Shiloh Industries Q1 Revenues Increase
CLEVELAND, Feb. 27 Shiloh Industries, Inc. ,
a leading manufacturer of engineered and welded blanks, stamped components and
modular systems for the automotive and heavy truck industries, today reported
results for its first quarter ended January 31, 2001.
Revenues for the first quarter of 2001 rose 18.0% to $166.2 million, from
revenues of $140.8 million for the first quarter of 2000. The increase
primarily reflects the addition of Saltillo Welded Blank and Dickson
Manufacturing and increased revenues at Ohio Welded Blank primarily as a
result of increases related to popular sport utility platforms utilizing
engineered welded blanks. The increases at these locations were partially
off-set by the overall slow down in the automotive and heavy truck markets.
Operating income was $6.9 million, or 20.6% below operating income of $8.6
million for the year earlier quarter. The Company's reduction in operating
costs did not keep pace with declining revenues in the automotive and heavy
truck markets due to certain fixed costs.
Net income for the first quarter of fiscal 2001 was $1.0 million,
equivalent to $0.07 per basic and diluted share, compared with net income of
$4.1 million, or $0.30 per basic and diluted share, for the first quarter of
2000.
"Results were consistent with our expectations, but disappointing when
compared with the earnings in the first fiscal quarter of 2000. The Company
continues to see a decline in sales of certain automotive platforms and heavy
trucks, weakness in the steel industry and softness in the tool & die sector,"
Jack F. Falcon, President and CEO, said.
Last year the Company adopted a strategic realignment initiative which
calls for the sale of some business assets including certain tool & die
operations and Valley City Steel. In addition, the Company expanded the
engineered welded blank capacity at Ohio Welded Blank and opened a new plant
in Saltillo, Mexico.
Mr. Falcon added, "The Company is moving forward on a strategic
realignment aimed at repositioning our resources to focus on producing
engineered metal products. Along with this, we're seeing improved plant
utilization and improved quality as we work toward our world class six sigma
targets. Looking forward to our second quarter, we expect to see continued
softness in the automotive market. Earnings per share for the second quarter
ending April 30, 2001 are expected to be less than prior-year results for the
same period."
SHILOH INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except per share data)
(Unaudited)
Three months ended
January 31,
2001 2000
Revenues $166,242 $140,827
Costs of sales 146,581 120,607
Gross profit 19,661 20,220
Selling, general and
administrative expenses 12,793 11,573
Operating income 6,868 8,647
Interest expense 5,614 3,477
Interest income 26 38
Other income, net 282 1,470
Income before income taxes 1,562 6,678
Provision for income taxes 515 2,538
Net income $1,047 $4,140
Earnings per share:
Basic earnings per share $.07 $.30
Basic weighted average number
of common shares: 14,798 13,973
Diluted earnings per share $.07 $.30
Diluted weighted average number
of common shares: 14,818 13,976
SHILOH INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
January 31, October 31,
2001 2000
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $265 $1,173
Accounts receivable, net 121,373 127,573
Income tax receivable --- 1,340
Inventories, net 84,558 69,006
Net assets held for sale 32,706 32,706
Deferred income taxes 13,492 13,492
Prepaid expenses 5,903 5,039
Total current assets 258,297 250,329
Property, plant and equipment, net 313,165 308,315
Goodwill, net 3,782 3,794
Other assets 10,787 10,447
Total assets $586,031 $572,885
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $94,490 $89,615
Short-term debt 4,045 ---
Accrued income taxes 2,006 ---
Advanced billings 83 581
Other accrued expenses 14,191 21,376
Total current liabilities 114,815 111,572
Long-term debt 260,400 251,545
Deferred income taxes 22,884 22,884
Long-term benefit liabilities 6,271 6,296
Other liabilities 841 815
Total liabilities 405,211 393,112
Stockholders' equity:
Common stock 148 148
Paid-in capital 53,924 53,924
Retained earnings 127,090 126,043
Other comprehensive
income (loss) (342) (342)
Total stockholders' equity 180,820 179,773
Total liabilities and
stockholders' equity $586,031 $572,885
