Replacement re final results
30 June 2003 - 10:20PM
UK Regulatory
RNS Number:9442M
Coral Products PLC
30 June 2003
The following replaces the preliminary results announcement released today under
RNS Number 9131M. The dividend is recommended by the directors to be payable on
24 September 2003 to all shareholders on the register on 29 August 2003, and not
as previously stated in the Chairman's statement. All other details remain
unchanged. A full amended version appears below:
CORAL PRODUCTS PLC
2003 Preliminary Results
Coral Products plc, one of Europe's leading manufacturers and suppliers of media
packaging for Digital Versatile Disc (DVD), Video and CD, announces its final
results for year ended 30 April 2003.
Commenting upon the Company's trading Sir David Rowe-Ham Chairman of Coral said:
"Turnover for the year reflected the continuing demand for media packaging
products. Volume demand for video boxes remained strong whilst DVD case sales
improved significantly in line with growing support for this leisure and
commercial product "
Summary Results (unaudited)
Year ended Year
30 April ended
2003 30 April
2002 % change
Turnover #20.0m #16.4m +22 %
Pre-tax profits #2.0m #1.2m +62 %
Fully diluted earnings per share 6.89p 4.03p +71 %
Total dividend 3.35p 3.35p same
*Further growth in DVD sales as the market expands and advances strongly.
*Two further DVD lines have been installed and an additional line is being
introduced this year.
*A new range of photo-finishing boxes has commenced and is running
satisfactorily.
*Cash flow and balance sheet remain strong as the company continues to
invest in developing and maintaining its position.
Regarding prospects for the current year, Sir David added:
"Trading in the new financial year has started slowly, however we are confident
in the year ahead of maintaining and improving our position as a market leader
in the media packaging industry."
Enquiries:
Coral Products plc Tel: 01942 272 882
Warren Ferster, Managing Director Mobile: 07785 223039
Stephen Fletcher, Finance Director Mobile: 0777 1603 985
Williams de Broe plc Tel: 020 7588 7511
David Lawman Tel: 020 7898 2303
CHAIRMAN'S STATEMENT
Turnover for the year ended 30 April 2003 amounted to #20.0 million compared
with #16.4 million last year and profit before tax for the same period was #2.0
million compared with #1.2 million, an increase of 62%. Diluted earnings per
share totalled 6.89p (2002: 4.03p), an increase of 71%, with shareholders' funds
at 30 April 2003 increasing to #10.8 million (2002: #10.3 million), namely 53p
per share (2002: 50p).
Dividend
Your directors are recommending a maintained final dividend of 2.3p per ordinary
share (2002: 2.3p) to be paid on 24 September 2003 to all shareholders on the
register on 29 August 2003. This, together with the interim dividend of 1.05p
per ordinary share already paid, makes a total dividend for the year of 3.35p
(2002: 3.35p). During the year 400,000 1p ordinary shares were bought back by
the company reducing the share capital to a net figure of 20,299,125 shares
(2002: 20,562,781 shares).
Trading
These results have been enhanced by an increased turnover for the year
reflecting the continuing demand for our media packaging products,
notwithstanding the reduced sales of CD cases. Volume demand for video boxes
remained strong whilst DVD case sales improved significantly in line with the
growing support for this leisure and commercial product.
Prospects
Trading in the new financial year has started slowly, however we are confident
in the year ahead of maintaining and improving our position as a market leader
in our sector of the media packaging industry.
Both cash flow and the balance sheet remain strong as we continue to invest in
developing and maintaining our productive capacity.
Sir David Rowe-Ham
Chairman
30 June 2003
MANAGING DIRECTOR'S REVIEW OF OPERATIONS
The year to April 2003 showed a considerable improvement in trading. Overall
turnover increased by 22% to #20 million and this led to a 62% increase in
trading profit to #2 million.
Our turnover was mainly related to media packaging products with the addition
this year of a range of photo-finishing boxes.
Whilst demand for video boxes continued to provide the core business, there has
been a marked switch of format to DVD and our high capital investment in
increasing production lines has enabled us to take full advantage of this move.
DVD sales, which have increased by 150% in the past twelve months, now represent
25% of our total sales and this is expected to increase.
CD case sales disappoint in line with overall market trends in the music
industry, and whilst they still represent a substantial part of our turnover,
their net contribution is below expectation.
As stated previously the production of photo-finishing boxes has made a positive
contribution to sales and this business should increase during the current year.
Housewares sales were of negligible value during the year, but we continue to
maintain and service our customer base.
During the year we have invested in two new DVD case lines at a total cost of #2
million and a further amount of #1 million is currently being spent on the
installation of a further DVD case production line. This expenditure will enable
us to increase our manufacturing capacity of DVD cases by over 100%. Last year's
official European total DVD growth was 20% and DVD is now classed as the fastest
growing home entertainment product.
I am confident of continuing growth in DVD turnover in the coming year together
with strong demand for video boxes. The fulfilment of the photographic contract
is particularly pleasing bringing a diversification of our product range at a
time when I anticipate CD demand will remain depressed.
I must express my gratitude to all members of staff and management for their
hard work during the year ensuring we continue to perform at optimum levels in
what remains a highly competitive trading environment.
Warren Ferster
Managing Director
30 June 2003
On the 30th June 2003, the directors of Coral Products plc approved the
following statements of the unaudited preliminary results of the company for the
financial year ended 30 April 2003.
Profit and Loss Account
For the year ended 30 April 2003
2003 2002
(unaudited) (audited)
#'000 #'000
--------- -----------
Continuing operations
Turnover 20,004 16,371
Cost of sales (13,353) (10,976)
--------
--------
Gross Profit 6,651 5,395
Distribution costs (727) (628)
Administrative expenses (3,730) (3,307)
-------- --------
Operating profit 2,194 1,460
Interest receivable 2 4
Interest payable (194) (231)
-------- --------
Profit on ordinary activities before 2,002 1,233
taxation
Tax on profit on ordinary activities (586) (399)
-------- --------
Profit on ordinary activities after 1,416 834
taxation
Dividends (682) (690)
-------- --------
Retained profit for the financial year 734 144
-------- --------
Basic earnings per ordinary share 6.91p 4.04p
Diluted earnings per share 6.89p 4.03p
-------- --------
The Company has no recognised gains and losses other than the profits above and
therefore no separate statement of total recognised gains and losses has been
presented.
Reconciliation of Movements in Equity Shareholders' Funds
For the year ended 30 April 2003
2003 2002
(unaudited) (audited)
#'000 #'000
-------- --------
Profit for the financial year 1,416 834
Dividends (682) (690)
-------- --------
Net additions to equity shareholders' 734 144
funds
Proceeds of shares issued 39 -
Purchase of own shares (182) (26)
-------- --------
591 118
-------- --------
Equity shareholders' funds at beginning of 10,254 10,136
year
-------- --------
Equity shareholders' funds at end of the 10,845 10,254
year
-------- --------
Balance Sheet
At 30 April 2003
2003 2002
(unaudited) (audited)
#'000 #'000
--------- ---------
Fixed assets
Tangible assets 13,951 12,533
---------- ----------
Current assets
Stocks 2,258 2,048
Debtors 4,553 4,781
Cash at bank and in hand 433 84
---------- ----------
7,244 6,913
Creditors: amount falling due within one (7,365) (6,465)
year
---------- ----------
Net current (liabilities)/assets (121) 448
---------- ----------
Total assets less current liabilities 13,830 12,981
Creditors: amounts falling due after more (1,430) (1,345)
than one year
Provisions for liabilities and charges (1,555) (1,382)
---------- ----------
Net assets 10,845 10,254
---------- -----------
Capital and reserves
Called up share capital 203 205
Share premium account 4,534 4,497
Capital Redemption reserve 5 1
Profit and loss account 6,103 5,551
---------- ----------
Equity shareholders' funds 10,845 10,254
---------- ----------
Cash Flow Statement
For the year ended 30 April 2003
2003 2002
(unaudited) (audited)
#'000 #'000
--------- ---------
Net cash inflow from operating activities 5,256 2,915
--------- ---------
Return on investments and servicing of
finance
Interest received 2 4
Interest paid (69) (62)
Interest paid on finance leases (125) (173)
-------- ---------
(192) (231)
-------- ---------
Taxation (97) (349)
-------- ---------
Capital expenditure and financial
investment
Purchase of tangible fixed assets (3,392) (1,918)
Sale of tangible fixed assets 18 52
--------- ---------
(3,374) (1,866)
--------- ----------
Equity dividends paid (688) (692)
--------- ---------
Net cash inflow / (outflow) before 905 (223)
financing
--------- ---------
Financing
Issue of Share Capital 39 -
Repurchase of Share Capital (182) (26)
Repayments of principal under finance (1,731) (1,758)
leases
Proceeds of sale and leaseback 1,590 1,539
Repayment of loans (153) (248)
Proceeds of new loans - 286
--------- ---------
(437) (207)
--------- ---------
Increase / (decrease) in cash 468 (430)
--------- ---------
Other Financial Statements
For the year ended 30 April 2003
Reconciliation of Operating Profit to Net Cash Inflow from Operating
Activities
2003 2002
(unaudited) (audited)
#'000 #'000
--------- ---------
Operating Profit 2,194 1,460
Depreciation on tangible fixed assets 1,953 1,793
Loss on disposal of tangible fixed assets 3 14
Release of grant income (1) (1)
(Increase) in stocks (210) (155)
(Increase)/decrease in trade debtors (56) 493
Decrease in other debtors, prepayments and accrued 175 143
income
Increase/(decrease) in trade creditors 923 (1,032)
Increase in other taxation and social security 82 87
creditors
Increase in accruals and deferred income 86 86
Increase in other creditors 107 27
-------- --------
Net cash inflow from operating activities 5,256 2,915
-------- --------
Reconciliation of Net Cash Flow to Movement in Net Debt
2003 2002
(unaudited) (audited)
#'000 #'000
--------- ---------
Increase/(decrease) in cash in the 468 (430)
year
Net cash outflow from debt and lease 294 181
financing
-------- --------
Change in net debt resulting from 762 (249)
cashflows
-------- --------
Net debt at 1 May 2002 (3,284) (3,035)
---------- ----------
Net debt at 30 April 2003 (2,522) (3,284)
--------- ---------
Notes
1. Financial Statements
The preliminary results for the year ended 30 April 2003 are unaudited, with the
audit report on the full accounts yet to be signed.
The preliminary results for the year ended 30 April 2003 have been prepared on
the basis of accounting policies set out in the Report and Accounts for the year
ended 30 April 2002.
The comparative figures for the year ended 30 April 2002 do not constitute
statutory accounts. These figures have been extracted from the audited accounts
for that year which have been delivered to the Registrar of Companies and on
which the auditors issued an unqualified report which did not contain a
statement under either Section 237(2) or (3) of the Companies Act 1985.
The aforementioned financial information does not amount to full statutory
accounts within the meaning of Section 240 of the Companies Act 1985 (as
amended).
2. Dividends
A final dividend of 2.3p net is recommended by the directors to be payable on 24
September 2003 to all shareholders on the register on 29 August 2003.
3. Earnings per Ordinary Share
The calculation of earnings per share is based on the profit on ordinary
activities after taxation namely #1,416,000 (2002: #834,000) and on 20,498,000
(2002: 20,625,000) ordinary shares.
Diluted earnings per share is based on the same earnings and on the weighted
average number of ordinary shares of 20,542,000 (2002: 20,680,000).
4. Annual Report and Accounts
The Annual Report and Accounts will be posted to shareholders before 20 August
2003. Copies will be available by writing to the Company Secretary, Coral
Products plc, North Florida Rd, Haydock Industrial Estate, Haydock, Merseyside
WA11 9TP. (e-mail mail@coralproducts.com).
These Reports may also be downloaded or viewed through our web-site at
www.coralproducts.com.
5. Annual General Meeting
The Annual General Meeting will be held at the Midland Crowne Plaza Hotel,
Manchester, on Friday 19 September 2003 at 12.00 noon.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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