Gehl Co. reports record 1996 earnings of $9.6 million, or $1.54 per share.WEST BEND West Bend, industrial city (1990 pop. 23,916), seat of Washington co., E Wis., on the Milwaukee River; inc. 1885, consolidated with Barton in 1961. Tools and dies, plastics, machines, dairy items, and leather products are made there. A two-year branch of the Univ. , Wis adv. 1. Certainly; really; indeed.
v. t. 1. To think; to suppose; to imagine; - used chiefly in the first person sing. present tense, I wis. See the Note under Ywis. .--(BUSINESS WIRE)--Feb. 12, 1997--
1996 Pre-tax pre-tax adj → anterior al impuesto
pre-tax adj → avant impôt(s)
pre-tax adj → al lordo d'imposta Income of $12.5 Million Up 36 Percent
From Comparable 1995.
34 Cents Per Share Cents per share
The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. Earned in Fourth Quarter 1996
Improved from 22 Cents in 1995.
Gehl Co. (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 :GEHL) announced today fourth quarter 1996 net income of $2.1 million and record earnings of $9.6 million for the full year 1996.
Fourth quarter 1996 net income of $2.1 million, or 34 cents per share, increased 55 percent from net income of $1.4 million, or 22 cents per share, in the fourth quarter of 1995. Pre-tax income of $3.0 million in the fourth quarter of 1996 was 110 percent higher than 1995's fourth quarter of $1.4 million. Net sales Net Sales
The amount a seller receives from the buyer after costs associated with the sale are deducted.
This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $35.5 million in the fourth quarter of 1996 were consistent with $35.6 million in the fourth quarter of 1995.
1996 net income of $9.6 million, or $1.54 per share, compared to 1995's net income of $9.0 million, or $1.44 per share. While pre-tax income for 1996 of $12.5 million was 36 percent higher than the $9.2 million in 1995, higher taxes resulted in 1996 net income being 6 percent over comparable 1995 net income. The majority of the company's net operating loss carryforwards Net operating loss carryforwards
Application of losses to offset earnings in future years. were utilized in years prior to 1996; consequently, taxes were provided at a rate of 23.4 percent for 1996 vs. a rate of only 2 percent in comparable 1995. 1996 net sales grew 4 percent to $159.7 million from $153.5 million in 1995. By business segment, 1996's sales of construction equipment were $70.8 million, 10 percent higher than 1995's $64.4 million. Sales of agriculture equipment in 1996 decreased .3 percent to $88.9 million from $89.1 million in 1995.
Gehl's cash flow from operations Cash flow from operations
A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses was $31.8 million in 1996, comprised primarily of accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying reductions, inventory reductions and profits, compared to $9.7 million in 1995. The 1996 cash flow was used to reduce debt by $27.4 million during 1996 to $19.4 million at Dec. 31, 1996. The company reduced its capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. ratio on 23.0 percent at year-end year-end also year·end
The end of a year.
Occurring or done at the end of the year: a year-end audit.
Noun 1. 1996 from 45.7 percent a year earlier.
William William, crown prince of Germany
William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack D. Gehl, chairman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said, "The markets for our products were strong throughout the year. Increased demand coupled with improvements in our operations as a result of asset management initiatives, distribution rationalization rationalization, in psychology: see defense mechanism. and more efficient plant 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 led to 1996's record profit."
Gehl Co. is a leading manufacturer of equipment used worldwide in construction and agricultural markets. Founded in 1859, the company is headquartered in West Bend, with manufacturing facilities in West Bend; Lebanon Lebanon, country, Asia
Lebanon (lĕb`ənən, –nŏn'), officially Republic of Lebanon, republic (2005 est. pop. 3,826,000), 4,015 sq mi (10,400 sq km), SW Asia. , Pa.; and Madison Madison, cities, United States
1 City (1990 pop. 12,006), seat of Jefferson co., SE Ind., on the Ohio River; settled c.1806, inc. 1838. It is a port of entry and a tobacco marketing center. and Yankton Yankton, indigenous people of North America
Yankton and Yanktonnai: see Sioux.
Yankton, city, United States
Yankton, city (1990 pop. 12,703), seat of Yankton co., extreme SE S.Dak. , S.D. -0-
GEHL CO. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) For the Fourth For the Year Quarter Ended Ended (unaudited) (unaudited) ______________________ ____________________ Dec. 31, Dec. 31, Dec. 31, Dec. 31, Cost of goods sold 24,333 25,042 111,902 108,838 __________ __________ __________ __________ GROSS PROFIT 11,140 10,511 47,760 44,614 Selling, general & administrative expenses 7,846 8,nse (519) (1,141) (3,443) (_____ _____ _____ __________ _ _________ INCOME BEFORE INCOME TAXES 3,020 1,441 12,494 9,163 Income tax provision 905 NGS PER SHARE $ .34 $ .22 $ 1.54 $ 1. 44 Weighted average number of common shares and common stock equivalents 6,257,271 6,251,823 6,227,479 6,252,235 GEHL COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands -- unaudited) Dec. 31, Dec.31, 1996 1995 ________ ________ ASSETS Cash $ 4,208 $ 3,266 Accounts receivable -- net 55,141 69,087 Inventories 18,642 23,320 Prepaid income taxes 5,035 4,397 Other current assets 6,722 6,493 ________ ________ Total current assets 89,748 106,563 Property, plant and equipment - net 21,678 20,315 Other assets 8,699 8,045 ________ ________ TOTAL ASSETS $120,125 $134,923 ________ ________ ________ ________ LIABILITIES AND SHAREHOLDERS' EQUITY Total current liabilities $ 32,136 $ 29,561 Long-term debt obligations 19,194 46,666 Deferred income taxes 2,369 1,425 Other long-term obligations 1,594 1,592 Total shareholders' equity 64,832 55,679 ________ ________ TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $120,125 $134,923 ________ ________ ________ ________ GEHL COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) For the Year Ended (audited) ------------------ Dec. 31, Dec. 31, 1996 1995 ________ ________ CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $ 9,565 $ 9,013 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 2,576 2,865 Cost of sales of finance contracts 1,208 534 Deferred income taxes 306 (2,071) Increase in finance contracts receivable (39,248) (33,432) Proceeds from sales of finance contracts 36,824 30,062 Net changes in remaining working capital items 20,564 2,730 ________ ________ Net cash provided by operating activities 31,795 9,701 ________ ________ CASH FLOWS FROM INVESTING ACTIVITIES: Property, plant and equipment additions (3,837) (2,437) Other 904 921 ________ ________ Net cash used for investing activities (2,933) (1,516) ________ ________ CASH FLOWS FROM FINANCING ACTIVITIES: Repayments of line of credit facility (27,394) (8,031) Other (526) 542 ________ ________ Net cash used for financing activities (27,920) (7,489) ________ ________ Net increase in cash 942 696 Cash, beginning of period 3,266 2,570 ________ ________ Cash, end of period $4,208 $3,266 ________ ________ ________ ________
CONTACT: Gehl Co., West Bend
Kenneth Hahn Kenneth "Kenny" Frederick Hahn (August 19, 1920–1997) was a member of the Los Angeles County Board of Supervisors for forty years from 1952 to 1992. Prior to his election, Hahn served on the Los Angeles City Council. , 414/334-6632