Noble International Reports Increased Q3 and Nine Month Results
22 October 1998
Noble International Reports Increased Third Quarter and Nine Month Results
BLOOMFIELD HILLS, Mich., Oct. 22 -- Noble International, Ltd.
(Amex: NIL) today announced increased revenues and earnings for the three and
nine month periods ended September 30, 1998.
Noble's revenues for the three month period ended September 30, 1998,
increased 402% to $22,711,001 from $4,527,868 in the same period last year.
Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) was
$3,436,254 compared to $280,444 for the same period in 1997. This represents
an increase of 12 times. Net income for the quarter was $616,089 or $.09 per
share in the third quarter of 1998, compared to a loss of $(61,903) or $(.02)
per share for the same period in 1997.
Year-to-date revenues for 1998 increased 296% to $56,455,177 from
$14,261,655 for the same period in 1997. EBITDA increased 406% to $8,440,096
for the first nine months of 1998 as compared to $1,667,266 for the same
period of 1997. Net income for the first nine months of 1998 reached
$2,115,065 or $.30 per share as compared to $219,132 or $.06 per share for the
first nine month of 1997.
Commenting on the Company's performance, Robert J. Skandalaris, Chief
Executive Officer of Noble International said, "We are pleased to announce
Noble's increased earnings for the third quarter. The results are a
reflection of the significant progress we have made in our existing portfolio
of companies. This performance was achieved despite the strike at General
Motors, which currently accounts for 47% of our revenue."
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, Noble provides design,
engineering, manufacturing, complete program management and other services to
the automotive market. Noble delivers integrated component solutions,
technological leadership and product innovation to original equipment
manufacturers (OEMs) and Tier I automotive parts suppliers thereby helping its
customers increase their productivity while controlling costs.
Certain statements in this news release may be "forward-looking
statements" within the meaning of Section 27A of the Securities and Exchange
Act of 1933. 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.
NOBLE INTERNATIONAL, LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS DATA
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
1997 1998 1997 1998
Net Sales $4,527,868 $22,711,001 $14,261,655 $56,455,177
Cost of goods sold 3,152,666 17,262,288 9,597,964 41,805,017
Gross Profit 1,375,201 5,448,713 4,663,691 14,650,160
Selling, general
and administrative
expenses 1,308,528 3,264,161 3,540,753 9,381,818
Operating income/
(loss) 66,673 2,184,552 1,122,938 5,268,342
Equity in (loss)
of unconsolidated
subsidiary (34,346) -- (99,046) --
Interest (expense) (214,817) (905,897) (653,651) (1,593,871)
Sundry, net 115,416 (164,239) 119,437 (137,045)
Earnings/(loss)
before income taxes and
Minority Interest (67,074) 1,114,416 489,678 3,537,426
Minority Interest -- 19,654 -- 39,688
Earnings/(loss) before
income taxes (67,074) 1,094,762 489,678 3,497,738
Income tax expense (5,171) 478,673 207,040 1,382,673
Net earnings/(loss) (61,903) 616,089 282,638 2,115,065
Preferred stock
dividends -- -- 63,506 --
Net earnings/(loss)
on common shares $(61,903) $616,089 $219,132 $2,115,065
Net earnings/(loss)
per common share $(0.02) $0.09 $0.06 $0.30
EBITDA $280,444 $3,436,254 $1,667,266 $8,440,096
NOBLE INTERNATIONAL, LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET DATA
(Unaudited)
December 31, September 30,
1997 1998
Total assets $67,101,161 $124,606,756
Working capital
(deficiency) 5,564,190 15,046,926
Total Debt 28,264,543 77,030,762
Shareholders' equity 27,610,088 29,503,512