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SHILOH INDUSTRIES REPORTS IMPROVED THIRD QUARTER, AND NINE MONTHS

 MANSFIELD, Ohio, Sept. 8 /PRNewswire/ -- Shiloh Industries, Inc. (NASDAQ: SHLO) today reported that revenues, net income and net income per share were significantly improved for its fiscal nine months ended July 31, 1993, and for the fiscal third quarter over year-ago levels.
 In order to provide for comparability between periods, net income per share has been presented on a pro forma basis to reflect the effects of Shiloh's reorganization in June 1993, its initial public stock offering and the use of the proceeds of the offering to repay indebtedness. The pro forma adjustments assume that the reorganization, offering and debt repayment were completed at the beginning of the respective accounting periods.
 Revenues for the third quarter increased 20.6 percent, to $45.7 million, from $38 million in the fiscal 1992 third quarter. Net income increased 9.1 percent to $2.3 million, or 18 cents per share on a pro forma basis (as described above), compared to net income of $2.1 million, or 16 cents a share on a pro forma basis, in the year- earlier period.
 Nine month revenues increased to $134.4 million, up 32.2 percent over the $101.7 million recorded a year ago. In the first nine months of fiscal 1993, Shiloh reported net income of $7.3 million on a pro forma basis, a 21.1 percent increase over the $6.0 million on a pro forma basis earned in the fiscal 1992 nine months. Net income per share was 56 cents on a pro forma basis, compared to 46 cents on a pro forma basis for the first nine months of fiscal 1992. Shiloh nine month results for fiscal 1993 include Shafer Valve Company for the entire period, as compared to the two months of Shafer's results included in fiscal 1992.
 "Third quarter results were in line with our expectations," said Robert L. Grissinger, president and chief operating officer. "Improved results at Shafer Valve offset dampening effects of our inability to pass along July 1 steel mill price increases to our blanking and stamping customers and the increase in the federal corporate income tax rate. The delay in passing on this price increase is likely to continue to effect gross profits in the fourth quarter. The Company believes by carefully controlling costs in the fourth quarter it will be able to offset the impact of such delay."
 "We are pleased with the results of our initial public stock offering in June, which resulted in the elimination of $37.8 million in total debt and put our percent of debt to total capitalization at 20.5 percent at July 31, 1993. The corresponding reduction in interest costs and the financial flexibility provided by an improved working capital position enhances Shiloh's competitive posture," Grissinger said.
 As previously reported, Shiloh completed the sale of 3,350,000 shares of common stock at $11.00 per share to the public in early July. Subsequently, Kidder Peabody & Co. Incorporated, Kemper Securities, Inc., and Carleton, McCreary, Holmes & Co., on behalf of the underwriters, completed the purchase of an additional 432,500 shares at $11.00, pursuant to the over-allotment option.
 Shiloh is a vertically integrated steel processor that supplies high quality blanks, stampings and processed steel to the automotive and other industries. Shiloh's products include steel blanks used principally by domestic and foreign automotive manufacturers for automobile fenders and hoods and heavy truck wheels and brake parts, as well as steel stampings used principally by automobile component manufacturers. Shiloh also performs a variety of value-added intermediate steel processing services. Through its Shafer Valve Company subsidiary, Shiloh also designs, engineers and manufactures standard and custom-built high quality valve actuator systems, primarily for use in the oil and natural gas pipeline transmission industries.
 SHILOH INDUSTRIES, INC.
 Condensed Statements of Operations
 (dollars in thousands, except per share data)
 (unaudited)
 For the three months ended
 Pro Forma(A) Actual
 July 31, July 31, July 31, July 31,
 1993 1992 1993 1992
 Revenues $ 45,651 $ 37,867 $ 45,651 $ 37,867
 Operating income 4,833 3,971 4,833 3,971
 Interest expense 433 253 707 696
 Other expense (income) 100 39 100 39
 Provision for income taxes 1,872 1,569 1,755 1,383
 Income before
 extraordinary item 2,428 2,110 2,271 1,853
 Extraordinary item(B) (126) -- (126) --
 Net income available to
 common shareholders $ 2,302 $ 2,110 $ 2,145 $ 1,853
 Net income per common
 and common equivalent
 shares:
 Before extraordinary
 item $ 0.19 $ 0.16 $ 0.22 $ 0.20
 Extraordinary item(B) (0.01) -- (0.01) --
 Total $ 0.18 $ 0.16 $ 0.21 $ 0.20
 Weighted average number
 of common and common
 equivalent shares
 outstanding(C) 12,949 12,949 10,048 9,167
 (A) -- Gives effect to the reorganization, initial public offering and the retirement of indebtedness as if it had occurred at the beginning of the period presented.
 (B) -- Reflects the utilization of net operating loss carryforwards by a subsidiary of the Company.
 (C) -- Weighted average number of shares outstanding were computed as if the reorganization had occurred at the beginning of the respective periods. Weighted average shares utilized in the pro forma column were computed as if the reorganization and the offering had occurred at the beginning of the respective periods.
 SHILOH INDUSTRIES, INC.
 Condensed Statements of Operations
 (dollars in thousands, except per share data)
 (unaudited)
 For the nine months ended
 Pro Forma(A) Actual
 July 31, July 31, July 31, July 31,
 1993 1992 1993 1992
 Revenues $134,446 $101,737 $134,446 $101,737
 Operating income 13,919 10,371 13,919 10,371
 Interest income 1,276 255 2,253 1,573
 Other expense (income) 155 (238) 155 (238)
 Provision for income taxes 5,318 4,347 4,902 3,795
 Income before
 extraordinary item 7,170 6,007 6,609 5,241
 Extraordinary item(B) 102 -- 102 --
 Net income available to
 common shareholders $ 7,272 $ 6,007 $ 6,711 $ 5,241
 Net income per common
 and common equivalent
 shares:
 Before extraordinary
 item $ 0.55 $ 0.46 $ 0.70 $ 0.57
 Extraordinary item(B) 0.01 -- 0.01 --
 Total $ 0.56 $ 0.46 $ 0.71 $ 0.57
 Weighted average number
 of common and common
 equivalent shares
 outstanding(C) 12,949 12,949 9,475 9,167
 (A) -- Gives effect to the reorganization, initial public offering and the retirement of indebtedness as if it had occurred at the beginning of the period presented.
 (B) -- Reflects the utilization of net operating loss carryforwards by a subsidiary of the Company.
 (C) -- Weighted average number of shares outstanding were computed as if the reorganization had occurred at the beginning of the respective periods. Weighted average shares utilized in the pro forma column were computed as if the reorganization and the offering had occurred at the beginning of the respective periods.
 -0- 9/8/93
 /CONTACT: James J. Roop of Watt, Roop & Co., 216-566-7019, for Shiloh Industries/
 (SHLO)


CO: Shiloh Industries, Inc. ST: Ohio IN: MNG SU: ERN

BM -- CL007 -- 9673 09/08/93 09:34 EDT
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Date:Sep 8, 1993
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