Noble International, Ltd. Reports Third Quarter Results
26 October 2000
Noble International, Ltd. Reports Third Quarter Results
DETROIT, Oct. 25 Noble International, Ltd.
today announced revenues and earnings from continuing operations for the three
months ended September 30, 2000. Proforma net income from continuing
operations of $.06 per share met the market's expectation.
Noble's revenue from continuing operations for the three month period
ended September 30, 2000, increased 27.5% to $26,320,000 from $20,645,000 in
the same period last year. Earnings Before Interest, Tax, Depreciation and
Amortization (EBITDA) from continuing operations was $3,450,000 compared to
$4,083,000 for the same period in 1999. Net earnings from continuing
operations before an extraordinary item in 2000 for the quarter was $421,000
or $.06 per fully diluted share, compared to $1,478,000 or $.21 per fully
diluted share for the same period in 1999.
Commenting on the Company's performance, David Harper, Chief Financial
Officer stated, "The Company's revenue and income from its Automotive and
Distribution operations was reduced slightly from the prior year due to
reduced automotive volumes as well as an extended shutdown at
DaimlerChrysler's Bramalea facility. Offsetting that decline was increased
revenue from the acquisition of Dedicated Services, Inc. ("DSI") and Assured
Transportation & Delivery, Inc. ("ATD"). However, DSI and ATD had a combined
loss for the quarter due to start up costs for new offices, training and
adjustments incurred with the change in ownership. In light of various
negative factors affecting the automotive industry, we are generally pleased
with the Third quarter results from our continuing metals and distribution
operations and we are pleased to have met the street's earnings expectation."
NOBLE INTERNATIONAL, LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS DATA
(In Thousands, except for per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
Net Sales $26,320 $20,645 $74,655 $62,962
Cost of goods sold 20,331 14,379 53,462 41,500
Gross Profit 5,989 6,266 21,193 21,462
Selling, general and
administrative
expenses 4,640 3,472 12,399 11,770
Operating income 1,349 2,794 8,794 9,692
Interest income -- 4 3 4
Interest (expense) (764) (500) (1,691) (1,366)
Sundry, net 153 12 136 170
(611) (484) (1,552) (1,192)
Earnings from continuing
operations before
income taxes and
extraordinary item 738 2,310 7,242 8,500
Earnings from continuing
operations before income
taxes & extraordinary
item 738 2,310 7,242 8,500
Income tax expense 305 820 2,762 3,125
Net earnings from
continuing operations
before extraordinary
item 433 1,490 4,480 5,375
Preferred stock dividends 12 12 39 47
Net earnings from
continuing operations on
common shares before
extraordinary item 421 1,478 4,441 5,328
Net earnings (loss) from
discontinued operations -- (215) (115) 1,036
Gain (loss) on sale of
discontinued operations
(less income tax of
$5,974 year to date and
a credit of $(688) for
the quarter) (1,158) -- 10,042 --
Net earnings (loss) before
extraordinary item $(737) $1,263 $14,368 $6,364
Extraordinary item - gain
(loss) from extinguishments
of debt (less income tax
of $156 year to date and
a credit of $(47) for the
quarter) 90 -- (304) --
Net earnings (loss) on
common shares $(647) $1,263 $14,064 $6,364
Basic earnings per common share:
Earnings per common from
continuing operations
before extraordinary
item $0.06 $0.21 $0.62 $0.75
Earnings per common
share - discontinued
operations $(0.15) $(0.03) $1.38 $0.14
Extraordinary item - gain
(loss) from
extinguishment of
debt $0.02 $-- $(0.04) $--
Earnings per
common share $(0.07) $0.18 $1.96 $0.89
Dividends declared $0.075 $-- $0.150 $--
Earnings per common share - assuming dilution:
Net earnings from continuing
operations and before
extraordinary item $421 $1,478 $4,441 $5,328
Proforma reduction in
interest on convertible
debentures - 245 - 402
Proforma net earnings
from continuing
operations before
extraordinary item 421 1,723 4,441 5,730
Net earnings from
discontinued operations -- (215) (115) 1,036
Gain (loss) on sale of
discontinued
operations (1,158) -- 10,042 --
Proforma net earnings before
extraordinary item (737) 1,508 14,368 6,766
Extraordinary item - gain
(loss) from extinguishments
of debt 90 -- (304) --
Proforma net earnings on
common shares assuming
dilution $(647) $1,508 $14,064 $6,766
Earnings per common share - assuming dilution:
Earnings per common from
continuing operations
before extraordinary
item $0.06 $0.20 $0.61 $0.70
Earnings per common share
- discontinued
operations $(0.16) $(0.04) $1.35 $0.12
Extraordinary item - gain
(loss) from
extinguishments
of debt $0.01 $-- $(0.04) $--
Earnings per
common share $(0.09) $0.16 $1.92 $0.82
Basic weighted average
common shares
outstanding 7,170,938 7,203,003 7,177,772 7,180,202
Diluted weighted
average common
shares and
equivalents 7,223,501 8,990,564 7,327,368 8,291,555
EBITDA from continuing
operations and before
extraordinary item $3,450 $4,083 $14,490 $14,249
NOBLE INTERNATIONAL, LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET DATA
(In Thousands)
Sept 30 Sept 30
2000 1999
Total assets (including
net assets of discontinued
operations of $65,921
in 1999) $143,492 $174,197
Working capital (deficiency) 25,178 73,912
Total Debt 69,905 117,296
Shareholders' equity 40,307 39,216