Standard Automotive Announces Sales and Earnings for the Quarter Ended 12/31/99
8 February 2000
Standard Automotive Corporation Announces Sales and Earnings for the Quarter Ended December 31, 1999; Names Stanley A. Youtt Chief Executive Officer of Ranor Inc.
HILLSBOROUGH, N.J.--Feb. 8, 2000--Operating Income Increases 35% Year to Year
Standard Automotive Corporation (AMEX:AJX)(AMEX:AJXPR) (the "Company") today announced sales and earnings for the third quarter ended December 31, 1999.
Sales for the quarter were $41,238,000 representing an increase of 74% compared to sales of $23,732,000 that the Company reported for the comparable quarter ended December 31, 1998. Operating income increased to $3,808,000, a 35% increase over the $2,822,000 reported for the comparable quarter ended December 31, 1998.
For the quarter ended December 31, 1999 the Company reported earnings of $0.27 per diluted common share, compared to earnings of $0.25 reported for the quarter ended December 31, 1998.
The increase in sales is primarily attributable to the Company's recently established chassis manufacturing plant in Sonora, Mexico, along with the acquisition of Ranor.
The Company also announced the appointment of Stanley A. Youtt as Chief Executive Officer of Ranor Inc., a subsidiary of its Critical Components Division. Prior to joining Ranor, Youtt was President of C&W Fabricators, Inc., a precision engineering and manufacturing firm. From 1982 through 1992, Youtt served as Vice President of the American Tank and Fabricating Company, another precision manufacturing company. Youtt also spent ten years at General Dynamics Corporation, Electric Boat Division, having attained the position of General Superintendent of this nuclear submarine manufacturer. Youtt holds a BSE from The University of Michigan and a MSE, Civil Engineering, from The University of Connecticut.
"Stanley brings over 27 years of precision engineering and manufacturing experience and a great success as president of C&W Fabricators to our Company," said Steven Merker, Standard's Chairman and Chief Executive Officer.
Further, the Company announced that it will not acquire Olympic Tool and Engineering located in Seattle, Washington. Merker noted that "at this time, we have decided to concentrate on growing Ranor."
Standard Automotive Corporation is a diversified company with production facilities strategically located throughout the United States and Mexico. Standard currently operates two divisions: the Truck/Trailer Body Division which designs, manufactures and distributes trailer chassis for transporting maritime and railroad shipping containers and a broad line of specialized dump truck bodies, dump trailers, truck suspensions and other related assemblies, and the Critical Components Division, which specializes in the fabrication of large precision assemblies for the aerospace, nuclear, industrial and military markets.
This release contains certain forward-looking statements which involve known and unknown risks, uncertainties, and other factors not under the Company's control which may cause actual results, performance, and achievements of the Company to be materially different from the results, performance or expectations of the Company. These factors may include, but are not limited to those detailed in the Company's periodic filings with the Securities and Exchange Commission.