Oilgear (NASDAQ:OLGR)
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From Jun 2019 to Jun 2024
The Oilgear Company (Nasdaq:OLGR) today announced it
has filed today its 2005 Form 10-K and on April 7 it filed Form 10-Q/A
reports amending the first three quarters of 2005. The company also
confirmed previously announced anticipated results for the fourth
quarter and year ended December 31, 2005. The 2005 restatements relate
to the accounting for non-operating income resulting from the sale of
shares received in an insurance company demutualization in 2001.
As previously announced, net sales were a record $103.3 million
for 2005, a 9.4% increase from sales of $94.4 million in 2004. Net
earnings for 2005 were $2.1 million or $1.04 per diluted share,
compared to net earnings of $251,000 or $0.13 per diluted share in
2004.
For the fourth quarter of 2005, net sales were $26.2 million, a
5.6% increase from sales of $24.8 million in the fourth quarter of
2004. Net earnings for the fourth quarter of 2005 were $401,000 or
$0.20 per diluted share, compared to earnings of $164,000 or $0.09 per
diluted share in the fourth quarter of 2004.
"We are pleased with our progress in 2005 and with our encouraging
start to 2006," said David A. Zuege, president and chief executive
officer of Oilgear.
A leader in the fluid power industry, The Oilgear Company provides
advanced technology in the design and production of unique fluid power
components and electronic controls. The company serves customers in
the primary metals, machine tool, automobile, petroleum, construction
equipment, chemical, plastic, glass, lumber, rubber and food
industries. Its products are sold as individual components or
integrated into high performance applications.
Certain matters discussed in this press release are
"forward-looking statements" intended to qualify for the safe harbors
from liability established by the Private Securities Litigation Reform
Act of 1995. These forward-looking statements can generally be
identified as such because the context of the statement will include
words such as the Company "believes," "anticipates," "expects" or
words of similar import. Similarly, statements that describe the
Company's future plans, objectives or goals are also forward-looking
statements. Such forward-looking statements are subject to certain
risks and uncertainties which could cause actual results to differ
materially from those currently anticipated. In addition to the
assumptions and other factors referenced specifically in connection
with such statements, the following could impact the business and
financial prospects of the Company: factors affecting our financial
performance or condition, including restrictions or conditions imposed
by our current and prospective lenders and our ability to obtain new
financing arrangements in a timely manner or on acceptable terms and
the costs of complying with recent accounting, disclosure and
corporate governance requirements; factors affecting the Company's
international operations, including fluctuations in currencies,
changes in laws and political or financial insecurity of foreign
governments; factors affecting the Company's ability to hire and
retain competent employees, including unionization of non-union
employees and strikes or work stoppages; factors affecting percentage
of completion contracts, including the accuracy of estimates and
assumptions regarding the timing and levels of costs to complete those
contracts; factors affecting the economy generally, including an
economic slowdown and other conditions that could reduce demand for
the Company's products; decrease in stock price as a result of market
conditions; changes in the law or standards applicable to the Company,
including environmental laws and accounting pronouncements;
availability of raw materials; unanticipated technological
developments that result in competitive disadvantages and may impair
existing assets; and factors set forth in the Company's periodic
reports filed with the SEC in accordance with the Securities Exchange
Act. Shareholders, potential investors and other readers are urged to
consider these factors and those set forth in the Company's filings
with the SEC carefully in evaluating the forward-looking statements.
The forward-looking statements made herein are only made as of the
date of this press release and the Company undertakes no obligation to
publicly update such forward-looking statements to reflect subsequent
events or circumstances.
-0-
*T
The Oilgear Company
Consolidated Condensed Operating Statement
(Unaudited)
Three Months Ended December 31,
----------------------------------
2005 2004
----------------------------------
Net sales $26,221,000 $24,830,000
Cost of sales 19,875,000 18,993,000
----------------------------------
Gross profit 6,346,000 5,837,000
Selling, general and administrative
expenses 5,123,000 5,119,000
----------------------------------
Operating income 1,223,000 718,000
----------------------------------
Interest expense 689,000 354,000
Other non-operating (loss), net (9,000) (2,000)
----------------------------------
Earnings before income taxes 525,000 362,000
Income tax expense 101,000 154,000
----------------------------------
Net earnings before minority
interest 424,000 208,000
Minority interest 23,000 44,000
----------------------------------
Net earnings $401,000 $164,000
==================================
Basic earnings per share of common
stock $0.20 $0.09
==================================
Diluted earnings per share of common
stock $0.20 $0.09
==================================
Basic weighted average outstanding
shares 2,011,000 1,962,000
Diluted weighted average outstanding
shares 2,038,000 1,995,000
The Oilgear Company
Consolidated Condensed Operating Statement
(Unaudited)
Year Ended December 31,
----------------------------------
2005 2004
----------------------------------
Net sales $103,260,000 $94,422,000
Cost of sales 75,921,000 72,247,000
----------------------------------
Gross profit 27,339,000 22,175,000
Selling, general and administrative
expenses 22,003,000 19,957,000
----------------------------------
Operating income 5,336,000 2,218,000
----------------------------------
Interest expense 2,549,000 1,357,000
Other non-operating income, net 72,000 130,000
----------------------------------
Earnings before income taxes 2,859,000 991,000
Income tax expense 614,000 640,000
----------------------------------
Net earnings before minority
interest 2,245,000 351,000
Minority interest 148,000 100,000
----------------------------------
Net earnings $2,097,000 $251,000
==================================
Basic earnings per share of common
stock $1.05 $0.13
==================================
Diluted earnings per share of common
stock $1.04 $0.13
==================================
Basic weighted average outstanding
shares 1,998,000 1,960,000
Diluted weighted average outstanding
shares 2,023,000 1,983,000
The Oilgear Company
Consolidated Condensed Balance Sheet
(Unaudited)
December 31, 2005 December 31, 2004
----------------- -----------------
ASSETS
Current Assets
Cash and cash equivalents $4,370,000 $4,109,000
Accounts receivable 18,849,000 17,030,000
Inventories 25,365,000 25,480,000
Other current assets 3,785,000 5,860,000
--------------------------------------
Total current assets 52,369,000 52,479,000
--------------------------------------
Net property plant and
equipment 15,881,000 18,163,000
Other assets 2,893,000 2,150,000
--------------------------------------
$71,143,000 $72,792,000
======================================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Current debt $16,612,000 $21,334,000
Accounts payable 9,215,000 10,841,000
Other current liabilities 9,820,000 8,541,000
--------------------------------------
Total current
liabilities 35,647,000 40,716,000
--------------------------------------
Long-term debt 7,724,000 1,302,000
Unfunded employee benefit costs 18,764,000 23,226,000
Other non-current liabilities 850,000 694,000
--------------------------------------
Total liabilities 62,985,000 65,938,000
--------------------------------------
Minority interest in
consolidated subsidiary 1,091,000 1,037,000
Shareholders' equity 7,067,000 5,817,000
--------------------------------------
$71,143,000 $72,792,000
======================================
*T