Glassmaster Company Third Quarter Results Net Income Up & QS 9000 Registration
LEXINGTON, S.C., June 26 /PRNewswire/ -- Raymond Trewhella, President of Glassmaster Company (Nasdaq: GLMA GLMA Gay and Lesbian Medical Association ), reported today net income for the third quarter ending June 1, 1997 was $103,092 or $0.06 per share compared to the net income of $19,496 or $0.01 per share for the same period last year. Sales for the quarter were $5,641,301 a decrease of 12% over the same period last year and exceeded this year's second quarter sales by 4%.
Year-to-date sales of $15,818,744 are down 10.6% from last year, however, net income of $109,286 or $0.07 per share improved from $64,621 or $0.04 per share last year.
During the quarter, Glassmaster Controls Company, Inc. located in Kalamazoo, Michigan was recommended for QS 9000 registration -- a distinction awarded by Perry Johnson Registrars, Inc., a worldwide recognized certification company. QS 9000 is a general manufacturing quality standard jointly developed by a Chrysler/Ford/ General Motors Supplier Quality Requirements Task Force to harmonize the fundamental quality system expectations of the three major North American North American
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We expect our operating performance to continue to improve for monofilament monofilament,
n a single strand of untwisted synthetic material such as nylon; used to create surgical sutures.
monofilament products and truck controls during the fourth quarter.
Glassmaster Company is a Lexington, South Carolina-based processor- fabricator of thermoplastic A polymer material that turns to liquid when heated and becomes solid when cooled. There are more than 40 types of thermoplastics, including acrylic, polypropylene, polycarbonate and polyethylene. and thermoset A polymer-based liquid or powder that becomes solid when heated, placed under pressure, treated with a chemical or via radiation. The curing process creates a chemical bond that, unlike a thermoplastic, prevents the material from being remelted. See thermoplastic. plastic materials, where it manufactures extruded monofilaments including sewing thread, filaments for papermakers fabrics, trimmer and fishing lines. The Company also operates a plant in Newberry, SC, where it manufactures marine and CB antennas and specialty fiberglass products, and a plant in Kalamazoo, Michigan, where it manufactures and assembles a wide range of flexible steel wire controls and molded plastic control panels.
GLASSMASTER COMPANY CONSOLIDATED INCOME STATEMENT (Thousands) (Unaudited) Three Months Ended Nine Months Ended June 1, 1997 June 2, 1996 June 1, 1997 June 2, 1996 NET SALES $5,641.3 $6,407.0 $15,818.7 $17,703.5 COST OF SALES 4,569.1 5,439.0 12,994.9 14,877.0 GROSS MARGIN 1,072.2 968.0 2,823.8 2,826.5 SELLING EXPENSES 289.4 288.7 799.3 820.7
EXPENSES 263.5 311.7 783.0 834.0
INCOME 519.2 367.6 1,241.5 1,171.9 INTEREST EXPENSE 164.3 158.6 468.2 473.1
OTHER (INCOME) AND
EXPENSES - NET 207.0 182.7 621.4 618.7
INCOME (LOSS) BEFORE
INCOME TAXES 147.9 26.3 152.0 80.1
PROVISION FOR INCOME
TAXES 44.8 6.9 42.7 15.5 NET INCOME (LOSS) $ 103.1 $ 19.5 $ 109.3 $ 64.6
NET INCOME (LOSS)
PER SHARE $ 0.06 $ 0.01 $ 0.07 $ 0.04 Consolidated Balance Sheet (Thousands) (Unaudited) As of As of June 1, 1997 June 2, 1996
CURRENT ASSETS $ 6,971.7 $ 7,058.0 FIXED ASSETS - NET OF DEPRECIATION 6,072.0 5,592.3 OTHER ASSETS 332.9 255.3 TOTAL ASSETS $13,376.6 $12,905.5
LIABILITIES & STOCKHOLDER EQUITY
CURRENT LIABILITIES $ 5,922.4 $ 5,902.7 LONG TERM DEBT 3,298.2 3,087.5 DEFERRED INCOME TAXES 514.5 453.0 TOTAL LIABILITIES 9,735.1 9,443.2 STOCKHOLDER'S EQUITY 3,641.5 3,462.4 TOTAL LIABILITIES & STOCKHOLDER EQUITY $13,376.6 $12,905.5
SOURCE Glassmaster Company
/CONTACT: Raymond M. Trewhella, President, Glassmaster Company, 803-359-2594/
CO: Glassmaster Company ST: South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures
Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. IN: TEX (tai epsion chi) A typesetting language developed by Stanford professor Donald Knuth that is noted for its ability to describe elaborate scientific formulas. Pronounced "tek" or the guttural "tekhhh" (the X is the Greek chi, not the English X), TeX is widely used for mathematical book SU: ERN
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EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York