Quixote Corporation Reports Record Fiscal Second Quarter Sales and Earnings.Business Editors CHICAGO--(BUSINESS WIRE)--Jan. 18, 2000 Quixote Corporation (Nasdaq:QUIX) today reported record results for the second quarter and first six months of fiscal 2000, ended December 31, 1999. 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 increased 10% to $16,228,000, compared with $14,802,000 in the second quarter of fiscal 1999. 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. rose 10% to $1,762,000 in the second quarter of the current fiscal year from $1,597,000 in the second quarter of the 1999 fiscal year. Net earnings for the second quarter of fiscal 2000 increased 17% to $1,072,000 from $918,000 in the second quarter of fiscal 1999. 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 increased to $0.13 in fiscal 2000 compared to $0.11 in fiscal 1999 on a 2% increase in average diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. common shares outstanding. For the first six months of fiscal 2000, net sales increased 15% to $35,531,000 from $30,865,000 for the first six months of fiscal 1999. Operating profit of $5,175,000 for the first six months of fiscal 2000 rose 22% from $4,252,000 in the prior year period. Net earnings for the first half of fiscal 2000 were $2,984,000, or $0.36 per diluted share, compared to net earnings of $2,560,000, or $0.31 per diluted share, in the same period last year. The Company also noted that net earnings in the current six-month period reflected a higher income tax rate of 38% compared to a 35% income tax rate in the fiscal 1999 six-month period. Leslie J. Jezuit, Quixote's Chief Executive Officer, said, During the quarter we continued to see growing interest in our cost-effective, reusable re·use tr.v. re·used, re·us·ing, re·us·es To use again, especially after salvaging or special treatment or processing. re·us highway crash cushion Cushion In the context of project financing, the extra amount of net cash flow remaining after expected debt service. cushion See call protection. products, the REACT 350(R), the new QuadGuard(R) Elite and the Safe-Stop truck-mounted attenuator at·ten·u·a·tor n. A device that attenuates an electrical signal. Noun 1. attenuator - an electrical device for attenuating the strength of an electrical signal . Demand for these products has increased as highway departments recognize the cost-effectiveness of these life-saving devices in high impact areas. Transportation departments also recognize additional safety benefits for their work crews as these restorable products reduce, or in some cases eliminate, the need for hazardous repairs on an active highway. At the same time, our subsidiaries, Nu-Metrics, Inc. and Highway Information Systems, Inc., continue to enjoy strong growth and are generating solid profits. Mr. Jezuit continued, "During the quarter the Company continued to advance its international sales and manufacturing strategy by forming Energy Absorption Systems Absorption Systems is a company based in Exton, Pennsylvania that conducts contract research for the pharmaceutical industry with a focus on ADME analyses. Pty Limited, an Australian subsidiary. The Australian market is one in which we see a promising opportunity due to its acceptance of U.S. safety standards Safety standards are standards designed to ensure the safety of products, activities or processes, etc. They may be advisory or compulsory and are normally laid down by an advisory or regulatory body that may be either voluntary or statutory. , thus eliminating the need for costly retrofitting and retesting of our existing products. The Company also entered into an arrangement with a manufacturer in France to assemble some of our products there in order to more effectively penetrate the European market." Philip E. Rollhaus, Jr., Quixote's Chairman, commented,"This quarter marks our tenth consecutive quarter of year-over-year increases in sales and earnings. In this month we also paid our fifteenth In music, a fifteenth (sometimes abbreviated 15ma) is the interval between one musical note and another with one-quarter or quadruple the frequency. It corresponds to two octaves. It is the fourth harmonic. semi-annual dividend, which we have been able to steadily increase each year since 1993. Our success is due in part to our continual commitment to developing innovative ways of saving lives and reducing fatalities on the world's roadways. We are excited about the substantial growth opportunities for the new products currently in development and being tested, including our revolutionary new line of reflective Refers to light hitting an opaque surface such as a printed page or mirror and bouncing back. See reflective media and reflective LCD. pavement markers, our innovative automatic anti-icing system for bridges, and a new generation of broadband wireless See wireless broadband. sensors. Looking ahead, we believe the on-going increased federal funding under the `Transportation Equity Act for the 21st Century' will enhance our already strong position within the highway safety and transportation market." Quixote Corporation, (www.quixotecorp.com), through its wholly-owned subsidiaries, Energy Absorption Systems, Inc. and the TranSafe Corporation, is the world's leading manufacturer of energy-absorbing highway crash cushions, truck-mounted impact attenuators An impact attenuator, also known as a crash cushion or crash attenuator, is a device intended to reduce the damage done to structures, vehicles, and motorists resulting from a motor vehicle collision. , computerized computerized adapted for analysis, storage and retrieval on a computer. computerized axial tomography see computed tomography. highway advisory radio To read about HAR in biology, see human accelerated regions. Highway advisory radio (HAR), sometimes also called travelers' information stations (TIS transmitting systems, electronic wireless measuring and sensing devices, flexible post delineators and other highway safety products and services. 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. Statement under 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: Except for historical information contained herein, the matters set forth in this news release are 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. . The forward-looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including the risks and uncertainties discussed in the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for its fiscal year ended June 30, 1999, under the caption "Forward- Looking Statements" in Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations, which discussion is incorporated herein by this reference.
Quixote Corporation
Earnings Summary
Three Months Six Months
Ended Ended
12/31/00 12/31/99
1999 1998 1999 1998
---- ---- ---- ----
Net sales $16,228,000 $14,802,000 $35,531,000 $30,865,000
Gross profit 7,167,000 6,327,000 16,440,000 13,563,000
Operating expenses:
Selling &
administrative 5,064,000 4,293,000 10,597,000 8,581,000
Research &
development 341,000 437,000 668,000 730,000
----------- ----------- ----------- -----------
5,405,000 4,730,000 11,265,000 9,311,000
Operating profit 1,762,000 1,597,000 5,175,000 4,252,000
Other income
(expense) (136,000) (185,000) (362,000) (314,000)
----------- ----------- ----------- -----------
Earnings before
income taxes 1,626,000 1,412,000 4,813,000 3,938,000
Provision for
income taxes 554,000 494,000 1,829,000 1,378,000
----------- ----------- ----------- -----------
Net earnings $1,072,000 $918,000 $2,984,000 $2,560,000
=========== =========== =========== ==========
Per share data:
Basic earnings
per share $0.13 $0.11 $0.37 $0.32
Diluted earnings
per share $0.13 $0.11 $0.36 $0.31
Average common
shares
outstanding 8,017,007 7,948,870 8,050,294 7,934,780
Average diluted
common shares
outstanding 8,349,733 8,198,459 8,349,419 8,215,303
Quixote Corporation
Balance Sheet Data
As of 12/31/99 As of 06/30/99
-------------- --------------
Assets
Current assets
Cash and cash equivalents $677,000 $2,153,000
Accounts receivable, net 13,795,000 17,078,000
Inventories 8,059,000 8,537,000
Other current assets 3,075,000 3,029,000
------------ ------------
25,606,000 30,797,000
------------ ------------
Net property, plant and
equipment 15,204,000 15,599,000
Intangible assets and other 25,005,000 25,378,000
------------ ------------
$65,815,000 $71,774,000
============ ============
Liabilities and Shareholders' Equity
Current liabilities $8,454,000 $12,218,000
Long-term debt, net 9,480,000 11,901,000
Other long-term liabilities 1,673,000 1,673,000
Shareholder's equity 46,208,000 45,982,000
------------ ------------
$65,815,000 $71,774,000
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