Noble International Reports Increased Third Quarter and Nine Month Results
20 October 1999
Noble International Reports Increased Third Quarter and Nine Month Results
BLOOMFIELD HILLS, Mich., Oct. 20 -- Noble International, Ltd.
today announced increased revenues and earnings for the three
and nine month periods ended September 30, 1999.
Noble's revenues for the three month period ended September 30, 1999,
increased 67% to $37,898,000 from $22,711,000 in the same period last year.
Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) was
$6,005,000 compared to $3,433,000 for the same period in 1998, an increase of
75%. Net income for the quarter was $1,263,000 or $.18 per basic share and
$.16 per fully diluted share in the third quarter of 1999, compared to
$616,000 or $.09 per basic share and $.08 per fully diluted share for the same
period in 1998.
Year-to-date revenues for 1999 increased 107% to $116,660,000 from
$56,455,000 for the same period in 1998. EBITDA increased 156% to $21,631,000
for the first nine months of 1999 as compared to $8,437,096 for the same
period of 1998. Net income for the first nine months of 1999 reached
$6,364,000 or $.89 per basic share and $.82 per fully diluted share as
compared to $2,115,000 or $.30 per basic share and $.29 per fully diluted
share for the first nine month of 1998.
Based on current sales projections for the fourth quarter, earnings per
fully diluted share for the year are expected to be between $1.03 to $1.07
versus $.68 per share in 1998, which included $.08 per share extraordinary
gain on extinguishment of debt, an increase of approximately 49%. The Company
believes that its financial results for 2000 will meet consensus estimates of
$1.40 to $1.45.
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. These results represent
another quarter where Noble's revenues increased from the prior year. The
growth is a reflection of the progress we have made in our portfolio of
companies. We anticipate that 2000 will be another year of growth for the
Company as it captures the sales from delayed launches and new platforms."
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 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, including those detailed in the company's filings
with the Securities and Exchange Commission.
NOBLE INTERNATIONAL, LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS DATA
(In Thousands, except for per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
1999 1998 1999 1998
Net Sales $37,898 $22,711 $116,660 $56,455
Cost of goods sold 28,854 17,263 84,803 41,805
Gross Profit 9,044 5,448 31,857 14,650
Selling, general and
administrative
expenses 5,360 3,454 17,278 9,572
Operating income 3,684 1,994 14,579 5,078
Equity in unconsolidated
subsidiary - - - -
Interest income 24 - 62 -
Interest (expense) (1,734) (906) (4,717) (1,594)
Sundry, net 14 16 209 43
Earnings before
income taxes 1,988 1,104 10,133 3,527
Income tax expense - 19 - 39
Net Earnings 1,988 1,085 10,133 3,488
Preferred stock
dividend 713 469 3,722 1,373
Net earnings on
common shares 1,275 616 6,411 2,115
12 - 47 -
$1,263 $616 $6,364 $2,115
Basic earnings per common share:
Earnings per
common share $0.18 $0.09 $0.89 $0.30
Earnings per common share - assuming dilution:
Net earnings on common shares
Proforma reduction in interest
on convertible debentures
Proforma net earnings on
common shares
assuming dilution $1,263 $616 $6,364 $2,115
245 - 402 -
Earnings per
common share
assuming dilution $1,508 $616 $6,766 $2,115
$0.16 $0.08 $0.82 $0.29
Basic weighted average
common shares outstanding
Diluted weighted average
common shares
and equivalents 7,203,003 7,161,877 7,180,202 7,161,827
8,990,564 7,345,771 8,291,555 7,271,782
EBITDA $6,005 $3,433 $21,631 $8,437
NOBLE INTERNATIONAL, LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET DATA
(Unaudited, in thousands)
September 30, September 30,
1999 1998
Total assets $189,192 $123,524
Working capital (deficiency) 25,178 13,578
Total Debt 117,831 73,515
Shareholders' equity 40,307 28,421