Record fourth quarter caps Gradall's record 1996.NEW PHILADELPHIA New Philadelphia, city (1990 pop. 15,698), seat of Tuscarawas co., E Ohio, on the Tuscarawas River, in a coal and clay area; founded 1804, inc. 1833. Foundry products, machinery, and pottery are made. The Tuscarawas Campus of Kent State Univ. is there. , Ohio--(BUSINESS WIRE)--March 10, 1997--Gradall Industries 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 :GRDL GRDL Griddle GRDL Girdle ) reported record net income of $2.7 million for the fourth quarter and record net income of $8.3 million before extraordinary charge, and $7.3 million after extraordinary charge, for the year ended Dec. 31, 1996. Gradall, a leading manufacturer of excavating and material handling construction equipment located in New Philadelphia, reported fourth 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 of $36.1 million, a 22.2 percent increase over the fourth quarter of 1995, and capped a year of net sales totaling $140.9 million, up 19 percent over 1995. Gradall President, Barry Phillips Barry Phillips is a musician, arranger and producer of many recordings of Celtic, world and American folk music on the Gourd Music label. Barry received a Masters of Music degree in composition from the San Francisco Conservatory of Music in 1990. , said that despite an approximate ap·prox·i·mate v. To bring together, as cut edges of tissue. adj. 1. Relating to the contact surfaces, either proximal or distal, of two adjacent teeth; proximate. 2. Close together. 8 percent unit decline in the overall excavator ex·ca·va·tor n. An instrument, such as a sharp spoon or curette, used in scraping out pathological tissue. excavator (eks´k market, Gradall's 1996 total excavator shipments increased 7.4 percent. Gradall crawler Also known as a "Web crawler," "spider," "ant," "robot" (bot) and "intelligent agent," a crawler is a program that searches for information on the Web. Crawlers are widely used by Web search engines to index all the pages on a site by following the links from page to page. excavator shipments were up 26 percent as the company continues to increase market share through a growing contractor preference for XL Series excavators with high pressure, load-sensing hydraulics hydraulics, branch of engineering concerned mainly with moving liquids. The term is applied commonly to the study of the mechanical properties of water, other liquids, and even gases when the effects of compressibility are small. . Shipments of Gradall wheeled excavators, a segment already dominated dom·i·nate v. dom·i·nat·ed, dom·i·nat·ing, dom·i·nates v.tr. 1. To control, govern, or rule by superior authority or power: by the company, increased 6.2 percent. Total excavator revenue for the year was $55.1 million, up 12 percent from 1995. Material handler A software routine that performs a particular task. It often refers to a routine that "handles" an exception of some kind, such as an error, but it can refer to mainstream processes as well. The term is typically used in operating systems and other system software. machine shipments increased 28 percent in 1996. Total handler revenue of $70.4 million was up 31.3 percent over 1995, punctuated by the introduction of the new 544C model, one of the industry's largest material handlers handlers persons involved in the handling of, for example, circus animals. Includes grooms, milkers, herdsmen, strappers. Used mostly in referring to persons handling animals for show or auction. with a maximum lift height of 55 feet. The 544C went into production in the fourth quarter. Contributing to the company's record material handler sales in 1996 was the appointment of a new distributor for southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . This key market will be served by the new distributor's seven locations. Service parts accounted for $15.4 million of the 1996 revenue, boosted by the introduction of the GOLD (Gradall On Line Distribution) system. This proprietary computer information system enables Gradall dealers to check parts availability and pricing before placing an order. "We had very supportive supportive adjective Pertaining to a Pt management philosophy in which only the Sx of a particular condition are treated; supportive measures are often taken when no specific and/or effective therapy is available or accessible–eg, viral meningitis, or markets for both of our product lines, and our products have performed very well in the field," said Phillips Phil·lips A trademark used for a screw with a head having two intersecting perpendicular slots and for a screwdriver with a tip shaped to fit into these slots. . "In fact," he said, "1996 was better than originally planned. Our production and shipping schedules were increased four times during the year." The company's initial stock offering in August of 1996 allowed Gradall to substantially reduce debt, interest expense, and to negotiate a more favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. bank agreement. Fourth quarter 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 net income per share was 30 cents, as compared to pro forma net income of 15 cents for the same period in 1995. For the full year 1996 pro forma net income per share reached $1.07, up from 77 cents for the full year 1995. Unaudited pro forma per share amounts are computed as though the initial public offering was completed effective January January: see month. 1, 1995. Between 1993 and 1996 on a compounded annual basis, the company's revenue has grown by 25 percent and 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. by 94 percent. During 1996, Gradall committed to over $4 million in capital equipment, including robot welders and plasma flame flame, phenomenon associated with the chemical reaction of a gas that has been heated above its kindling temperature with some other gas, usually atmospheric oxygen (see combustion). cut equipment, raising manufacturing's overall productivity. The company expects to maintain its current level of capital investment in 1997. In the first quarter of 1997, Gradall plans to ship the first of its XL2000 series crawler excavators, which is a new entry for Gradall into the 27,000-pound excavator market. In the coming months, the XL2000 product series will be expanded to include a rough terrain terrain, n the fertile ground for all function (i.e., physical, mental, social, and environmental) of a human being; the environment in which disease may develop. See also typology, constitution, and morphology. wheeled model and a crawler for industrial applications. "An assessment of rental rates, rental utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be , field inventory, current machine order backlogs, and general economic conditions points to a supportive market for the first half of 1997," said Gradall's president. At a recent distributor meeting, most of those in attendance predicted that equipment sales in 1997 will be stronger than 1996, and Gradall plans to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. those opportunities with a continuing series of new product introductions. -0-
Financial Results:
(Dollars in Thousands Except Per Share)
Three Months Ended Fiscal Year Ended
______________________ ____________________
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1996 1995
___________ _________ __________ _________
Net sales $ 36,068 $ 29,521 $ 140,909 $ 118,438
Cost of sales 27,507 23,241 108,101 92,637
___________ _________ __________ _________
Gross profit 8,561 6,280 32,808 25,801
Operating expenses:
Engineering 794 617 3,080 2,504
Selling and marketing 1,656 1,458 6,509 5,365
Administrative 1,295 1,641 5,306 5,138
___________ _________ __________ _________
Operating income 4,816 2,564 17,913 12,794
Interest expense 303 938 3,108 1,642
Other, net (32) 172 1,016 865
___________ _________ __________ _________
Income before provision
for taxes 4,545 1,454 13,789(2) 10,287
Income tax provision 1,880 513 5,503 3,680
___________ _________ __________ _________
Income before extraordinary
charge 2,665 941 8,286 6,607
Extraordinary charge 973
___________ _________ __________ _________
Net income $ 2,665 $ 941 $ 7,313 $ 6,607
Net income per share:
Before extraordinary
charge $ .30 $ .16 $ 1.19 $ 1.17
After extraordinary
charge .30 .16 1.05 1.17
Weighted average shares
outstanding 8,939,294 5,925,807 6,956,507 5,637,244
Pro Forma (1)
_________
Net Income Per Share $ .30 $ .15 $ 1.07 $ .77
Weighted Average
Shares Outstanding 8,939,294 8,939,294 8,939,294 8,939,294
(1) Presented as if the 1995 Recapitalization, the issuance of
shares of Common Stock pursuant to the initial public offering and
the application of the net proceeds thereof to reduction in debt,
all had occurred effective Jan. 1, 1995. Pro forma net income
per share data do not include the extraordinary charge.
(2) The total income before taxes after consideration of the
extraordinary item amounted to $12,194 for the year ended
Dec. 31, 1996.
Financial Position:
(Dollars in Thousands)
Dec. 31, Dec. 31,
1996 1995
______________________
ASSETS
______
Current assets:
Cash $ 215 $ 1,537
Accounts receivable - trade, net
of allowance for doubtful accounts 16,846 12,151
Inventories 21,326 18,510
Prepaid expenses and deferred charges 495 429
Deferred income taxes 1,151 1,371
_________ ________
Total current assets 40,033 33,998
Deferred income taxes 5,257 5,143
Property, plant and equipment, net 11,535 10,619
Other assets 1,401 2,264
_________ ________
Total assets $ 58,226 $ 52,024
_________ ________
_________ ________
LIABILITIES & STOCKHOLDERS' EQUITY
__________________________________
Current liabilities:
Current portion long-term debt $ 174 $ 1,522
Accounts payable - trade 13,405 14,672
Accrued other expenses:
Income taxes 1,333 (2,156)
Other 10,214 9,225
_________ ________
Total current liabilities 25,126 23,263
Long-term obligations:
Long-term debt, net of current portion $ 7,736 $ 36,400
Accrued post-retirement benefit cost 14,604 13,824
Other long-term liabilities 1,684 1,656
_________ ________
Total long-term obligations 24,024 51,880
_________ ________
Total liabilities 49,150 75,143
Stockholders' equity:
Common shares, $.001 par value; 18,000,000 shares
authorized; 8,939,294 and 5,540,000 issued
and outstanding in 1996 and 1995 9 1
Preferred shares, noncumulative par value
$.01 per share: 300 shares authorized;
140 issued and outstanding in 1995 2,000
Additional paid-in capital 38,907 11,999
Additional paid-in capital - warrants 1,000
Accumulated (deficit) surplus (29,840) (38,119)
_________ ________
Total stockholders' equity (deficit) 9,076 (23,119)
_________ ________
Total liabilities and stockholders' equity $58,226 $52,024
_________ ________
_________ ________
CONTACT: Gradall Industries Inc. Bruce Bruce, Scottish royal family descended from an 11th-century Norman duke, Robert de Brus. He aided William I in his conquest of England (1066) and was given lands in England. A. Jonker, 330/339-8374 |
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