Rose International reports first quarter earnings of $297,542 before income taxes.TULSA Tulsa (tŭl`sə), city (1990 pop. 367,302), seat of Tulsa co., NE Okla., on the Arkansas River east of its junction with the Cimarron; inc. 1898. , Okla.--(BUSINESS WIRE)--May 1, 1996--Rose International Ltd. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :DYES) reported first quarter net earnings of $167,542 or $.03 per share. This compared with net earnings in the first quarter of 1995 in the amount of $36,772 or $.01 per share. Net earnings before income taxes were $297,542 during the first quarter of 1996 as compared to $36,772 during the first quarter of 1995. Net earnings before income taxes in 1996 includes a loss in the amount of $59,484, representing Rose Color's 49% equity in the loss recognized by Mafatlal-Rose Color Industries Ltd. ("MRCI (Microsoft Realtime Compression Interface) The programming interface for Microsoft's DoubleSpace technology used in DOS 6. "), its joint venture with Indian Dyestuff Industries Ltd., the largest dye manufacturer in India India, officially Republic of India, republic (2005 est pop. 1,080,264,000), 1,261,810 sq mi (3,268,090 sq km), S Asia. The second most populous country in the world, it is also sometimes called Bharat, its ancient name. India's land frontier (c. . MRCI made its first sales during the first quarter of 1996 and is still involved in the initial start-up Start-up The earliest stage of a new business venture. phase of operations. Revenues increased 46% to $1,879,635 in the first quarter of 1996 as compared to $1,291,839 in the first quarter of 1995. As previously announced, Rose International is a majority owned subsidiary of Struthers Struthers (strŭth`ərz), city (1990 pop. 12,284), Mahoning co., NE Ohio, an industrial suburb of Youngstown, on the Mahoning River; founded 1800, inc. 1922. Industries Inc. (AMEX AMEX See: American Stock Exchange :SIR), which plans to spin off Rose International immediately prior to its scheduled acquisition of the majority of the assets World Interactive Network Inc. (WIN). In connection with the pending Asset Purchase Agreement with WIN, Struthers will distribute to its then-existing shareholders of record one share of Rose International for every three shares of Struthers held by a shareholder. -0- Rose International Ltd. and Subsidiary (A Majority-Owned Subsidiary of Struthers Industries Inc.) Consolidated Balance Sheet
March 31, December 31,
1996 1995
(Unaudited) (Audited)
Assets Current Assets Cash and cash equivalents $1,197,062 $ 178,870 Marketable equity securities - 213,348 Receivables, net 831,733 862,376 Inventories 1,376,619 1,285,434 Prepaid expenses and other assets 31,271 36,330 Total current assets 3,436,685 2,576,158 Property and equipment, net 6,280,978 6,259,906 Goodwill, net of amortization 2,217,044 2,249,930 Investment in MRCI 323,761 417,512 Other 10,469 11,032
$12,268,937 $11,514,538
Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 852,956 $396,834 Accrued liabilities 73,455 20,307 Payable to parent company 120,525 215,386 Current maturities of long-term obligations 101,169 101,630 Notes payable -- related party - 125,000
1,148,105 859,157
Long-term obligations 193,601 219,425 Deferred income taxes 767,000 831,000 Stockholders' equity Common stock 49,740 47,750 Paid-in capital 10,177,558 9,806,548 Accumulated deficit (42,074) (209,616) Foreign currency translation adjustment (24,993) (39,726) Total stockholders' equity 10,160,231 9,604,956
$12,268,937 $11,514,538
-0-
Rose International Ltd. and Subsidiary
(A Majority-Owned Subsidiary of Struthers Industries Inc.)
Consolidated Statements of Operations
Three Months Ended March 31,
1996 1995
Sales and revenues $1,879,635 $1,291,839 Cost of sales 1,360,224 1,008,565 Gross profit 519,411 283,274 Other expense (income) Selling, general and administrative expense 312,981 209,229 Interest expense - parent 5,139 - Interest expense - other 11,896 37,390 Equity in loss of MRCI 59,484 - Gain from sale of marketable equity securities (167,123) - Interest and other income (508) (117)
221,869 246,502
Earnings before income taxes 297,542 36,772 Income tax expense 130,000 - Net earnings $167,542 $36,772 -0- Rose International Ltd. and Subsidiary (A Majority-Owned Subsidiary of Struthers Industries Inc.) Consolidated Statements of Cash Flows
Three Months Ended March 31,
1996 1995
Cash flows from operating activities Net earnings $167,542 $36,772 Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 93,762 78,536 Deferred income taxes 130,000 - Foreign operations, net 88,484 - Gain on sale of equity securities (167,123) - Interest due parent 5,139 -
Changes in assets and
liabilities:
Receivables 30,644 34,648
Inventories (91,185) (160,555)
Prepaid and other assets 5,059 (3,892)
Accounts payable and
accrued liabilities 224,270 (185,608)
Net cash provided by (used in) operating activities 486,592 (200,099) Cash flows provided by (used in) investing activities Capital expenditures (81,385) (161,580) Investment in MRCI - (181,246) Sale of equity securities 665,471 - Purchase of equity securities - - Net cash provided by (used in) investing activities 584,086 (342,826) Cash flows provided by (used in) financing activities Sale of common stock 199,000 - Contributions by (to) parent company - (60,000) Repayment of parent loan (100,000) - Loan from related party - 500,000 Loan principal repayments (151,285) (21,743) Net cash provided by (used in) financing activities (52,285) 418,257 Net increase (decrease) in cash and cash equivalents 1,018,393 (124,668) Cash and cash equivalents, beginning of period 178,669 258,043 Cash and cash equivalents, end of period $1,197,062 $133,375 -0- CONTACT: G. David Gordon David Gordon may refer to:
President 918/582-1788 |
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