Bradley T Nielson, president and chief executive officer of MITY
Enterprises, Inc. (NASDAQ: MITY), today announced operating results
for the second quarter ended September 30, 2006. Net sales for the
second quarter totaled a record $15.8 million compared to $14.1
million a year ago, an increase of 12 percent. Net income was lower
by 8 percent at $1.3 million. Basic and diluted earnings per share
for the recent quarter were $0.38 and $0.37, compared to the
previous year�s second quarter basic and diluted earnings per share
of $0.35 and $0.34, an increase of 9 percent. Net sales for the six
months ended September 30, 2006 totaled $30.5 million compared to
$28.4 million a year ago, an increase of 7 percent. Net income was
$2.6 million versus $3.0 million for the comparable period a year
ago. Basic and diluted earnings per share for the six-month period
were $0.71 and $0.69, an increase of 0 and 1 percent over the
previous year�s six-month basic and diluted earnings per share of
$0.71 and $0.68, respectively. As compared to the second quarter of
fiscal 2006, the increase in net sales reflected growth of 22
percent in the healthcare seating unit as well as 11 percent growth
in the multipurpose room unit. International sales accounted for 17
percent of total sales. The increase in sales in the multipurpose
room unit during the quarter was primarily attributable to growth
in the government, hospitality, public assembly and recreation
markets. �We are pleased to once again report record sales,� said
Nielson. �Customer demand has been strong and, frankly, we have
struggled to keep up. During the quarter, we focused on increasing
capacities and reducing our backlog. Although lead times and
backlogs are still above normal levels, they have been reduced. We
are hopeful that we can achieve normal lead time and backlog levels
by the end of the December quarter.� Nielson continued, �Toward the
end of the quarter, we launched our new Magnattach� portable dance
floors. We are excited about this new product and are pleased with
the interest it has generated. We also continued our stock
repurchasing program, repurchasing 391,000 shares. This repurchase
necessitated the use of a credit line which ended the quarter at
$3.6 million. At our board of directors meeting this week, the
board decided to end the current stock repurchase plan and to leave
the remaining shares unpurchased.� �During the quarter, we faced
continued pressures on our material costs,� noted Paul R. Killpack,
chief financial officer. �These pressures along with higher labor
and overhead costs and lower manufacturing efficiencies affected
our gross margins. Still, we believe that strong sales growth will
continue and anticipate that sales will be up during the coming
quarter by as much as 10 percent as compared to last year�s
December quarter.� The Company will host a follow-up live broadcast
over the Internet to discuss the financial results at 4:30 p.m.
Eastern Time today. The live web simulcast of the conference call
will be available to the public online at www.mityinc.com or on
StreetEvent�s Individual Investor Center at www.streetevents.com.
Listeners are encouraged to log on five to ten minutes prior to the
start time to ensure participation from the beginning. A replay of
the broadcast will be available within approximately one hour for a
week following the call at the referenced websites. Copies of the
Company�s 10-Q and report for the fiscal 2007 second quarter will
be available online at www.mityinc.com. Founded in 1987, MITY
Enterprises, Inc. designs, manufactures and markets innovative
institutional furniture created to meet the efficiency needs of its
customers. MITY Enterprises focuses on providing premium quality
institutional furniture products to niche markets. The product
lines consist of multipurpose room furniture and healthcare
seating. MITY�s products are marketed under the Mity-Lite, Broda
and Versipanel tradenames. Headquartered in Utah, MITY Enterprises
serves national and international customers directly and through
distributors. For further information, visit MITY Enterprises
online at www.mityinc.com. This press release contains
forward-looking statements related to (i) customer demand, (ii) the
Company�s backlog and lead times,(iii) the Company�s future
prospects with Magnattach� portable dance floors, and (iv) the
Company�s anticipation of continued strong growth, including the
Company�s belief that sales for the third quarter will be as much
as 10 percent higher as compared to last year�s sales for the same
period. These statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that forward-looking statements inherently
involve risks and uncertainties that could cause actual results to
differ materially from those contemplated in the forward-looking
statements. Factors that could cause or contribute to such
differences include, but are not limited to (i) whether the steps
taken by the Company will be adequate to reduce backlog and lead
times, (ii) continued global economic uncertainty resulting from
terrorism threats, current world tensions and related U.S. military
actions and their potential impact on the Company�s operations;
(iii) whether the economy will continue to strengthen and whether
the Company�s market segments will continue to improve; (iv)
increased price and quality-based competitors, particularly in the
multipurpose room furniture segment; (v) lack of available capital
and other resources to develop or acquire and commercialize new
products, and (vi) all other risks and uncertainties outlined in
MITY Enterprises�s documents filed with the Securities and Exchange
Commission. All forward-looking statements and other information in
this press release are based upon information available as of the
date of this release. Such information may change or become invalid
after the date of this release, and by making these forward-looking
statements, MITY Enterprises undertakes no obligation to update
these statements after the date of this release, except as required
by law. MITY Enterprises, Inc. Unaudited Financial Highlights Three
Months Ended September 30, 2006� 2005� Net sales $15,781,000�
$14,053,000� Income from operations 1,988,000� 2,247,000� Pre-tax
income 2,022,000� 2,188,000� Net income 1,334,000� 1,445,000� Basic
earnings per share $0.38� $0.35� Weighted average number of common
shares�basic 3,496,505� 4,072,105� Diluted earnings per share
$0.37� $0.34� Weighted average common and common equivalent
shares-diluted 3,587,516� 4,220,247� Six Months Ended September 30,
2006� 2005� Net sales $30,483,000� $28,437,000� Income from
operations 3,910,000� 4,521,000� Pre-tax income 3,944,000�
4,568,000� Net income 2,603,000� 2,963,000� Basic earnings per
share $0.71� $0.71� Weighted average number of common shares�basic
3,682,299� 4,195,470� Diluted earnings per share $0.69� $0.68�
Weighted average common and common equivalent shares-diluted
3,789,905� 4,352,133� Bradley T Nielson, president and chief
executive officer of MITY Enterprises, Inc. (NASDAQ: MITY), today
announced operating results for the second quarter ended September
30, 2006. Net sales for the second quarter totaled a record $15.8
million compared to $14.1 million a year ago, an increase of 12
percent. Net income was lower by 8 percent at $1.3 million. Basic
and diluted earnings per share for the recent quarter were $0.38
and $0.37, compared to the previous year's second quarter basic and
diluted earnings per share of $0.35 and $0.34, an increase of 9
percent. Net sales for the six months ended September 30, 2006
totaled $30.5 million compared to $28.4 million a year ago, an
increase of 7 percent. Net income was $2.6 million versus $3.0
million for the comparable period a year ago. Basic and diluted
earnings per share for the six-month period were $0.71 and $0.69,
an increase of 0 and 1 percent over the previous year's six-month
basic and diluted earnings per share of $0.71 and $0.68,
respectively. As compared to the second quarter of fiscal 2006, the
increase in net sales reflected growth of 22 percent in the
healthcare seating unit as well as 11 percent growth in the
multipurpose room unit. International sales accounted for 17
percent of total sales. The increase in sales in the multipurpose
room unit during the quarter was primarily attributable to growth
in the government, hospitality, public assembly and recreation
markets. "We are pleased to once again report record sales," said
Nielson. "Customer demand has been strong and, frankly, we have
struggled to keep up. During the quarter, we focused on increasing
capacities and reducing our backlog. Although lead times and
backlogs are still above normal levels, they have been reduced. We
are hopeful that we can achieve normal lead time and backlog levels
by the end of the December quarter." Nielson continued, "Toward the
end of the quarter, we launched our new Magnattach(R) portable
dance floors. We are excited about this new product and are pleased
with the interest it has generated. We also continued our stock
repurchasing program, repurchasing 391,000 shares. This repurchase
necessitated the use of a credit line which ended the quarter at
$3.6 million. At our board of directors meeting this week, the
board decided to end the current stock repurchase plan and to leave
the remaining shares unpurchased." "During the quarter, we faced
continued pressures on our material costs," noted Paul R. Killpack,
chief financial officer. "These pressures along with higher labor
and overhead costs and lower manufacturing efficiencies affected
our gross margins. Still, we believe that strong sales growth will
continue and anticipate that sales will be up during the coming
quarter by as much as 10 percent as compared to last year's
December quarter." The Company will host a follow-up live broadcast
over the Internet to discuss the financial results at 4:30 p.m.
Eastern Time today. The live web simulcast of the conference call
will be available to the public online at www.mityinc.com or on
StreetEvent's Individual Investor Center at www.streetevents.com.
Listeners are encouraged to log on five to ten minutes prior to the
start time to ensure participation from the beginning. A replay of
the broadcast will be available within approximately one hour for a
week following the call at the referenced websites. Copies of the
Company's 10-Q and report for the fiscal 2007 second quarter will
be available online at www.mityinc.com. Founded in 1987, MITY
Enterprises, Inc. designs, manufactures and markets innovative
institutional furniture created to meet the efficiency needs of its
customers. MITY Enterprises focuses on providing premium quality
institutional furniture products to niche markets. The product
lines consist of multipurpose room furniture and healthcare
seating. MITY's products are marketed under the Mity-Lite, Broda
and Versipanel tradenames. Headquartered in Utah, MITY Enterprises
serves national and international customers directly and through
distributors. For further information, visit MITY Enterprises
online at www.mityinc.com. This press release contains
forward-looking statements related to (i) customer demand, (ii) the
Company's backlog and lead times,(iii) the Company's future
prospects with Magnattach(R) portable dance floors, and (iv) the
Company's anticipation of continued strong growth, including the
Company's belief that sales for the third quarter will be as much
as 10 percent higher as compared to last year's sales for the same
period. These statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that forward-looking statements inherently
involve risks and uncertainties that could cause actual results to
differ materially from those contemplated in the forward-looking
statements. Factors that could cause or contribute to such
differences include, but are not limited to (i) whether the steps
taken by the Company will be adequate to reduce backlog and lead
times, (ii) continued global economic uncertainty resulting from
terrorism threats, current world tensions and related U.S. military
actions and their potential impact on the Company's operations;
(iii) whether the economy will continue to strengthen and whether
the Company's market segments will continue to improve; (iv)
increased price and quality-based competitors, particularly in the
multipurpose room furniture segment; (v) lack of available capital
and other resources to develop or acquire and commercialize new
products, and (vi) all other risks and uncertainties outlined in
MITY Enterprises's documents filed with the Securities and Exchange
Commission. All forward-looking statements and other information in
this press release are based upon information available as of the
date of this release. Such information may change or become invalid
after the date of this release, and by making these forward-looking
statements, MITY Enterprises undertakes no obligation to update
these statements after the date of this release, except as required
by law. -0- *T MITY Enterprises, Inc. Unaudited Financial
Highlights Three Months Ended September 30, 2006 2005 Net sales
$15,781,000 $14,053,000 Income from operations 1,988,000 2,247,000
Pre-tax income 2,022,000 2,188,000 Net income 1,334,000 1,445,000
Basic earnings per share $0.38 $0.35 Weighted average number of
common shares-basic 3,496,505 4,072,105 Diluted earnings per share
$0.37 $0.34 Weighted average common and common equivalent
shares-diluted 3,587,516 4,220,247 *T -0- *T Six Months Ended
September 30, 2006 2005 Net sales $30,483,000 $28,437,000 Income
from operations 3,910,000 4,521,000 Pre-tax income 3,944,000
4,568,000 Net income 2,603,000 2,963,000 Basic earnings per share
$0.71 $0.71 Weighted average number of common shares-basic
3,682,299 4,195,470 Diluted earnings per share $0.69 $0.68 Weighted
average common and common equivalent shares-diluted 3,789,905
4,352,133 *T
Mity Enterprises (NASDAQ:MITY)
Historical Stock Chart
From Jul 2024 to Aug 2024
Mity Enterprises (NASDAQ:MITY)
Historical Stock Chart
From Aug 2023 to Aug 2024