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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| The Aristotle (MM) | NASDAQ:ARTLP | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 6.94 | 0 | 01:00:00 |
From Jun 2019 to Jun 2024
The Aristotle Corporation (NASDAQ: ARTL; ARTLP) announced today its results of operations for the second quarter and six months ended June 30, 2009.
In the second quarter of 2009, net sales decreased 9.5% to $51.4 million from $56.8 million in the second quarter of 2008. Earnings from operations decreased by 18.9% in the second quarter of 2009 to $8.6 million, or 16.6% of net sales. In the same quarter of 2008, earnings from operations totaled $10.5 million (including a $.7 million insurance recovery), or 18.6% of net sales. In the six months ended June 30, 2009, net sales decreased 8.9% to $97.7 million from $107.2 million in the six months ended June 30, 2008. Earnings from operations decreased by 17.1% in the first six months of 2009 to $15.4 million, or 15.8% of net sales. In the same six months of 2008, earnings from operations totaled $18.6 million (including the insurance recovery), or 17.4% of net sales.
For the second quarter ended June 30, 2009, net earnings applicable to common stockholders were $1.5 million, or $.08 per diluted common share, compared to $4.5 million, or $.25 per diluted common share, in the second quarter of 2008. Net earnings applicable to common stockholders for the first six months of 2009 were $3.5 million, or $.19 per diluted common share, compared to $7.3 million, or $.41 per diluted common share, for the comparable six months of 2008. Pursuant to a settlement with the Internal Revenue Service of an audit previously reported by the Company, the second quarter and six months ended June 30, 2009 includes additional Federal income taxes of $.5 million and $1.3 million for the 2006 and 2007 tax years, respectively, plus approximately $.2 million of interest, related to a partial disallowance of the Company’s historical Federal net operating tax losses that were utilized. Such amounts reduced net income for the quarter and six months ended June 30, 2009 by approximately $.11 per diluted common share. No additional taxes were due for any years prior to 2006.
Steven B. Lapin, Aristotle’s President and Chief Operating Officer, stated, “The continuing budgetary uncertainty in many key states has kept sales at disappointing levels, and significant federal stimulus monies accessible by our K-12 accounts have not yet been observed. As always, management diligently applies all available skills to retain historical operating efficiencies on behalf of its customers and stockholders.”
About Aristotle
The Aristotle Corporation, founded in 1986, and headquartered in Stamford, CT, is a leading manufacturer and global distributor of educational, health, medical technology and agricultural products. A selection of over 80,000 items is offered, primarily through 50 separate catalogs carrying the brand of Nasco (founded in 1941), as well as those bearing the brands of Life/Form®, Whirl-Pak®, Simulaids, Triarco, Spectrum Educational Supplies, Hubbard Scientific, Scott Resources, Haan Crafts, CPR Prompt®, Ginsberg Scientific and Summit Learning. Products include educational materials and supplies for substantially all K-12 curricula, molded plastics, biological materials, medical simulators, health care products and items for the agricultural, senior care and food industries. Aristotle has approximately 850 full-time employees at its operations in Fort Atkinson, WI, Modesto, CA, Fort Collins, CO, Plymouth, MN, Saugerties, NY, Chippewa Falls, WI, Otterbein, IN and Newmarket, Ontario, Canada.
There are 18.0 million shares outstanding of Aristotle common stock (NASDAQ: ARTL) and 1.1 million shares outstanding of Series I preferred stock (NASDAQ: ARTLP); there are also 11.0 million privately-held shares outstanding of Series J preferred stock. Aristotle has about 3,600 stockholders of record.
Further information about Aristotle can be obtained on its website, at aristotlecorp.net.
Safe Harbor under the Private Securities Litigation Reform Act of 1995
To the extent that any of the statements contained in this release are forward-looking, such statements are based on current expectations that involve a number of uncertainties and risks that could cause actual results to differ materially from those projected or suggested in such forward-looking statements. Aristotle cautions investors that there can be no assurance that actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors, including, but not limited to, the following: (i) the ability of Aristotle to obtain financing and additional capital to fund its business strategy on acceptable terms, if at all; (ii) the ability of Aristotle on a timely basis to find, prudently negotiate and consummate additional acquisitions; (iii) the ability of Aristotle to manage any to-be acquired businesses; (iv) there is not an active trading market for the Company’s securities and the stock prices thereof are highly volatile, due in part to the relatively small percentage of the Company’s securities which is not held by the Company’s majority stockholder and members of the Company’s Board of Directors and management; and (v) other factors identified in Item 1A, Risk Factors, contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2008. As a result, Aristotle’s future development efforts involve a high degree of risk. For further information, please see Aristotle’s filings with the Securities and Exchange Commission, including its Forms 10-K, 10-K/A, 10-Q and 8-K.
THE ARISTOTLE CORPORATION AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(Unaudited)Three Months Ended Six Months Ended June 30, June 30, 2009 2008 2009 2008 Net sales $ 51,425 56,794 97,726 107,226 Cost of sales 30,869 34,457 58,351 64,993 Gross profit 20,556 22,337 39,375 42,233 Selling and administrative expense 11,999 11,791 23,938 23,617 Earnings from operations 8,557 10,546 15,437 18,616 Other (expense) income: Interest expense (435 ) (285 ) (629 ) (573 ) Other, net 381 358 281 590 (54 ) 73 (348 ) 17 Earnings before income taxes 8,503 10,619 15,089 18,633 Income tax expense (benefit): Current 4,752 4,006 7,245 6,334 Deferred 115 (14 ) 61 673 4,867 3,992 7,306 7,007 Net earnings 3,636 6,627 7,783 11,626 Preferred dividends 2,156 2,156 4,312 4,312 Net earnings applicable to common stockholders $ 1,480 4,471 3,471 7,314 Earnings per common share: Basic $ .08 .25 .19 .41 Diluted $ .08 .25 .19 .41 Weighted average common shares outstanding: Basic 17,962,875 17,962,706 17,962,875 17,961,873 Diluted 17,962,875 17,971,444 17,962,875 17,972,490 THE ARISTOTLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) Assets June 30,
2009
December 31, 2008
June 30, 2008
(unaudited) (unaudited) Current assets: Cash and cash equivalents$
22,905 15,290 6,444 Marketable securities 4,040 4,437 3,195 Investments 2,927 2,876 21,656 Accounts receivable, net 17,766 14,048 20,902 Inventories, net 46,257 44,653 48,215 Prepaid expenses and other 5,292 8,542 5,034 Income tax receivable 912 5,396 - Deferred income taxes 4,344 4,644 1,879 Total current assets 104,443 99,886 107,325 Property, plant and equipment, net 27,514 27,808 28,603 Goodwill 13,859 13,712 14,358 Deferred income taxes 6,668 6,668 5,646 Investments 4,318 4,318 4,318 Other assets 1,046 884 604 Total assets $ 157,848 153,276 160,854 Liabilities and Stockholders' Equity Current liabilities: Current installments of long-term debt $ 300 294 303 Trade accounts payable 8,952 9,576 11,762 Accrued expenses 12,736 11,641 7,191 Income taxes - - 240 Accrued dividends payable 2,156 2,156 2,156 Total current liabilities 24,144 23,667 21,652 Long term debt, less current installments 10,211 10,364 11,506 Long term pension obligations 5,639 5,891 2,617 Other long term accruals 2,482 2,467 2,449 Stockholders' equity: Preferred stock, Series I 6,489 6,489 6,489 Preferred stock, Series J 65,760 65,760 65,760 Common stock 180 180 180 Additional paid-in capital 7,690 7,690 7,683 Retained earnings 38,450 34,979 42,278 Accumulated other comprehensive earnings (loss) (3,197 ) (4,211 ) 240 Total stockholders' equity 115,372 110,887 122,630 Total liabilities and stockholders' equity $ 157,848 153,276 160,854
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