TB Wood's Reports Results for the First Quarter of 2004
April 28 2004 - 5:01PM
PR Newswire (US)
TB Wood's Reports Results for the First Quarter of 2004
CHAMBERSBURG, Pa., April 28 /PRNewswire-FirstCall/ -- TB Wood's
Corporation announced today that revenues for the first quarter
ended April 2, 2004, were $26.1 million, a 15.6% increase over the
same quarter in 2003, and a 5.3% increase over the preceding
quarter. Net income was $134 thousand, or $0.03 per share, for the
first quarter 2004, versus net income of $214 thousand, or $0.04
per share, for the first quarter of 2003. In the first quarter
2003, non-recurring savings benefited earnings by $682 thousand, or
$0.13 per share. James R. Swenson, Board member and Interim
President and CEO, said, "Revenues continued to improve in the
first quarter, offering further evidence that a recovery is
underway in our industrial markets. Year-over-year growth in the
first quarter of 17.0% and 13.5% in our Mechanical and Electronics
businesses, respectively, was encouraging. Our earnings were
negatively impacted in the quarter by record surges in the cost of
many raw materials, especially scrap metal and fuel. Price
increases to recover the cost increases have been implemented.
Bookings and shipments, particularly on the Mechanical side of our
business, continue at a strong pace in April, and TB Wood's is
poised to take advantage of the rebound in the industrial sector of
the economy." TB Wood's (http://www.tbwoods.com/) is an established
designer, manufacturer and marketer of electronic and mechanical
industrial power transmission products, which are sold to North
American and international manufacturers and users of industrial
equipment. Headquartered in Chambersburg, Pennsylvania, the Company
operates production facilities in the United States, Mexico,
Germany, Italy and India. This press release contains statements
that are forward-looking within the meaning of applicable
securities laws. These statements include or imply projections of
future performance that are based upon the Company's expectations
and assumptions. These expectations and assumptions, as well as the
Company's future performance are subject to a number of risks and
uncertainties. Factors that could cause actual results to differ
from projected results are discussed in various of the Company's
documents filed with the SEC. TB Wood's Corporation and
Subsidiaries Condensed Consolidated Statements of Operations
(Unaudited) First Quarter Ended (in thousands of dollars, April 2,
March 28, except per share amounts) 2004 2003 Net Sales $26,081
$22,554 Cost of Sales 18,567 15,623 Gross profit 7,514 6,931
Selling, general and administrative expense 6,790 6,136 Operating
income 724 795 Other (income) expense: Interest expense and other
finance charges 369 217 Other, net -- (11) Other expense, net 369
206 Income before provision for income taxes 355 589 Provision for
income taxes 221 375 Net income $134 $214 Per share amounts - Basic
and Diluted: Basic net income per common share $0.03 $0.04 Diluted
net income per common share $0.03 $0.04 Basic weighted average
shares of common stock and equivalents outstanding 5,157 5,245
Diluted weighted average shares of common stock and equivalents
outstanding 5,167 5,245 The accompanying notes are an integral part
of these consolidated financial statements. Contact: Joseph C.
Horvath, Chief Financial Officer (717) 264-7161, Extension 4465
DATASOURCE: TB Wood's Corporation CONTACT: Joseph C. Horvath, Chief
Financial Officer, TB Wood's Corporation, +1-717-264-7161,
Extension 4465 Web site: http://www.tbwoods.com/
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