Elsag Bailey Process Automation N.V. reports 1996 second-quarter results.AMSTERDAM Amsterdam, city, Netherlands Amsterdam (ăm`stərdăm', Dutch ämstərdäm`), city (1994 pop. 724,096), constitutional capital and largest city of the Kingdom of the Netherlands, North Holland prov. , Netherlands--(BUSINESS WIRE)--July 29, 1996-- Elsag Bailey Process Automation N.V., (NYSE NYSE See: New York Stock Exchange :EBY EBY Ente Binacional Yaciretá (Argentina-Paraguay) ) today announced second quarter earnings, before non-recurring charges, applicable to common shareholders of $14.9 million, or $0.40 per share, assuming conversion of the preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. . The 1996 second quarter included after tax non-recurring charges associated with the acquisition of Hartmann Hartmann is a surname and may refer to:
German lover and later wife of Adolf Hitler. They began living together in 1936, but the liaison was kept secret, and she was never seen in public with him. They were married hours before their double suicide on April 30, 1945. , of $40.8 million, or $1.11 per share, assuming conversion of the preferred shares. These charges included a non-cash acquisition item for the step-up step-up A scheduled increase in the exercise or conversion price at which a warrant, an option, or a convertible security may be used to acquire shares of common stock. of inventory, as well as other non-recurring costs relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the integration efforts, including 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 costs associated with terminated personnel. Net loss applicable to common shareholders, after the above non-recurring costs, for the second quarter was $25.9 million, or $0.70 per share, assuming conversion of the preferred shares. Weighted average shares of common stock outstanding during the quarter were 36,840,000, assuming conversion of the preferred shares. Because the acquisition of Hartmann & Braun effectively doubles the size of Elsag Bailey, a direct comparison of 1996 to 1995 results is not relevant, and, therefore, is not presented in the text of this release. Revenues and bookings for the second quarter of 1996 were $416.2 million and $402 million, respectively. The Company reported gross profit, before non-recurring costs, of $153.0 million, or 36.8% of revenues. The operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: , before amortization and non-recurring costs, was $38.7 million, or 9.3% of revenues. On a primary share basis, the second quarter net loss was $1.07 per share, which includes an income tax benefit of $0.97 per share. Before non-recurring charges, earnings per share for the second quarter, on a primary share basis, were $0.39 per share. Weighted average shares of common stock outstanding during the second quarter were 27,886,000, on a primary share basis. For the six months ended June June: see month. 25, 1996, net income applicable to common shareholders, before non-recurring charges, was $11.8 million, or $0.32 per share, assuming conversion of the preferred shares. The year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. results included after tax charges associated with the acquisition of Hartmann & Braun of $131.3 million, or $3.56 per share, assuming conversion of the preferred shares. These charges included non-cash acquisition items for research & development in-process and the step-up of inventory, as well as other non-recurring costs relating to the integration efforts, including severance and costs associated with terminated personnel. Net loss applicable to common shareholders, after non-recurring costs and the extraordinary item, was $120.2 million, or $3.26 per share, assuming conversion of the preferred shares. Revenues for the six months were $788.3 million and bookings were $802.4 million. Gross profit and operating margin before amortization and non-recurring costs were $287.9 million and $53.5 million, or 36.5% and 6.8% of revenues, respectively, for the six month period. On a primary share basis, the net loss was $4.59 per share, which includes an income tax benefit of $2.41 per share. Before non-recurring charges and the extraordinary item, earnings per share on a primary share basis were $0.14 per share. "We are pleased with our progress to date in the integration of Hartmann & Braun," said Vincenzo Vincenzo may refer to:
Mr. Cannatelli continued, "Market conditions are positive in the instrumentation instrumentation, in music: see orchestra and orchestration. instrumentation In technology, the development and use of precise measuring, analysis, and control equipment. and analytical analytical, analytic pertaining to or emanating from analysis. analytical control control of confounding by analysis of the results of a trial or test. field, but somewhat weaker in the systems area; specifically for large projects in Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km). , Japan and 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. where limited activities and project delays in our key end markets continue to impact our overall bookings level. In Eastern Europe Eastern Europe The countries of eastern Europe, especially those that were allied with the USSR in the Warsaw Pact, which was established in 1955 and dissolved in 1991. , the political environment has slowed economic growth in the near term, but long term prospects are favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. . Outside of Japan, demand in the Asian market remains strong, and we continue to experience excellent growth in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. ." In closing, Mr. Cannatelli stated, "We remain confident for an improved second half, which is traditionally the strongest part of the year for us. In 1996, we are laying the groundwork for a very bright future for our Company." The Company also confirmed the appointment of Donald Donald (Domnall, Domhnall, Dumhnuil, Dónall) is an anglicized version of a Scottish or Irish Gaelic personal name, containing the elements dumno "world" and val "rule", viz. "ruler of the world". Compare Dumnorix. B. Anthony, Sc.D as the new President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Bailey Controls Company, the Company's largest unit in North America. Dr. Anthony joins the Company from Bechtel  This article requires authentication or verification by an expert.Please assist in recruiting an expert or [ improve this article] yourself. See the talk page for details. Corporation, where he was Vice President Worldwide Refinery for the Petroleum and Chemical Group. This document contains forward looking statements within the meaning of 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. federal securities laws. These forward looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by these statements. These risks and uncertainties affecting the Company are discussed in greater detail in its Form 20-F filed with the United States Securities and Exchange Commission for the year ended December December: see month. 31, 1995. Elsag Bailey Process Automation N.V., incorporated in the Netherlands, is a global supplier of process automation systems, instrumentation products, analytical measurement devices, and related professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. , with 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 in more than 25 countries. The Company's technologies are installed throughout a wide range of process industries including electric utilities, oil and gas, pulp and paper, 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. , and 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. . -0-
Elsag Bailey Process Automation N.V.
CONDENSED CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
(Amounts in thousands, except share data)
For the quarter ended For the six months ended
___________________________ ___________________________
June 25, 1996 June 25, 1995 June 25, 1996 June 25, 1995
_____________ _____________ _____________ _____________
Revenues $ 416,172 $ 213,318 $ 788,271 $ 409,767
Cost of
sales (1) 317,963 136,593 617,792 263,395
_____________ _____________ _____________ _____________
Gross profit 98,209 76,725 170,479 146,372
Selling,
general and
administrative
expenses (2) 101,166 49,084 208,777 94,626
Research,
development and
engineering
expenses (3) 22,351 7,560 101,308 15,783
Amortization of
intangibles (4) 23,030 5,948 34,205 11,781
Royalty (income)
affiliates (1,923) (1,160) (3,303) (2,907)
_____________ _____________ _____________ _____________
Operating income
(loss) (46,415) 15,293 (170,508) 27,089
Interest
expense 8,158 6,291 16,927 12,284
Other (income)
expenses (5) (1,482) (468) (956) (233)
_____________ _____________ _____________ _____________
Income (loss)
before income
taxes, minority
interest and
extraordinary
item (53,091) 9,470 (186,479) 15,038
Provision for
income taxes(6)(27,049) 948 (67,136) 2,104
Minority
interest
income (loss) (154) 303 127 1,510
Minority interest -
dividends on
preferred
securities 3,945 --- 7,749 ---
_____________ _____________ _____________ _____________
Net income (loss)
before
extraordinary
item (29,833) 8,219 (127,219) 11,424
Extraordinary
item -
write-off
deferred
financing
costs --- --- (718) ---
_____________ _____________ _____________ _____________
Net income
(loss) (7) $ (29,833) $ 8,219 $ (127,937) $ 11,424
_____________ _____________ _____________ _____________
_____________ _____________ _____________ _____________
Net income
(loss)
per share:
Primary $ (1.07) $ 0.35 $ (4.59) $ 0.49
_____________ _____________ _____________ _____________
_____________ _____________ _____________ _____________
Assuming
conversion
of the
preferred
shares $ (0.70) $ 0.35 $ (3.26) $ 0.49
_____________ _____________ _____________ _____________
_____________ _____________ _____________ _____________
Weighted average
number of shares
outstanding:
Primary 27,886,000 23,400,000 27,886,000 23,400,000
_____________ _____________ _____________ _____________
_____________ _____________ _____________ _____________
Assuming
conversion
of the
preferred
shares 36,840,000 23,400,000 36,840,000 23,400,000
_____________ _____________ _____________ _____________
_____________ _____________ _____________ _____________
(1) 1996 included charges, $54,812 in the quarter and $117,452 for the six months for the step-up of inventory and integration costs including severance and costs associated with terminated personnel. (2) 1996 included charges, $953 in the quarter and $7,542 for the six months, for integration costs including severance and costs associated with terminated personnel. (3) 1996 included, $6,323 in the quarter and $64,784 for the six months for the write-off of in-process research and development and integration costs including severance and costs associated with terminated personnel. (4) 1996 included, $12,992 in the quarter and for the six months for the write-off of intangibles related to decisions undertaken resulting from the Hartmann & Braun acquisition. (5) 1996 included charges, $(888) in the quarter and $728 for the six months, for integration costs including severance and costs associated with terminated personnel. The second quarter includes the reclassification of certain costs recorded in the first quarter to operating expenses. (6) 1996 included tax benefits, $(33,379) in the quarter and $(72,242) for the six months, associated with non-recurring charges noted above. (7) 1996 included, $40,813 in the quarter and $131,256 for the six months, after tax, for non-recurring charges noted above.
Elsag Bailey Process Automation N.V.
CONSOLIDATED BALANCE SHEET (UNAUDITED)
(Amounts in thousands)
June 25, 1996 (1) December 31, 1995
_________________ _________________
Cash and cash equivalents $ 19,756 $ 11,627
Accounts receivable 333,242 173,046
Costs in excess of billings on
uncompleted contracts 199,286 74,005
Inventory 301,884 136,690
Other current assets 275,466 93,933
Other assets 1,072,666 679,524
_________________ _________________
Total assets $ 2,202,300 $ 1,168,825
_________________ _________________
_________________ _________________
Notes payable $ 29,640 $ 29,028
Current maturities of
long-term debt 3,834 2,733
Billings in excess of costs
on uncompleted contracts 106,427 32,194
Other current liabilities 534,626 243,161
Long-term debt 634,662 286,789
Other liabilities 315,545 89,187
Minority equity 11,672 12,065
Minority equity -
obligated preferred securities
of grantor trust 280,210 196,667
Total shareholders' equity 285,684 277,001
_________________ _________________
Total liabilities and
shareholders'
equity $ 2,202,300 $ 1,168,825
_________________ _________________
_________________ _________________
(1) Amounts utilized for the allocation of the H&B purchase price were based on information currently available. Material adjustments to the estimated purchase price allocation (and related income statement effects) may be required. CONTACT: Elsag Bailey William P. Donnelly, 216/585-8355 |
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