Starcraft Continues Strong Financial Gains in Second Quarter
1 May 2000
Starcraft Continues Strong Financial Gains in Second Quarter; Revenues Double: Net Income $1.8 Million Versus $122,000
GOSHEN, Ind.--April 28, 2000--Starcraft Corporation (Nasdaq:STCR) today announced second quarter results for the quarter ended April 2, 2000.Sales were up sharply in the second quarter at $36.4 million, almost double last year's second quarter sales of $18.6 million. Net income for the quarter was $1.8 million, or $.0.42 per basic share, $0.37 per diluted share, compared to $122,000, or $0.03 for basic and diluted share for the same period last year.
For the first half of fiscal 2000, revenues were $72.5 million, compared to $30.8 million for the same period last year. Net income was $2.8 million, or $0.67 per basic share and $0.59 per diluted share, compared to a ($1.7) million loss or a loss of ($0.41) per basic and diluted share.
"Our revenues and earnings continue to grow dramatically as we implement our strategy to move into higher margin businesses and streamline our traditional vehicle conversion business," said Kelly L. Rose, Chairman of the Board and Chief Executive Officer. "We are committed to remain focused on diversifying our businesses with the overall objective to increase profitability and enhance shareholder value."
Michael H. Schoeffler, President and Chief Operating Officer points out, "We continued to see strong performance from Tecstar as we expand our OEM Automotive Supply business. For the first six months, revenues were up 9 percent in our vehicle conversion business as we continue to increase our market share through additional distributors and our reputation for quality conversion vehicles. Looking ahead, we are confident that fiscal 2000 will continue to be a strong year for the Company."
Starcraft Corporation is a leading manufacturer of second stage vehicle conversions and a supplier to the Original Equipment Manufacturers (OEMs).
For additional information contact Michael H. Schoeffler, Starcraft Corporation at (219) 533-1105, ext. 257.
This news release contains forward-looking statements regarding financial capabilities, profitability and other matters. Investors are cautioned that actual results may differ materially from such forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, level of customer demand, competitive pressures and other important factors detailed in the Company's annual report on Form 10-K for fiscal year 1999 filed with the Securities and Exchange Commission.
STARCRAFT CORPORATION
FINANCIAL RESULTS
SECOND QUARTER FISCAL YEAR 2000
Dollars in Thousands, except EPS
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3 Months Ended 6 Months Ended
Statement of Operations April 2, March 28, April 2, March 28,
(unaudited): 2000 1999 2000 1999
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Net Sales:
Domestic $ 30,985 $ 14,793 $ 64,995 $ 26,124
Export 5,370 3,846 7,553 4,649
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36,355 18,639 72,548 30,773
Cost of Goods Sold 28,895 15,241 57,582 26,417
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Gross Profit 7,460 3,398 14,966 4,356
Selling and
Promotion Expenses 1,334 1,077 2,420 1,953
General and
Administrative Expenses 2,206 1,904 4,270 3,550
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Operating Income (Loss) 3,920 417 8,276 (1,147)
Nonoperating (Expense) Income:
Interest, Net (386) (323) (766) (610)
Other, Net (62) 28 (31) 59
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(448) (295) (797) (551)
Income (Loss) Before
Minority Interest
and Income Taxes 3,472 122 7,479 (1,698)
Minority Interest in
Income of Subsidiary 1,488 0 4,253 0
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Income (Loss) Before
Income Taxes 1,984 122 3,226 (1,698)
Income Taxes 215 0 403 0
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NET INCOME (LOSS) $ 1,769 $ 122 $ 2,823 ($ 1,698)
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Earnings (Loss) Per Share $ 0.42 $ 0.03 $ 0.67 ($ 0.41)
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Earnings (Loss) Per
Share Assuming Dilution $ 0.37 $ 0.03 $ 0.59 ($ 0.41)(a)
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Weighted Average
Number of Common Shares
Outstanding 4,205 4,147 4,196 4,142
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(a) Does not reflect effect of employee stock options and warrants
since the effect is antidilutive.
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April 2, October 3,
Balance Sheets: 2000 1999
(Unaudited) (Audited)
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Current Assets:
Cash $ 724 $ 600
Accounts Receivables 24,315 17,076
Inventories 16,465 16,377
Prepaid Expenses 395 530
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Total Current Assets 41,899 34,583
Property and Equipment 7,308 7,864
Goodwill 1,209 1,258
Other Assets 116 76
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$50,532 $43,781
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April 2, October 3,
2000 1999
(Unaudited) (Audited)
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Current Liabilities:
Current Maturity of LTD $ 1,057 $ 1,057
Accounts Payable, Trade 21,401 18,496
Accrued Expenses 5,270 4,838
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Total Current Liabilities 27,728 24,391
Long-Term Debt 13,715 13,506
Minority Interest in Equity 1,952 1,698
of Subsidiary
Shareholders' Equity 7,137 4,186
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$50,532 $43,781
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