Plymouth Rubber (AMEX:PLR.A)
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Plymouth Rubber Company, Inc. Reports Improved Results for the Fourth Quarter of
2003
CANTON, Mass., Feb. 10 /PRNewswire-FirstCall/ -- Plymouth Rubber Company, Inc.
announced today financial results for the fourth quarter and fiscal year ended
November 28, 2003.
Plymouth's fourth quarter 2003 sales increased 10% to $18,073,000, from
$16,403,000 last year. Loss from continuing operations for the fourth quarter
decreased to a loss of $133,000, or a loss of $0.07 diluted earnings per share,
from a loss of $999,000, or a loss of $0.49 diluted earnings per share last
year. The fourth quarter income from discontinued operations was $511,000, or
income of $0.25 diluted earnings per share, due to a reduction in product
warranty reserves for the discontinued roofing business. The fourth quarter 2003
net income was $378,000, or income of $0.18 diluted earnings per share, compared
to a loss of $999,000, or a loss of $0.49 diluted earnings per share last year.
For fiscal 2003, sales increased 1% to $65,873,000, from $65,259,000 last year.
Loss from continuing operations for fiscal 2003 was $2,815,000, or a loss of
$1.37 diluted earnings per share, from a profit of $101,000, or a profit of
$0.05 diluted earnings per share last year. Fiscal 2003 incomefrom discontinued
operations was $511,000, or income of $0.25 diluted earnings per share, and the
fiscal 2003 net loss was $2,304,000, or a loss of $1.12 diluted earnings per
share, compared to a profit of $101,000, or a profit of $0.05 diluted earnings
per share last year.
"Although the first nine months of 2003 were extremely difficult, we were
pleased by the improvement shown in the fourth quarter, as our sales
strengthened significantly over both the first three quarters of 2003 and the
previousyear's fourth quarter," stated Maurice J. Hamilburg, Plymouth's
President and Co-CEO. "Continued higher sales are planned for 2004 which,
combined with recently completed expense reductions, should produce considerable
further improvement in the new year."
Plymouth Rubber Company, Inc. manufactures and distributes plastic and rubber
products, including automotive tapes, insulating tapes, and other industrial
tapes and films. The Company's tape products are used by the electrical supply
industry, electric utilities, and automotive and other original equipment
manufacturers. Through its Brite-Line Technologies subsidiary, Plymouth
manufactures and supplies highway marking products.
This release contains forward-looking statements within the meaningof Section
27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange
Act of 1934. The Company's actual results could differ materially from those set
forth in the forward-looking statements as a result of various factors,
including those referenced in the "Management's Discussion and Analysis" section
of the Company's most recent Quarterly Report on Form 10-Q and Annual Report on
Form 10-K which are on file with the SEC.
Contact: Joseph J. Berns Vice President -- Finance
(781) 828-0220 Ext. 1377
Table Follows
Plymouth Rubber Company, Inc. Reports Improved Results
for the Fourth Quarter Of 2004
(Continued)
(In Thousands Except Share and Per Share Amounts)
Fourth Quarter Ended Year Ended
Nov. 28, Nov. 29, Nov. 28, Nov. 29,
2003 2002 2003 2002
Net Sales $18,073 $16,403 $65,873 $65,259
Income (loss) from
continuing operations (133) (999) (2,815) 101
Income from discontinued
operations 511 -- 511 --
Net Income (loss) $ 378 $(999) $(2,304) $ 101
Per Share Data:
Basic Earnings Per Share:
Income (loss) from
continuing
operations $(0.07) $(0.49) $(1.37) $0.05
Income from
discontinued
operations 0.25 -- 0.25 --
Net Income $0.18 $(0.49) $(1.12) $0.05
Weighted average
number of shares
outstanding 2,058,976 2,058,976 2,058,976 2,058,976
Diluted Earnings Per Share
Income (loss) from
continuing
operations $(0.07) $(0.49) $(1.37) $0.05
Income from
discontinued
operations 0.25 -- 0.25 --
Net Income $0.18 $(0.49) $(1.12) $0.05
Weighted average
number of shares
outstanding 2,058,976 2,058,976 2,058,976 2,105,857
DATASOURCE: Plymouth Rubber Company, Inc.
CONTACT: Joseph J. Berns, Vice President -- Finance of Plymouth Rubber
Company, Inc., +1-781-828-0220 Ext. 1377
Web site: http://www.plymouthrubber.com/