Noble International Reports Increased Q4 and Year End Results
28 January 1999
Noble International Reports Increased Fourth Quarter and Year End Results
BLOOMFIELD HILLS, Mich., Jan. 28 -- Noble International, Ltd.
(Amex: NIL) today announced increased revenues and earnings for the three and
twelve month periods ended December 31, 1998.
Noble's revenue for the three month period ended December 31, 1998,
increased 280% to $38,421,000 from $10,101,000 in the same period last year.
Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) was
$6,941,000 compared to $1,162,000 for the same period in 1997. Net income
before an extraordinary item for the quarter was $2,257,000 or $.31 per share
in the fourth quarter of 1998, compared to $354,000 or $.07 per share for the
same period in 1997.
Revenues for 1998 increased 289% to $94,876,000 from $24,363,000 for 1997.
EBITDA increased over 400% to $15,378,000 for 1998 as compared to $2,830,000
for 1997. Net income before an extraordinary item for 1998 reached $4,372,000
or $.61 per share as compared to $573,000 or $.13 per share for 1997.
Noble recognized an extraordinary gain on the prepayment of certain notes
payable equal to $606,000 or $.09 per share in the fourth quarter of 1998.
Net earnings including the extraordinary gain were $2,863,000 or $.40 per
share for the fourth quarter of 1998 and $4,978,000 or $.70 per share for the
full year 1998.
Commenting on the Company's performance, Robert J. Skandalaris, Chairman
and Chief Executive Officer stated, "We are very excited about the fourth
quarter and year end results. Noble's commitment to quality and excellence
has resulted in significantly increased revenues and earnings for fiscal 1998.
By maintaining this commitment and focusing on opportunities for growth, we
will continue to provide value to our shareholders."
Noble is a leading full-service supplier of automotive parts, component
assemblies and value-added services to the automotive industry. As a
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, in thousands, except for per share amounts)
Three Months Ended Twelve Months Ended
December 31, December 31,
1997 1998 1997 1998
Net Sales $10,101 $38,421 $24,363 $94,876
Cost of goods sold 7,179 27,969 16,777 69,774
Gross Profit 2,922 10,452 7,586 25,102
Selling, general and
administrative expenses 2,157 5,837 5,698 15,409
Operating income 765 4,615 1,888 9,693
Equity in unconsolidated
subsidiary (27) --- (126) ---
Interest income 49 40 49 40
Interest (expense) (101) (1,082) (755) (2,676)
Sundry, net (57) 8 63 51
Earnings before income
taxes, minority interest
and extraordinary item 629 3,581 1,119 7,108
Minority Interest 23 34 23 73
Earnings before income
taxes and extraordinary
item 606 3,547 1,096 7,035
Income tax expense 172 1,290 379 2,663
Net earnings before
extraordinary item 434 2,257 717 4,372
Preferred stock dividends 80 --- 144 ---
Net earnings on common shares
before extraordinary item 354 2,257 573 4,372
Extraordinary item (less
income tax of $372) --- 606 --- 606
Net earnings $354 $2,863 $573 $4,978
Basic earnings per common
share:
Earnings per common share
before extraordinary
item $0.07 $0.31 $0.13 $0.61
Earnings per common
share $0.07 $0.40 $0.13 $0.70
Earnings per common share
-- assuming dilution:
Earnings per common share
before extraordinary
item $0.07 $0.31 $0.13 $0.60
Earnings per common
share $0.07 $0.39 $0.13 $0.68
Basic weighted average
common shares
outstanding 5,516,829 7,162,005 4,285,134 7,161,872
Diluted weighted average
common shares and
equivalents 5,516,829 7,402,064 4,285,134 7,304,148
EBITDA $1,162 $6,941 $2,830 $15,378
NOBLE INTERNATIONAL, LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET DATA
(Unaudited, in thousands, except for per share amounts)
December 31, December 31,
1997 1998
Total assets $67,101 $154,083
Working capital (deficiency) 5,564 8,540
Total Debt 28,264 91,631
Shareholders' equity 27,610 31,398