Noble International Reports Increased Fourth Quarter and Year End Results
28 January 2000
Noble International Reports Increased Fourth Quarter and Year End Results
BLOOMFIELD HILLS, Mich., Jan. 28 -- Noble International, Ltd.
today announced increased revenues and earnings from continuing
operations for the three and twelve month periods ended December 31, 1999.
Noble's revenue from continuing operations for the three month period
ended December 31, 1999, increased 16% to $22,304,000 from $19,290,000 in the
same period last year. Earnings Before Interest, Tax, Depreciation and
Amortization (EBITDA) from continuing operations was $5,213,000 compared to
$4,392,000 for the same period in 1998. Net income from continuing operations
and before an extraordinary item in 1998 for the quarter was $1,905,000 or
$.24 per fully diluted share in the fourth quarter of 1999, compared to
$1,721,000 or $.24 per fully diluted share for the same period in 1998. Net
income per fully diluted share for 1999 reflects an increase of approximately
1.6 million shares due to inclusion in equity of convertible subordinated
debentures.
Revenues from continuing operations for 1999 increased 41% to $85,266,000
from $60,273,000 for 1998. EBITDA from continuing operations increased over
61% to $19,594,000 for 1999 as compared to $12,170,000 for 1998. Net income
from continuing operations and before extraordinary items reached $7,233,000
or $.92 per fully diluted share as compared to $4,233,000 or $.58 per fully
diluted share for 1998.
Commenting on the Company's performance, Robert J. Skandalaris, Chairman
and Chief Executive Officer stated, "We are pleased with the fourth quarter
and year end results from our continuing metals and distribution operations.
Our continuing operations' EBITDA increase of 61% and net income increase of
71% compare quite favorably with our industry peers. We look forward to
continued growth in revenue and earnings from these operations."
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 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 Twelve Months Ended
December 31, December 31,
1999 1998 1999 1998
Net Sales $22,304 $19,290 $85,266 $60,273
Cost of
goods sold 14,938 12,130 56,438 40,581
Gross Profit 7,366 7,160 28,828 19,692
Selling, general
and administrative
expenses 3,990 4,138 15,760 11,847
Operating income 3,376 3,022 13,068 7,845
Interest income -- -- 4 --
Interest (expense) (453) (110) (1,819) (844)
Sundry, net 106 6 276 47
(347) (104) (1,539) (797)
Earnings from
continuing
operations
before income
taxes, minority
interest and
extraordinary item 3,029 2,918 11,529 7,048
Minority Interest -- 16 -- 55
Earnings from
continuing
operations
before income
taxes &
extraordinary item 3,029 2,902 11,529 6,993
Income tax expense 1,110 1,163 4,235 2,742
Net earnings from
continuing
operations before
extraordinary item 1,919 1,739 7,294 4,251
Preferred stock
dividends 14 18 61 18
Net earnings from
continuing operations
on common
shares before
extraordinary item 1,905 1,721 7,233 4,233
Net earnings
(loss) from
discontinued
operations (988) 536 48 139
Net earnings
before
extraordinary item $917 $2,257 $7,281 $4,372
Extraordinary item
(less income tax
of $372) -- 606 -- 606
Net earnings on
common shares $917 $2,863 $7,281 $4,978
Basic earnings per common share:
Earnings per common
from continuing
operations before
extraordinary item $ 0.26 $0.23 $1.00 $0.59
Earnings (loss)
per common share
from discontinued
operations $(0.14) $0.08 $0.01 $0.02
Extraordinary item
-- gain on
extinguishment
of debt $ -- $0.09 $ -- $0.09
Earnings per
common share $ 0.12 $0.40 $1.01 $0.70
Earnings per common share
-- assuming dilution:
Net earnings from
continuing operations
and before
extraordinary item $1,905 $1,721 $7,233 $4,233
Proforma reduction
in interest
on convertible
debentures 243 -- 645 --
Proforma net earnings
from continuing
operations before
extraordinary item 2,148 1,721 7,878 4,233
Net earnings
from discontinued
operations (988) 536 48 139
Proforma net earnings
before extraordinary
item 1,160 2,257 7,926 4,372
Extraordinary item --
gain on
extinguishment
of debt -- 606 -- 606
Proforma net
earnings on
common shares
assuming dilution $1,160 $2,863 $7,926 $4,978
Earnings per common share
-- assuming dilution:
Earnings per common
from continuing
operations before
extraordinary item $0.24 $0.24 $0.92 $0.58
Earnings (loss)
per common share
from discontinued
operations $(0.13) $0.07 $0.01 $0.02
Extraordinary item
-- gain on
extinguishment
of debt $ -- $0.08 $ -- $0.08
Earnings per
common share $ 0.11 $0.39 $0.93 $0.68
Basic weighted
average common
shares
outstanding 7,228,313 7,162,005 7,192,328 7,161,872
Diluted weighted
average common
shares and
equivalents 9,074,759 7,402,064 8,530,981 7,304,148
EBITDA from
Continuing
Operations $5,213 $4,392 $19,594 $12,170
NOBLE INTERNATIONAL LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET DATA
(In Thousands)
December 31, December 31,
1999 1998
Total assets (including
net assets of discontinued
operations of $69,533
and $45,867 in 1999 and 1998,
respectively) $173,943 $135,253
Working capital (deficiency) 8,821 8,334
Total Debt 118,101 88,652
Shareholders' equity 41,061 31,340
For further information, contact Michael C. Azar, General Counsel, at
248-433-3093.