Dixon Ticonderoga Reports Strong Second Quarter Results HEATHROW,
Fla., May 13 /PRNewswire-FirstCall/ -- Dixon Ticonderoga Company
today announced pro forma net income from continuing operations for
its second quarter ended March 31, 2004 of $542,144 or $0.17 per
basic and diluted share, compared with pro forma net income from
continuing operations of $300,936 or $0.09 per basic and diluted
share in the prior year quarter. Including the fiscal 2004 effects
of investment banking and related costs, as well as valuation
allowances for U.S. deferred tax assets, the company reported net
income of $26,433 or $0.01 per share. This compares with a net loss
of ($106,316) or ($0.03) per share in the prior year after the
fiscal 2003 effects of restructuring and related costs and
discontinued operations. Second quarter revenues rose slightly to
$18,950,950 from $18,892,890 last year. Weighted average shares
outstanding during the quarter were 3,202,149 (basic) and 3,227,176
(diluted) compared with 3,192,832 (basic and diluted) a year ago.
For the first six months of fiscal 2004, the Company reported that
its pro forma net loss from continuing operations decreased to
($193,933), or ($0.06) per basic and diluted share from ($455,888)
or ($0.14) per basic and diluted share in the prior year period.
Including the fiscal 2004 effects of investment banking and related
costs, and valuation allowances for U.S. deferred tax assets, net
loss in the current year was ($853,188) or ($0.27) per share. This
compares with a net loss of ($1,038,846) or ($0.33) per share in
the 2003 period after the effects of debt refinancing costs,
restructuring costs, other income and results of discontinued
operations. Revenues in the first six months of fiscal 2004 were
$34,429,570, compared with $34,762,680 a year ago. Average shares
outstanding during the period were 3,202,149, compared with a
3,192,832 last year. Commenting on the first six months results,
Chairman and Co-Chief Executive Officer Gino N. Pala said, "We are
extremely pleased with the strong continued improvement of our
consumer products business, particularly in the U.S., reflecting
the benefits of our consolidation and cost reduction efforts over
the past several years. Our company's pro forma net income from
continuing operations in the second fiscal quarter and year-to-date
has improved by $1 million over the past two years. As this period
traditionally represents our most difficult quarters, we are
encouraged that this trend of improvement will continue as we head
into our back-to-school season." Dixon Ticonderoga Company, with
operations dating back to 1795, is one of the oldest publicly held
companies in the U.S. Its consumer group manufactures and markets a
wide range of writing instruments, art materials and office
supplies, including the well-known Ticonderoga(R), Prang(R) and
Dixon(R) brands. Headquartered in Heathrow, Florida, Dixon
Ticonderoga employs approximately 1,600 people at 8 facilities in
the U.S., Canada, Mexico and the U.K. The company has been listed
on the American Stock Exchange since 1988 under the symbol DXT.
Forward-Looking Statements Any "forward-looking" statements in this
press release (including, among others, management's belief that
its operating performance will continue to improve during the
remainder of the fiscal year) involve known and unknown risks,
uncertainties and other factors that could cause the actual results
to differ materially from those expressed or implied by such
forward-looking statements. Such risks include (but are not limited
to) difficulties encountered with the company's plant consolidation
and cost reduction programs; manufacturing inefficiencies;
increased competition; reduced revenues; U.S. and foreign economic
factors; interest rate fluctuation risk; and foreign currency
exchange risk, among others. DIXON TICONDEROGA COMPANY - - -
EARNINGS HIGHLIGHTS Three Months Ended Six Months Ended March 31,
March 31, 2004 2003 2004 2003 Revenues $18,950,950 $18,892,890
$34,429,570 $34,762,680 Operating Income (Loss) $1,160,920 $863,105
$865,488 $(151,809) Other Income, Net -- -- -- 440,820 Interest
Expense (832,917) (857,847) (1,607,005) (1,662,074) Income Tax
(Expense) Benefit (285,479) 155,983 (104,740) 592,536 Minority
Interest (16,091) (16,119) (6,931) (6,881) Income (Loss) From
Continuing Operations 26,433 145,122 (853,188) (787,408) Income
(Loss) From Discontinued Operations -- (251,438) -- (251,438) Net
Income (Loss) $26,433 $(106,316) $(853,188) $(1,038,846) Earnings
(Loss) Per Share (Basic and Diluted): Continuing Operations $0.01
$0.05 $(0.27) $(0.25) Discontinued Operations -- (0.08) -- (0.08)
Net Income (Loss) $0.01 $(0.03) $(0.27) $(0.33) Weighted Average
Shares - Basic 3,202,149 3,192,832 3,202,149 3,192,832 Weighted
Average Shares - Diluted 3,227,176 3,192,832 3,202,149 3,192,832
Reconciliation of Income (Loss) From Continuing Operations To Pro
Forma Net Income (Loss) From Continuing Operations Three Months
Ended Six Months Ended March 31, March 31, 2004 2003 2004 2003
Income (Loss) From Continuing Operations $26,433 $145,122
$(853,188) $(787,408) Debt Refinancing Costs, Net of Income Taxes
-- -- -- 424,770 Restructuring and Related Costs, Net of Income
Taxes -- 155,814 -- 206,508 Other Income, Net of Income Taxes (1)
-- -- -- (299,758) Investment Banking and Related Costs, Net of
Income Taxes 224,605 -- 224,605 -- Valuation Allowances for U.S.
Deferred Tax Assets (2) 291,106 -- 434,650 -- Pro Forma Net Income
(Loss) from Continuing Operations $542,144 $300,936 $(193,933)
$(455,888) Pro Forma Net Income (Loss) Per Share from Continuing
Operations $0.17 $0.09 $(0.06) $(0.14) (1) Other income in the 2003
period represents certain import duty rebates. (2) Beginning in the
fourth fiscal quarter of 2003, the Company has provided full
valuation allowances for any tax benefits generated in the U.S.
given the recent history of U.S. losses. In the comparable quarter,
tax benefits were recognized for such U.S. losses. DATASOURCE:
Dixon Ticonderoga Company CONTACT: Gino N. Pala, Chairman, Dixon
Ticonderoga, +1-407-829-9000 Web site:
http://www.dixonticonderoga.com/
Copyright
Dixon Ticonderoga (AMEX:DXT)
Gráfica de Acción Histórica
De Nov 2024 a Dic 2024
Dixon Ticonderoga (AMEX:DXT)
Gráfica de Acción Histórica
De Dic 2023 a Dic 2024