MITY Enterprises, Inc. Announces Results for Third Fiscal Quarter
January 31 2007 - 9:00AM
Business Wire
Bradley T Nielson, president and chief executive officer of MITY
Enterprises, Inc. (Nasdaq:MITY), today announced operating results
for the third quarter ended December 31, 2006. Net sales for the
third quarter totaled $15.2 million compared to $13.4 million a
year ago, an increase of 14 percent. Net income was lower by 10
percent at $1.1 million. Basic and diluted earnings per share for
the recent quarter were $0.32, compared to the previous year�s
third quarter basic earnings per share of $0.29 and diluted
earnings per share of $0.28, an increase of 10 percent and 14
percent, respectively. Net sales for the nine months ended December
31, 2006, totaled $45.7 million compared to $41.8 million a year
ago, an increase of 9 percent. Net income was $3.7 million versus
$4.2 million for the comparable period a year ago. Basic and
diluted earnings per share for the nine-month period were $1.03 and
$1.00, respectively, an increase of 2 and 3 percent over the
previous year�s nine-month basic and diluted earnings per share of
$1.01 and $0.97, respectively. As compared to the third quarter of
fiscal 2006, the increase in net sales reflected growth of 14
percent in the healthcare seating unit, as well as 11 percent
growth in the multipurpose room unit. International sales accounted
for 16 percent of total sales. The increase in sales in the
multipurpose room unit during the quarter was primarily
attributable to growth in the public assembly, government,
recreation, education and hospitality markets. �We are pleased to
once again report strong sales growth,� said Nielson. �I am
especially excited about the launch of our new Magnattach� portable
dance floors and we are very pleased with the customer response. We
did, however, continue to struggle with higher labor costs
associated with our tight local labor market and other production
inefficiencies experienced during the quarter which negatively
impacted gross margins. We believe we are taking the necessary
actions to get the issues under control.� �We are pleased to see
continued sales growth in our core business,� noted Paul R.
Killpack, chief financial officer. �We believe that strong sales
growth will continue and anticipate that sales will be up again
during the coming quarter by as much as 10 percent as compared to
last year�s March 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 third 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) the Company�s future prospects with
Magnattach� portable dance floors, and (ii) the Company�s
anticipation of continued strong sales growth, including the
Company�s belief that sales for the fourth 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) continued margin
pressures from labor costs, (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 and customer demand will support our sales
forecast; (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
December 31, 2006� 2005� Net sales $15,242,000� $13,408,000� Income
from operations 1,550,000� 1,656,000� Pre-tax income 1,627,000�
1,720,000� Net income 1,074,000� 1,199,000� Basic earnings per
share $0.32� $0.29� Weighted average number of common shares�basic
3,326,221� 4,076,166� Diluted earnings per share $0.32� $0.28�
Weighted average common and common equivalent shares-diluted
3,403,628� 4,221,533� Nine Months Ended December 31, 2006� 2005�
Net sales $45,725,000� $41,845,000� Income from operations
5,460,000� 6,177,000� Pre-tax income 5,571,000� 6,288,000� Net
income 3,677,000� 4,162,000� Basic earnings per share $1.03� $1.01�
Weighted average number of common shares�basic 3,577,615�
4,135,492� Diluted earnings per share $1.00� $0.97� Weighted
average common and common equivalent shares-diluted 3,675,154�
4,288,388�
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