TB Wood's Reports Results for the Fourth Quarter of 2003
11 February 2004 - 12:00PM
PR Newswire (US)
TB Wood's Reports Results for the Fourth Quarter of 2003
CHAMBERSBURG, Pa., Feb. 10 /PRNewswire-FirstCall/ -- TB Wood's
Corporation announced today that revenues for the fourth quarter
ended January 2, 2004, were $25.66 million, a 5.3% increase from
$24.28 million for the prior year's fourth quarter, and a 10.8%
increase over the revenue level for the preceding quarter. Net loss
was $(0.98) million, or $(0.19) per share for the fourth quarter
2003 versus $0.43 million net income, or $0.08 per share for the
fourth quarter of 2002. During the fourth quarter of 2003, the
Company recognized charges of $0.78 million associated with the
retirement and separation of its former President, $0.52 million to
record credit losses related to business operations in Mexico, and
$0.34 million of non-cash charges to write-off certain technology
investments made by the Company's electronics business. For the
year 2003, revenues were $96.41 million, 7.6% lower than the
$104.38 million for the same period of 2002. Net loss for 2003 was
$(0.36) million, or $(0.07) per diluted share, compared to a net
loss of $(1.05) million or $(0.20) per diluted share for fiscal
2002. Net loss in 2002 reflected a $2.85 million charge, net of tax
as the cumulative effect of a change in accounting principle for
impairment of goodwill associated with the Company's North American
electronics business related to the Company's adoption of SFAS 142
during the first quarter of 2002. James R. Swenson, Board member
and Interim President and CEO, said, "In the fourth quarter and
continuing through January, we've seen increasing evidence that our
markets are recovering. Year-over-year growth in the last quarter
of 6.4% and 4.4% for our Mechanical and Electronics businesses
respectively marked the first time in 2003 that we'd seen a
quarterly sales improvement. With our markets firming up, our one
time charges behind us and changes in place to improve performance
in our Mexico operations, we're cautiously optimistic about 2004."
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 Condensed Consolidated
Statements of Income (in thousands, except per share amounts)
Unaudited Unaudited Fourth Quarter Ended Year to date Jan 2, Dec
27, Jan 2, Dec 27, 2004 2002 2004 2002 Net Sales $25,657 $24,284
$96,415 $104,383 Cost of Sales 18,347 16,542 67,018 71,238 Gross
profit 7,310 7,742 29,397 33,145 Selling, General, and
administrative expenses 8,309 6,876 28,635 29,178 Operating profit,
before minority interest (999) 866 762 3,967 Minority interest in
income (2) (1) -- (151) Operating (loss) income (1,001) 865 762
3,816 Interest expense and other finance charges (272) (201) (952)
(861) Other, net (19) (140) 148 (39) Other income, (expense), net
(291) (341) (804) (900) (Loss) income before provision for income
taxes and cumulative effect of change in accounting principle
(1,292) 524 (42) 2,916 (Provision) Benefit for income taxes 313
(92) (318) (1,120) (Loss) income before cumulative effect of change
in accounting principle (979) 432 (360) 1,796 Cumulative effect of
change in accounting principle, net of income tax -- -- -- (2,846)
Basic and Diluted Income before cumulative effect of change in
accounting principle per common share $(0.19) $0.08 $(0.07) $0.34
Basic and Diluted Income effect of change in accounting principle
per common share -- -- -- (0.54) Basic and Diluted Net (loss)
income after cumulative effect of accounting principle per common
share $(0.19) $0.08 $(0.07) $(0.20) Basic and Diluted Weighted
average shares of common stock and equivalents outstanding 5,161
5,239 5,184 5,232 Contact: Joseph C. Horvath Chief Financial
Officer (717) 264-7161, Extention 4465 DATASOURCE: TB Wood's
Corporation CONTACT: Joseph C. Horvath, Chief Financial Officer of
TB Wood's Corporation, +1-717-264-7161, ext. 4465 Website:
http://www.tbwoods.com/
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