J.B. Poindexter & Co., Inc. Announces 2009 Unaudited Earnings and Third Quarter Conference Call
HOUSTON--J.B. Poindexter & Co., Inc. which owns and operates primarily transportation related manufacturing businesses including Morgan Truck Body, LLC, Morgan Olson, LLC, Truck Accessories Group, LLC, and the Specialty Manufacturing Division released unaudited revenues and earnings for the three and nine months ended September 30, 2009. The summarized unaudited results from operations were as follows (in thousands):
| For the Three Months | For the Nine Months | |||||||||||||||
| Ended September 30, | Ended September 30, | |||||||||||||||
|
2009 |
2008 |
2009 |
2008 |
|||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
| Net Sales | ||||||||||||||||
| Morgan | $ | 29,854 | $ | 57,727 | $ | 113,996 | $ | 194,492 | ||||||||
| Morgan Olson | 13,080 | 21,491 | 42,361 | 82,126 | ||||||||||||
| Truck Accessories | 31,268 | 32,068 | 88,646 | 105,078 | ||||||||||||
| Specialty Manufacturing | 35,153 | 56,534 | 127,130 | 179,661 | ||||||||||||
| JBPCO (Corporate) | (588 | ) | (642 | ) | (1,024 | ) | (1,708 | ) | ||||||||
| Total | $ | 108,767 | $ | 167,178 | $ | 371,109 | $ | 559,649 | ||||||||
| Operating Income (Loss) | ||||||||||||||||
| Morgan | $ | 19 | $ | 2,587 | $ | 1,252 | $ | 5,660 | ||||||||
| Morgan Olson | 624 | 1,443 | 468 | 4,000 | ||||||||||||
| Truck Accessories | 2,920 | 1,002 | 5,778 | 2,715 | ||||||||||||
| Specialty Manufacturing | (559 | ) | 6,451 | 5,266 | 19,917 | |||||||||||
| JBPCO (Corporate) | (743 | ) | (3,857 | ) | (2,957 | ) | (7,287 | ) | ||||||||
| Total | $ | 2,261 | $ | 7,626 | $ | 9,807 | $ | 25,005 | ||||||||
| EBITDA Calculation: | ||||||||||||||||
| Operating Income | $ | 2,261 | $ | 7,626 | $ | 9,807 |
$ |
25,005 |
||||||||
| Add: Depreciation and amortization | 4,190 | 4,323 | 13,102 | 13,362 | ||||||||||||
| EBITDA(1) | $ | 6,451 | $ | 11,949 | $ | 22,909 | $ | 38,367 | ||||||||
Operating results for the three months ended September 30, 2009 reflect the continued depressed conditions in the transportation industry and reduced demand for Specialty Manufacturing’s machining services by its customers in the energy services business that have been affected by a decline in oil and gas exploration and production activities. Net cash used was approximately $2 million for the three months ended September 30, 2009 and as of that date we had approximately $45 million of cash and $47 million of available borrowing capacity under our revolving credit facility.
The third quarter bondholder’s call will be held on Tuesday, November 10, 2009 at 3:00 pm (Eastern time). The conference call can be accessed from the United States or Canada by dialing (866) 294-4838 or for international callers (847) 944-7303 and the conference ID number: 6764652. A replay of the call will be available until December 8, 2009 and may be accessed by dialing (888) 843-8996 or for international callers (630) 652-3044, and using the access code 6764652.
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.
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.
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 Specialty Manufacturing Division, the Company manufactures funeral coaches, limousines, buses, plastics based packaging materials and provides precision machining services.
(1) “EBITDA” is net income from continuing operations increased by the sum of interest expense, income taxes, depreciation and amortization and other non-cash items for those operations defined as restricted subsidiaries in the indenture pertaining to our 8.75% Notes outstanding. EBITDA is not included herein as operating data and should not be construed as an alternative to operating income (determined in accordance with accounting principles generally accepted in the United States) as an indicator of the Company's operating performance. The Company has reported EBITDA because it is relevant for determining compliance under the Indenture and because the Company understands that it is one measure used by certain investors to analyze the Company's operating cash flow and historical ability to service its indebtedness.