Starcraft Corporation Profit Approaches $1 Million -$0.21 per share- for First Quarter
GOSHEN, Ind.--Feb. 7, 2002--Starcraft Corporation (OTCBB:STCR) today announced a return to profitability for the first quarter ended December 30, 2001.Earnings per share from continuing operations for the quarter were $0.21 ($0.16 per diluted share) compared to a loss of ($0.16) per share (basic and diluted) for the first quarter of the prior year.
Continuing operations are comprised of the Company's conversion vehicle parts business and its 50% owned subsidiary, Tecstar, an OEM automotive supplier. Sales from continuing operations were $20.9 million for the quarter ended December 30, 2001 compared to $6.8 million for the same quarter of the prior fiscal year. Tecstar operated all three facilities during the current fiscal quarter while only having one facility in operation during the first quarter of the prior fiscal year.
Kelly L. Rose, Chairman and Chief Executive Officer of Starcraft Corporation stated, "demand for GM's trucks and SUVs, upfitted with our unique exterior packages, remained strong despite the struggling economy and aftershock of September 11, 2001. The initial results of our newly implemented strategies have been very positive." Rose further stated, "These strategies have positioned the Company for long-term growth and profitability."
Rose added, "We continue to be very excited about the growth prospects in our OEM automotive supply business. We will begin supplying appearance enhancement packages for the S10 Crew Cab Sport toward the end of the second fiscal quarter in our New Jersey facility where we currently manufacture the upfit package on GM's Xtreme Blazer."
The Company will conduct a teleconference on Monday, February 11, 2002 at 2:00 p.m. Eastern Time. Investors may participate in the teleconference by calling 877-777-8195, providing the conference ID of 3159754 and identifying Richard J. Mullin as the host of the teleconference.
For additional information call Richard J. Mullin, President, Starcraft Corporation at (219) 533-1105, ext. 239.
This news release contains forward-looking statements regarding projected revenues, financial capabilities, profitability and other matters. Investors are cautioned that actual results may differ materially from such forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, level of customer demand, competitive pressures and other important factors detailed in the Company's annual report on Form 10-K for fiscal year 2001 filed with the Securities and Exchange Commission.
STARCRAFT CORPORATION
FINANCIAL RESULTS
FIRST QUARTER FISCAL YEAR 2002
Dollars in Thousands, except EPS
Statement of Operations 3 Months Ended
(unaudited): December 30, December 31,
2001 2000
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Net Sales $ 20,910 $ 6,814
Cost of Goods Sold 16,012 5,639
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Gross Profit 4,898 1,175
Selling and Promotion
Expenses 267 419
General and Administrative
Expenses 2,563 1,452
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Operating Income (Loss) 2,068 (696)
Nonoperating (Expense) Income:
Interest, Net (101) (65)
Other, Net 22 10
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(79) (55)
Income (Loss) Before
Minority Interest and
Income Taxes 1,989 (751)
Minority Interest in Income
of Subsidiary 1,025 (89)
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Income (Loss) from Continuing
Operations Before Income Taxes 964 (662)
Income Taxes 72 4
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Income (Loss) from
Continuing Operations 892 (666)
Loss from Discontinued
Operations, Net of Taxes -- (1,480)
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NET INCOME (LOSS) $ 892 $ (2,146)
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Basic Earnings (Loss)
Per Share $ 0.21 $ (0.51)
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Dilutive Earnings (Loss)
Per Share $ 0.16 $ (0.51)(a)
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Weighted Average Number of
Common Shares Outstanding 4,263 4,245
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(a) Does not reflect effect of employee stock options since the
effect is antidilutive.
December 30, September 30,
2001 2001
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Balance Sheets: (Unaudited) (Audited)
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Current Assets:
Cash $ 516 $ 300
Accounts and Notes Receivables 13,847 12,160
Inventories 4,444 4,636
Prepaid Expenses 1,305 1,408
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Total Current Assets 20,112 18,504
Property and Equipment, net 3,229 3,304
Goodwill -- --
Other Assets 198 202
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$23,539 $22,010
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December 30, September 30,
2001 2001
Balance Sheets: (Unaudited) (Audited)
-------------- --------------
Current Liabilities:
Notes Payable to Bank $ 1,326 $ 814
Accounts Payable, Trade 11,855 11,998
Accrued Expenses 3,608 3,652
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Total Current Liabilities 16,789 16,464
Long-Term Debt 7,609 8,092
Minority Interest in Equity
of Subsidiary 933 157
Shareholders' Equity (1,792) (2,703)
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$ 23,539 $ 22,010
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