TB Woods (NASDAQ:TBWC)
Historical Stock Chart
From Jul 2019 to Jul 2024
TB Wood's Reports Results for the First Quarter of 2004
CHAMBERSBURG, Pa., April 28 /PRNewswire-FirstCall/ -- TB Wood's Corporation
announced today that revenues for the first quarter ended April 2, 2004, were
$26.1 million, a 15.6% increase over the same quarter in 2003, and a 5.3%
increase over the preceding quarter. Net income was $134 thousand, or $0.03 per
share, for the first quarter 2004, versus net income of $214 thousand, or $0.04
per share, for the first quarter of 2003. In the first quarter 2003,
non-recurring savings benefited earnings by $682 thousand, or $0.13 per share.
James R. Swenson, Board member and Interim President and CEO, said, "Revenues
continued to improve in the first quarter, offering further evidence that a
recovery is underway in our industrial markets. Year-over-year growth in the
first quarter of 17.0% and 13.5% in our Mechanical and Electronics businesses,
respectively, was encouraging. Our earnings were negatively impacted in the
quarter by record surges in the cost of many raw materials, especially scrap
metal and fuel. Price increases to recover the cost increases have been
implemented. Bookings and shipments, particularly on the Mechanical side of our
business, continue at a strong pace in April, and TB Wood's is poised to take
advantage of the rebound in the industrial sector of the economy."
TB Wood's (http://www.tbwoods.com/) is an established designer, manufacturer
and marketer of electronic and mechanical industrial power transmission
products, which are sold to North American and international manufacturers and
users of industrial equipment. Headquartered in Chambersburg, Pennsylvania, the
Company operates production facilities in the United States, Mexico, Germany,
Italy and India.
This press release contains statements that are forward-looking within the
meaning of applicable securities laws. These statements include or imply
projections of future performance that are based upon the Company's
expectations and assumptions. These expectations and assumptions, as well as
the Company's future performance are subject to a number of risks and
uncertainties. Factors that could cause actual results to differ from projected
results are discussed in various of the Company's documents filed with the SEC.
TB Wood's Corporation and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)
First Quarter Ended
(in thousands of dollars, April 2, March 28,
except per share amounts) 2004 2003
Net Sales $26,081 $22,554
Cost of Sales 18,567 15,623
Gross profit 7,514 6,931
Selling, general and administrative expense 6,790 6,136
Operating income 724 795
Other (income) expense:
Interest expense and other finance charges 369 217
Other, net -- (11)
Other expense, net 369 206
Income before provision for income taxes 355 589
Provision for income taxes 221 375
Net income $134 $214
Per share amounts - Basic and Diluted:
Basic net income per common share $0.03 $0.04
Diluted net income per common share $0.03 $0.04
Basic weighted average shares of
common stock and equivalents outstanding 5,157 5,245
Diluted weighted average shares of
common stock and equivalents outstanding 5,167 5,245
The accompanying notes are an integral part of these consolidated financial
statements.
Contact: Joseph C. Horvath, Chief Financial Officer
(717) 264-7161, Extension 4465
DATASOURCE: TB Wood's Corporation
CONTACT: Joseph C. Horvath, Chief Financial Officer, TB Wood's
Corporation, +1-717-264-7161, Extension 4465
Web site: http://www.tbwoods.com/