TB Wood's Reports Results for the Second Quarter of 2004
29 July 2004 - 9:00AM
PR Newswire (US)
TB Wood's Reports Results for the Second Quarter of 2004
CHAMBERSBURG, Pa., July 28 /PRNewswire-FirstCall/ -- TB Wood's
Corporation (NASDAQ:TBWC) announced today that revenues for the
second quarter ended July 2, 2004 were $25.5 million, a 1.4%
increase over the same quarter in 2003. Net income was $95
thousand, or $0.02 per share, for the second quarter 2004, versus
net income of $349 thousand, or $0.07 per share, for the second
quarter of 2003. For the year to date, revenues were $51.5 million,
an 8.1% increase over the first six months of 2003. Net income for
the first six months of 2004 was $229 thousand, or $0.04 per share,
compared to $563 thousand, or $0.11 per share for the first six
months of 2003. William T. Fejes, Jr., President and CEO, stated,
"We continue to see sales improvement with the second quarter
providing the third consecutive quarter of year-over-year growth.
Sales for the first half of 2004 were up over 8% year-over-year
with double-digit growth in our mechanical business. Growth in our
earnings is lagging due to unfavorable material costs, especially
in scrap metal, and the cost of consolidating our Trenton operation
into other existing facilities. Price increases to recover the
material costs increases were implemented midway through the
quarter and began to have a favorable impact in June. The Trenton
consolidation will continue to have an unfavorable impact in the
second half but positions us for strong earnings improvement
beginning late in the year. Overall the company is well positioned
to take advantage of the improved economic conditions in the
industrial sector and continue to improve its financial
performance." 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 and sales facilities in the United States,
Canada, 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) Second Quarter Ended Six Months Ended (in
thousands of dollars, July 2, June 27, July 2, June 27, except per
share amounts) 2004 2003 2004 2003 Net Sales $25,459 $25,103
$51,540 $47,657 Cost of Sales 17,211 17,081 35,778 32,704 Gross
profit 8,248 8,022 15,762 14,953 Selling, general and
administrative expense 7,600 7,366 14,390 13,503 Operating income
648 656 1,372 1,450 Other (income) expense: Interest expense and
other finance charges 378 231 747 448 Other (income) expense, net
-- (158) -- (170) Other expense, net 378 73 747 278 Income before
provision for income taxes 270 583 625 1,172 Provision for income
taxes 175 234 396 609 Net income $95 $349 $229 $563 Per share
amounts - Basic and Diluted: Basic net income per common share
$0.02 $0.7 $0.04 $0.11 Diluted net income per common share $0.02
$0.7 $0.04 $0.11 Basic weighted average shares of common stock and
equivalents outstanding 5,161 5,176 5,161 5,176 Diluted weighted
average shares of common and equivalents outstanding 5,165 5,176
5,165 5,176 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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