Shiloh Industries Reports First Quarter Results Record Revenues
28 February 2000
Shiloh Industries Reports First Quarter Results Record Revenues
CLEVELAND, Feb. 25 -- Shiloh Industries, Inc. ,
a leading supplier of blanks, stampings and processed steel to the automotive,
truck and other industries, posted record revenues for the first quarter of
fiscal year 2000.
For the first quarter of fiscal 2000, net income increased 103.9% to $4.1
million, or $0.30 per basic and diluted share, from $2.0 million, or $0.16 per
basic and diluted share, in the first quarter of fiscal 1999. Operating
income for the first quarter of fiscal 2000 increased by 84.7% to $8.6
million, from $4.7 million in the first quarter of 1999. Revenues for the
first quarter of fiscal 2000 increased 72.6% to $140.8 million, from $81.6
million in the comparable period of fiscal 1999.
The substantial revenue increase chiefly reflects the inclusion of MTD
Automotive, Inc. and the inclusion of Ohio Welded Blank in the first quarter
2000 results. MTD Automotive, Inc., a major supplier of high quality
engineered metal parts and components to the automotive sector, was acquired
on November 1, 1999, at the beginning of the current fiscal year. Ohio Welded
Blank, an expansion of Medina Blanking, is a state-of-the-art manufacturing
facility for tailor-welded blanks for the automotive sector. This facility
became operational in November 1999.
"The first quarter was exceptionally strong from a revenue standpoint. We
are seeing results from our new management team. We are generating additional
automotive business volume. And we are experiencing quality-process
improvements on a companywide basis from the new Shiloh Operating System,"
John F. Falcon, President and CEO, said.
Mr. Falcon noted that the company's new tailor-welded blanking plant in
Saltillo, Mexico is on schedule and anticipated to come online in the second
half of fiscal 2000. The Saltillo plant will principally manufacture
tailor-welded blanks for a variety of body and underbody parts principally for
a nearby General Motors Corporation plant.
Headquartered in Cleveland, Shiloh Industries is a leading supplier of
blanks, stampings and processed steel for the automotive, truck and other
industries. The company currently operates 11 subsidiaries in Ohio, Michigan
and Georgia and employs more than 3,000 people.
The forward-looking statements in this press release involve a number of
risks and uncertainties. Among the factors that could cause actual results to
differ materially are the following: a downturn in the automotive industry and
the general economy; competitive factors such as increases in the price of, or
limitations on the availability of steel; the ability of the Company to
successfully integrate the operations of MTD Automotive; the ability to
commence operations and minimize start-up costs at new facilities, including
the Mexico facility; potential disruptions in operations due to, or during
facility expansions; delays in, or cancellations of, customer programs; the
risks and uncertainties related to commencing foreign operations; a labor
dispute involving Shiloh, its customers or suppliers; and other risks and
uncertainties that may be identified from time to time in the company's
reports to the Securities and Exchange Commission.
SHILOH INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except per share data)
(Unaudited)
Three months ended
January 31,
2000 1999
Revenues $140,827 $81,601
Costs of sales 120,607 69,204
Gross profit 20,220 12,397
Selling, general and administrative
expenses 11,573 7,714
Operating income 8,647 4,683
Interest expense 3,477 1,697
Interest income 38 56
Minority interest --- 222
Other income, net 1,470 38
Income before income taxes 6,678 3,302
Provision for income taxes 2,538 1,271
Net income $4,140 $2,031
Earnings per share:
Basic earnings per share $.30 $.16
Basic weighted average number of common
shares: 13,973 13,081
Diluted earnings per share $.30 $.16
Diluted weighted average number of
common shares: 13,976 13,093
SHILOH INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
January 31, October 31,
2000 1999
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $219 $1,576
Accounts receivable 99,613 79,670
Inventory 84,967 47,119
Deferred income taxes --- 1,581
Prepaid expenses 6,615 5,758
Total current assets 191,414 135,704
Property, plant and equipment net 282,568 269,627
Goodwill and other intangible assets, net 10,939 11,647
Other assets 7,556 8,742
Total assets $492,477 $425,720
Liabilities and Stockholders' Equity
Current liabilities:
Accounts Payable $81,500 $38,677
Accrued income taxes 3,848 1,294
Deferred income taxes 4,766 ---
Advanced billings 1,710 225
Other accrued expenses 13,784 10,196
Total current liabilities 105,608 50,392
Long-term debt 175,400 171,450
Deferred income taxes 15,961 22,309
Long-term pension liability 1,010 2,991
Other liabilities 2,581 450
Total liabilities 300,560 247,592
Stockholders' equity:
Common stock 145 131
Paid-in capital 49,034 39,400
Retained earnings 142,738 138,597
Total stockholders' equity 191,917 178,128
Total liabilities and
stockholders' equity $492,777 $425,720