Outlook (NASDAQ:OUTL)
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Outlook Group Corp. (Nasdaq:OUTL) today reported net
sales of $23,128,000 for the first quarter ended August 27, 2005, a
34.4% increase from sales of $17,207,000 for the first quarter of the
prior year. Net earnings increased 73.8% to $1,222,000 or $0.35 per
diluted share for the first quarter of fiscal 2006, compared to net
earnings of $703,000 or $0.21 per diluted share for the comparable
prior period.
"This was a very strong quarter for Outlook Group. The significant
improvement is a direct result of our strategies to increase sales and
enhance productivity. We are continuing to build momentum, with solid
top- and bottom-line growth," said Joseph J. Baksha, president and
chief executive officer of Outlook Group.
Baksha said the higher sales reflected increased orders from both
existing and new clients. The improvement in earnings for the quarter
was primarily due to increased capacity utilization and absorption of
overhead as a result of the higher sales.
"We are continuing to execute on our strategy to develop long-term
client relationships by offering complete supply chain management
solutions. We are also realizing the benefits of our ongoing
productivity improvement programs and our investments in new equipment
to enhance our capabilities. As an example, the client response to our
recently purchased Kodak NexPress(R) four-color digital printing
equipment has been very positive," said Baksha. "Fiscal 2006 is off to
an excellent start and we expect that we can look forward to continued
progress in the months ahead."
Outlook Group Corp. is a printing, packaging and direct marketing
company offering a variety of related services to clients in markets
including contract packaging, collateral information management and
distribution, direct marketing components and services, packaging
components and materials and specialty print related services. The
company leverages its core competencies by cross-selling services to
provide a single-source solution for its clients.
The discussions of potential future occurrences and operations,
and other statements in the future tense or using terms such as
"believe," "expect," or "anticipate," in this press release are
"forward-looking statements" intended to qualify for the safe harbor
from liability established by the Private Securities Litigation Reform
Act of 1995. Such forward-looking statements are subject to certain
risks and uncertainties which could cause actual results to differ
materially from those anticipated. Outlook's periodic filings with the
Securities and Exchange Commission discuss a number of other factors
which may affect Outlook's future operations, including: possible
changes in customer relationships; financing needs to support our
relationships; possible termination of contracts, including long-term
contracts; the need to complete the transitions to the new customer
contracts, and the need to achieve and maintain satisfactory
performance thereunder; potential inability to achieve expected cost
savings or delays in their achievement; changes in project mix and
timing; the effects of industry competition, overcapacity and
acquisition activity; slowdowns in general market and economic
conditions, and changes in other world and national conditions; and
the possible need for future capital investments or equipment
enhancements, and related financing. Readers are urged to consider
these factors carefully in evaluating the forward-looking statements.
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OUTLOOK GROUP CORP.
Condensed Consolidated Statements of Operations (Unaudited)
-----------------------------------------------------------
(in thousands, except share and per share amounts)
Three-Month Period Ended
------------------------
August 27, 2005 August 28, 2004
--------------- ---------------
Net sales $23,128 $17,207
Cost of goods sold 18,335 13,588
--------------- ---------------
Gross profit 4,793 3,619
Selling, general and administrative
expenses 2,707 2,576
--------------- ---------------
Operating profit 2,086 1,043
Other income (expense):
Interest expense (87) (44)
Interest and other income 38 144
--------------- ---------------
Earnings from operations before
income taxes 2,037 1,143
Income tax expense 815 440
--------------- ---------------
Net earnings $1,222 $703
=============== ===============
Net earnings per common share:
Basic $0.36 $0.21
=============== ===============
Diluted $0.35 $0.21
=============== ===============
Weighted average number of shares
outstanding:
Basic 3,388,033 3,385,477
=============== ===============
Diluted 3,453,977 3,413,328
=============== ===============
Selected Consolidated Balance Sheet Data (Unaudited)
----------------------------------------------------
(Dollars in thousands)
August 27, 2005 August 28, 2004
--------------- ---------------
Ratio Analysis
--------------
Total current assets $26,099 $24,961
Total current liabilities 11,685 8,003
Total long term debt (including
current maturities) 6,275 1,225
Shareholders' equity 34,378 31,361
Current ratio 2.23 3.12
Debt to total capitalization 15.4% 3.8%
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