Quixote Corporation Reports Record Fiscal Q3 Sales and Earnings
CHICAGO--April 25, 2001--Quixote Corporation today reported record third quarter results for its fiscal 2001 quarter ended March 31, 2001.Net sales for its third quarter increased 13% to $22,688,000, compared with $20,053,000 in its third quarter of fiscal 2000. Operating profit rose 28% to $3,353,000, compared with $2,629,000 in its third quarter of fiscal 2000. Net earnings increased 25% to $1,850,000, compared with $1,484,000 in its third quarter of last year. Earnings per share for the quarter increased 28% to $0.23 per diluted share, compared with $0.18 per diluted share last year.
Net sales for the nine-month period increased 16% to $64,288,000, compared with $55,584,000 in the same period of fiscal 2000. Operating profit rose 24% to $9,696,000, compared with $7,804,000 in the first nine months of fiscal 2000. Net earnings increased 21% to $5,403,000, compared with $4,468,000 for the nine-month period of last year. Earnings per share for the nine-month period increased 28% to $0.69 per diluted share, compared with $0.54 per diluted share for the same period last year.
Leslie J. Jezuit, Quixote's Chief Executive Officer, said, "We are extremely pleased with our record results for the third quarter. As described in our last annual report, Quixote's highway safety products are now organized into two groups which either Protect and Direct the motorist or Inform the motorist. Our strong sales reflect overall growth of 8% for the quarter in the Protect and Direct group, which includes our core crash cushion and delineation products. We are particularly pleased with the strength of our QuadGuard(R) crash cushion product line, which increased 24% during the quarter. Sales for the Inform group, which includes our Intelligent Transportation Systems' sensing, measuring and information products, increased 45% as a result of the acquisition of National Signal, Inc. in January 2001."
Philip E. Rollhaus, Jr., Quixote's Chairman, commented, "This third quarter represents our 15th consecutive quarter of record net sales and earnings. We are extremely encouraged by the success of our Company and its promising prospects for continued growth. We remain optimistic as the Company continues to see the benefits of the increased federal highway funding guaranteed by the Transportation Equity Act for the 21st Century ("TEA-21"). The Company is also looking toward developing additional innovative products and completing synergistic acquisitions which would further position Quixote as the solution for most highway safety needs. In anticipation of our continued strong growth, we are currently expanding the Company's primary manufacturing facility, located in Pell City, Alabama, to 300,000 square feet, nearly doubling its current capacity. We believe that the ongoing federal funding, together with our manufacturing expansion and the continued development of new innovative products, will allow Quixote to remain a leader in transportation safety both in the United States and abroad."
Quixote Corporation will be hosting a telephone conference call at
Quixote Corporation
Earnings Summary
Three months ended Nine months ended
March 31, March 31,
2001 2000 2001 2000
---- ---- ---- ----
Net sales $22,688,000 $20,053,000 $64,288,000 $55,584,000
Cost of sales 12,863,000 10,309,000 36,033,000 29,400,000
----------- ----------- ----------- -----------
Gross profit 9,825,000 9,744,000 28,255,000 26,184,000
Operating expenses:
Selling &
administrative 6,158,000 6,739,000 17,647,000 17,336,000
Research &
development 314,000 376,000 912,000 1,044,000
----------- ----------- ----------- -----------
6,472,000 7,115,000 18,559,000 18,380,000
Operating profit 3,353,000 2,629,000 9,696,000 7,804,000
Other income (expense)
Interest income 9,000 8,000 60,000 23,000
Interest expense (378,000) (225,000) (1,042,000) (617,000)
Other (19,000) (4,000)
----------- ----------- ----------- -----------
(369,000) (236,000) (982,000) (598,000)
Earnings before
income taxes 2,984,000 2,393,000 8,714,000 7,206,000
Provision for
income taxes 1,134,000 909,000 3,311,000 2,738,000
----------- ----------- ----------- -----------
Net earnings $1,850,000 $1,484,000 $5,403,000 $4,468,000
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Per share data:
Basic earnings
per share $0.25 $0.19 $0.74 $0.56
Diluted earnings
per share $0.23 $0.18 $0.69 $0.54
Average common
shares
outstanding 7,367,245 7,891,580 7,343,640 7,997,553
Average diluted
common shares
outstanding 7,979,747 8,068,079 7,889,014 8,270,950
Quixote Corporation
Balance Sheet Data
As of March 31, As of June 30,
2001 2000
---- ----
Assets
Current assets
Cash and cash equivalents $1,744,000 $1,524,000
Accounts receivable, net 18,534,000 20,210,000
Inventories 16,461,000 10,072,000
Other current assets 3,135,000 2,513,000
---------------- --------------
39,874,000 34,319,000
---------------- --------------
Property, plant and equipment, net 15,736,000 15,001,000
Intangible assets and other 26,724,000 23,944,000
---------------- --------------
$82,334,000 $73,264,000
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Liabilities and Shareholders' Equity
Current liabilities $9,704,000 $12,192,000
Long-term debt, net 24,729,000 15,596,000
Other long-term liabilities 2,124,000 2,360,000
Shareholder's equity 45,777,000 43,116,000
---------------- --------------
$82,334,000 $73,264,000
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