Noble International Ltd. Reports Results for Year Ended Dec. 31, 1997.BLOOMFIELD Bloomfield. 1 Town (1990 pop. 19,483), Hartford co., N Conn., a suburb of Hartford, in a tobacco and dairy region; settled c.1642, inc. 1835. Helicopter parts are made there. 2 City (1990 pop. 45,061), Essex co., NE N.J. HILLS, Mich.--(BUSINESS WIRE)--Feb. 18, 1998--Noble International Ltd. (Noble) (AMEX AMEX See: American Stock Exchange :NIL NIL - /nil/ 1. New Implementation of Lisp. A language intended to be the successor of MacLisp. A large Lisp, implemented mostly in VAX assembly language. A forerunner of Common LISP. ["NIL: A Perspective", Jon L. White, MACSYMA Users' Conf Proc, 1979]. 2. ) today announced increased operating results for the year ended Dec. 31, 1997. 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 operating results reported for the period reflect the effect of Noble's Nov. 24, 1997, acquisitions of DCT (Discrete Cosine Transform) An algorithm that is widely used for data compression. Similar to Fast Fourier Transform, DCT converts data (pixels, waveforms, etc.) into sets of frequencies. The first frequencies in the set are the most meaningful; the latter, the least. Component Systems Inc., and Utilase Inc., as if such acquisitions had been completed on Jan. 1, 1997. For the year ended Dec. 31, 1997, pro forma 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 were $61.6 million. Historical net sales for 1997 were $24.4 million, an increase of 51 percent from $16.2 million in the prior year. Pro forma operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for 1997 was $5.7 million. Historical operating income increased significantly to $1.9 million in 1997 as compared to $0.5 million in 1996. Net earnings for 1997 on a pro forma basis were $2.9 million, or 40 cents per common share. Historical net earnings also increased to $0.6 million, or 13 cents per common share, from a net loss of $76,000, or 2 cents per common share, in the prior year. Noble's earnings before income taxes plus interest expense and depreciation and amortization expense ("EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become ") for 1997 were $9.0 million on a pro forma basis. Historical EBITDA for 1997 increased to $2.7 million from $1.0 million in the prior year. The pro forma operating results reported for fiscal 1997 differ from pro forma information for earlier periods reported in Noble's Nov. 18, 1997, Prospectus due to revised assumptions reflecting changed facts and the passage of time, including assumptions regarding the amortization of goodwill and applicable interest rates. In commenting on the results, Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. J. Skandalaris, chief executive officer of Noble, stated, "We are pleased by Noble's progress in 1997. Our strong earnings growth is a credit to our talented team of employees at Noble. This dedicated team, coupled with the resources provided by our initial public offering in November, give reason for great optimism. We continue to pursue synergistic synergistic /syn·er·gis·tic/ (sin?er-jis´tik) 1. acting together. 2. enhancing the effect of another force or agent. syn·er·gis·tic adj. 1. acquisition opportunities to enhance our internal growth." Noble is a full service, independent Tier One and Tier Two This article or section documents a scheduled or expected spaceflight. Details may change as the launch date approaches or more information becomes available. supplier of automotive components, component assemblies and value-added services A value-added service (VAS) is a telecommunications industry term for non-core services or, in short, all services beyond standard voice calls and fax transmissions. to the automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. . Noble's customers include original equipment manufacturers such as General Motors, Chrysler Corp., Ford Motor Co. and Mitsubishi Motor Manufacturing of America. Note: Certain statements of this press release may be "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. " under the Securities Exchange Act of 1934. Statements regarding future operating performance, new programs expected to be launched and other future prospects and developments are based upon current expectations and involve certain risks and uncertainties that could cause the actual results and developments to differ materially from the forward-looking statements. Potential risks and uncertainties include such factors as demand for the company's products, pricing, the company's growth strategy including its ability to consummate To carry into completion; to fulfill; to accomplish. A Common-Law Marriage is consummated when the parties live in a manner intended to bring about public recognition of their relationship as Husband and Wife. and successfully integrate any future acquisitions of businesses or assets, industry cyclicality and seasonability, its ability to continuously improve its production technologies, activities of competitors and other risks detailed in the company's filings with the Securities and Exchange Commission. -0-
Noble International Ltd. and Subsidiaries
Consolidated Statements of Operations Data
(Historical and Pro Forma)
Pro Forma
Years Ended Dec. 31, Year Ended
1997 1996 Dec. 31, 1997
____ ____ _____________
(Dollar amounts in thousands,
except per share data)
Net sales $24,363 $16,187 $61,632
Cost of goods sold 16,777 10,587 44,743
_______ _______ _______
Gross profit 7,586 5,600 16,889
Selling, general and
administrative expenses 5,698 5,088 11,225
_______ _______ _______
Operating income 1,888 512 5,664
Equity in loss of
unconsolidated subsidiary (126) (95) --
Interest income 49 5 49
Interest expense (755) (555) (1,333)
Sundry, net 40 64 304
_______ _______ _______
Earnings (loss) before
income taxes 1,096 (69) 4,684
Income tax expense 379 7 1,592
_______ _______ _______
Net earnings (loss) 717 (76) 3,092
Preferred dividends $ 144 $ -- $ 215
_______ _______ _______
Net earnings (loss) on
common shares $ 573 $ (76) 2,877
_______ _______ _______
_______ _______ _______
Net earning (loss) per
common share $ .13 $ (.02) $ .40
_______ _______ _______
_______ _______ _______
EBITDA $ 2,683 $ 999 $ 9,013
_______ _______ _______
_______ _______ _______
Noble International Ltd. and Subsidiaries
Consolidated Balance Sheet Data
Total assets $67,101 $11,533
Working capital (deficiency) 5,564 (817)
Total debt 28,264 8,675
Shareholders' equity 27,610 729
NOTE: Noble International Ltd. Conference Calls You are invited to participate in Noble International Ltd.'s conference calls to discuss the company's fourth-quarter and full year 1997 performance. The calls will be held on Wednesday, Feb. 18, 1998, at 10:30 a.m. and 4:30 p.m. Eastern Standard Time. Call 612/332-0718 to participate in the 10:30 a.m. call. Call 612/288-0340 to participate in the 4:30 p.m. call. You may dial in ten minutes before the call takes place. The conference calls, anticipated to last half an hour, will begin with a review of 1997 followed by the company's fourth-quarter 1997 results and time for questions. The conference will be attended by Noble president and chief executive officer Robert Skandalaris, 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. Christopher Morin, and chief financial officer Richard Balgenorth. A replay of the conference will be available on Thursday, Feb. 19, 1998, from 8:00 a.m. until 5:00 p.m. Eastern Standard Time by calling 800/475-6701 for the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and 320/365-3844 for International. The access code is 378859. Questions regarding this conference call should be directed to Tania
CONTACT: Noble International Ltd. Michael Azar or Tania Kushner, 248/433-3093 |
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