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SHILOH INDUSTRIES FOURTH QUARTER EARNINGS UP SIX PERCENT

 MANSFIELD, Ohio, Jan. 11 /PRNewswire/ -- Shiloh Industries (NASDAQ: SHLO) reported earnings of $.17 per share for the fourth fiscal quarter ending Oct. 31, 1993 -- a 6 percent increase compared with pro forma earnings of $.16 per share in the fourth fiscal quarter of 1992. Sales rose 24 percent to $49.7 million in the quarter, compared with $40.2 million. Net income rose 23 percent to $2.2 million, compared with $1.7 million, despite a fourth quarter LIFO charge of $216,000 after taxes, or $.02 per share. There was no LIFO charge in the prior year.
 For the fiscal year ending Oct. 31, 1993, sales increased 30 percent to $184.1 million from $142.0 million, net income rose 27 percent to $8.9 million from $7.0 million, and pro forma earnings per share rose 18 percent to $.73 from $.62, despite a LIFO charge of $360,000 after taxes or $.03 per share on a pro forma basis..
 Earnings per share are presented on a pro forma basis for comparability between periods and reflect Shiloh Industries' reorganization on June 28, 1993, its initial public stock offering and the use of the proceeds of the offering to repay indebtedness. The pro forma adjustments assume the reorganization, offering and debt repayment all occurred at the beginning of the applicable fiscal year. The company's initial public offering on June 29, 1993, raised $37.8 million of new equity capital and increased the number of shares outstanding by 41 percent.
 Robert Grissinger, president and chief operating officer, said "Fourth quarter results were in line with our expectations."
 Shiloh Industries benefitted from increased North American auto and truck production in 1993. Sales to auto and truck producers and suppliers accounted for 61 percent of Shiloh Industries' total sales in fiscal 1993. The company's 1993 sales were also enhanced by the inclusion of a full year of revenues of Shafer Valve Company, as compared to five months of revenues in 1992.
 Profit margins for the company's steel processing operations were reduced by higher material costs and by underutilization of new equipment at one of the company's facilities. Profit margins at Shafer Valve were also lower due to changes in product mix and competitive pricing pressures. The company was able to partially offset the downward pressures on profit margins by implementing cost reductions.
 Shiloh Industries provides blanking, stamping, other steel processing and related products and services, primarily to the automotive industry, as well as valve actuator systems for petroleum and natural gas pipelines.
 Shiloh Industries, Inc.
 Financial Statement Summary
 For the Quarter and Year Ended October 31
 (millions, except e.p.s.)
 Quarter Year
 ACTUAL(A) 1993 1992 1993 1992
 Revenues $49.7 $40.2 $184.1 $142.0
 Gross Profit 9.1 9.1 35.5 30.1
 Operating Income 3.9 3.9 17.8 14.3
 Income Before Taxes 3.9 3.0 15.4 12.0
 Net Income 2.2 1.7 8.9 7.0
 Average Number
 of Common Shares 12.9 9.2 10.4 9.2
 Earnings Per Share $ .17 $ .19 $ .86 $ .76
 PRO FORMA(B)
 Earnings Per Share $ .17 $ .16 $ .73 $ .62
 (A) -- All figures prior to June, 1993, are restated for the company's reorganization in which seven operating units became wholly-owned subsidiaries.
 1993 fourth quarter and full year income figures include a LIFO charge of $.02 and $.03 per share after tax, respectively. There were no LIFO adjustments in fiscal year 1992.
 (B) -- Pro forma earnings per share are adjusted to reflect the company's initial public offering on June 29, 1993. The adjusted figures treat the public offering and resulting repayment of debt as if they had occurred at the beginning of the applicable fiscal year.
 -0- 1/11/94
 /CONTACT: Roger Loesch, treasurer, of Shiloh Industries, 419-525-2315/
 (SHLO)


CO: Shiloh Industries ST: Ohio IN: AUT SU: ERN

BM -- CL008 -- 0891 01/11/94 09:56 EST
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Date:Jan 11, 1994
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