Mity Enterprises, Inc. Announces Results for Second Fiscal Quarter.Business EditorsOREM Orem (ôr`əm), city (1990 pop. 67,561), Utah co., N central Utah, near Provo; settled 1861, inc. 1919. Orem is located in an irrigated truck-farming and fruit-growing area. , Utah--(BUSINESS WIRE)--Nov. 7, 2001 Gregory L. Wilson, president and chief executive officer of MITY Enterprises, Inc. (Nasdaq:MITY), today announced operating results for the second quarter ended September 30, 2001. 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 second quarter totaled $10.1 million, down 6% from $10.8 million a year ago. Net income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the quarter was level with last year's quarter at $1.1 million. Basic and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of from continuing operations for the recent quarter were $0.21. That compares with basic and diluted earnings per share from continuing operations for the previous year's quarter of $0.22 and $0.21, respectively. For the six-month period ended September 30, 2001, net sales totaled $21.2 million, compared to $21.7 million a year ago. Net income from continuing operations for the six-month period remained flat at $2.4 million. Basic and diluted earnings per share from continuing operations for the recent quarter were also on par with the previous year at $0.46 and $0.45, respectively. "Although the economy has had some impact on MITY Enterprises, this quarter was a productive one," noted Wilson. "During the quarter, we introduced the new MityBrite Table Series, announced a stock repurchase plan stock repurchase plan 1. See buyback. 2. See self-tender. , and sold the JG and Domore seating lines. We believe that all of these events will have a positive impact on the future of the company." "Even though our sales growth has slowed, we continue to outpace out·pace tr.v. out·paced, out·pac·ing, out·pac·es To surpass or outdo (another), as in speed, growth, or performance. outpace Verb [-pacing, the industry," noted Bradley T Nielson, chief financial officer and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of MITY Enterprises. "Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. , the institutional furniture industry as a whole has declined 16 percent while MITY's sales are off less than 3 percent. And, unlike most other companies in the industry, our profitability remains near historical levels." The Company will host a follow-up follow-up, n the process of monitoring the progress of a patient after a period of active treatment. follow-up subsequent. follow-up plan live broadcast over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the to discuss the financial results at 4:30 PM (ET) today. The live web simulcast of the conference call will be available to the public online at www.mityinc.com or on StreetEvent's Individual Investor Center at www.streetevents.com. Listeners are encouraged to log on five to ten minutes prior to the start time to ensure participation from the beginning. To listen to the broadcast, you must have Windows Media Player Digital jukebox software for Windows from Microsoft that plays a variety of audio, video and streaming formats including MP3, WMA, CD audio and MIDI. Starting with Version 6.2 in 1999, the Windows Media Rights Manager was added for securing copyrighted content. . If you do not have Windows Media Player or would like the most current version, go to http://windowsmedia.com prior to the call, where you can download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. Windows Media Player. A replay of the broadcast will be available within approximately one hour for a week following the call at the referenced websites. Founded in 1987, MITY Enterprises, Inc. designs, manufactures and markets innovative institutional furniture created to meet the efficiency needs of its customers. The Company focuses on providing premium quality institutional furniture products to niche markets A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. . The product lines consist of multipurpose mul·ti·pur·pose adj. Designed or used for several purposes: a multipurpose room; multipurpose software. multipurpose Adjective room furniture, healthcare seating, call center furniture and office systems. The Company's products are marketed under the Mity-Lite, Broda, CenterCore and DO3 tradenames. Headquartered in Utah, MITY Enterprises serves national and international customers directly and through distributors. For further information, visit MITY Enterprises online at www.mitylite.com. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. related to (a) the belief that the introduction of the new MityBrite Table Series, the announced stock repurchase plan, and the sale of the JG and Domore seating lines will positively affect the future performance of the company, (b) the anticipation that the company's performance will continue to outpace the performance of other companies in the industry, and (c) the anticipation that company profits will remain near historic levels. These statements are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from those contemplated in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to (i) continued global economic uncertainty resulting from current world tensions and U.S. military actions and its potential impact on the company's operations; (ii) the continued general down turn in the furniture industry and its potential impact on the company's operations; (iii) uncertainty about market acceptance of the recently introduced MityBrite Table Series; (iv) the ability of MITY Enterprises to fund its stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program and uncertainty about stock repurchase effects on company performance; (v) uncertainty about the effects of the sale of the JG and Domore seating lines on company performance; and (vi) the risks and uncertainties outlined in MITY Enterprises's documents filed with the Securities and Exchange Commission which may cause any or all of the foregoing forward-looking statements to not be realized. All forward-looking statements and other information in this press release are based upon information available as of the date of this release. Such information may change or become invalid Null; void; without force or effect; lacking in authority. For example, a will that has not been properly witnessed is invalid and unenforceable. INVALID. In a physical sense, it is that which is wanting force; in a figurative sense, it signifies that which has no effect. after the date of this release, and by making these forward-looking statements, MITY Enterprises undertakes no obligation to update these statements after the date of this release.
MITY Enterprises, Inc.
Unaudited Financial Highlights
Three Months Ended
September 30,
-----------------------------
2001 2000
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Net sales $ 10,132,000 $ 10,815,000
Income from operations 1,635,000 1,800,000
Net income from continuing
operations 1,087,000 1,106,000
Net income (loss) 1,087,000 (118,000)
Basic earnings per share
from continuing operations $ 0.21 $ 0.22
Basic earnings (loss) per share $ 0.21 ($ 0.02)
Weighted average number of
common shares-basic 5,104,282 5,074,039
Diluted earnings per share
from continuing operations $ 0.21 $ 0.21
Diluted earnings (loss) per share $ 0.21 ($ 0.02)
Weighted average common and
common equivalent shares-diluted 5,221,120 5,213,106
Six Months Ended
September 30,
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2001 2000
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Net sales $ 21,182,000 $ 21,746,000
Income from operations 3,651,000 3,796,000
Net income from continuing
operations 2,362,000 2,355,000
Net income (loss) (1,165,000) 313,000
Basic earnings per share
from continuing operations $ 0.46 $ 0.46
Basic earnings (loss) per share ($ 0.23) $ 0.06
Weighted average number of
common shares-basic 5,106,560 5,072,103
Diluted earnings per share
from continuing operations $ 0.45 $ 0.45
Diluted earnings (loss) per share ($ 0.22) $ 0.06
Weighted average common and
common equivalent shares-diluted 5,224,747 5,252,452
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