Meridian Sports reports third quarter results; sales and earnings show substantial gains over 1993.NEW YORK--(BUSINESS WIRE)--Nov. 7, 1994--Meridian Sports 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 :MSPO MSPO Management Systems Program Office ) reported that net earnings for the quarter ended Sept. 30, 1994 were $1.1 million, or 21 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. , compared to a loss of $0.7 million, or 14 cents per share in the prior year's third quarter. 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 quarter increased 33% to $41.4 million compared to $31.2 million in the prior year's third quarter. Net earnings for the nine months ended Sept. 30, 1994 were $4.7 million, or 90 cents per share compared to $0.3 million, or 6 cents per share in the prior year-to-date period. Net sales for the nine months increased 57% to $134.2 million compared to $85.7 million in the prior year-to-date period. Earnings before interest, taxes and amortization ("EBITA EBITA Earnings Before Interest Taxes Amortization ") for the quarter ended Sept. 30, 1994 were $2.6 million compared to $0.1 million for the prior year's third quarter. EBITA for the nine months ended Sept. 30, 1994 was $9.0 million compared to $2.2 million for the prior year-to-date period. The third quarter sales and operating contribution exceeded the comparable period results for all of the company's businesses and were in line with the company's expectations. MasterCraft waterski boats and Skeeter skee·ter n. Chiefly Southern U.S. See mosquito. See Regional Note at possum. [Shortening and alteration of mosquito.] bass boats together increased sales by 16% to $22.6 million and increased operating contribution by 35% to $3.1 million. Net sales for new businesses, acquired in 1993, including Boston Whaler Boston Whaler, or just "Whaler," is a brand of motorboat manufactured in the United States. Classically, a Whaler is characterized by a foam-cored fiberglass hull (often twin V-hull in design), with an outboard motor and center steering console. and WetJet, rose to $14.2 million from $7.6 million in the third quarter of 1993. New business operating contribution increased to $0.4 million from a comparable prior period's loss of $0.3 million. The equipment businesses, including O'Brien, increased sales by 10% to $4.6 million and cut seasonal operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. in half to $0.4 million. Year-to-date sales and operating contribution showed similar results. MasterCraft waterski boats and Skeeter bass boats together increased sales by 24% to $65.9 million and increased operating contribution by 51% to $8.0 million. Net sales for new businesses, acquired in 1993, including Boston Whaler and WetJet, rose $45.5 million from $7.6 million for the prior year. New business operating contribution increased to $1.5 million from a prior year's loss of $0.9 million. The equipment businesses, including O'Brien, doubled operating contribution to $1.4 million despite a minor sales decline. The company's interest and related amortization expense was greater in the 1994 periods due to debt incurred to finance the acquisition of Boston Whaler on July 30, 1993. As a result of an initial public offering in October 1994, the company's debt levels were substantially reduced and equity significantly increased. 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, assuming the offering had occurred as of Jan. 1, 1994, earnings per share would have been 14 cents per share for the quarter ended Sept. 30, 1994 and 62 cents per share for the nine months ended Sept. 30, 1994. Commenting on the numbers, company 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. , George Napier Colonel The Honorable George Napier (11 March, 1751 – 13 October, 1804) was a colonel, most notable for his marriage to Lady Sarah Lennox, and for his sons Charles James Napier, William Francis Patrick Napier, and George Thomas Napier, all of whom were noted military , said "Meridian Sports Incorporated embarked on an aggressive turnaround program in mid-1992. With that substantially behind us, a healthier, more vibrant Meridian is now focused on profitable growth. The third quarter and year-to-date results are confirming the validity of that strategy." He added, "On a prospective basis, our order writing and backlog are at record levels across all companies." Meridian Sports Inc. is a sports and active recreation company that designs, manufactures and markets specialized boats and water sports water sports Urophilia, see there equipment targeted at fishing, waterskiing and scuba enthusiasts. It is also the country's second largest independent power boat manufacturer. Following its initial public offering on Oct. 12, 1994, the company's common shares began trading on the Nasdaq National Market under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors MSPO. -0-
Meridian Sports Inc.
Financial Summary
(Dollars in millions, except share data)
COMPARATIVE RESULTS
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
1994 1993 1994 1993
(unaudited) (unaudited)
Net sales:
Existing marine $22.6 $19.4 $65.9 $53.1
Existing equipment 4.6 4.2 22.8 25.0
New businesses 14.2 7.6 45.5 7.6
Total net sales $41.4 $31.2 $134.2 $85.7
Operating unit contribution:
Existing marine $3.1 $2.3 $8.0 $5.3
Existing equipment (0.4) (0.9) 1.4 0.7
New businesses 0.4 (0.3) 1.5 (0.9)
Total operating unit
contribution 3.1 1.1 10.9 5.1
Headquarters expenses 0.5 1.0 1.9 2.9
Earnings before interest,
taxes and amortization 2.6 0.1 9.0 2.2
Amortization of
intangibles 0.2 0.2 0.5 0.4
Interest and related
amortization expense 1.2 0.6 3.4 1.4
Earnings (loss) before
income taxes 1.2 (0.7) 5.1 0.4
Provision for income
taxes 0.1 0.0 0.4 0.1
Net earnings (loss) $1.1 ($0.7) $4.7 $0.3
Earnings per share:
Historical (5,200,000
shares) $0.21 ($0.14) $0.90 $0.06
Pro forma ($8,000,000
shares)(a) 0.14 0.62
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SUMMARY BALANCE SHEETS
Sept. 30, Dec. 31,
1994 1993
Current assets $56.7 $48.0
Property, plant and equipment,
net 29.6 30.1
Intangible and other assets 21.0 21.2
$107.3 $99.3
Current liabilities $23.3 $27.2
Debt(b) 56.0 48.2
Other liabilities 4.9 5.6
Stockholders' equity(b) 23.1 18.3
$107.3 $99.3
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(a) Gives effect to the initial public offering on Oct. 12, 1994. (b) After giving effect to the initial public offering and the use of proceeds therefrom there·from adv. From that place, time, or thing. Adv. 1. therefrom - from that circumstance or source; "atomic formulas and all compounds thence constructible"- W.V. , debt was $25.0 million and stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. was approximately $50.0 million. CONTACT: Robinson, Lake, Lerer & Montgomery, New York Montgomery, New York may refer to:
Mary Ann Dunnell, 212/484-6721 |
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