Gradall Industries Inc. Reports Record Sales and Income for the Second Quarter and First Six Months of 1997.NEW PHILADELPHIA New Philadelphia, city (1990 pop. 15,698), seat of Tuscarawas co., E Ohio, on the Tuscarawas River, in a coal and clay area; founded 1804, inc. 1833. Foundry products, machinery, and pottery are made. The Tuscarawas Campus of Kent State Univ. is there. , Ohio--(BUSINESS WIRE)--July 31, 1997--Gradall Industries Inc. (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 National Market:GRDL GRDL Griddle GRDL Girdle ), a leading manufacturer of excavating and material handling construction equipment, reports record results for the second quarter and first six months of 1997. President Barry Barry, Welsh Barri, town (1991 pop. 45,053) and port, Vale of Glamorgan, S Wales, on the Bristol Channel. Once a major coal-exporting port, its more diversified export products include cement, flour, and steel products. L. Phillips Phil·lips A trademark used for a screw with a head having two intersecting perpendicular slots and for a screwdriver with a tip shaped to fit into these slots. stated that Gradall Industries Inc. reports a record second quarter 1997 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 of $38.4 million and income of $2.6 million. Earnings per share were 29 cents, up 16.0 percent from pro forma earnings pro forma earnings Income not necessarily calculated in accordance with generally accepted accounting principles. For example, a company might report pro forma earnings that exclude depreciation expense and nonrecurring expenses such as restructuring costs. per share of 25 cents for the second quarter of 1996. Record net sales and net income for six months ending June June: see month. 30, 1997, were $74.3 million and $5.2 million, respectively. Earnings per share were 59 cents, up 15.7 percent from pro forma earnings per share of 51 cents for the first six months of 1996. Record earnings per share were achieved with record sales and significantly improved margins. Record sales volume was the result of a significant increase in unit shipments of material handlers handlers persons involved in the handling of, for example, circus animals. Includes grooms, milkers, herdsmen, strappers. Used mostly in referring to persons handling animals for show or auction. . The material handler A software routine that performs a particular task. It often refers to a routine that "handles" an exception of some kind, such as an error, but it can refer to mainstream processes as well. The term is typically used in operating systems and other system software. order backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. has increased approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 129 percent from Jan. 1, 1997, indicating continued growth. The strong performance to date is the result of expanding industry markets supported by retail activity and rental RENTAL. A roll or list of the rents of an estate containing the description of the lands let, the names of the tenants, and other particulars connected with such estate. This is the same as rent roll, from which it is said to be corrupted. 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 . The company's results also reflect shipments of the new Model 534C6-42 with a 42 foot lift height, which greatly increases the company's product offering in the 6,000 pound category. The appointment of a new national account contributed to greater rental activity. Second quarter shipments for excavators were slightly below 1996 second quarter. Sales of hydraulic excavators into government agencies and industrial applications remained soft during the first half of the year; however, contractor contractor n. 1) a person or entity that enters into a contract. 2) commonly, a person or entity that agrees to construct a building or to provide or install specialized portions of the construction. shipments continue to be strong, aided by shipments of the new XL2200. Customer acceptance of the new 27,000 pound XL2200 crawler Also known as a "Web crawler," "spider," "ant," "robot" (bot) and "intelligent agent," a crawler is a program that searches for information on the Web. Crawlers are widely used by Web search engines to index all the pages on a site by following the links from page to page. excavator ex·ca·va·tor n. An instrument, such as a sharp spoon or curette, used in scraping out pathological tissue. excavator (eks´k has been extremely positive, contributing to a total order backlog increase of 41 percent from Jan. 1, 1997. Service parts sales for the second quarter of 1997 exceeded the second quarter of 1996 by 18.1 percent. The strong service parts performance was due to initial parts stock orders to support the XL2200, a special attachment See attach a file. order program and several larger international parts service orders for China, the Caribbean, Spain Spain, Span. España (āspä`nyä), officially Kingdom of Spain, constitutional monarchy (2005 est. pop. 40,341,000), 194,884 sq mi (504,750 sq km), including the Balearic and Canary islands, SW Europe. and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. . Net sales for the second quarter ended June 30, 1997, were $38.4 million compared to $35.5 million for the second quarter of 1996, an 8.0 percent increase over the previous record second quarter sales. Gross profit was $9.3 million for the second quarter, up 11.5 percent compared to $8.3 million for the second quarter 1996. Gross profit as a percentage of net sales increased to 24.2 percent for the second quarter, up from 23.4 percent for the second quarter 1996. This increase was due to production efficiencies, principally from the company's continued capital equipment investment program. Net income for the second quarter was $2.6 million, up 52.2 percent compared to $1.7 million for the first quarter 1996. Net sales for the six months ending June 30, 1997, were $74.3 million compared to $69.6 million for the first six months of 1996, a 6.6 percent increase over the previous record first six months sales. Gross profit was $17.9 million for the first six months, up 11.9 percent compared to $16.0 million for the first six months of 1996. Gross profit as a percentage of net sales increased to 24.1 percent for the first six months, up from 23.0 percent for the first six months of 1996. Net income for the first six months was $5.2 million, up 48.4 percent compared to $3.5 million for the first six months of 1996. During the annual shareholders meeting held in Cleveland Cleveland, former county, England Cleveland, former county, NE England, created under the Local Government Act of 1972 (effective 1974). It was composed of the county boroughs of Hartlepool and Teeside and parts of the former counties of Durham and on June 3, 1997, the company reaffirmed its commitment to its new product development and capital investment program. President Barry L. Phillips announced at the meeting that Business Week magazine in its May 26, 1997, issue, rated Gradall number eleven on its list of the top 100 small cap growth companies. -0-
GRADALL INDUSTRIES INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(Dollars in Thousands, Except Per Share Data)
___________________ ___________________
Three Months Ended Six Months Ended
___________________ ___________________
June 30, June 30, June 30, June 30,
1997 1996 1997 1996
_________ _________ _________ _________
Net sales $ 38,356 $ 35,499 $ 74,266 $ 69,636
Cost of sales 29,089 27,186 56,381 53,653
_________ _________ _________ _________
Gross profit 9,267 8,313 17,885 15,983
Operating expenses:
Engineering 970 807 1,865 1,559
Selling and marketing 1,800 1,773 3,515 3,359
Administrative 1,762 1,365 3,096 2,542
_________ _________ _________ _________
Operating income 4,735 4,368 9,409 8,523
Interest expense 175 1,032 414 2,050
Other, net 329 534 401 675
_________ _________ _________ _________
Income before provision
for taxes 4,231 2,802 8,594 5,798
Income tax provision 1,654 1,110 3,360 2,272
_________ _________ _________ _________
Net income $ 2,577 $ 1,692 $ 5,234 $ 3,526
_________ _________ _________ _________
_________ _________ _________ _________
Weighted average shares
outstanding 8,939,294 5,989,294 8,939,294 5,989,294
Net income per share: $ 0.29 $ 0.28 $ 0.59 $ 0.59
Pro-Forma(1)
____________
Weighted average shares
outstanding 8,939,294 8,939,294
Net income per share: $ 0.25 $ 0.51
(1) Presented as if the issuance of shares of common stock pursuant
to the initial public offering and the application of the net
proceeds thereof had occurred on Jan. 1, 1996.
GRADALL INDUSTRIES INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
_________ ________
Jun 30, Dec 31,
1997 1996
_________ ________
(unaudited)
ASSETS
______
Current assets:
Cash $ 1,706 $ 215
Accounts receivable - trade, net
of allowance for doubtful accounts 19,532 16,846
Inventories 21,770 21,326
Prepaid expenses and deferred charges 305 495
Deferred income taxes 1,151 1,151
_________ ________
Total current assets 44,464 40,033
Deferred income taxes 5,435 5,257
Property, plant and equipment, net 12,216 11,535
Other assets 1,317 1,401
_________ ________
Total assets $ 63,432 $ 58,226
_________ ________
_________ ________
LIABILITIES & STOCKHOLDERS' EQUITY
__________________________________
Current liabilities:
Current portion long term debt $ 188 $ 174
Accounts payable - trade 12,779 13,405
Accrued other expenses: 10,648 11,547
_________ ________
Total current liabilities 23,615 25,126
_________ ________
Long term obligations:
Long-term debt, net of current portion $ 8,713 $ 7,736
Accrued post-retirement benefit cost 15,129 14,604
Other long term liabilities 1,684 1,684
_________ ________
Total long term obligations 25,526 24,024
_________ ________
Total liabilities 49,141 49,150
_________ ________
Stockholders' equity:
Common shares, $.001 par value; 18,000,000 shares
authorized; 8,939,294 issued and outstanding 9 9
Additional paid-in capital 38,888 38,907
Accumulated (deficit) surplus (24,606) (29,840)
_________ ________
Total stockholders' equity 14,291 9,076
_________ ________
Total liabilities and stockholders' equity $63,432 $58,226
_________ ________
_________ ________
CONTACT: Gradall Industries Inc. Bruce Bruce, Scottish royal family descended from an 11th-century Norman duke, Robert de Brus. He aided William I in his conquest of England (1066) and was given lands in England. A. Jonker, 330/339-8374 |
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