Collins Posts Record First Quarter Pretax Earnings on 30% Higher Sales
23 February 2000
Collins Posts Record First Quarter Pretax Earnings on 30% Higher Sales
HUTCHINSON, Kan., Feb. 22 -- Collins Industries, Inc.
reported a 50% increase in net earnings and a 30% increase in
sales for the first fiscal quarter ended January 31, 2000 compared to the
prior year.
Net income for the quarter ended January 31, 2000 was $1,003,261 ($.13 per
share-diluted) compared to $670,848 ($.09 per share-diluted) for the same
period for 1999. The Company's profit improvement was principally
attributable to stronger operating results from terminal truck and ambulance
products.
Sales for the three months ended January 31, 2000 increased to $49,713,255
compared to $38,174,032 for the same period last year. This increase was
principally due to stronger ambulance and terminal truck sales.
The Company's sales backlog increased to $63.4 million at January 31, 2000
compared to $59.6 million at October 31, 1999 and $57.4 million at January 31,
1999.
Donald Lynn Collins, President and CEO said, "Our first quarter sales and
inbound orders were strong, especially in ambulance and terminal truck
products." He added, "We are pleased with our top and bottom line
improvements over 1999 and remain optimistic about the balance of fiscal
2000."
Collins Industries, Inc. is a leading manufacturer of ambulances, small
school buses, commercial buses and terminal trucks. The Company sells its
products throughout the United States and to a lesser extent, abroad.
This press release contains historical and forward-looking information.
The forward-looking statements are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. The Company believes
the assumptions underlying these forward-looking statements are reasonable;
however, any of the assumptions could be inaccurate, and therefore, actual
results may differ materially from those projected in the forward-looking
statements due to certain risks and uncertainties, including, but not limited
to, changes in product demand, the availability of vehicle chassis, adequate
direct labor pools, changes in competition, interest rate fluctuations,
development of new products, various inventory risks due to changes in market
conditions, changes in tax and other governmental rules and regulations
applicable to the Company, substantial dependence on third parties for product
quality, reliability and timely fulfillment of orders, year 2000 compliance
issues and other risks indicated in the Company's filings with the Securities
and Exchange Commission. The Company undertakes no obligation to publicly
release any revisions to any forward-looking statements contained herein to
reflect events or circumstances occurring after the date released or to
reflect the occurrence of unanticipated events.
COLLINS INDUSTRIES, INC.
Financial Summary
(In thousands of dollars, except share and per share amounts)
(Unaudited)
Three Months Ended
January 31,
2000 1999
Sales $49,713 $38,174
Income before Income Taxes $1,558 $1,065
Income Tax Expense $555 $394
Net Income $1,003 $671
Earnings per Share:
Basic $0.14 $0.09
Diluted $0.13 $0.09
Weighted Average Outstanding Common
and Common Equivalent Shares:
Basic 7,212,406 7,420,974
Diluted 7,538,214 7,468,975