Niagara (NASDAQ:NIAG)
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Niagara Corporation Announces First Quarter Results
NEW YORK, April 28 /PRNewswire-FirstCall/ -- Niagara Corporation announced
today its results for the first quarter ended March 31, 2004.
Sales increased to $99.2 million from $79.7 million in the comparable quarter
in 2003. Net income for the quarter increased to $2,808,000 from $1,424,000,
and net income per share (basic and diluted) was $.34 compared to $.17 for the
first quarter of 2003.
In commenting on these results, Michael Scharf, Chairman and CEO of Niagara,
stated:
"Niagara Corporation's results for the first quarter of 2004 can only be
described as excellent. Tons shipped, sales, profit margins, and net
income for our U.S. operations increased markedly in the first quarter
compared to the first quarter of 2003. The causal factors were an
improving economy and resultant stronger demand, price increases, and our
having sufficient inventory to meet the needs of our customers. It is
also important to note that the excellent results of our U.S. operations
give effect, because of rising inventory costs, to a LIFO charge of
approximately $1.6 million compared to no charge in the first quarter of
2003."
"Niagara's U.K. operations returned to modest profitability because of
price increases implemented during the first quarter of 2004. While
business conditions were not as buoyant as in the U.S., they improved in
the first quarter from the poor conditions experienced at the end of
2003. We continue to examine cost reduction options in the U.K. in the
context of improving our operating performance."
This release contains certain "forward-looking statements" made pursuant to the
"safe-harbor" provisions of the Private Securities Litigation Reform Act of
1995. These statements involve known and unknown risks, uncertainties and
other factors, many of which are beyond the control of the Company, that may
cause the Company's actual results to be materially different from those
expressed or implied by such statements. Such risks, uncertainties and other
factors include those described in the Company's filings with the Securities
and Exchange Commission. The forward-looking statements made herein are only
made as of the date of this release, and the Company undertakes no obligation
to publicly update such forward-looking statements to reflect subsequent events
or circumstances.
NIAGARA CORPORATION
Selected Financial Data
Quarter Ended Quarter Ended
March 31, 2003 March 31, 2004
Revenues $79,748,000 $99,235,000
Net Income $1,424,000 $2,808,000
Net Income Per Share $.17 $.34
(basic and diluted)
Average Shares
Basic 8,238,517 8,238,517
Diluted 8,238,517 8,331,603
DATASOURCE: Niagara Corporation
CONTACT: Michael Scharf, CEO of Niagara Corporation, +1-212-317-1000
Web site: http://www.niag.com/