Starcraft Corporation's First Quarter Net Income Doubles
GOSHEN, Ind.--Feb. 3, 2003--Starcraft Corporation , today announced results for its fiscal first quarter ended December 29, 2002, as follows:| -- | Revenues up 91% to $39.9 million; |
| -- | Net income up 119% to $2.0 million; and |
| -- | Basic earnings per share up 110% to 44 cents per share. |
These results are compared to the year-earlier quarter ended December 30, 2001.
"Our performance reflects continued strong demand for General Motors' pickup trucks and sport utility vehicles equipped with styling packages provided by our joint-venture company, Tecstar," according to Michael H. Schoeffler, President and Chief Operating Officer of Starcraft. "All four of our production facilities are now in operation, and demand for our products continues to be strong."
During the quarter, Starcraft's results benefited from expanded capacity at Tecstar's Texas plant, which produces appearance packages for GM's Suburban and Tahoe sport-utility vehicles, and from Tecstar's sales of dealer-installed parts for GM's hot-selling H2 Hummer.
Revenues for the quarter ended December 29, 2002 were $39.9 million, up $19.0 million from the year earlier period. Net Income was approximately $2.0 million ($0.44 per basic and $0.41 per diluted share), a $1.1 million increase from prior year earnings of $0.9 million ($0.21 per basic and $0.20 per diluted share).
Schoeffler reiterated that Starcraft's outlook for fiscal 2003 is for continued strong revenue and earnings growth, with revenues of approximately $180 million, up more than 70 percent from fiscal 2002. Earnings per share are expected to be in a range of $2.00 to $2.15 per basic share ($1.85 to $2.00 fully diluted), compared with EPS of $0.68 per basic share and $0.58 per diluted share, respectively, in fiscal 2002. The 2002 results include a charge related to the redemption of certain stock warrants and options. Excluding the charge, basic and diluted EPS would have been $1.17 and $0.99 per share, respectively.
Starcraft will hold an investor teleconference on Thursday, February 6, 2003, at 3:00 p.m. EST to discuss first quarter earnings. Investors may participate in the teleconference call by calling (800) 346-1954 by 2:50 p.m. EST and providing the conference ID #7760158. A tape replay of the call will be available two hours after the conclusion of the conference through Thursday, February 13, 2003, by dialing (800) 642-1687 and providing the conference ID #7760158.
This news release contains forward-looking statements regarding Starcraft's business operations and outlook, including projections of revenues and earnings. 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, the level of customer demand, competitive pressures, labor and operational issues, dependence on and compliance with GM customer contracts, and other important factors detailed in the Company's Form 10-K for fiscal 2002 filed with the Securities and Exchange Commission.
STARCRAFT CORPORATION
CONSOLIDATED FINANCIAL RESULTS
FIRST QUARTER, FISCAL 2003
Dollars in Thousands, except EPS
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3 Months Ended
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Statement of Operations December 29, December 30,
(unaudited): 2002 2001
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Net Sales $ 39,882 $ 20,910
Cost of Goods
Sold 31,015 16,012
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Gross Profit 8,867 4,898
Selling and Promotion
Expenses 383 267
General and Administrative
Expenses 4,489 2,563
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Operating
Income 3,995 2,068
Nonoperating (Expense)
Income:
Interest, Net (113) (101)
Other, Net 43 22
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(70) (79)
Income Before Minority
Interest and
Income Taxes 3,925 1,989
Minority Interest in Income
of Subsidiary 1,734 1,025
Income Taxes 238 72
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NET INCOME $ 1,953 $ 892
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Basic Earnings Per Share $ 0.44 $ 0.21
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Dilutive Earnings Per Share $ 0.41 $ 0.20
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Weighted Average Number of
Basic Common Shares
Outstanding 4,462 4,263
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Weighted Average Number of
Dilutive Common Shares
Outstanding 4,795 4,494
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Dec. 29, Sept. 29, Dec. 29, Sept. 29,
2002 2002 2002 2002
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Balance (Unaudited) (Audited) (Unaudited) (Audited)
Sheets:
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Current Current
Assets: Liabilities:
Cash $366 $284 Notes Payable $1,474 $1,474
Accounts and Accounts
Notes Payable,
Receivable 20,568 22,781 Trade 16,411 18,058
Inventories Accrued
6,993 8,204 Expenses 4,532 4,534
Other
Current
Assets 4,239 1,863
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Total Current Total Current
Assets 32,166 33,132 Liabilities 22,417 24,066
Property and Long-Term Debt
Equipment, net 6,760 5,524 10,995 12,704
Minority
Interest in
Other Assets Equity of
553 436 Subsidiary 3,725 1,991
Shareholders'
Equity 2,342 331
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$39,479 $39,092 $39,479 $39,092
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