Mity Enterprises (NASDAQ:MITY)
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Bradley T Nielson, president and chief executive officer of MITY
Enterprises, Inc. (Nasdaq:MITY), today announced operating results for
the third quarter ended December 31, 2006.
Net sales for the third quarter totaled $15.2 million compared to $13.4
million a year ago, an increase of 14 percent. Net income was lower by
10 percent at $1.1 million. Basic and diluted earnings per share for the
recent quarter were $0.32, compared to the previous year’s
third quarter basic earnings per share of $0.29 and diluted earnings per
share of $0.28, an increase of 10 percent and 14 percent, respectively.
Net sales for the nine months ended December 31, 2006, totaled $45.7
million compared to $41.8 million a year ago, an increase of 9 percent.
Net income was $3.7 million versus $4.2 million for the comparable
period a year ago. Basic and diluted earnings per share for the
nine-month period were $1.03 and $1.00, respectively, an increase of 2
and 3 percent over the previous year’s
nine-month basic and diluted earnings per share of $1.01 and $0.97,
respectively.
As compared to the third quarter of fiscal 2006, the increase in net
sales reflected growth of 14 percent in the healthcare seating unit, as
well as 11 percent growth in the multipurpose room unit. International
sales accounted for 16 percent of total sales. The increase in sales in
the multipurpose room unit during the quarter was primarily attributable
to growth in the public assembly, government, recreation, education and
hospitality markets.
“We are pleased to once again report strong
sales growth,” said Nielson. “I
am especially excited about the launch of our new Magnattach®
portable dance floors and we are very pleased with the customer
response. We did, however, continue to struggle with higher labor costs
associated with our tight local labor market and other production
inefficiencies experienced during the quarter which negatively impacted
gross margins. We believe we are taking the necessary actions to get the
issues under control.”
“We are pleased to see continued sales growth
in our core business,” noted Paul R. Killpack,
chief financial officer. “We believe that
strong sales growth will continue and anticipate that sales will be up
again during the coming quarter by as much as 10 percent as compared to
last year’s March quarter.”
The Company will host a follow-up live broadcast over the Internet to
discuss the financial results at 4:30 p.m. Eastern Time today. The live
web simulcast of the conference call will be available to the public
online at www.mityinc.com
or on StreetEvent’s Individual Investor
Center at www.streetevents.com.
Listeners are encouraged to log on five to ten minutes prior to the
start time to ensure participation from the beginning. A replay of the
broadcast will be available within approximately one hour for a week
following the call at the referenced websites.
Copies of the Company’s 10-Q and report for
the fiscal 2007 third quarter will be available online at www.mityinc.com.
Founded in 1987, MITY Enterprises, Inc. designs, manufactures and
markets innovative institutional furniture created to meet the
efficiency needs of its customers. MITY Enterprises focuses on providing
premium quality institutional furniture products to niche markets. The
product lines consist of multipurpose room furniture and healthcare
seating. MITY’s products are marketed under
the Mity-Lite, Broda and Versipanel tradenames. Headquartered in Utah,
MITY Enterprises serves national and international customers directly
and through distributors. For further information, visit MITY
Enterprises online at www.mityinc.com.
This press release contains forward-looking statements related to (i)
the Company’s future prospects with Magnattach®
portable dance floors, and (ii) the Company’s
anticipation of continued strong sales growth, including the Company’s
belief that sales for the fourth quarter will be as much as 10 percent
higher as compared to last year’s sales for
the same period. These statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of
1995. Investors are cautioned that forward-looking statements
inherently involve risks and uncertainties that could cause actual
results to differ materially from those contemplated in the
forward-looking statements. Factors that could cause or
contribute to such differences include, but are not limited to (i)
continued margin pressures from labor costs, (ii) continued global
economic uncertainty resulting from terrorism threats, current world
tensions and related U.S. military actions and their potential impact on
the Company’s operations; (iii) whether the
economy will continue to strengthen and whether the Company’s
market segments will continue to improve and customer demand will
support our sales forecast; (iv) increased price and quality-based
competitors, particularly in the multipurpose room furniture segment;
(v) lack of available capital and other resources to develop or acquire
and commercialize new products; and (vi) all other risks and
uncertainties outlined in MITY Enterprises’s
documents filed with the Securities and Exchange Commission. All
forward-looking statements and other information in this press release
are based upon information available as of the date of this release. Such
information may change or become invalid after the date of this release,
and by making these forward-looking statements, MITY Enterprises
undertakes no obligation to update these statements after the date of
this release, except as required by law.
MITY Enterprises, Inc.
Unaudited Financial Highlights
Three Months Ended
December 31,
2006
2005
Net sales
$15,242,000
$13,408,000
Income from operations
1,550,000
1,656,000
Pre-tax income
1,627,000
1,720,000
Net income
1,074,000
1,199,000
Basic earnings per share
$0.32
$0.29
Weighted average number of common shares–basic
3,326,221
4,076,166
Diluted earnings per share
$0.32
$0.28
Weighted average common and common equivalent shares-diluted
3,403,628
4,221,533
Nine Months Ended
December 31,
2006
2005
Net sales
$45,725,000
$41,845,000
Income from operations
5,460,000
6,177,000
Pre-tax income
5,571,000
6,288,000
Net income
3,677,000
4,162,000
Basic earnings per share
$1.03
$1.01
Weighted average number of common shares–basic
3,577,615
4,135,492
Diluted earnings per share
$1.00
$0.97
Weighted average common and common equivalent shares-diluted
3,675,154
4,288,388