Oilgear Reports First Quarter Results
MILWAUKEE--May 8, 2001--The Oilgear Company today reported sales and earnings for the first quarter ended March 31, 2001.The manufacturer of fluid power components, systems and electronic controls posted sales of $21,541,000 for the first quarter of 2001, compared to sales of $24,465,000 for the same period in 2000. Net earnings were $187,000 or $0.10 per share for the first quarter of 2001, compared to earnings of $539,000 or $0.27 per share in the first quarter of 2000.
"Our first quarter sales reflected the continued softness in the U.S. fluid power market and the adverse effects of the depressed EURO," said David A. Zuege, president and chief executive officer. "Our sales were down consistent with the fluid power industry, so on the positive side, we do not believe that we lost market share."
Zuege said that orders in the first quarter of 2001 of $22.6 million were up slightly over orders in the fourth quarter of 2000 while backlog reached $22.3 million at the end of the first quarter, up from $21.2 million at the end of fiscal 2000. "We're pleased to see continued strong systems sales in the domestic segment and also in our international and European operations," Zuege said.
The Oilgear Company
Consolidated Condensed Earnings Statement
(Unaudited)
(In Thousands)
Three Months Ended March 31,
----------------------------
2001 2000
---- ----
Net sales $ 21,541,000 $ 24,465,000
Cost of sales 15,762,000 18,258,000
---------------- -----------------
Gross profit 5,779,000 6,207,000
Operating expenses 5,010,000 5,112,000
---------------- -----------------
Operating income 769,000 1,095,000
---------------- -----------------
Interest expense 408,000 342,000
Other income (expense) (80,000) 32,000
---------------- -----------------
Earnings before income taxes 281,000 785,000
Income taxes 78,000 190,000
---------------- -----------------
Net earnings from minority
interest 16,000 56,000
---------------- -----------------
Net earnings $ 187,000 $ 539,000
================ =================
Basic earnings per share
of common stock $ 0.10 $ 0.27
================ =================
Diluted earnings per share
of common stock $ 0.10 $ 0.27
================ =================
Dividends per share $ 0.07 $ 0.07
================ =================
Basic weighted average
outstanding shares 1,960,000 1,982,000
Diluted weighted average
outstanding shares 1,970,000 1,985,000
The Oilgear Company
Consolidated Condensed Balance Sheet
(Unaudited)
(In Thousands)
March 31, 2001 December 31, 2000
-------------- -----------------
ASSETS
Current Assets
Cash and cash equivalents $ 3,964,000 $ 5,102,000
Accounts receivable 19,778,000 18,593,000
Inventories 24,206,000 23,830,000
Other current assets 3,650,000 4,585,000
-------------- -----------------
Total current assets 51,598,000 52,110,000
-------------- -----------------
Net property plant and
equipment 24,364,000 24,836,000
Other assets 7,706,000 7,886,000
-------------- -----------------
$ 83,668,000 $ 84,832,000
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Current debt $ 5,772,000 $ 3,273,000
Accounts payable 6,152,000 7,727,000
Other current liabilities 7,677,000 8,248,000
-------------- -----------------
Total current liabilities 19,601,000 19,248,000
-------------- -----------------
Long-term debt 19,672,000 20,058,000
Unfunded employee benefit costs 11,685,000 11,685,000
Other non-current liabilities 1,441,000 1,550,000
-------------- -----------------
Total liabilities 52,399,000 52,541,000
-------------- -----------------
Minority interest in
consolidated subsidiary 919,000 904,000
Shareholders' equity 30,350,000 31,387,000
-------------- -----------------
$ 83,668,000 $ 84,832,000
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