Noble International Reports Increased Second Quarter and First Half Results
30 July 1998
Noble International Reports Increased Second Quarter and First Half Results
BLOOMFIELD HILLS, Mich.--July 30, 1998--Noble International Ltd. (ASE:NIL) today announced increased revenues and earnings for the three and six month periods ended June 30, 1998.
Noble's revenues for the three month period ended June 30, 1998, increased 250% to $16,310,000 from $4,664,000 in the same period last year. Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) was $2,246,000 compared to $496,000 for the same period in 1997. This represents a 353% increase. Net income for the quarter was $574,000 or $.08 per share in the second quarter of 1998, compared to $71,000 or $.02 per share for the same period in 1997.
Year-to-date revenues for 1998 increased 247% to $33,744,000 from $9,734,000 for the same period in 1997. EBITDA increased 262% to $5,024,000 for the first half of 1998 as compared to $1,387,000 for the same period of 1997. Net income for the first half of 1998 reached $1,499,000 or $0.21 per share as compared to $395,000 or $0.10 per share for the first half of 1997.
Commenting on the company's performance, Lloyd P. Jones, III, President of Noble International said, "We are pleased to announce Noble's increased earnings for the second quarter. The results are a reflection of the significant progress we have made in our existing portfolio of companies, mainly due to efficiency gains in production and increased releases from several of our customers."
Noble International, Ltd. is a leading Tier II full-service supplier of automotive parts, component assemblies and value-added services to the automotive industry. As a Tier II supplier, the Company provides design, engineering, manufacturing, complete program management and other automotive services to the market. Noble International delivers integrated component solutions, technological leadership and product innovation to original equipment manufacturers (OEMs) and Tier I automotive parts suppliers thereby helping their customers increase their productivity while controlling costs.
NOBLE INTERNATIONAL LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS
OF OPERATIONS DATA
(Unaudited)
Three Months ended Six Months ended
June 30 June 30
1997 1998 1997 1998
(Dollar amount in thousands, except per share Data.)
Net Sales $ 4,664 16,310 9,734 33,744
Operating Income $ 355 1,291 1,056 3,084
Earnings Before
Income Taxes $ 94 965 607 2,403
Net Income $ 71 574 395 1,499
Basic and Diluted
Earnings Per Share $ .02 .08 .10 .21
EBITDA $ 496 2,246 1,387 5,024
Certain statements in this news release may be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1993. Statements regarding future prospects and developments are based upon current expectations and involve certain risks and uncertainties that could cause actual results and developments to differ materially from the forward-looking statements.