2QR Report
Letter to
Shareholders Statement of Earnings |
CONSOLIDATED STATEMENT OF EARNINGS
(In thousands, except per share data) |
Three Months Ended
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Six Months Ended
| | | | | 01/ 02/ 00 | | 12/ 27/ 98 | | | 01/ 02/ 00 | | 12/ 27/ 98 | | | |
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| | REVENUE: | | | | | | | | | | | | Net sales | $ | 152,244 | $ | 151,181 | | $ | 316,753 | $ | 299,720 | | | Other income, net | | 2,782 | | 350 | | | 7,610 | | 769 | | | |
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| | | | | 155,026 | | 151,531 | | | 324,363 | | 300,489 | | COST AND EXPENSES: | | | | | | | | | | | | Cost of goods sold | | 114,372 | | 133,119 | | | 235,734 | | 246,986 | | | Selling, general & administrative | | 35,377 | | 27,272 | | | 67,205 | | 55,446 | | | Amortization of goodwill | | 3,012 | | 1,360 | | | 6,108 | | 2,638 | | | Restructuring | | 3,040 | | — | | | 6,057 | | — | | | |
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| | | | | 155,801 | | 161,751 | | | 315,104 | | 305,070 | | | | | | | | | | | | | | Operating Income | | (775) | | (10,220) | | | 9,259 | | (4,581) | | | | | | | | Net interest expense | | (11,297) | | (7,294) | | | (22,771) | | (14,147) | | Investment income | | 1,998 | | (1,027) | | | 2,878 | | 834 | | Nonrecurring gain | | — | | — | | | 28,003 | | — | | | |
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| | Earnings (loss) from continuing operations before taxes | | (10,074) | | (18,541) | | | 17,369 | | (17,894) | | Income tax (provision) benefit | | 3,866 | | 6,724 | | | (5,266) | | 6,433 | | Equity in earnings (loss) of affiliates, net | | (872) | | 652 | | | (1,073) | | 1,689 | | Minority interest, net | | — | | 2,338 | | | — | | 2,135 | | | |
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| | Earnings (loss) from continuing operations | | (7,080) | | (8,827) | | | 11,030 | | (7,637) | | Gain (loss) on disposal of discontinued operations, net | | — | | (9,180) | | | — | | (9,180) | | | |
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| | Net Earnings (loss) | $ | (7,080) | $ | (18,007) | | $ | 11,030 | $ | (16,817) | | | |
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| | BASIC AND DILUTED EARNINGS PER SHARE: | | | | | | | | | | | Earnings (loss) from continuing operations | $ | (0.28) | $ | (0.40) | | $ | 0.44 | $ | (0.35) | | Gain (loss) on disposal of discontinued operations, net | | — | | (0.42) | | | — | | (0.41) | | | | | | | | | | | | | Net Earnings (loss) | $ | (0.28) | $ | (0.82) | | $ | 0.44 | $ | (0.76) | | | | | | | | | | Weighted average shares outstanding: | | | | | | | | | | | | Basic | | 24,889 | | 21,872 | | | 24,882 | | 22,129 | | | |
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| | | Diluted | | 24,889 | | 21,872 | | | 24,977 | | 22,129 | | | |
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| | SEGMENT RESULTS (In thousands) | | | | | | | | | | | | | | | | | | | Sales by Segment: | | | | | | | | | | | | Aerospace Fasteners | $ | 124,143 | $ | 102,764 | | $ | 258,563 | $ | 199,322 | | | Aerospace Distribution | | 28,101 | | 46,838 | | | 57,451 | | 97,366 | | | Corporate and Other | | — | | 1,579 | | | 739 | | 3,032 | | | |
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| | Total Sales | $ | 152,244 | $ | 151,181 | | $ | 316,753 | $ | 299,720 | | | |
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| | Operating Results by Segment: | | | | | | | | | | | | Aerospace Fasteners (a) | $ | 2,915 | $ | 10,647 | | $ | 11,790 | $ | 18,477 | | | Aerospace Distribution | | 2,082 | | (17,285) | | | 4,339 | | (15,567) | | | Corporate and Other | | (5,772) | | (3,582) | | | (6,870) | | (7,491) | | | |
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| | Operating Income (loss) | $ | (775) | $ | (10,220) | | $ | 9,259 | $ | (4,581) | | | |
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| | | | | | | | | | | | | | (a) - Includes restructuring charges of $3.0 million in the quarter ended October 3, 1999. |
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