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ALDILA POSTS STRONG THIRD QUARTER RESULTS

 SAN DIEGO, Oct. 20 /PRNewswire/ -- Aldila, Inc. (NASDAQ-NMS: ALDA), the nation's largest manufacturer of graphite golf club shafts, today reported a 33 percent increase in sales and a 135 percent increase in net income for the third quarter ended Sept. 30, 1993. Sales in the third quarter increased to $17.4 million from $13.1 million in the prior year. Net income increased to $2.2 million or $0.27 per share in 1993 from $1.0 million or $0.17 per share in 1992.
 "The increase in sales was driven by continuing strength from our base of OEM customers including Callaway and Ping and accelerating growth in iron shaft sales in the third quarter," said Gary T. Barbera, chief executive officer and president. "Iron shaft dollar sales were up 85 percent vs. the third quarter of 1992 after a 66 percent increase in the second quarter of 1993 vs. the second quarter of 1992."
 For the nine months ended Sept. 30, 1993, sales were $48.6 million and net income before extraordinary charges was $5.5 million, increases of 28 percent and 96 percent, respectively, over the comparable 1992 period. Earnings per share before extraordinary charges were $0.81 in 1993 vs. $0.51 in 1992. After the extraordinary charge for early debt retirement, earnings per share were $0.70 in 1993 vs. $0.51 in 1992, an increase of 37 percent. The company's total debt outstanding was $20.5 million at Sept. 30, 1993, down from $58.0 million at Dec. 31, 1992.
 The company filed a registration statement with the Securities and Exchange Commission on Oct. 6, 1993, to register 2,500,000 shares of common stock to be offered for sale by affiliates of Forstmann Little and affiliates of the company.
 Aldila designs, manufactures and markets graphite golf club shafts for use in clubs assembled and manufactured by leading golf club companies as well as pro shops, custom club shops and repair shops.
 ALDILA, INC. AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS
 (In thousands, except share data)
 9/30/93 12/31/92
 (Unaudited) (Derived from
 Audited Financial
 Statements)
 ASSETS:
 Current Assets
 Cash and cash equivalents $2,118 $2,433
 Accounts receivable, less
 allowance for doubtful accounts
 of $312 and $294 and allowance
 for sales returns of $520 and $850 7,697 3,077
 Inventories 6,021 4,964
 Deferred tax assets 1,757 1,647
 Prepaid expenses & other
 current assets 618 541
 Total current assets 18,211 12,662
 PROPERTY AND EQUIPMENT 5,506 5,029
 TRADEMARKS & PATENTS, less accumulated
 amortization of $769 and $440 16,569 16,898
 GOODWILL, less
 accumulated amortization
 of $2,446 and $1,398 53,464 54,512
 DEFERRED FINANCING FEES, less
 accumulated amortization of $448
 at Dec. 31, 1992 --- 1,450
 TOTAL ASSETS 93,750 90,551
 LIABILITIES & STOCKHOLDERS' EQUITY:
 Current Liabilities:
 Current portion of long-term debt --- 4,000
 Advances under line of credit $500 ---
 Accounts payable 4,659 3,302
 Accrued expenses 3,752 3,144
 Income taxes payable 1,157 516
 Total current liabilities 10,068 10,962
 LONG-TERM LIABILITIES:
 Long-term debt 20,000 54,000
 Deferred tax liabilities 8,062 8,047
 Deferred rent liability 991 1,000
 Total liabilities 39,121 74,009
 COMMITMENTS AND CONTINGENCIES
 STOCKHOLDERS' EQUITY:
 Preferred stock, $.Ol par value;
 authorized 5,000,000 shares; no
 shares issued
 Common stock, $.Ol par value;
 authorized 30,000,000 shares; issued
 and outstanding 8,176,579 shares
 as of Sept. 30, 1993 and
 5,531,579 shares as of Dec. 31, 1992 82 55
 Additional paid-in capital 46,646 13,349
 Retained earnings 7,901 3,138
 Total stockholders' equity 54,629 16,542
 TOTAL LIABILITIES AND
 STOCKHOLDERS' EQUITY $93,750 $90,551
 ALDILA, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF INCOME
 UNAUDITED
 (In thousands, except per share data)
 Three months ended Nine months ended
 September 30, September 30,
 1993 1992 1993 1992
 NET SALES $17,404 $13,095 $48,604 $38,112
 COST OF SALES 9,664 7,222 26,410 20,805
 Gross profit 7,740 5,873 22,194 17,307
 SELLING, GENERAL AND
 ADMINISTRATIVE 2,725 2,360 8,315 6,708
 AMORTIZATION OF GOODWILL 350 350 1,049 1,049
 Operating income 4,665 3,163 12,830 9,550
 OTHER:
 Interest expense 425 1,228 2,637 3,786
 Other (income), net (13) (13) (40) (28)
 INCOME BEFORE INCOME TAXES
 AND EXTRAORDINARY LOSS 4,253 1,948 10,233 5,792
 PROVISION FOR INCOME TAXES 2,017 997 4,684 2,964
 INCOME BEFORE EXTRAORDINARY
 LOSS 2,236 951 5,549 2,828
 EXTRAORDINARY LOSS RELATED TO
 EARLY RETIREMENT OF DEBT,
 NET OF INCOME TAX BENEFIT
 OF $527 786
 NET INCOME $2,236 $951 $4,763 $2,828
 EARNINGS PER COMMON SHARE:
 Income before extraordinary
 loss $0.27 $0.17 $0.81 $0.51
 Net income $0.27 0.17 $0.70 $0.51
 Weighted average common
 shares outstanding 8,379 5,532 6,832 5,532
 -0- 10/20/93
 /CONTACT: George Sard or Anna Cordasco Sard Verbinnen & Co. 212-687-8080/
 (ALDA)


CO: Aldila, Inc. ST: California IN: SU: ERN

GK-DH -- NY027 -- 4493 10/20/93 10:44 EDT
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Publication:PR Newswire
Date:Oct 20, 1993
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