TB Woods (NASDAQ:TBWC)
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TB Wood's Reports Results for the Second Quarter of 2004
CHAMBERSBURG, Pa., July 28 /PRNewswire-FirstCall/ -- TB Wood's Corporation
(NASDAQ:TBWC) announced today that revenues for the second quarter ended July
2, 2004 were $25.5 million, a 1.4% increase over the same quarter in 2003. Net
income was $95 thousand, or $0.02 per share, for the second quarter 2004,
versus net income of $349 thousand, or $0.07 per share, for the second quarter
of 2003. For the year to date, revenues were $51.5 million, an 8.1% increase
over the first six months of 2003. Net income for the first six months of 2004
was $229 thousand, or $0.04 per share, compared to $563 thousand, or $0.11 per
share for the first six months of 2003.
William T. Fejes, Jr., President and CEO, stated, "We continue to see sales
improvement with the second quarter providing the third consecutive quarter of
year-over-year growth. Sales for the first half of 2004 were up over 8%
year-over-year with double-digit growth in our mechanical business. Growth in
our earnings is lagging due to unfavorable material costs, especially in scrap
metal, and the cost of consolidating our Trenton operation into other existing
facilities. Price increases to recover the material costs increases were
implemented midway through the quarter and began to have a favorable impact in
June. The Trenton consolidation will continue to have an unfavorable impact in
the second half but positions us for strong earnings improvement beginning late
in the year. Overall the company is well positioned to take advantage of the
improved economic conditions in the industrial sector and continue to improve
its financial performance."
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 and sales facilities in the United States, Canada,
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)
Second Quarter Ended Six Months Ended
(in thousands of dollars, July 2, June 27, July 2, June 27,
except per share amounts) 2004 2003 2004 2003
Net Sales $25,459 $25,103 $51,540 $47,657
Cost of Sales 17,211 17,081 35,778 32,704
Gross profit 8,248 8,022 15,762 14,953
Selling, general and
administrative expense 7,600 7,366 14,390 13,503
Operating income 648 656 1,372 1,450
Other (income) expense:
Interest expense and other
finance charges 378 231 747 448
Other (income) expense, net -- (158) -- (170)
Other expense, net 378 73 747 278
Income before provision for
income taxes 270 583 625 1,172
Provision for income taxes 175 234 396 609
Net income $95 $349 $229 $563
Per share amounts -
Basic and Diluted:
Basic net income
per common share $0.02 $0.7 $0.04 $0.11
Diluted net income
per common share $0.02 $0.7 $0.04 $0.11
Basic weighted average shares
of common stock and
equivalents outstanding 5,161 5,176 5,161 5,176
Diluted weighted average
shares of common and
equivalents outstanding 5,165 5,176 5,165 5,176
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/