Quixote Reports Record Fiscal Fourth Quarter and Year-End Results
CHICAGO--Aug. 14, 2001--Operating Profit Increases 23% and 24% for the Fourth Quarter
and Fiscal Year
Net Earnings Increase 22% for the Same Periods
Quixote Corporation today reported record fourth quarter and fiscal 2001 results for its year ended June 30, 2001.
Net sales for the fourth quarter increased 4% to $29,266,000, compared with $28,186,000 in the fourth quarter of fiscal 2000. Operating profit rose 23% to $9,191,000, compared with $7,485,000 in the fourth quarter of fiscal 2000. Net earnings increased 22% to $5,440,000, compared with $4,451,000 in the fourth quarter of last year. Earnings per share for the quarter increased 14% to $0.66 per diluted share, compared with $0.58 per diluted share last year.
Net sales for the full year increased 12% to $93,554,000, compared with $83,770,000 in fiscal 2000. Operating profit rose 24% to $18,887,000, compared with $15,289,000 in fiscal 2000. Net earnings increased 22% to $10,843,000, compared with $8,919,000 last year. Earnings per share for fiscal 2001 increased 23% to $1.35 per diluted share, compared with $1.10 per diluted share last year.
Leslie J. Jezuit, Chairman and Chief Executive Officer of Quixote, said, "We are extremely pleased with our record earnings for the fourth quarter and for fiscal 2001. Our record earnings for the quarter were the result of an expansion of the Company's gross profit margin as well as its continued ability to leverage operating expenses. Although the Company's sales growth for the quarter was below our internal target, we note that it is compared to an extremely strong fourth quarter last year where revenues increased more than 24%.
Mr. Jezuit continued, "The fourth quarter represents our 16th consecutive quarter of record net sales and earnings and we are very pleased that the financial media has recognized this strong performance. In June 2001, BusinessWeek included the Company in its annual list of the top 100 hot growth companies and, most recently, Fortune Small Business selected Quixote as one of America's top 100 fastest-growing small companies. As we look ahead to fiscal 2002, we are encouraged by a number of positive growth drivers, including the benefits of a proposed 7% increase in federal core highway funding as recently passed by the House and Senate in separate bills, the continued expansion of international markets and our continuing development of additional innovative products. We also continue to explore synergistic acquisitions that would further position Quixote as a leading provider of advanced highway safety solutions both in the United States and abroad. Consequently we remain committed to our sales and earnings growth target of 15%.
Mr. Jezuit concluded, "As we close this fiscal year, we would like to once again acknowledge the passing last month of Philip E. Rollhaus, Jr., the founder and former Chairman of Quixote. Philip's vision, spirit and creativity will live on in our Company, and we will miss him."
Quixote Corporation will be hosting a telephone conference call at 10:00 a.m. EST on Tuesday, August 14, 2001, to discuss further its quarterly and year-end results. This conference call will be broadcast simultaneously over the Internet at www.quixotecorp.com and may be accessed and listened to by clicking the icon on the homepage.
(Tables to Follow)
Quixote Corporation
Earnings Summary
Three Months Year
Ended Ended
June 30, June 30,
2001 2000 2001 2000
Net sales $29,266,000 $28,186,000 $93,554,000 $83,770,000
Cost of sales 13,583,000 13,259,000 49,616,000 42,659,000
----------- ----------- ----------- -----------
Gross profit 15,683,000 14,927,000 43,938,000 41,111,000
Operating expenses:
Selling &
administrative 5,652,000 6,872,000 23,299,000 24,208,000
Research &
development 840,000 570,000 1,752,000 1,614,000
---------- ---------- ------------- -----------
6,492,000 7,442,000 25,051,000 25,822,000
Operating profit 9,191,000 7,485,000 18,887,000 15,289,000
Other income
(expense)
Interest income 8,000 8,000 68,000 31,000
Interest expense (437,000) (315,000) (1,479,000) (932,000)
Other 12,000 1,000 12,000 (3,000)
------------ ---------- ------------- -----------
(417,000) (306,000) (1,399,000) (904,000)
Earnings before
income taxes 8,774,000 7,179,000 17,488,000 14,385,000
Provision for
income taxes 3,334,000 2,728,000 6,645,000 5,466,000
------------ ------------ ------------- -----------
Net earnings $5,440,000 $4,451,000 $10,843,000 $8,919,000
============ =========== ============== ===========
Per share data:
Basic earnings per
share $0.73 $0.59 $1.47 $1.13
Diluted earnings per
share $0.66 $0.58 $1.35 $1.10
Average common shares
outstanding 7,478,852 7,481,556 7,377,443 7,868,554
Average diluted common
shares
outstanding 8,199,414 7,678,639 8,049,513 8,124,623
Quixote Corporation
Balance Sheet Data
As of June 30, As of June 30,
2001 2000
---- ----
Assets
Current assets
Cash and cash equivalents $4,118,000 $1,524,000
Accounts receivable, net 21,207,000 20,210,000
Inventories 16,871,000 10,072,000
Other current assets 2,382,000 2,513,000
-------------- ------------
44,578,000 34,319,000
Net property, plant and
equipment 17,343,000 15,001,000
Intangible assets and other 26,108,000 23,944,000
-------------- -------------
$88,029,000 $73,264,000
============== =============
Liabilities and Shareholders' Equity
Current liabilities $13,542,000 $12,192,000
Long-term debt, net 21,526,000 15,596,000
Other long-term liabilities 2,355,000 2,360,000
Shareholder's equity 50,606,000 43,116,000
------------ -------------
$88,029,000 $73,264,000
============= =============