Elsag Bailey Process Automation N.V. reports 1995 third-quarter results.Bailey Process Automation N.V. (NYSE NYSE See: New York Stock Exchange : EBY EBY Ente Binacional Yaciretá (Argentina-Paraguay) ) today announced record third quarter earnings of $0.56 per share. Net income for the quarter was $13.2 million, or $0.56 per share, as compared to a net loss of $0.8 million, or $0.03 per share, for the third quarter of 1994. Results for the third quarter of 1995 included an extraordinary loss of $0.7 million, or $0.03 per share, related to the refinancing Refinancing An extension and/or increase in amount of existing debt. of the debt portfolio. Results for the third quarter of 1994 included $11.9 million, or $0.51 per share, of nonrecurring Non`re`cur´ring a. 1. Nonrecurrent; as, the costs of a layoff are considered as a nonrecurring expense s>. costs associated with the acquisition of Fischer Fi·scher , Hans 1881-1945. German chemist known for his research on the components of blood. He won a 1930 Nobel Prize for his work on the synthesis of hemin. & Porter. Revenues for the quarter were $210 million, as compared to $150 million for the third quarter of 1994. Bookings for the quarter were $204 million, as compared to $166 million in the third quarter of 1994. The Company acquired Fischer & Porter in August of 1994, and its financial results have been consolidated since September September: see month. of 1994. Although management no longer accounts for Fischer & Porter on a separate company basis, management estimates that the acquisition has not been dilutive to third quarter results. Prior to the acquisition, Fischer & Porter had sales and bookings of approximately $15 million per month. Net income for the first nine months of 1995 was $24.6 million, or $1.05 per share as compared to $12.1 million, or $0.52 per share for the first nine months of 1994. Earnings in 1995 included the extraordinary charge of $0.03 per share, previously noted, and an additional $0.10 per share of nonrecurring costs associated with the acquisition of Fischer & Porter. Earnings in 1994 included $0.51 per share of the nonrecurring charges Nonrecurring Charge An expense occurring only once on a company's financial statement. Notes: An extraordinary item is an example of a nonrecurring charge. Also known as "nonrecurring item". . Revenues for the first nine months of 1995 were $619 million as compared to $452 million for the first nine months of 1994. Bookings for the first nine months of 1995 were $643 million as compared to $468 million for the same period in 1994. "We are pleased with the results for the third quarter, particularly with our operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: (before amortization) of approximately 12%, which is in-line In-line Used in the context of general equities. (1) An order or market in a specific security within the inside market; 2) any announcement (earnings) that adheres closely to Wall Street analysts' expectations. with management expectations. Our bookings showed steady growth despite the traditional slow holiday season in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). , a sluggish Japanese Japanese (jăp'ənēz`), language of uncertain origin that is spoken by more than 125 million people, most of whom live in Japan. There are also many speakers of Japanese in the Ryukyu Islands, Korea, Taiwan, parts of the United States, and economy and a soft North American North Americannamed after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. electric utility market. Conversely con·verse 1 intr.v. con·versed, con·vers·ing, con·vers·es 1. To engage in a spoken exchange of thoughts, ideas, or feelings; talk. See Synonyms at speak. 2. , other key markets, particularly the pulp and paper market, continue to remain strong," stated Vincenzo Vincenzo may refer to:
Mr. Cannatelli continued, "Fischer & Porter is fully integrated within the Elsag Bailey group and is performing consistent with management plans. In particular, the cost structure of the company has been properly aligned and supports our belief that we have achieved the cost savings targeted for the acquisition. The Company is looking forward to presenting its complete line of products at next week's European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. trade show, Interkama, in Germany. We are proud to have several new products to introduce which we believe will be well received by our customers. Elsag Bailey is truly becoming a `one-stop-shop' supplier of our clients' process automation needs," Mr. Cannatelli concluded. The Company announced that it has settled all disputes and claims with Moorco, a subsidiary of FMC See fixed mobile convergence. , over the termination of the purchase agreement with Fischer & Porter. The Company also disclosed it had purchased the remaining 50% of Bailey ICS (1) (Internet Connection Sharing) A Windows feature that enables two or more computers to share one Internet connection. First introduced in Windows 98 Second Edition, sharing is accomplished with network address translation (NAT), which is the common method. , its subsidiary in the United Kingdom, which was previously a joint venture. Finally, the Company stated that it has entered into a new banking facility syndicated by Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. . The new facility is expected to reduce Elsag Bailey's borrowing costs in the coming months. Elsag Bailey Process Automation N.V., incorporated in the Netherlands, is a global supplier of process automation systems, field instrumentation instrumentation, in music: see orchestra and orchestration. instrumentation In technology, the development and use of precise measuring, analysis, and control equipment. products, and related professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. . The Company's INFI INFI Infinity Pharmaceuticals, Inc. 90 OPEN(TM) distributed systems Distributed systems (computers) A distributed system consists of a collection of autonomous computers linked by a computer network and equipped with distributed system software. , a full range of instrumentation products, including its flagship magnetic flowmeter See flow meter. , and other technologies are installed throughout a wide range of process industries including electric utilities, oil and gas, pulp and paper, chemicals and pharmaceuticals, water and wastewater, metals and ceramics ceramics (sərăm`ĭks), materials made of nonmetallic minerals that have been permanently hardened by firing at a high temperature, or objects made of such materials. , food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. , and others. Operating units operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon are located in over 20 countries. -0-
Elsag Bailey Process Automation N.V.
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(Amounts in thousands, except share data)
For the quarter For the nine months
ended ended
---------------------- -----------------------
Sept. 25, Sept. 25, Sept. 25, Sept. 25,
1995 1994 1995 1994
----------- ---------- ---------- -----------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Revenues $ 209,694 $ 150,282 $ 619,460 $ 451,974
Cost of sales 134,091 100,021 397,485 293,463
--------- --------- --------- ---------
Gross profit 75,603 50,261 221,975 158,511
Selling, general and
administrative
expenses 43,590 34,528 138,213 97,846
Research, development
and engineering expenses 8,851 16,692 24,634 31,628
Amortization of
intangibles 6,636 8,018 18,418 16,536
Royalty and equity
(income) affiliates (1,491) (1,357) (4,397) (3,903)
--------- --------- --------- ---------
Operating income 18,017 (7,620) 45,107 16,404
Interest expense 5,943 2,854 18,227 6,797
Other expenses
(income) (603) 626 (836) (1,713)
--------- --------- --------- ---------
Income before income
taxes 12,677 (11,100) 27,716 11,320
Provision (credit)
for income taxes (1,274) (10,567) 831 (2,945)
Minority interest
income 134 239 1,645 2,207
--------- --------- --------- ---------
Income before
extraordinary loss 13,817 (772) 25,240 12,058
Extraordinary loss,
net of tax of $399 651 --- 651 ---
--------- --------- --------- ---------
Net income (loss) $ 13,166 $ (772) $ 24,589 $ 12,058
--------- --------- --------- ---------
--------- --------- --------- ---------
Earnings per share:
Income before
extraordinary items $ 0.59 $ (0.03) $ 1.08 $ 0.52
Extraordinary loss (0.03) --- (0.03) ---
-------- --------- --------- ---------
Net income (loss) $ 0.56 $ (0.03) $ 1.05 $ 0.52
-------- --------- --------- --------
-------- --------- --------- --------
Weighted average number of shares 23,400,000 23,400,000 23,400,000 23,400,000 of common stock ---------- ---------- ---------- ---------- outstanding ---------- ---------- ---------- ---------- Certain prior year amounts have been reclassified to conform to the current year's presentation.
Elsag Bailey Process Automation N.V.
CONDENSED CONSOLIDATED BALANCE SHEET
(Amounts in thousands)
Sept. 25, 1995 Dec. 31, 1994
-------------- -------------
Cash and cash
equivalents $ 29,255 $ 39,359
Accounts receivable 164,978 184,358
Costs in excess of
billings on uncompleted
contracts 106,597 87,147
Inventory 135,902 116,904
Other current assets 75,249 52,268
Other assets 447,878 443,970
--------- ---------
Total assets $ 959,859 $ 924,006
--------- ---------
--------- ---------
Notes payable $ 48,018 $ 68,577
Current maturities of
long-term debt 3,333 25,023
Billings in excess of
costs on uncompleted
contracts 28,889 23,346
Other current liabilities 233,611 235,335
Long-term debt 281,753 237,624
Other 90,371 82,783
Total shareholders' equity 273,884 251,318
--------- ---------
Total liabilities and
shareholders' equity $ 959,859 $ 924,006
--------- ---------
Elsag Bailey Process Automation N.V.
CONDENSED GEOGRAPHIC SEGMENTS
(Amounts in thousands)
For the quarter For the nine months
ended ended
---------------------- ----------------------
Sept. 25, Sept. 25, Sept. 25, Sept. 25,
1995 1994 1995 1994
----------- ---------- ----------- ----------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Revenues:
Americas $ 116,496 $ 86,179 $ 328,783 $ 257,302
Europe and the
Middle East 62,375 36,564 177,246 96,910
Pacific and the
Far East 30,823 27,539 113,431 97,762
--------- --------- --------- ---------
Consolidated $ 209,694 $ 150,282 $ 619,460 $ 451,974
--------- --------- ---------- ---------
--------- --------- ---------- ---------
Operating Income:
Americas $ 12,669 $ (6) $ 26,054 $ 11,344
Europe and the
Middle East 2,749 (8,830) 4,986 (5,835)
Pacific and
the Far East 2,599 1,216 14,067 10,895
-------- --------- --------- ---------
Consolidated $ 18,017 $ (7,620) $ 45,107 $ 16,404
-------- --------- --------- ---------
-------- --------- --------- ---------
Certain prior year amounts have been reclassified to conform to the current year's presentation. CONTACT: Elsag Bailey Process Automation N.V. William P. Donnelly, 216/585-8700 |
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