Oakhurst Company Announces Second Quarter Results
16 October 1998
Oakhurst Company Announces Second Quarter Results
WILMINGTON, Del.--Oct. 15, 1998--Oakhurst Company, Inc. (OTC BB:OAKC) today announced operating results for the second quarter ended August 31, 1998.
The Company reported a net loss for the quarter of $161,000 on revenues of $9 million compared with net income last year for the second quarter of $97,000 on revenues of $9.4 million.
Revenues decreased by approximately $390,000 compared with the second quarter last year. Sales at Dowling's were below prior year levels as fewer radiator and condenser failures occurred due to the mild summer weather compared with an exceptional summer season last year. Sales at Steel City Products increased compared with the second quarter last year mainly as a result of the addition of new automotive customers and improved pet supply sales.
For the first six months of the current fiscal year, revenues were below last year's six month results by $671,000, or 3.8%, due principally to the lower summer sales at Dowling's. For the fiscal year-to-date, the Company reported a loss of $521,000 compared with a loss last year of $218,000.
Commenting on the results, Robert Davies, Oakhurst's Chairman and Chief Executive Officer, said "The Company has implemented an overhead reduction program, and continues to seek ways to enhance shareholder value; these efforts include the evaluation of current operating businesses which may lead to the redeployment of capital employed within the Company."
The statements contained in this press release that are not historical facts contain forward-looking information and accordingly involve risks and uncertainties. Factors including overall economic conditions, demand for after-market automotive products in general and the Company's products in particular, competitors' and customers' actions and other risk factors described in the Company's filings with the Securities and Exchange Commission could cause actual results and outcomes to differ materially.
OAKHURST COMPANY, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED RESULTS OF OPERATIONS
(dollar amounts in thousands, except per share data)
(Unaudited)
Three months Three months Six months Six months
ended ended ended ended
August 31, August 31, August 31, August 31,
1998 1997 1998 1997
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Revenues $ 9,071 $ 9,422 $ 17,113 $ 17,732
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Net (loss) income
before income taxes (161) 105 (515) (209)
Income taxes -- (8) (6) (9)
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Net (loss) income $ (161) $ 97 $ (521) $ (218)
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Net (loss) income
per share --
basic and diluted $ (0.05) $ 0.03 $ (0.16) $ (0.07)
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Weighted average
number of shares
outstanding used in
computing per share
amounts 3,212,962 3,207,053 3,210,982 3,205,365
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