Morgan Products Ltd. announces fourth quarter results.WILLIAMSBURG, Va.--(BUSINESS WIRE)--Feb. 21, 1996--Morgan Products Ltd. (NYSE NYSE See: New York Stock Exchange :MGN MGN Membranous glomerulonephritis, see there ) today announced a fourth quarter loss of $1,499,000 or 17 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 earnings of $220,000 or 3 cents per share in the fourth quarter of 1994. Sales for the quarter were $82.4 million, down 3.3% from the $85.2 million reported in fourth quarter 1994. The decrease in profitability was largely attributed to reduced sales volume, and higher operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. associated with rebuilding the company's market image and upgrading the management team. For the full year of 1995 the company reported a loss of $2,628,000 or 30 cents per share compared to a loss of $9,401,000 or $1.10 per share in 1994 which included a special one-time restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of $11.3 million. Without the charge, 1994 income was $1.9 million or 22 cents per share. Sales for 1995 were $338.0 million, down 5.7% from the $358.4 million reported for 1994. In the company's principal marketing areas, single family construction declined more than 10% during 1995. Commenting on the quarter and year, Larry Robinette, president and chief executive officer said, "The turnaround of Morgan Products is well underway. New management is now in place in the critical areas, and we have substantially improved our customer and key supplier relationships. With the investments made in new management and marketing programs, our focus in 1996 will be on bringing our costs in line, which will result in substantial savings. Savings programs have already been implemented in material costs, administrative payroll, and in delivery and customer service expense areas. These improvements, coupled with the impact of our new door manufacturing line, mean that Morgan is well positioned to return to profitability in 1996." The company also indicated that it was in full compliance with all of the covenants of its revised loan agreements. Long term debt net of cash was $30.4 million on Dec. 31, 1995 compared to $27.1 million at the end of 1994. Long term debt net of cash to total capitalization Total capitalization The total long-term debt and all types of equity of a company that constitutes its capital structure. total capitalization See capitalization. was 36.6% up moderately from the 32.9% level at year end 1994. Morgan Products Ltd. is a leading manufacturer and distributor of specialty building products through its three business units Morgan Distribution, Morgan Manufacturing and Morgan National Accounts. Morgan Distribution, a regional wholesale distributor, is comprised of 11 distribution/fabrication centers. Major products distributed include Morgan doors, Andersen premium window systems, Morgan mantels, Morgan stairway stairway or staircase Series or flight of steps that provides a means of moving from one level to another. The earliest stairways seem to have been built with walls on both sides, as in Egyptian pylons dating from the 2nd millennium BC. systems, Therma-Tru steel and composite doors, flush doors, molded doors, wood bi-fold doors Noun 1. bi-fold door - an interior door flexible joint, hinge - a joint that holds two parts together so that one can swing relative to the other interior door - a door that closes off rooms within a building and louvered doors lou´vered door` n. 1. A door having louvers in place of a solid panel, in part or all of the surface of the door. . Morgan Manufacturing is a national manufacturer of premium solid wood interior and exterior doors and entrance systems and other specialty building products such as wood veneer In woodworking, Veneer refers to thin slices of wood, usually thinner than 3 millimetres (1/8 inch), that are usually glued and pressed onto core panels (typically, wood, particle board or medium density fiberboard) to produce flat panels such as doors, tops and side panels for and fireplace mantels Fireplace mantel or mantelpiece, also known as a chimneypiece, originated in medieval times as a hood that projected over a grate to catch the smoke. The term has evolved to include the decorative framework around the fireplace, and can include an elaborate designs . Products manufactured by the company are sold under the trade names "Morgan" and "Nicolai". Manufactured products are sold through the company's Morgan Distribution unit and independent distributors, home improvement chain stores and other retail outlets. Morgan National Accounts serves large home center chains, marketing and merchandising millwork and specialty building products for Morgan Manufacturing and Morgan Distribution. -0-
MORGAN PRODUCTS LTD.
(Unaudited)
Twelve Months Ended Three Months Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1995 1994 1995 1994
Net sales $338,026,000 $358,357,000 $82,377,000 $85,177,000 Net (loss) income (Before special charges) $ (2,577,000) $ 1,890,000 $(1,457,000) $ 220,000 Net (loss) income (After special charges) $ (2,628,000) $ (9,401,000) $(1,499,000) $ 220,000 Earnings (loss) per share (Before special charges) $ (0.30) $ 0.22 $ (0.17) $ 0.03 Earnings (loss) per share (After special charges) $ (0.30) $ (1.10) $ (0.17) $ 0.03 Average shares outstanding 8,643,941 8,549,159 8,647,224 8,674,812 CONTACT: Morgan Products Ltd. Larry R. Robinette or Douglas H. MacMillan 804/564-1700 OR G.A. Kraut kraut n. 1. Sauerkraut. 2. often Kraut Offensive Slang Used as a disparaging term for a German. [German; see sauerkraut.] Noun 1. & Co. Inc. Gerard Coffey, 212/696-5600 |
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