Reunion Industries Announces Year 2000 Results.Business Editors PITTSBURGH--(BUSINESS WIRE)--April 19, 2000 Reunion Reunion Arafat, Mt . Adam and Eve met here after 200 years. [Muslim Legend: Berra, 44] chickweed flower symbolizing a rejoining. [Flower Symbolism: Jobes, 322] Esau and Jacob after many years, they are reconciled. [O.T. Industries, Inc., (AMEX AMEX See: American Stock Exchange :RUN), reported net income of $5.1 million, or $0.38 per share, on sales of $180.4 million for the year ended December December: see month. 31, 2000. Full year 2000 results include sales of $138.4 million from the Company's Metals Group and sales of $42.0 million from its Plastics Group. The Company had an 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. of $15.7 million for the year 2000, which includes a gain of $4.9 million on the previously announced sale of the Plastics Group's Irish operations and a gain of $2.4 million on the sale of real estate in the Metals Group. The Company's reported net income of $5.1 million for year 2000 includes net income from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. of $1.3 million and net losses from extraordinary charges of $1.9 million. Although not strictly comparable due to the merger of Reunion and Chatwins Group, Inc. on March 16, 2000 and the simultaneous acquisition of Kingway Material Handling Company, 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 was $5.6 million, or $0.42 per share, for the year ended December 31, 2000 on sales of $180.4 million versus a loss of $0.7 million, or ($0.12) per share, for the year ended December 31, 1999 on sales of $120.2 million. Company President Kimball J. Bradley commented that the year 2000 was a period of changes, challenges, and successes. "Since the merger, one of our primary goals in 2000 was to strengthen the Company's balance sheet and financial position through debt reduction. To that end, the sale of non-core assets in year 2000 helped us reduce debt by over $30 million. We are now well-positioned to grow our businesses. We remain committed to increasing shareholder value. Reunion Industries is headquartered at 11 Stanwix Street, Suite 1400, Pittsburgh, Pennsylvania “Pittsburgh” redirects here. For the region, see Pittsburgh Metropolitan Area. Pittsburgh (pronounced IPA: /ˈpɪtsbɚg/) is the second largest city in the Commonwealth of Pennsylvania. , 15222. The Metals Group, through its five manufacturing divisions, designs, manufactures and markets a broad range of metal fabricated fab·ri·cate tr.v. fab·ri·cat·ed, fab·ri·cat·ing, fab·ri·cates 1. To make; create. 2. To construct by combining or assembling diverse, typically standardized parts: and machined industrial parts and products, including seamless steel pressure vessels Pressure vessel A cylindrical or spherical metal container capable of withstanding pressures exerted by the material enclosed. Pressure vessels are important because many liquids and gases must be stored under high pressure. , fluid power cylinders, industrial cranes and structures for bridges, leaf springs and material handling systems. The Plastics Group manufactures high volume, precision plastics products and thermoset A polymer-based liquid or powder that becomes solid when heated, placed under pressure, treated with a chemical or via radiation. The curing process creates a chemical bond that, unlike a thermoplastic, prevents the material from being remelted. See thermoplastic. compounds and provides engineered plastics services. The 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. as defined by Section 21E of the Securities Act of 1934, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , concerning the Company's expectations about the future results of operations, financial position and cash flows. Actual results may differ materially from these forward-looking statements depending on future events, including events beyond the control of the Company. Additional information on factors and risks that could potentially affect the Company's future operations are contained in the Company's reports and filings with the Securities and Exchange Commission.
REUNION INDUSTRIES, INC.
CONSOLIDATED SUMMARY OF OPERATIONS
(in thousands, except per share information)
Year Ended December 31,
2000 1999
-------- --------
Sales $180,417 $120,150
======== ========
Operating profit $ 15,699 $ 6,247
======== ========
Net income $ 5,140 $ 1,166
======== ========
Income applicable to
common stockholders $ 5,045 $ 710
======== ========
Net income per share (basic) $ 0.38 $ 0.07
======== ========
Net income per share (diluted) $ 0.38 $ 0.07
======== ========
Weighted average shares
outstanding (basic) 13,236 9,500
======== ========
Weighted average shares
outstanding (diluted) 13,306 9,500
======== ========
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion