Essef reports record sales and earnings for the fiscal 1995 third quarter and nine-month period.Chardon, Ohio--(BUSINESS WIRE)--August 4, 1995--Essef Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ESSF ESSF Enroute System Support Facility ) today announced improved financial results for the fiscal 1995 third quarter and nine-month period, which ended June June: see month. 30, 1995. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the third quarter were $45,942,000, up 7.1 percent from $42,896,000 for the third quarter of fiscal 1994. Quarterly net income increased 7.2 percent to $3,179,000, or $0.55 per share, from $2,966,000, or $0.52 per share. "Our sales and profits set new records for any quarter," commented Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs B. Waldin, Essef's president and chief executive officer. "The excellent results of our pool segment were dampened by the performance of the water treatment segment. While plastic resin resin, any of a class of amorphous solids or semisolids. Resins are found in nature and are chiefly of vegetable origin. They are typically light yellow to dark brown in color; tasteless; odorless or faintly aromatic; translucent or transparent; brittle, fracturing prices impacted all areas, the tank portion of our domestic water treatment segment was especially hard hit. This segment was also significantly impacted by our ENPAC division. The regulation driven portion of this business has experienced reduced demand, and the value-driven new products have had a longer introduction phase than anticipated." Mr. Waldin added, "Essef continues to extend its leadership as the premier supplier of high-performance Adj. 1. high-performance - modified to give superior performance; "a high-performance car" superior - of high or superior quality or performance; "superior wisdom derived from experience"; "superior math students" composite pressure vessels Pressure vessel A cylindrical or spherical metal container capable of withstanding pressures exerted by the material enclosed. Pressure vessels are important because many liquids and gases must be stored under high pressure. to the worldwide water filtration filtration: see sewerage; water supply. Filtration The separation of solid particles from a fluidsolids suspension of which they are a part by passage of most of the fluid through a septum or membrane that retains most of the solids and treatment industry. We recently acquired Advanced Structures, Inc., the leading manufacturer of composite pressure vessels for reverse osmosis reverse osmosis n. The movement of a solvent in the opposite direction from osmosis in such a manner that the solvent moves from a solution of greater concentration through a membrane to a solution of lesser concentration. filtration systems. This acquisition gives Essef access to an important and growing market. Acquisitions will supplement our strong internal growth from new product introductions." For the fiscal 1995 nine-month period, net sales increased 18.2 percent to $117,887,000 from $99,735,000 for the corresponding period a year ago. Net income for the first nine months of fiscal 1995 was $6,201,000, or $1.08 per share, up 7.6 percent from $5,764,000, or $1.00 per share. The Purex business, acquired in March 1994, contributed to the entire 9 month period for fiscal 1995. "Essef's growth opportunities remain excellent" concluded Mr. Waldin. "Worldwide awareness of the need for safe drinking water drinking water supply of water available to animals for drinking supplied via nipples, in troughs, dams, ponds and larger natural water sources; an insufficient supply leads to dehydration; it can be the source of infection, e.g. leptospirosis, salmonellosis, or of poisoning, e.g. and clean water resources continues to grow. International standards for product quality are also driving the demand for water treatment technology and systems." Essef Corporation designs and manufactures products for selected markets through the application of high performance polymeric polymeric /poly·mer·ic/ (pol?i-mer´ik) exhibiting the characteristics of a polymer. pol·y·mer·ic adj. 1. Having the properties of a polymer. 2. materials and innovative process technologies. The Company's Pac-Fab subsidiary is the world's second largest supplier of swimming pool equipment, including filters, pumps, heaters, and lights. The Structural 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. subsidiary designs, manufactures, and markets cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. fiberglass-reinforced pressure vessels which are used in systems that process and store water and other liquids. The Structural 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). subsidiary designs, manufactures, and markets the full line of
Essef products in Europe, the Middle East, and Africa. ENPAC
Corporation's innovative products help businesses transport, store,
and prevent spills of hazardous materials such as solvents, paints, and
lubricants lubricantspreparations for the lubrication of passages to reduce frictional injury, e.g. oily preparations, including petroleum jelly, lanolin or water-soluble preparations such as methyl cellulose. . The Hobson Hobson may refer to: People with the surname Hobson:
n See mold. mould mold. Works is a premier manufacturer of custom blow molds and a supplier of related products. -0-
Essef Corporation and Subsidiaries
Condensed Consolidated Statements of Operations
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
June 30, June 30,
1995 1994 1995 1994
_______ _______ ________ ________
Net sales $45,942 $42,896 $117,887 $ 99,735
Cost of sales 32,368 29,583 83,837 68,946
_______ _______ ________ ________
Gross profit 13,574 13,313 34,050 30,789
Operating expenses 8,012 8,167 23,153 21,081
_______ _______ ________ ________
Income from
operations 5,562 5,146 10,897 9,708
Interest expense 582 478 1,572 886
Other (income), net 13 (155) (364) (545)
_______ _______ ________ ________
Income before income
taxes 4,967 4,823 9,689 9,367
Provision for income
taxes 1,788 1,857 3,488 3,603
_______ _______ ________ ________
Net income $ 3,179 $ 2,966 $ 6,201 $ 5,764
_______ _______ ________ ________
_______ _______ ________ ________
Earnings per share $ 0.55 $ 0.52 $ 1.08 $ 1.00
_______ _______ ________ ________
_______ _______ ________ ________
Average shares and
common share equivalents
outstanding 5,759,161 5,751,762 5,750,198 5,741,806
_________ _________ _________ _________
_________ _________ _________ _________
Essef Corporation and Subsidiaries
Business Segment Information
(Dollars in thousands)
(Unaudited)
Three Months Ended
June 30, Percent
1995 1994 Change
Net sales
Water Treatment and Systems
Equipment $ 17,507 $16,904 3.6
Swimming Pool and Spa Equipment 28,435 25,992 9.4
________ _______
$45,942 $42,896 7.1
________ _______
________ _______
Income from operations
Water Treatment and Systems
Equipment $ 1,370 $ 2,015 (32.0)
Swimming Pool and Spa Equipment 4,763 3,750 27.0
Corporate Development and
Administration (571) (619) (7.8)
________ _______
5,562 5,146 8.1
Interest expense 582 478 21.8
Other expense (income), net 13 (155)
Provision for income taxes 1,788 1,857 (3.7)
________ _______
Net income $ 3,179 $ 2,966 7.2
________ _______
________ _______
Nine Months Ended
June 30, Percent
1995 1994 Change
________ _______ _______
Net sales
Water Treatment and Systems
Equipment $ 50,256 $48,192 4.3
Swimming Pool and Spa Equipment 67,631 51,543 31.2
________ _______
$117,887 $99,735 18.2
________ _______
________ _______
Income from operations
Water Treatment and Systems
Equipment $ 4,312 $ 5,723 (24.7)
Swimming Pool and Spa Equipment 8,356 5,524 51.3
Corporate Development and
Administration (1,771) (1,539) 15.1
________ _______
$ 10,897 9,708 12.2
Interest expense 1,572 886 77.4
Other expense (income), net (364) (545) (33.2)
Provision for income taxes 3,488 3,603 (3.2)
________ _______
Net income $ 6,201 $ 5,764 7.6
________ _______
________ _______
CONTACT: Essef Corporation, Chardon Theodore Theodore. For Russian rulers thus named, use Feodor. A. Havens Havens is a surname, and may refer to:
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