Elcor reports lower second quarter results.DALLAS--(BUSINESS WIRE)--Jan. 16, 1995--Elcor today reported 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 and net income of $1,167,000, or $.13 per share, on sales of $35,973,000 for the fiscal 1995 second quarter ended Dec. 31, 1994. Results did not match the second quarter last year when Elcor The elcor are a species from the series Mass Effect. History Little is known about elcor history, although extensive records are kept, and poured over by the elcor during their slow decision making process. reported income from continuing operations of $2,833,000, or $.32 per share, and net income of $2,338,000, or $.26 per share, including a loss of $495,000, or $.06 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. . Fiscal 1994 second-quarter sales were $36,968,000. Elcor had indicated earlier that lower sales and earnings were expected because of lower roofing product prices, which are now expected to continue and delay Elcor's earnings recovery until its fiscal year beginning July July: see month. 1, 1995. For the first half ending Dec. 31, 1994, Elcor reported income from continuing operations and net income of $4,323,000, or $.49 per share, on sales of $74,450,000. In the first half last year, Elcor reported income from continuing operations of $7,199,000, or $.81 per share, and net income of $7,078,000, or $.79 per share. Net income in the year-ago half included a loss from discontinued operations of $789,000, or $.09 per share, and a gain of $668,000, or $.07 per share, for the cumulative effect of a change in accounting for income taxes, in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the Statement of Accounting Standards No. 109, Accounting for Income Taxes. Sales were $79,814,000 in the first half last year. Elcor's Industrial Products segment, however, continued to achieve substantially improved operating results. This segment had increased sales and was profitable in the December December: see month. quarter. Its Chromium chromium (krō`mēəm) [Gr.,=color], metallic chemical element; symbol Cr; at. no. 24; at. wt. 51.996; m.p. about 1,857°C;; b.p. 2,672°C;; sp. gr. about 7.2 at 20°C;; valence +2, +3, +6. Corporation subsidiary continues to sustain a significant 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. performance, offsetting lower sales and 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 Ortloff Engineers, which was affected by lower patent licensing income during the second quarter. Elcor's Roofing Products segment reported higher shipments of Elk Prestique(R) premium laminated laminated /lam·i·nat·ed/ (-nat?ed) having, composed of, or arranged in layers or laminae. laminated made up of laminae or thin layers. fiberglass fiberglass, thread made from glass. It is made by forcing molten glass through a kind of sieve, thereby spinning it into threads. Fiberglass is strong, durable, and impervious to many caustics and to extreme temperatures. asphalt shingles An asphalt shingle is a type of roof shingle. They are one of the most widely used roofing covers due to the fact that they are relatively inexpensive and fairly simple to install. compared to the year-ago second quarter. However, sales and operating income were lower as a result of lower prices and higher promotional expenses Noun 1. promotional expense - the cost of promoting a product business expense, trade expense - ordinary and necessary expenses incurred in a taxpayer's business or trade for introducing Elk's patented new enhanced High Definition(R) and Raised Profile(TM) Prestique(R) product lines. Shipments of Elk Prestique shingles shingles: see herpes zoster. shingles or herpes zoster Acute viral skin and nerve infection. Groups of small blisters appear along certain nerve segments, most often on the back, sometimes after a dull ache at the site; pain becomes rose in all regions of the country except for the West where demand in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). was sharply lower. Industry shipments of laminated shingles in California during the September September: see month. 1994 quarter fell 18 percent from the prior year quarter. For the nine months ending September 1994, industry shipments to California were down 10 percent from the same period last year. Though the California economy has been slow, it is generally believed that sharply lower demand for roofing resulted from a lack of rain, especially in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . The record rainfall throughout the state of California during the first half of January January: see month. is expected to significantly stimulate replacement roofing demand in the year ahead. In areas where rainfall is sparse sparse - A sparse matrix (or vector, or array) is one in which most of the elements are zero. If storage space is more important than access speed, it may be preferable to store a sparse matrix as a list of (index, value) pairs or use some kind of hash scheme or associative memory. , homeowners may not become aware of roofing deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. until heavy rainfalls occur and leaking leak v. leaked, leak·ing, leaks v.intr. 1. To permit the escape, entry, or passage of something through a breach or flaw: water creates interior damage. Elcor said that Elk's major new laminated fiberglass asphalt asphalt (ăs`fôlt, –fălt), brownish-black substance used commonly in road making, roofing, and waterproofing. Chemically, it is a natural mixture of hydrocarbons. roofing plant in Shafter Shafter can refer to:
Noun 1. mid-February - the middle part of February period, period of time, time period - an amount of time; "a time period of 30 years"; "hastened the period of time of his recovery"; "Picasso's blue to mid-March n. 1. the middle part of March. Noun 1. mid-March - the middle part of March period, period of time, time period - an amount of time; "a time period of 30 years"; "hastened the period of time of his recovery"; "Picasso's blue period" . Products shipments are expected to be in the late March to early April time frame. The recent torrential rains and other factors have delayed the plant's start-up Start-up The earliest stage of a new business venture. by about a month. The new Shafter, Calif. plant is well positioned to supply the anticipated increased demand resulting from the state's recent record rainfall. The new plant will produce Elk's patented new enhanced High Definition and Raised Profile Prestique premium laminated fiberglass asphalt shingles, which will be introduced into the Western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century when Shafter begins shipments this spring. Elk's new $30 million nonwoven non·wo·ven adj. Made by a process not involving weaving. Used of textiles. n. Material or a fabric made by a process not involving weaving. fiberglass mat plant at its Ennis, Texas Ennis is a city in Ellis County, Texas (USA). The population was 18,551 at the 2005 census according to the city's official website. [1] In 1871, the Houston and Texas Central Railroad (H&TC) (Click to View Article in The Handbook of Texas Online) purchased 647 facility is proceeding on schedule with start-up operations expected in the spring of 1996. Financial Position Elcor maintained its strong financial position with $88 million in equity and only $2.5 million in 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. , as of Dec. 31, 1994. Long-term debt is provided under Elcor's $50 million unsecured Unsecured A loan or equity interest that is given without any guarantee of payment, performance, satisfaction or opportunity for return from the recipient. No property, interest or security is used as collateral in either a guarantee or a pledge. three-year 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, which is available to provide additional financial resources. Outlook Roy E. Campbell, chairman and chief executive officer, said, "At the present time, it appears likely that the delays in the startup of our new Shafter, Calif. plant, along with lower prices, will result in second-half earnings being more in line with our first-half earnings for fiscal 1995. This could delay a return to higher earnings levels into the first half of our fiscal year 1996. "We feel very good about Elcor's future and believe that the significant capital investments we are making to increase capacity have the potential to significantly increase earnings in the years ahead," he concluded. Elcor manufactures roofing products and industrial products. Each of Elcor's principal operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. is the leader or one of the leaders within its particular market. Its common stock is listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors : ELK). Elcor's roofing products facilities are located in Tuscaloosa, Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .; Shafter, Calif.; Dallas and Ennis, Texas. Its industrial products facilities are located in Cleveland, Ohio "Cleveland" redirects here. For the Cleveland metropolitan area, see . For other uses, see Cleveland (disambiguation). Cleveland is a city in the U.S. state of Ohio and the county seat of Cuyahoga County, the most populous county in the state. ; Dallas, Lufkin, and Midland, Texas Midland is the county seat of Midland CountyGR6 located on the Southern Plains of the western area of the U.S. State of Texas. As of the 2006 U.S. Census estimate, the city had a total population of 102,073. . -0- Condensed Results of Operations (a) (Unaudited, $ in thousands)
Second Quarter
Three Months Ended Six Months Ended
December 31, December 31,
1994 1993 1994 1993
---- ---- ---- ----
Sales $ 35,973 $ 36,968 $ 74,450 $ 79,814
-------- -------- -------- --------
Costs and Expenses:
Cost of sales 26,960 26,051 54,529 56,276
Selling, general &
administrative 7,116 6,526 13,045 12,212
Interest and dividend
income, net (51) (109) (154) (213)
-------- -------- -------- --------
Total Costs and Expenses 34,025 32,468 67,420 68,275
-------- -------- -------- --------
Income From Continuing
Operations Before Income
Taxes 1,948 4,500 7,030 11,539
Provision for income taxes 781 1,667 2,707 4,340
-------- -------- -------- --------
Income from Continuing
Operations 1,167 2,833 4,323 7,199
-------- -------- -------- --------
Discontinued Operations:
Operating income (loss),
net of tax 0 (495) 0 (789)
Loss on disposal, net
of tax 0 0 0 0
-------- -------- -------- --------
Income (Loss) from
Discontinued Operations 0 (495) 0 (789)
-------- -------- -------- --------
Income Before Change in
Accounting 1,167 2,338 4,323 6,410
Cumulative effect of change
in accounting for income
taxes (b) 0 0 0 668
-------- -------- -------- --------
Net Income $ 1,167 $ 2,338 $ 4,323 $ 7,078
======== ======== ======== ========
Income (Loss) Per Common
Share:
From continuing operations $ 0.13 $ 0.32 $ 0.49 $ 0.81
From discontinued
operations 0.00 (0.06) 0.00 (0.09)
-------- -------- -------- --------
Before change in accounting 0.13 0.26 0.49 0.72
Cumulative effect of change
in accounting for income
taxes 0.00 0.00 0.00 0.07
-------- -------- -------- --------
Net Income Per Share $ 0.13 $ 0.26 $ 0.49 $ 0.79
======== ======== ======== ========
Average Common and Common
Equivalent Shares
Outstanding 8,849 8,899 8,887 8,916
======== ======== ======== ========
Trailing
Twelve Months Ended
December 31,
1994 1993
---- ----
Sales $151,667 $161,280
-------- --------
Costs and Expenses:
Cost of sales 105,812 112,343
Selling, general &
administrative 25,769 23,845
Interest and dividend
income, net (345) 184
-------- --------
Total Costs and Expenses 131,236 136,372
-------- --------
Income From Continuing
Operations Before Income
Taxes 20,431 24,908
Provision for income taxes 7,736 9,474
-------- --------
Income from Continuing
Operations 12,695 15,434
-------- --------
Discontinued Operations:
Operating income (loss),
net of tax (623) (1,014)
Loss on disposal, net
of tax (82) 0
-------- --------
Income (Loss) from
Discontinued Operations (705) (1,014)
-------- --------
Income Before Change in
Accounting 11,990 14,420
Cumulative effect of change
in accounting for income
taxes (b) 0 668
-------- --------
Net Income $ 11,990 $ 15,088
======== ========
Income (Loss) Per Common
Share:
From continuing operations $ 1.43 $ 1.84
From discontinued
operations (0.08) (0.12)
-------- --------
Before change in accounting 1.35 1.72
Cumulative effect of change
in accounting for income
taxes 0.00 0.08
-------- --------
Net Income Per Share $ 1.35 $ 1.80
======== ========
Average Common and Common
Equivalent Shares
Outstanding 8,907 8,377
======== ========
(a) Prior period amounts have been restated for discontinued
operations.
(b) Represents cumulative effect of applying Statement of Accounting
Standards No. 109, Accounting for Income Taxes.
Condensed Balance Sheet (a) (Unaudited, $ in thousands)
December 31,
ASSETS 1994 1993
------ -------- --------
Cash and Cash Equivalents $ 1,865 $ 24,302
Receivables, Net 23,162 21,518
Inventories 14,739 9,362
Deferred Income Taxes 2,357 1,771
Prepaid Expenses and Other 1,851 1,230
Net Assets of Discontinued Operations - Current 0 4,968
-------- --------
Total Current Assets 43,974 63,151
Property, Plant and Equipment, Net 45,545 22,308
Net Assets of Discontinued Operations - Noncurrent 7,225 8,006
Investments 4,435 0
Other Assets 5,295 2,760
-------- --------
Total Assets $106,474 $ 96,225
======== ========
December 31,
LIABILITIES AND SHAREHOLDERS' EQUITY 1994 1993
------------------------------------ -------- --------
Accounts Payable & Accrued Liabilities $ 14,533 $ 19,249
Current Maturities on Long-Term Debt 0 0
-------- --------
Total Current Liabilities 14,533 19,249
Deferred Income Taxes 1,388 0
Long-Term Debt, Net 2,500 0
Shareholders' Equity 88,053 76,976
-------- --------
Total Liabilities and Shareholders' Equity $106,474 $ 96,225
======== ========
(a) Prior period amounts have been restated for discontinued
operations.
Condensed Statement of Cash Flows(a) (Unaudited, $ in thousands)
For the Six Months Ended
December 31,
1994 1993
---- ----
Cash Flows From:
Operating Activities
Income from continuing operations $ 4,323 $ 7,199
Adjustments to income from
continuing operations
Depreciation and amortization 1,922 2,074
Deferred income taxes 291 37
Changes in assets and liabilities:
Trade receivables 10,376 4,500
Inventories 2,154 (1,037)
Prepaid expenses and other (84) 1
Accounts payable and
accrued liabilities (7,135) (498)
-------- --------
Net cash from continuing operations 11,847 12,276
-------- --------
Net cash from discontinued operations 464 (19)
-------- --------
Investing Activities
Additions to property, plant
& equipment (16,689) (6,049)
Deferred preoperating costs (1,980) 0
Other 362 (572)
-------- --------
Net cash from investing activities (18,307) (6,621)
-------- --------
Financing Activities
Long-term borrowings 2,500 0
Treasury stock transactions
and other, net (558) 150
-------- --------
Net cash from financing activities 1,942 150
-------- --------
Net Increase (Decrease) in Cash
and Cash Equivalents (4,054) 5,786
Cash and Cash Equivalents at
Beginning of Year 5,919 18,516
-------- --------
Cash and Cash Equivalents at
End of Period $ 1,865 $ 24,302
======== ========
(a) Prior period amounts have been restated for discontinued
operations.
CONTACT: Elcor Corp. Richard J. Rosebery, 214/851-0500 |
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