Baldor Electric Announces Results of Third Quarter 1999
18 October 1999
Baldor Electric Announces Results of Third Quarter 1999
FORT SMITH, Ark., Oct. 18 -- Baldor Electric Company
markets, designs, and manufactures electric motors and drives and
is based in Fort Smith, Arkansas. Today Baldor announced sales and earnings
for third quarter and first nine months of 1999.
(in thousands except Third Quarter
for per share data) 13 weeks ended
Oct 2 Oct 3 %
1999 1998 Change
Sales $ 144,349 $ 147,358 - 2 %
Earnings Before Income Taxes 17,816 18,065 - 1 %
Income Taxes 6,774 6,873 - 1 %
Net Earnings 11,043 11,192 - 1 %
Earnings Per Share - Diluted .30 .29 + 3 %
Dividends Per Share .11 .10 + 10 %
Average Shares Outstanding 36,653 38,352 - 4 %
Year
39 weeks ended
Oct 2 Oct 3 %
1999 1998 Change
Sales $ 438,612 $ 453,650 - 3 %
Earnings Before Income Taxes 52,908 55,363 - 4 %
Income Taxes 20,105 21,047 - 4 %
Net Earnings 32,803 34,316 - 4 %
Earnings Per Share - Diluted .89 .90 - 1 %
Dividends Per Share .33 .30 + 10 %
Average Shares Outstanding 36,901 38,195 - 3 %
Balance Sheet Information
(in thousands)
Cash & Marketable Securities $ 36,114 $ 17,411
Receivables 105,997 96,941
Inventories 98,146 99,352
Working Capital 182,934 159,423
Long-Term Debt 56,493 32,419
Shareholders' Equity 266,653 264,692
Cash Flow from Operations (nine months) 35,314 31,619
Baldor is disappointed to report sales down 2% during the third quarter.
However, the trend is up. July sales were poor at $33 million. August was
fair at $48 million. September was the best month ever at $63 million (5
weeks).
The company is pleased to report that pre-tax margins of 12.3% for the
quarter were the best ever despite the small sales decline.
Baldor's balance sheet and cash flows remain strong allowing the company
to continue its share repurchases. Since September 1998, Baldor has
repurchased 1.6 million shares of the 3 million authorized for repurchase by
the Board.
The company continues to strengthen its competitive advantages and
believes its excellent inventory availability, short lead-times, and superior
quality are helping customers get more business.