Noble International Reports Increased Second Quarter and Six Month Results
21 July 1999
Noble International Reports Increased Second Quarter and Six Month Results
BLOOMFIELD HILLS, Mich., July 21 -- Noble International, Ltd.
today announced increased revenues and earnings for the
three and six month periods ended June 30, 1999.
Noble's revenues for the three month period ended June 30, 1999, increased
142% to $39,415,000 from $16,310,000 in the same period last year. Earnings
Before Interest, Taxes, Depreciation and Amortization (EBITDA) was
$7,290,000 compared to $2,246,000 for the same period in 1998. Net income for
the quarter was $2,291,000, or $.32 per basic share and $.29 per diluted share
in the second quarter of 1999, compared to $574,000, or $.08 per basic and
diluted share for the same period in 1998.
Year-to-date revenues for 1999 increased 133% to $78,762,000 from
$33,744,000 for the same period in 1998. EBITDA increased 213% to
$15,745,000 for the first six months as compared to $5,024,000 for the same
period of 1998. Net income for the first six months of 1999 reached
$5,101,000, or $.71 per basic share and $.66 per diluted share for the first
six months of 1999, compared to $1,499,000, or $.21 per basic and fully
diluted share for the first six months of 1998.
Commenting on the Company's performance, Robert J. Skandalaris, Chairman
and Chief Executive Officer stated, "We are very pleased with the second
quarter results. Noble continues to benefit from strong vehicle build
schedules and customer demand. By maintaining our commitment to quality and
excellence and focusing on opportunities for growth, we will continue to
enhance shareholder value."
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, as amended and Section 21E of the Securities Exchange Act of
1934, as amended. 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 Six Months Ended
June 30, June 30,
1999 1998 1999 1998
Net sales $39,415 $16,310 $78,762 $33,744
Cost of goods sold 28,330 11,875 55,949 24,542
Gross profit 11,085 4,435 22,813 9,202
Selling, general and
administrative
expenses 6,029 3,144 11,918 6,118
Operating income 5,056 1,291 10,895 3,084
Equity in unconsolidated
subsidiary -- -- -- --
Interest income 35 -- 38 --
Interest (expense) (1,436) (307) (2,983) (688)
Sundry, net (7) 1 195 27
Earnings before
income taxes 3,648 985 8,145 2,423
Income tax expense 1,339 391 3,009 904
Net earnings 2,309 594 5,136 1,519
Preferred stock
dividend 18 20 35 20
Net earnings
on common shares $ 2,291 $ 574 $ 5,101 $ 1,499
Basic earnings per common share:
Earnings per
common share $0.32 $0.08 $0.71 $0.21
Earnings per common share - assuming dilution:
Net earnings
on common shares $ 2,291 $ 574 $ 5,101 $ 1,499
Proforma reduction
in interest on
convertible
debentures 157 -- 157 --
Proforma net earnings
on common shares
assuming dilution $ 2,448 $ 574 $ 5,258 $ 1,499
Earnings per common
share assuming
dilution $0.29 $0.08 $0.66 $0.21
Basic weighted average
common shares
outstanding 7,177,998 7,156,825 7,168,612 7,157,958
Diluted weighted
average common
shares and
equivalents 8,511,264 7,156,825 8,006,052 7,157,958
EBITDA $ 7,290 $ 2,246 $15,745 $ 5,024
NOBLE INTERNATIONAL, LTD. AND SUBSIDIARIES
Consolidated Balance Sheet Data
(Unaudited, in thousands)
June 30, December 31,
1999 1998
Total assets $173,609 $153,623
Working capital 17,112 8,334
Total Debt 105,073 91,631
Shareholders' equity 38,827 31,340
For further information, contact Michael C. Azar, General Counsel,
at 248-433-3093.