Reinhold Industries Announces Fourth Quarter and Full Year 2005 Financial Results
March 31 2006 - 5:50PM
PR Newswire (US)
SANTA FE SPRINGS, Calif., March 31 /PRNewswire-FirstCall/ --
Reinhold Industries, Inc. (NASDAQ:RNHDA) of Santa Fe Springs,
California, today announced results for the fourth quarter and full
year 2005. Comparative 2004 results are presented to reflect the
Samuel Bingham Enterprises, Inc. ("Bingham") and NP Aerospace Ltd.
("NPA") subsidiaries separately from continuing operations. Bingham
was sold in December 2004 and NPA was sold in November 2005. Fourth
quarter 2005 revenues from continuing operations were $9.6 million,
down $0.4 million (4%) from fourth quarter 2004. Sales in the
Aerospace business unit decreased by $1.5 million due to the
completion of a unique Space Shuttle related program in 2004. Sales
for the Seating products business unit increased by $1.0 million
due to the addition of a new customer and improving conditions in
the aircraft seating marketplace. Sales in the Commercial business
unit increased by $0.1 million due primarily to higher selling
prices. For the full year 2005, revenues from continuing operations
were $32.6 million, up $0.3 million (1%) compared to 2004. Sales in
the Aerospace business unit decreased by $1.4 million (6%), sales
in the Seating products business unit increased by $1.5 million
(32%), and sales in the Commercial business unit increased by $0.2
million (8%) due primarily to the reasons described above. Income
from continuing operations before income taxes for the full year
2005 was $4.3 million, down $1.3 million (24%) compared to 2004 due
to unfavorable product mix, increased compensation costs and higher
audit and tax compliance fees. The effective tax rate for the full
year 2005 was 28% compared to 58% in 2004 due primarily to the
utilization of foreign tax credits. Income from discontinued
operations for the full year 2005 was $30.3 million compared to a
loss of $1.3 million in 2004 due primarily to the net gain on the
sale of NP Aerospace to The Carlyle Group on November 21, 2005. Net
income for the full year 2005 was $33.3 million, or $10.20 per
diluted share, compared to net income of $1.1 million, or $0.35 per
diluted share in 2004. "We are pleased with the increased revenues
associated with our seating products business unit in the second
half of 2005," said Michael T. Furry, President and CEO of
Reinhold. "We expect to substantially improve this business units'
financial performance in 2006." This news release contains
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements
involve risks and uncertainties, and Reinhold's actual experience
may differ materially from that anticipated in such statements.
Factors that might cause such a difference include those discussed
in Reinhold's filings with the Securities and Exchange Commission,
including but not limited to its most recent proxy statement, Form
10-K and Form 10-Q. Reinhold Industries, Inc. is a manufacturer of
advanced custom composite components and sheet molding compounds
for a variety of applications in the United States and Europe.
Reinhold Industries, Inc. (NASDAQ:RNHDA) (Amounts in Thousands,
Except Per Share Data) (Unaudited) Three Months Ended Year Ended
12/31/05 12/31/04 12/31/05 12/31/04 Sales $9,585 $9,952 $32,559
$32,231 Income from continuing operations before income taxes 1,597
2,363 4,281 5,628 Income from continuing operations $3,634 $397
$3,077 $2,361 Income (loss) from discontinued operations $25,543
$19 $30,256 ($1,251) Net income $29,177 $416 $33,333 $1,110 Diluted
EPS - continuing operations $1.11 $0.13 $0.94 $0.75 Diluted EPS
$8.93 $0.13 $10.20 $0.35 DATASOURCE: Reinhold Industries, Inc.
CONTACT: Wanda Morrison of Reinhold Industries, Inc.,
+1-562-944-3281
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