Lindberg Corporation Reports Q1 Earnings of $1.7 Million
27 April 2000
Lindberg Corporation Reports Q1 Earnings of $1.7 Million
Company Sees Improvements in Oil-field Machinery, Commercial Aerospace
Business
ROSEMONT, Ill., April 27 Lindberg Corporation
(Nasdaq: LIND) today announced first quarter 2000 net earnings of
$1.7 million, or 30 cents per diluted share, compared with $2.5 million, or
42 cents per diluted share, a year earlier. For the quarter ended
March 31, 2000, net sales were $30.2 million, compared with $32.1 million
reported in the prior-year quarter.
"While our results were lower than those of a year ago, they were slightly
better than expected due to improvements in our oil-field machinery and
commercial aerospace related business," said Leo G. Thompson, President and
Chief Executive Officer. "Although these markets remain softer than a year
ago, we anticipate continued gains in sales with customers serving the
oil-field machinery market and are seeing signs of modest improvement in the
aerospace market."
Thompson noted that sales improved over the last two quarters of 1999,
which totaled $29.0 million in the third quarter and $27.7 million in the
fourth.
Lindberg Corporation is the largest commercial heat treater in North
America, serving customers in the metalworking industries. The company has
operations in major industrial centers throughout the United States and in
Mexico.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: Statements contained in this release that are not based on historical
facts are forward-looking statements subject to uncertainties and risks
including, but not limited to, product and service demand and acceptance;
economic conditions; the impact of competition and pricing; capacity and
supply constraints or difficulties; results of financing and acquisition
efforts; regulatory and other legal issues; and other risks detailed in the
company's Securities and Exchange Commission filings.
LINDBERG CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
(in thousands, except per share data)
Three Months Ended March 31,
2000 1999
Net Sales $30,223 $32,141
Cost of Sales (21,929) (22,365)
Gross Profit 8,294 9,776
Selling and Administrative Expenses (4,924) (5,018)
Operating Earnings 3,370 4,758
Interest Expense (Net) (667) (530)
Investment Earnings 118 --
Earnings Before Income Taxes 2,821 4,228
Provision for Income Taxes (1,128) (1,730)
Net Earnings $1,693 $2,498
Basic Net Earnings Per Share $0.30 $0.42
Weighted Average Shares Outstanding 5,661 5,889
Diluted Net Earnings Per Share $0.30 $0.42
Weighted Average Shares Outstanding and
Equivalents 5,683 5,970
CONSOLIDATED BALANCE SHEETS
(in thousands)
March 31, 2000 Dec. 31, 1999
(Unaudited)
ASSETS
Current Assets:
Cash $216 $273
Receivables (Net) 19,112 17,492
Prepaid Expenses and Other Current Assets 4,193 5,003
Total Current Assets 23,521 22,768
Property and Equipment (Net) 71,110 71,362
Goodwill 32,435 32,718
Other Non-Current Assets 5,166 5,163
Total Assets $132,232 $132,011
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current Maturities on Long-Term Debt $2,047 $2,047
Accounts Payable 3,341 2,760
Accrued Expenses 6,447 7,048
Total Current Liabilities 11,835 11,855
Deferred Income Taxes 14,119 14,059
Long-Term Debt (Less Current Maturities) 40,324 41,338
Other Non-Current Liabilities 4,969 5,018
Stockholders' Equity 60,985 59,741
Total Liabilities and Stockholders' Equity $132,232 $132,011