Raytech Corporation Announces 1999 Results
27 March 2000
Raytech Corporation Announces 1999 Results
SHELTON, Conn.--March 27, 2000--| - | Sales of $252 million, an increase of 1.8% over 1998 |
| - | Pretax income $26.5 million, an increase of 6.9% over 1998 |
| - | Diluted earnings per share $4.65, compared to $4.61 in the prior year |
| - | All manufacturing facilities are QS9000 or ISO 9001 certified |
| - | New product and new market sales of $12.6 million |
Raytech Corporation today reported record worldwide sales for the year ended January 2, 2000. The reported worldwide sales of $252 million exceeded 1998 sales of $247.5 million by $4.5 million or 1.8 percent.
The increased sales were driven by the introduction of new products and the penetration of new markets across the three segments of the Company, Wet Friction, Aftermarket and Dry Friction.
"1999 continued our worldwide sales growth for the ninth consecutive year. The introduction of new products and new markets provided new sales of $12.6 million in 1999, which is directly attributable to our strength in technology and the quality standards we adhere to in our manufacturing process," stated Albert A. Canosa, President and Chief Executive Officer of Raytech Corporation. "Our commitment to quality is evident in our attainment of Q1 status from the Ford Motor Company, the Partnership status from Deere & Company, and the fact that all of our manufacturing facilities are QS9000 and ISO 9001 certified," Canosa added.
Pretax income for the year-end January 2, 2000 was $26.5 million which exceeded the 1998 pretax earnings of $24.8 million by 6.9%. The increase in pretax earnings was driven by improved gross profit and reduced selling, general and administrative expenses.
Raytech Corporation is a global manufacturer of energy absorption and power transmission products, as well as custom engineered components.
The Company has been under the protection of the U.S. Bankruptcy Court relating to asbestos personal injury and environmental liabilities since March 1989. The ultimate liability of the Company with respect to asbestos-related, environmental or other claims cannot presently be determined.
(See attached financial statement)
RAYTECH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(000's omitted, except share data)
Comparative results for the quarter ended and full year are as
follows:
For the Quarter Ended
Jan. 2, 2000 Jan. 3, 1999
Net sales $ 56,317 $ 59,438
Net income $ 3,159 $ 3,133
Basic earnings per share:
Earnings per share $ .91 $ .92
Weighted average shares 3,476,464 3,421,395
Diluted earnings per share:
Earnings per share $ .89 $ .89
Weighted average shares 3,544,726 3,486,779
For the Year Ended
Jan. 2, 2000 Jan. 3, 1999
Net sales $251,966 $247,464
Net income $ 16,364 $ 16,357
Basic earnings per share:
Earnings per share $ 4.76 $ 4.81
Weighted average shares 3,439,017 3,402,019
Diluted earnings per share:
Earnings per share $ 4.65 $ 4.61
Weighted average shares 3,518,884 3,548,893