Gradall Industries Inc. reports sales and income for the third quarter and nine months of 1996.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)--Nov. 1, 1996--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 nine months results. 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., in its first reporting period since going public in August, reports a record nine months 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 and operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. . Net sales and operating profit for the nine months ending Sept. 30, 1996, exceeded net sales and operating profit for the same period of the prior year by 17.9 percent and 28.0 percent, respectively. Net sales growth is being driven by a significant increase in unit volume 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. due to excellent activity in the 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. market. 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. preference for XL series excavators continues to grow. Higher operating profits are primarily due to improved production efficiencies and economies of higher production volume. Gradall's third quarter 1996 performance in net sales and record operating profits exceeded net sales and operating profits for the same quarterly period of the prior year by 32.4 percent and 76.8 percent, respectively. The third quarter saw the introduction of the company's new 544C 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. , a 10,000 pound capacity machine capable of 55 feet of lift. Demand for this new product is running strong. Several improvements were made in the factory during the quarter including the installation of new plasma arc cutting equipment and automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. boom welding welding, process for joining separate pieces of metal in a continuous metallic bond. Cold-pressure welding is accomplished by the application of high pressure at room temperature; forge welding (forging) is done by means of hammering, with the addition of heat. equipment. During the third quarter of 1996 Gradall continued to expand its market presence. Gradall did not participate to a significant level in the southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, material handler market for the past several years. In September September: see month. of 1996 Gradall signed a distributor agreement for this territory with a premier distribution company, Prime Equipment, which has seven locations providing sales and service support. In addition, the company continued to develop its international sales opportunity. Gradall was lauded for its role in the 6,000 mile Trans-Russian Highway Expedition completed in August. Russian Russian associated in some way with Russia. Russian blue a breed of cats with short, dense, silver-tipped blue-colored coat and vivid green eyes. road builders Noun 1. road builder - someone whose business is to build roads constructor, builder - someone who contracts for and supervises construction (as of a building) and automotive manufacturers consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. an anniversary celebration at the Kremlin kremlin (krĕm`lĭn), Rus. kreml, citadel or walled center of several Russian cities; the most famous is in Moscow. During the Middle Ages, the kremlin served as an administrative and religious center and offered protection against in a ceremony attended by 5,000 Russian transportation officials and guests. Gradall Vice President of Marketing and Sales, David Williams David Williams is the name of: Musicians
Net sales for Gradall Industries' third quarter ended Sept. 30, 1996, were $35.2 million compared to $26.6 million for the third quarter of 1995, a 32.4 percent increase. Net sales for the nine month period ended Sept. 30, 1996, were $104.8 million compared to $88.9 million for the same period of the prior year, a 17.9 percent increase. Net income for the quarter was $2.1 million before extraordinary charge and $1.1 million after extraordinary charge compared to net income of $1.3 million in the third quarter of 1995. Earnings per share of 30 cents for the quarter represents an increase over earnings, before extraordinary charge, for the third quarter of 1995, of 25 percent. In connection with Gradall's initial public offering of common stock in August 1996, the company incurred an after tax extraordinary charge of $1.0 million or 14 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. , to amortized deferred financing costs and debt discount related to the debt that was paid off with the proceeds from the offering. Net income for the nine month period ended Sept. 30, 1996 was $5.6 million before extraordinary charge and $4.6 million after extraordinary charge, compared to net income of $5.7 million for the same period of the prior year. Due to the company's initial public offering in August 1996 and the related issuance of common shares and debt reduction, the company believes comparisons between 1996 and 1995 net income on a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis are more meaningful than on an actual basis. Adjusting the company's debt balances to reflect both the 1995 recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. and the subsequent initial public offering, the pro forma net income for the third quarter of 1996 would be $2.4 million or 27 cents per share compared to $1.3 million or 15 cents per share in the same period of 1995, an increase of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 85 percent. For the nine months ended Sept. 30, 1996, pro forma net income is $6.9 million or 77 cents per share compared to $5.5 million or 62 cents per share for the first nine months of 1995, an increase of approximately 25 percent. -0-
Financial Results
(Dollars in Thousands Except Per Share)
Unaudited Unaudited
______________________ ____________________
Three Months Ended Nine Months Ended
______________________ ____________________
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
1996 1995 1996 1995
___________ _________ __________ _________
Net sales $ 35,205 $ 26,593 $ 104,841 $ 88,917
Cost of sales 26,941 20,703 80,594 69,396
___________ _________ __________ _________
Gross profit 8,264 5,890 24,247 19,521
Operating expenses:
Engineering 727 627 2,286 1,887
Selling and marketing 1,494 1,400 4,853 3,907
Administrative 1,469 1,276 4,011 3,497
___________ _________ __________ _________
Operating income 4,574 2,587 13,097 10,230
Interest expense 755 250 2,805 704
Other, net 373 240 1,048 693
___________ _________ __________ _________
Income before provision
for taxes 3,446 2,097 9,244 8,833
Income tax provision 1,351 751 3,623 3,167
___________ _________ __________ _________
Income before extraordinary
charge 2,095 1,346 5,621 5,666
Extraordinary charge 973 973
___________ _________ __________ _________
Net income $ 1,122 $ 1,346 $ 4,648 $ 5,666
Net income per share:
Before extraordinary
charge $ .30 $ .24 $ .89 $ 1.02
After extraordinary
charge .16 .24 .74 1.02
Weighted average shares
outstanding 6,887,120 5,540,000 6,290,754 5,540,000
Pro Forma (1)
_________
Net Income Per Share $ .27 $ .15 $ .77 $ .62
Weighted Average
Shares Outstanding 8,949,000 8,949,000 8,949,000 8,949,000
(1) Presented as if the 1995 Recapitalization, the issuance of
shares of Common Stock pursuant to the initial public offering and
the application of the net proceeds thereof had occurred. Pro forma
net income per share data do not include a $0.5 million
extraordinary loss (net of a tax benefit of $0.3 million) incurred
on repayment in full of the Senior Subordinated Notes and a
$0.4 million write-off (net of a tax benefit of $0.3 million) of the
financing costs related to the repayment in full of the Senior
Subordinated Notes and the Term Loan and a portion of the Revolver
which were reported as an extraordinary charge in September, 1996.
____________________________________________________________________
Financial Position:
(Dollars in Thousands)
Unaudited
______________________
Sept. 30, Sept. 30,
1996 1995
______________________
ASSETS
______
Current assets:
Cash $ 1,057 $ --
Accounts receivable - trade, net
of allowance for doubtful accounts 18,542 14,735
Inventories 17,775 18,910
Prepaid expenses and deferred charges 540 355
Deferred income taxes 1,371 803
_________ ________
Total current assets 39,285 34,803
Deferred income taxes 5,368 4,748
Property, plant and equipment, net 11,165 9,068
Other assets 1,526 702
_________ ________
Total assets $ 57,344 $ 49,321
_________ ________
_________ ________
LIABILITIES & STOCKHOLDERS' EQUITY
__________________________________
Current liabilities:
Current portion long-term debt $ 168 $ 902
Accounts payable - trade 12,715 14,416
Accrued other expenses:
Income taxes 99 (1,449)
Other 8,476 7,660
_________ ________
Total current liabilities 21,458 21,529
Long term obligations:
Long-term debt, net of current portion $ 13,284 $ 10,306
Accrued post-retirement benefit cost 14,487 13,630
Other long-term liabilities 1,656 1,324
_________ ________
Total long-term obligations 29,427 25,260
_________ ________
Total liabilities 50,885 46,789
Stockholders' equity:
Common shares, $.001 par value; 18,000,000 shares
authorized; 8,939,294 and 5,540,000 issued
and outstanding in 1996 and 1995 9 6
Additional paid-in capital 38,921
Accumulated (deficit) surplus (32,471) 2,526
_________ ________
Total stockholders' equity (deficit) 6,459 2,532
_________ ________
Total liabilities and stockholders' equity $57,344 $49,321
_________ ________
_________ ________
CONTACT: Gradall Industries Inc., New Philadelphia 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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