J.B. Poindexter & Co., Inc. Announces First Quarter 2007 Unaudited Earnings and Conference Call
HOUSTON--J.B. Poindexter & Co., Inc. which owns and operates primarily transportation related manufacturing businesses including Morgan Corporation, Morgan Olson Corporation, Truck Accessories Group, Inc., and its Specialty Manufacturing Division released unaudited revenues and earnings for the three month and year to date period ended March 31, 2007. The summarized unaudited results from continuing operations were as follows (in thousands):
| For the Three Months | ||||
| Ended March 31, | ||||
| (Unaudited) | ||||
| 2007 | 2006 | |||
| Net Sales | $ 213,154 | $ 185,541 | ||
| Operating Income | 8,367 | 5,234 | ||
| EBITDA Calculation: | ||||
| Operating Income | $ 8,367 | $ 5,234 | ||
| Add: Depreciation and amortization | 3,194 | 2,773 | ||
| EBITDA | $ 11,561 | $ 8,007 | ||
Conference call: We will conduct a conference call at 10:00 a.m. E.D.T. on Monday, May 7, 2007 to discuss our operating performance for the quarter and year to date period ended March 31, 2007. The conference call will be open to the public and questions entertained at the conclusion of the Company’s remarks. The conference call can be accessed from the United States and Canada by dialing 866-512-4191 (international callers dial 706-679-0429) and the conference code 7109866. A replay of the call will be available for two weeks after the call and may be accessed by calling 800-642-1687 (international callers 706-645-9291), access code 7109866.
Acquisition: Effective April 30, 2007, our Specialty Manufacturing Division acquired a precision machining operation in Duncan, Oklahoma for approximately $12.9 million in cash. The acquisition will compliment our precision machining services to customers in the oil and gas exploration industry. The acquisition will add approximately $13 million of net sales and $3.5 million of earnings before income taxes and depreciation to Specialty Manufacturing’s operating results based on performance for the year ended December 31, 2006 and before any expected benefits from the combined operations.
Caution Concerning Forward-Looking Statements. Forward-looking statements in this press release, including without limitation, statements relating to the Company’s plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties including without limitation the Company’s plans, strategies, objectives, expectations and intentions that are subject to change at any time at the discretion of the Company.
About our Business. J.B. Poindexter & Co., Inc. is a leading manufacturer of class 5-7 truck bodies and step vans through its Morgan and Morgan Olson businesses and is a leading manufacturer of pick-up truck accessories, principally caps and tonneaus through its Truck Accessories Group subsidiary. Through its subsidiaries that comprise its Specialty Manufacturing Division, the Company manufactures funeral coaches, limousines, buses, plastics based packaging materials and provides precision machining services.
This news release and the previously released financial statements of the Company can be viewed on the Company’s World Wide Web site at http://www.jbpoindexter.com.