Noble International Reports Increased First Quarter Results
21 April 2000
Noble International Reports Increased First Quarter Results
BLOOMFIELD HILLS, Mich., April 19 Noble International,
Ltd. (Nasdaq: NOBL) today announced increased revenues and earnings from
continuing operations for the three months ended March 31, 2000.
Noble's revenue from continuing operations 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. Earnings Before Interest, Tax, Depreciation and
Amortization (EBITDA) from continuing operations was $5,944,000 compared to
$5,315,000 for the same period in 1999. Net income from continuing operations
and before an extraordinary item in 2000 for the quarter was $2,294,000 or
$.29 per fully diluted share in the first quarter of 2000, compared to
$2,005,000 or $.27 per fully diluted share for the same period in 1999. In
addition, Noble recognized a one-time gain from the sale of discontinued
operations of $11,200,000 or $1.43 per fully diluted share.
Commenting on the Company's performance, Robert J. Skandalaris, Chairman
and Chief Executive Officer stated, "We are pleased with the first quarter
results from our continuing metals and distribution operations. Our
continuing operations' EBITDA increase of 11.8% and net income increase of
14.4% compare quite favorably with our industry peers. In addition, our gain
of $11,200,000 on the sale of our discontinued plastics and coatings
operations significantly enhanced shareholder value. We look forward to
continued growth in earnings from our continuing operations."
Noble International, Ltd. is a leading Tier II full-service supplier of
automotive parts, component assemblies and value-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.
NOBLE INTERNATIONAL, LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS DATA
(In Thousands, except for per share amounts)
Three Months Ended
March 31,
2000 1999
Net Sales $25,064 $20,990
Cost of goods sold 17,013 13,274
Gross Profit 8,051 7,716
Selling, general and
administrative expenses 3,870 4,123
Operating income 4,181 3,593
Interest income 3 -
Interest (expense) (515) (532)
Sundry, net 10 190
(502) (342)
Earnings from continuing operations before
income taxes and extraordinary item 3,679 3,251
Earnings from continuing operations before
income taxes & extraordinary item 3,679 3,251
Income tax expense 1,371 1,229
Net earnings from continuing operations
before extraordinary item 2,308 2,022
Preferred stock dividends 14 17
Net earnings from continuing operations
on common shares before
extraordinary item 2,294 2,005
Net earnings (loss) from discontinued
operations (115) 805
Gain on sale of discontinued operations
(less income tax of $6,660) 11,200 -
Net earnings before extraordinary item $13,379 $2,810
Extraordinary item - loss from extinguishment
of debt (less income tax of $203) (394) -
Net earnings on common shares $12,985 $2,810
Basic earnings per common share:
Earnings per common from continuing
operations before extraordinary item $0.32 $0.28
Earnings (loss) per common share
from discontinued operations $(0.02) $0.11
Earnings per common share from sale
of discontinued operations $1.55 $ -
Extraordinary item - loss from
extinguishment of debt $(0.06) $ -
Earnings per common share $1.79 $0.39
Earnings per common share - assuming dilution:
Net earnings from continuing operations
and before extraordinary item $2,294 $2,005
Proforma reduction in interest on
convertible debentures 62 -
Proforma net earnings from continuing
operations before extraordinary item 2,356 2,005
Net earnings from discontinued operations (115) 805
Gain on sale of discontinued operations
(less income tax of $6,660) 11,200 -
Proforma net earnings before
extraordinary item 13,441 2,810
Extraordinary item - loss from
extinguishment of debt
(less income tax of $203) (394) -
Proforma net earnings on common shares
assuming dilution $13,047 $2,810
Earnings per common share - assuming dilution:
Earnings per common from continuing
operations before extraordinary item $0.29 $0.27
Earnings (loss) per common share from
discontinued operations $(0.01) $0.10
Earnings per common share from sale
of discontinued operations $1.43 $ -
Extraordinary item - loss from
extinguishment of debt $(0.05) $ -
Earnings per common share $1.66 $0.37
Basic weighted average common
shares outstanding 7,234,051 7,208,675
Diluted weighted average common
shares and equivalents 7,858,882 7,505,689
EBITDA from continuing operations
and before extraordinary item $5,944 $5,315
NOBLE INTERNATIONAL, LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET DATA
(In Thousands)
March 31, March 31,
2000 1999
Total assets (including net assets
of discontinued operations
of $53,272 in 1999) $111,399 $147,941
Working capital (deficiency) 6,058 53,457
Total Debt 36,581 94,191
Shareholders' equity 52,519 35,436