Niagara Corporation Announces Record Results for Second Quarter and Six Months
July 19 2004 - 9:14AM
PR Newswire (US)
Niagara Corporation Announces Record Results for Second Quarter and
Six Months NEW YORK, July 19 /PRNewswire-FirstCall/ -- Niagara
Corporation (OTC: NIAG.PK) announced today record results for the
second quarter and six months ended June 30, 2004. In the second
quarter, sales increased to $106.9 million from $73.0 million in
the comparable quarter in 2003. Net income for the quarter
increased to $5,564,000 from $568,000, and earnings per share
increased to $ .68 from $ .07 for the second quarter of 2003.
Comparing the six months ended June 30, 2004 and 2003, sales
increased to $206.1 million from $152.8 million, net income
increased to $8,372,000 from $1,992,000, and net income per share
increased to $ 1.02 from $ .24 for the first six months of 2003.
The second quarter results were achieved after giving affect to a
LIFO charge of approximately $ 3.4 million. In commenting on these
results, Michael Scharf, Chairman and CEO of Niagara, stated:
"Niagara Corporation's results for the second quarter and first six
months of 2004 were outstanding. Sales, profit margins, net income
and tons shipped for our U.S. operations improved significantly
when compared to the same periods last year. The manufacturing
sector continued to strengthen, and our U.S. operations were able
to benefit from strong demand, price increases and appropriate
inventories to satisfy customer needs. Our U.K. operations
benefited from price increases, increased demand from Western
Europe, and continued cost reductions. In both the U.S. and U.K.
operations, we also benefited from the tight supply situation
created by soaring demand for steel and other raw materials by
China in order to support its infrastructure and manufacturing
needs. I am also pleased to report that during the first six months
of 2004, Niagara was able to reduce long-term debt by $16.8 million
compared to $7.3 million in the first six months of 2003. While I
believe that the tight supply and strong demand conditions for our
products may moderate in the coming months, I remain fairly
confident that strong results will continue for the balance of the
year." Niagara Corporation Selected Financial Data Quarter Ended
Quarter Ended June 30, 2003 June 30, 2004 Revenues $ 73,003,000 $
106,905,000 Net Income $ 568,000 $ 5,564,000 Share Earnings $ .07 $
.68 (basic and diluted) Average Shares 8,238,517 8,238,517 (basic
and diluted) Six Months Ended Six Months Ended June 30, 2003 June
30, 2004 Revenues $ 152,751,000 $ 206,140,000 Net Income $
1,992,000 $ 8,372,000 Share Earnings $ .24 $ 1.02 (basic and
diluted) Average Shares 8,238,517 8,238,517 (basic and diluted)
This release contains certain "forward-looking statements" made
pursuant to the "safe-harbor" provisions of the Private Securities
Litigation Reform Act of 1995. These statements involve known and
unknown risks, uncertainties and other factors, many of which are
beyond the control of the Company, that may cause the Company's
actual results to be materially different from those expressed or
implied by such statements. Such risks, uncertainties and other
factors include those described in the Company's Annual Report on
Form 10-K for the year ended December 31, 2003. The forward-looking
statements made herein are only made as of the date of this
release, and the Company undertakes no obligation to publicly
update such forward-looking statements to reflect subsequent events
or circumstances. DATASOURCE: Niagara Corporation CONTACT: Michael
Scharf, CEO, Niagara Corporation, +1-212-317-1000 Web site:
http://www.niag.com/
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