Noble International Reports Increased Q1 and Three Month Results
21 April 1999
Noble International Reports Increased First Quarter and Three Month Results
BLOOMFIELD HILLS, Mich., April 21 -- Noble International,
Ltd. (Amex: NIL) today announced increased revenues and earnings for the three
month period ended March 31, 1999.
Noble's revenue for the three month period ended March 31, 1999, increased
126% to $39,347,000 from $17,434,000 in the same period last year. Earnings
Before Interest, Tax, Depreciation and Amortization (EBITDA) was $8,383,000
compared to $2,778,000 for the same period in 1998. This represents a 202%
increase. Net income for the quarter was $2,810,000 or $.39 per share in the
first quarter of 1999, compared to $925,000 or $.13 per share for the same
period in 1998.
Robert J. Skandalaris, Chairman and Chief Executive Officer of Noble said,
"Our first quarter earnings placed us well above analyst expectations. Our
strong earnings resulted from higher than expected releases from our
customers, continued gains from operations, off-load work from our competitors
and a decline in the Canadian exchange rate. Our continued growth is a
testament to the efforts of Noble's employees as well as the recognition we
have developed among our customers as a supplier of high-quality,
competitively priced products and services."
Noble International, Ltd. is a leading full-service supplier of automotive
parts, technology, 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 suppliers, thereby helping Noble's
customers increase their productivity while controlling costs.
Certain statements in this news release maybe "forward-looking statements"
within the meaning of Section 27A of the Securities 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 per share amounts)
Three Months Ended
March 31,
1999 1998
Net Sales $39,347 $17,434
Cost of goods sold 27,619 12,667
Gross Profit 11,728 4,767
Selling, general and administrative
expenses 5,889 2,974
Operating income 5,839 1,793
Interest income 3 -
Interest (expense) (1,547) (381)
Sundry, net 202 26
Earnings before income taxes 4,497 1,438
Income tax expense 1,670 513
Net Earnings 2,827 925
Preferred stock dividend 17 -
Net earnings on common shares $2,810 $925
Basic earnings per common share:
Earnings per common share $0.39 $0.13
Earnings per common share - assuming dilution:
Earnings per common share $0.37 $0.13
Basic weighted average common shares
outstanding 7,208,675 7,159,091
Diluted weighted average common shares
and equivalents 7,505,689 7,159,091
EBITDA $8,383 $2,778
NOBLE INTERNATIONAL, LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET DATA
(Unaudited, in thousands)
March 31, March 31,
1999 1998
Total assets $164,732 $70,905
Working capital (deficiency) 12,676 3,110
Total Debt 97,005 27,669
Shareholders' equity 34,612 31,398