 0.08 0.08
(a) Unaudited
Fiscal Year
12/29/94 12/30/93
Net sales $265,791,000 $258,867,000
Cost of goods sold 204,062,000 194,977,000
---------- ----------
Gross profit 61,729,000 63,890,000
Selling, general & administrative
expenses 66,020,000 61,039,000
Restructuring costs (credits) (10,500,000) 1,500,000
---------- ----------
Operating profit (loss) (14,791,000) 1,351,000
Other income 44,000 880,000
---------- ----------
Earnings (loss) before income taxes
(credits) & accounting changes (14,747,000) 2,231,000
Provision for income taxes (credits) (5,704,000) 777,000
---------- ----------
Earnings (loss) before accounting
changes (9,043,000) 1,454,000
Cumulative effect of acctg. changes (7,084,000) 1,000,000
---------- ----------
Net earnings (loss) $ (16,127,000) $ 2,454,000
========== ==========
Earnings loss per share before
accounting changes $(1.19) $ 0.19
Cumulative effect of accounting changes (0.93) 0.13
----- ------
Net earnings (loss) per share $(2.12) $ 0.32
====== ======
Average shares 7,594,000 7,732,000
The following pro forma information
reflects the company's results
as if the revenue recognition
accounting change recorded in the
fourth quarter of 1994 had been
retroactively applied:
Net sales $265,791,000 $256,659,000
Net earnings (loss) (9,043,000) 1,966,000
Net earnings (loss) per share (1.19) 0.25
Duplex Products is a leading provider of business information products and technologies. The company provides custom and stock business forms and labels, electronic printing and mailing services, forms management programs, forms automation solutions and process analysis. Products and services are provided through the company's direct sales force, manufacturing facilities and business service center centers throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. . Duplex continues to uphold up·hold tr.v. up·held , up·hold·ing, up·holds 1. To hold aloft; raise: upheld the banner proudly. 2. To prevent from falling or sinking; support. 3. its reputation for quality, reliability, knowledge and performance through the utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be of Duplex business consultants who are trained to assess and analyze an·a·lyze v. 1. To examine methodically by separating into parts and studying their interrelations. 2. To separate a chemical substance into its constituent elements to determine their nature or proportions. 3. customers' needs, recommend solutions and measure results. CONTACT: Duplex Products Inc., Sycamore Andrew Campbell Andrew Campbell is the name of:
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