Mity Enterprises (NASDAQ:MITY)
Historical Stock Chart
From Jun 2019 to Jun 2024
Bradley T Nielson, president and chief executive officer of MITY
Enterprises, Inc. (NASDAQ: MITY), today announced operating results for
the second quarter ended September 30, 2006.
Net sales for the second quarter totaled a record $15.8 million compared
to $14.1 million a year ago, an increase of 12 percent. Net income was
lower by 8 percent at $1.3 million. Basic and diluted earnings per share
for the recent quarter were $0.38 and $0.37, compared to the previous
year’s second quarter basic and diluted
earnings per share of $0.35 and $0.34, an increase of 9 percent.
Net sales for the six months ended September 30, 2006 totaled $30.5
million compared to $28.4 million a year ago, an increase of 7 percent.
Net income was $2.6 million versus $3.0 million for the comparable
period a year ago. Basic and diluted earnings per share for the
six-month period were $0.71 and $0.69, an increase of 0 and 1 percent
over the previous year’s six-month basic and
diluted earnings per share of $0.71 and $0.68, respectively.
As compared to the second quarter of fiscal 2006, the increase in net
sales reflected growth of 22 percent in the healthcare seating unit as
well as 11 percent growth in the multipurpose room unit. International
sales accounted for 17 percent of total sales. The increase in sales in
the multipurpose room unit during the quarter was primarily attributable
to growth in the government, hospitality, public assembly and recreation
markets.
“We are pleased to once again report record
sales,” said Nielson. “Customer
demand has been strong and, frankly, we have struggled to keep up.
During the quarter, we focused on increasing capacities and reducing our
backlog. Although lead times and backlogs are still above normal levels,
they have been reduced. We are hopeful that we can achieve normal lead
time and backlog levels by the end of the December quarter.”
Nielson continued, “Toward the end of the
quarter, we launched our new Magnattach®
portable dance floors. We are excited about this new product and are
pleased with the interest it has generated. We also continued our stock
repurchasing program, repurchasing 391,000 shares. This repurchase
necessitated the use of a credit line which ended the quarter at $3.6
million. At our board of directors meeting this week, the board decided
to end the current stock repurchase plan and to leave the remaining
shares unpurchased.”
“During the quarter, we faced continued
pressures on our material costs,” noted Paul
R. Killpack, chief financial officer. “These
pressures along with higher labor and overhead costs and lower
manufacturing efficiencies affected our gross margins. Still, we believe
that strong sales growth will continue and anticipate that sales will be
up during the coming quarter by as much as 10 percent as compared to
last year’s December 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 second 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)
customer demand, (ii) the Company’s backlog
and lead times,(iii) the Company’s future
prospects with Magnattach® portable dance
floors, and (iv) the Company’s anticipation
of continued strong growth, including the Company’s
belief that sales for the third 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)
whether the steps taken by the Company will be adequate to reduce
backlog and lead times, (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; (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
September 30,
2006
2005
Net sales
$15,781,000
$14,053,000
Income from operations
1,988,000
2,247,000
Pre-tax income
2,022,000
2,188,000
Net income
1,334,000
1,445,000
Basic earnings per share
$0.38
$0.35
Weighted average number of common shares–basic
3,496,505
4,072,105
Diluted earnings per share
$0.37
$0.34
Weighted average common and common equivalent shares-diluted
3,587,516
4,220,247
Six Months Ended
September 30,
2006
2005
Net sales
$30,483,000
$28,437,000
Income from operations
3,910,000
4,521,000
Pre-tax income
3,944,000
4,568,000
Net income
2,603,000
2,963,000
Basic earnings per share
$0.71
$0.71
Weighted average number of common shares–basic
3,682,299
4,195,470
Diluted earnings per share
$0.69
$0.68
Weighted average common and common equivalent shares-diluted
3,789,905
4,352,133
Bradley T Nielson, president and chief executive officer of MITY
Enterprises, Inc. (NASDAQ: MITY), today announced operating results
for the second quarter ended September 30, 2006.
Net sales for the second quarter totaled a record $15.8 million
compared to $14.1 million a year ago, an increase of 12 percent. Net
income was lower by 8 percent at $1.3 million. Basic and diluted
earnings per share for the recent quarter were $0.38 and $0.37,
compared to the previous year's second quarter basic and diluted
earnings per share of $0.35 and $0.34, an increase of 9 percent.
Net sales for the six months ended September 30, 2006 totaled
$30.5 million compared to $28.4 million a year ago, an increase of 7
percent. Net income was $2.6 million versus $3.0 million for the
comparable period a year ago. Basic and diluted earnings per share for
the six-month period were $0.71 and $0.69, an increase of 0 and 1
percent over the previous year's six-month basic and diluted earnings
per share of $0.71 and $0.68, respectively.
As compared to the second quarter of fiscal 2006, the increase in
net sales reflected growth of 22 percent in the healthcare seating
unit as well as 11 percent growth in the multipurpose room unit.
International sales accounted for 17 percent of total sales. The
increase in sales in the multipurpose room unit during the quarter was
primarily attributable to growth in the government, hospitality,
public assembly and recreation markets.
"We are pleased to once again report record sales," said Nielson.
"Customer demand has been strong and, frankly, we have struggled to
keep up. During the quarter, we focused on increasing capacities and
reducing our backlog. Although lead times and backlogs are still above
normal levels, they have been reduced. We are hopeful that we can
achieve normal lead time and backlog levels by the end of the December
quarter."
Nielson continued, "Toward the end of the quarter, we launched our
new Magnattach(R) portable dance floors. We are excited about this new
product and are pleased with the interest it has generated. We also
continued our stock repurchasing program, repurchasing 391,000 shares.
This repurchase necessitated the use of a credit line which ended the
quarter at $3.6 million. At our board of directors meeting this week,
the board decided to end the current stock repurchase plan and to
leave the remaining shares unpurchased."
"During the quarter, we faced continued pressures on our material
costs," noted Paul R. Killpack, chief financial officer. "These
pressures along with higher labor and overhead costs and lower
manufacturing efficiencies affected our gross margins. Still, we
believe that strong sales growth will continue and anticipate that
sales will be up during the coming quarter by as much as 10 percent as
compared to last year's December 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 second
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) customer demand, (ii) the Company's backlog and lead times,(iii)
the Company's future prospects with Magnattach(R) portable dance
floors, and (iv) the Company's anticipation of continued strong
growth, including the Company's belief that sales for the third
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) whether the steps
taken by the Company will be adequate to reduce backlog and lead
times, (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; (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.
-0-
*T
MITY Enterprises, Inc.
Unaudited Financial Highlights
Three Months Ended
September 30,
2006 2005
Net sales $15,781,000 $14,053,000
Income from operations 1,988,000 2,247,000
Pre-tax income 2,022,000 2,188,000
Net income 1,334,000 1,445,000
Basic earnings per share $0.38 $0.35
Weighted average number of common shares-basic 3,496,505 4,072,105
Diluted earnings per share $0.37 $0.34
Weighted average common and common equivalent
shares-diluted 3,587,516 4,220,247
*T
-0-
*T
Six Months Ended
September 30,
2006 2005
Net sales $30,483,000 $28,437,000
Income from operations 3,910,000 4,521,000
Pre-tax income 3,944,000 4,568,000
Net income 2,603,000 2,963,000
Basic earnings per share $0.71 $0.71
Weighted average number of common shares-basic 3,682,299 4,195,470
Diluted earnings per share $0.69 $0.68
Weighted average common and common equivalent
shares-diluted 3,789,905 4,352,133
*T