Noble International, Ltd. Announces Record First Quarter Earnings of $1.66 Per Share
13 April 2000
Noble International, Ltd. Announces Record First Quarter Earnings of $1.66 Per ShareBLOOMFIELD HILLS, Mich., April 13 Noble International, Ltd. (Nasdaq: NOBL) today announced increased revenues and earnings for the three month period ended March 31, 2000. Noble's revenues for the three month period ended March 31, 2000, increased 19.4% to $25,064,000 from $20,990,000 in the same period last year. Net income from continuing operations for the quarter was $2,308,000 or $.32 per basic share and $.29 per fully diluted share in the first quarter of 2000, compared to $2,022,000 or $.28 per basic share and $.27 per fully diluted share for the same period in 1999. In addition, Noble recognized a net gain in the first quarter of 2000 of approximately $11,200,000 on the disposal of its discontinued plastics and coatings operations or $1.55 per basic share and $1.43 per fully diluted share. Noble also had a loss from discontinued operations of ($.02 per basic share or $.01 per fully diluted share) and an extraordinary loss from extinguishment of debt ($.06 per basic share or $.05 per fully diluted share). Inclusive of all income for the quarter, Noble earned $1.79 per basic share or $1.66 per fully diluted common share. EARNINGS PER COMMON SHARE ($000, except per share data) Actual Basic Fully diluted Continuing Operations $2,308 $0.32 $0.29 Discontinued Operations $(115) $(0.02) $(0.01) Sale of Discontinued Operations $11,200 Extraordinary Item - Debt Extinguishment $(394) $(0.06) $(0.05) Preferred Stock Dividends $(14) $1.55 $1.43 Net Earnings $12,985 $1.79 $1.66 Shares 7,234,051 7,858,882 Commenting on Noble's record earnings for the quarter, Daniel Sampson, Noble's Chief Financial Officer stated that, "Noble's earnings from operations were strong this past quarter and we have outstanding prospects for future internal growth. We continue to see growth in our core operation, the laser- welding of tailored blanks. Current quote activity of approximately $350 million is at historic levels. All of which is evidence that our technology is gaining recognition with the customer. In addition, the sale of Tiercon produced a significant gain for our shareholders. Given that Noble only owned this operation for approximately eighteen months, this sale evidences Noble's ability to create value." Noble International, Ltd. is a leading supplier of automotive parts, component assemblies and valued-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.