Shiloh Industries Reports Q3 Earnings and Revenue
18 August 1997
Shiloh Industries Reports Record Third-Quarter Earnings and Revenues
MANSFIELD, Ohio, Aug. 18 -- Shiloh Industries, Inc.
today reported that income from continuing operations rose 15
percent for the third quarter of fiscal 1997 and 18 percent for the first nine
months ended July 31, 1997, compared with the same periods in fiscal 1996.
Income from continuing operations for the quarter increased to $4.6
million, or $.36 per share, from $4.1 million, or $.31 per share, in the same
quarter a year ago. Operating income increased 16 percent to $7.6 million in
the third quarter of fiscal 1997 from $6.5 million in the same quarter a year
ago. Revenues for the third quarter of fiscal 1997 were $65.5 million, up 22
percent from $53.6 million in the same quarter last year.
For the nine months ended July 31, 1997, income from continuing operations
rose to $14.6 million, or $1.12 per share, from $12.4 million, or $.95 per
share, in the same period of the pervious fiscal year. Operating income was
$23.8 million, a 17 percent increase for the nine months ended July 31, 1997,
from the $20.3 million reported a year earlier. Revenues were $200.7 million,
up 23 percent for the nine months ended July 31, 1997, from $163.1 million in
the same period last year.
"We are very pleased with our operating results for the third quarter,"
said Robert L. Grissinger, president, chief executive officer and chairman.
"The impact on our operations from the automotive shutdowns traditionally
experienced in the third quarter was less than expected. This was due in part
to the revenue and earnings contribution provided by Greenfield Die &
Manufacturing Corporation, our latest acquisition."
To date in fiscal 1997, the company has spent $37.9 million of a record
budgeted $60.4 million on capital expenditures as compared to $38 million in
fiscal 1996. The majority of these expenditures are being made to expand
several current facilities, including Greenfield Die, Sectional Stamping and
Medina Blanking.
"These expansions as well as our announced Georgia facility are consistent
with the company's long-term growth plan to grow through a combination of
plant expansions, greenfield sites and selective acquisitions," said
Grissinger.
Based in Mansfield, Ohio, Shiloh Industries is a premier supplier of high-
quality steel blanks, stampings and processed steel to automotive, appliance
and other industrial manufacturers. The company operates eight facilities in
Ohio and Michigan and employs more than 1,250 people.
The above statements contained in this news release include forward-
looking statements that involve a number of risks and uncertainties. Among
the factors that could cause actual results to differ materially are the
following: a downturn in the automotive industry and the general economy;
competitive factors such as increases in the price of, or limitations on the
availability of steel; and other risks and uncertainties that may be
identified from time to time in the company's reports to the Securities and
Exchange Commission.
SHILOH INDUSTRIES, INC.
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
(in thousands, except per share data)
Three months ended Nine months ended
July 31, July 31,
1997 1996 1997 1996
Revenues $65,460 $53,578 $200,717 $163,087
Cost of sales 51,184 42,768 158,762 130,851
Gross profit 14,276 10,810 41,955 32,236
Selling, general and
administrative expenses 6,720 4,272 18,161 11,959
Operating income 7,556 6,538 23,794 20,277
Interest expense 666 -- 1,408 165
Interest income (16) 1 40 55
Minority interest 116 -- 314 --
Other income, net 8 51 205 61
Income from continuing
operations before
income taxes 6,998 6,590 22,945 20,228
Provision for income taxes 2,349 2,537 8,329 7,804
Income from continuing
operations 4,649 4,053 14,616 12,424
Loss from discontinued
operations, net of
income taxes -- -- -- (379)
Loss on sale of discontinued
operations, net of
income taxes -- -- -- (10,198)
Net income (loss) $4,649 $4,053 $14,616 $ 1,847
Earnings per share:
Income per share from
continuing operations $ .36 $ .31 $ 1.12 $ .95
Loss per share from
discontinued operations -- -- -- (.03)
Loss per share on sale
of discontinued
operations -- -- -- (.78)
Net income (loss) per share $ .36 $ .31 $ 1.12 $ .14
Weighted average number of
common shares 13,039 13,012 13,030 13,012
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Amounts in thousands)
July 31, 1997 October 31, 1996
ASSETS
Current assets:
Cash and cash equivalents $1,141 $1,721
Accounts receivable 41,200 33,116
Inventory 29,846 18,627
Deferred income taxes 1,034 1,034
Prepaid expenses 4,459 3,573
Total current assets 77,680 58,071
Property, plant and equipment 162,384 122,293
Goodwill and other intangible assets, net 7,935 615
Other long-term assets 3,886 26,030
Total assets $251,885 $207,009
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 16,324 $ 9,720
Current maturities of long-term debt -- --
Short-term notes payable 2,600 2,500
Accrued income taxes 3,210 1,413
Other accrued expenses 14,051 9,625
Total current liabilities 36,185 23,258
Long-term debt, net of current maturities 67,400 50,433
Other non-current liabilities 7,158 7,161
Total liabilities 110,743 80,852
Stockholders' equity:
Common stock 130 130
Additional paid-in capital 38,744 38,375
Retained earnings 102,268 87,652
Total stockholders' equity 141,142 126,157
Total liabilities and stockholders' equity $251,885 $207,009
SOURCE Shiloh Industries, Inc.