TB Woods (NASDAQ:TBWC)
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TB Wood's Reports Results for the Fourth Quarter of 2003
CHAMBERSBURG, Pa., Feb. 10 /PRNewswire-FirstCall/ -- TB Wood's Corporation
announced today that revenues for the fourth quarter ended January 2, 2004, were
$25.66 million, a 5.3% increase from $24.28 million for the prior year's fourth
quarter, and a 10.8% increase over the revenue level for the preceding quarter.
Net loss was $(0.98) million, or $(0.19) per share for the fourth quarter 2003
versus $0.43 million net income, or $0.08 per share for the fourth quarter of
2002. During the fourth quarter of 2003, the Company recognized charges of $0.78
million associated with the retirement and separation of its former President,
$0.52 million to record credit losses related to business operations in Mexico,
and $0.34 million of non-cash charges to write-off certain technology
investments made by the Company's electronics business.
For the year 2003, revenues were $96.41 million, 7.6% lower than the $104.38
million for the same period of 2002. Net loss for 2003 was $(0.36) million, or
$(0.07) per diluted share, compared to a net loss of $(1.05) million or $(0.20)
per diluted share for fiscal 2002. Net loss in 2002 reflected a $2.85 million
charge, net of tax as the cumulative effect of a change in accounting principle
for impairment of goodwill associated with the Company's North American
electronics business related to the Company's adoption of SFAS 142 during the
first quarter of 2002.
James R. Swenson, Board member and Interim President and CEO, said, "In the
fourth quarter and continuing through January, we've seen increasing evidence
that our markets are recovering. Year-over-year growth in the last quarter of
6.4% and 4.4% for our Mechanical and Electronics businesses respectively marked
the first time in 2003 that we'd seen a quarterly sales improvement. With our
markets firming up, our one time charges behind us and changes in place to
improve performance in our Mexico operations, we're cautiously optimistic about
2004."
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
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
Unaudited Unaudited
Fourth Quarter Ended Year to date
Jan 2, Dec 27, Jan 2, Dec 27,
2004 2002 2004 2002
Net Sales $25,657 $24,284 $96,415 $104,383
Cost of Sales 18,347 16,542 67,018 71,238
Gross profit 7,310 7,742 29,397 33,145
Selling, General, and
administrative expenses 8,309 6,876 28,635 29,178
Operating profit,
before minority
interest (999) 866 762 3,967
Minority interest in income (2) (1) -- (151)
Operating (loss)
income (1,001) 865 762 3,816
Interest expense and
other finance charges (272) (201) (952) (861)
Other, net (19) (140) 148 (39)
Other income,
(expense), net (291) (341) (804) (900)
(Loss) income before
provision for income
taxes and cumulative
effect of change in
accounting principle (1,292) 524 (42) 2,916
(Provision) Benefit for
income taxes 313 (92) (318) (1,120)
(Loss) income before
cumulative effect of
change in accounting
principle (979) 432 (360) 1,796
Cumulative effect of
change in accounting
principle, net of
income tax -- -- -- (2,846)
Basic and Diluted Income
before cumulative
effect of change in
accounting principle
per common share $(0.19) $0.08 $(0.07) $0.34
Basic and Diluted
Income effect of
change in accounting
principle per common
share -- -- -- (0.54)
Basic and Diluted Net
(loss) income after
cumulative effect of
accounting principle
per common share $(0.19) $0.08 $(0.07) $(0.20)
Basic and Diluted
Weighted average
shares of common
stock and equivalents
outstanding 5,161 5,239 5,184 5,232
Contact: Joseph C. Horvath
Chief Financial Officer
(717) 264-7161, Extention 4465
DATASOURCE: TB Wood's Corporation
CONTACT: Joseph C. Horvath, Chief Financial Officer of TB Wood's
Corporation, +1-717-264-7161, ext. 4465
Website: http://www.tbwoods.com/