Penn Engineering Announces Financial Results for First Quarter of 2001; Net Income Increases 34%, Earnings Per Share Increase 29%
DANBORO, Pa.--April 26, 2001--PennEngineering today announced results for the first quarter of 2001.In addition, the Board of Directors declared a quarterly cash dividend of 8 cents per share on both classes of stock outstanding after distribution of additional shares on May 1, 2001 resulting from a 2 for 1 stock split.
For the quarter ended March 31, 2001, consolidated sales increased 5% to $68,127,000 as compared to $65,137,000 in the comparable 2000 quarter.
Consolidated net income increased 34% to $7,555,000 in the first quarter of 2001 from $5,645,000 reported in the corresponding 2000 quarter. Diluted earnings per share increased 29% to $0.85 from $0.66 reported in the corresponding quarter.
Cash Dividend
Today, the Board of Directors declared a quarterly cash dividend of 8 cents per share on both classes of common stock, payable on July 6, 2001 to stockholders of record on June 15, 2001. This dividend will be paid on all shares resulting from the 2 for 1 stock split.
A conference call to discuss our first quarter 2001 financials will be held Friday, April 27, 2001 at 10:30 AM Eastern Standard Time.
The call in number is 800-288-8975. If you are unable to be with us on April 27, a replay will be available shortly following the call. Please dial 800-475-6701 or 320-365-3844, passcode 582811. A live webcast of the call will also be available on our Website at www.penn-eng.com or www.streetfusion.com.
About PennEngineering
Penn Engineering & Manufacturing Corp. provides value-added solutions to Original Equipment Manufacturers worldwide. The Company's PEM(R) Fastener operation manufactures and sells fasteners used by the computer, electronics, telecommunications, and automotive industries.
The Pittman division manufactures high-performance permanent magnet brush-commutated and brushless DC motors used in electronics, medical, data storage and office automation equipment. Its Arconix Group, Inc. subsidiary distributes fasteners and other related components and provides comprehensive logistical and inventory management services.
Forward Looking Statements
Statements contained in this press release, other than statements of historical data, are considered forward looking statements under the Private Securities Litigation Reform Act of 1995.
These statements are subject to various risks and uncertainties that could cause actual results to differ from those contemplated in these statements including, but not limited to, the ability of the company to develop new products, fluctuations in the foreign currency markets, and the ability of the company to meet demand.
For additional information, please refer to the Company's Securities and Exchange Commission filings including its most recent 10-K.
PENN ENGINEERING & MANUFACTURING CORP.
Income Statement Data
Amounts in Thousands, Except Per Share Data
(Unaudited)
Three Months Ended
March 31, 2001 March 31, 2000
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Net Sales $68,127 $65,137
Cost of Products Sold 44,262 44,060
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Gross Profit 23,865 21,077
Selling, General, and
Admin Expenses 13,015 12,266
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Operating Income 10,850 8,811
Other Income (Expense) 342 (191)
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Income Before Income Taxes 11,192 8,620
Income Taxes 3,637 2,975
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Net Income $ 7,555 $ 5,645
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Pre Stock Split
Weighted Average
Shares Outstanding:
Basic 8,603 8,562
Diluted 8,848 8,596
Earnings Per Share
Basic $ 0.88 $ 0.66
Diluted $ 0.85 $ 0.66
Post Stock Split
----------------
Weighted Average
Shares Outstanding:
Basic 17,206 17,124
Diluted 17,696 17,192
Earnings Per Share
Basic $ 0.44 $ 0.33
Diluted $ 0.43 $ 0.33
Note: On January 31, 2001 the Board of Directors approved a 2 for
1 stock split of its Common Stock and Class A Common Stock in the form
of a 100 percent stock dividend. The stock dividend is subject to
approval, by holders of the voting Class A Common Stock, of an
amendment to the Company's Certificate of Incorporation to increase
the authorized shares of both classes of the Company's stock at the
Company's Annual Meeting of Stockholders to be held today.