Wellco Enterprises, Inc. Announces Operating Results for the Fiscal Quarter and Nine Months Ended April 2, 2005.WAYNESVILLE There are at least five towns in the U.S. named Waynesville:
See: American Stock Exchange : WLC WLC Wisconsin Lutheran College WLC West London College (UK) WLC Weighted Least-Connection WLC Workload License Charges WLC Warrior Leader Course WLC Whole Life Costs WLC Worm-Like Chain WLC Wafer Level Camera ) today reported net income for the nine month period ended April 2, 2005 (current nine month period) of $1,127,000, equivalent to basic earnings per share of $0.89 ($0.87 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. ), from revenues of $39,241,000. This compares to net income $1,590,000, equivalent to basic earnings per share of $1.34 ($1.31 diluted), from revenues of $31,519,000 in the prior year nine month period ended April 3, 2004 (prior nine month period). Compared to the prior period, total revenues in the current period increased by $7,722,000. In the current period the Company shipped 243,000 pairs of the Infantry infantry, body of soldiers who fight in an army on foot and are equipped with hand-carried weapons, in contradistinction originally to cavalry and other branches of an army. Combat Boot (ICB ICB Integrated Conference Bridge (Nortel) ICB International Competitive Bidding (international procurement) ICB Individual Case Basis ICB Istituto di Chimica Biomolecolare (Italian) ) compared to 20,000 pairs in the prior period. This increase offset a 156,000 pair decrease in shipments of Hot Weather boots. During the current period, the Company was shipping under two contracts for the ICB boot. In the prior period, the Company had one ICB boot contract. Shipments of Hot Weather boots in the prior period were under the Defense Department's surge option, primarily to meet the urgent need in Iraq Iraq or Irak (both: ēräk`, ĭrăk`), officially Republic of Iraq, republic (2005 est. pop. 26,075,000), 167,924 sq mi (434,924 sq km), SW Asia. . The surge need was substantially met by the end of the first quarter of the current period. Compared with the prior period, revenues from technical assistance fees and equipment rentals from licensees, which vary with licensee licensee n. a person given a license by government or under private agreement. (See: license, licensor) LICENSEE. One to whom a license has been given. 1 M. Q. & S. 699 n. sales, decreased by $237,000 because certain licensees, who contract with the Department of Defense, had decreased sales due to the end of their surge shipments. The majority of the Company's boot manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. occurs at the factory of a wholly-owned subsidiary located in Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. . The Company is participating in a Puerto Rican Puer·to Ri·co Abbr. PR or P.R. A self-governing island commonwealth of the United States in the Caribbean Sea east of Hispaniola. government program to assist manufacturers in the training of new or expanded work force under which the Company is reimbursed for part of the compensation paid to certain employees. Under this program, the Company received and recognized as a reduction of Cost of Sales and Services in the current period $1,165,000, compared to $320,000 in the prior period. The Company's policy is to recognize the reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. as a reduction of labor costs included in Cost of Sales and Services in the period that it is received. At April 2, 2005, the Company had filed for, but not received, $837,000 of reimbursement for wages paid through that date. For the three month period ended April 2, 2005 (current three month period), net income was $209,000, equivalent to basic earnings per share of $.16 ($.16 fully diluted), from revenues of $14,646,000. This compares with net income of $623,000, equivalent to basic earnings per share of $.52 ($.50 diluted) from revenues of $11,513,000 in the prior year quarter ended April 3, 2004 (prior three month period). Compared to the prior period, total revenues in the current period increased by $3,133,000. In the current period the Company shipped 100,000 pairs of the Infantry Combat Boot (ICB). The prior period included 20,000 pairs of ICB boot sales Noun 1. boot sale - an outdoor sale at which people sell things from the trunk of their car car boot sale cut-rate sale, sales event, sale - an occasion (usually brief) for buying at specially reduced prices; "they held a sale to reduce their inventory"; "I . This increase offset a 70,000 pair decrease in shipments of the Hot Weather boots. The Company did not receive, in either the current or prior year three-month period, any wage reimbursement from the Puerto Rico government program mentioned above. On May 16, 2005, the Company did receive $220,000 of the $837,000 reimbursement filed for through April 2, 2005. This amount, plus any additional reimbursement received through July July: see month. 2, 2005 will be included in the operating results for the fourth fiscal quarter ending July 2, 2005 as a reduction in cost of sales. CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. INFORMATION Statements throughout this report that are not historical facts 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. . These statements are based on current expectations and beliefs, and involve numerous risks and uncertainties. Many factors could affect the Company's actual results, causing results to differ materially from those expressed in any such forward-looking information. These factors include, but are not limited to, the receipt of contracts from the U. S. government and the performance thereunder; the ability to control costs under fixed price contracts; the cancellation of contracts; and other risks detailed from time to time in the Company's Securities and Exchange Commission filings, including 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 the year ended July 3, 2004. Those statements include, but may not be limited to, all statements regarding intent, beliefs, expectations, projections, forecasts, and plans of the Company and its management. Actual results may differ materially from management expectations. The Company assumes no obligation to update any forward-looking statements.
WELLCO ENTERPRISES, INC.
CONSOLIDATED OPERATING RESULTS
(UNAUDITED)
(000's omitted except for per share amounts and number of shares)
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Fiscal Nine Months Fiscal Three Months
Ended Ended
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April 2, April 3, April 2, April 3,
2005 2004 2005 2004
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Revenues $39,241 $31,519 $14,646 $11,513
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Operating Income 1,637 2,074 327 808
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Net Interest Expense 203 135 66 74
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Income Before Income Taxes 1,434 1,939 261 734
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Provision for Income Taxes 307 349 52 111
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Net Income $1,127 $1,590 $209 $623
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Basic Earnings Per Share 0.89 1.34 0.16 0.52
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Diluted Earnings Per Share 0.87 1.31 0.16 0.50
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Weighted Average Number of
Common Shares Outstanding:
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For Basic Earnings
Per Share 1,261,660 1,190,388 1,270,746 1,199,977
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For Diluted Earnings
Per Share 1,297,748 1,215,258 1,305,000 1,249,379
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