Reinhold Industries Earns $0.39 per Share in Third Quarter 2003
November 04 2003 - 12:45PM
PR Newswire (US)
Reinhold Industries Earns $0.39 per Share in Third Quarter 2003
SANTA FE SPRINGS, Calif., Nov. 4 /PRNewswire-FirstCall/ -- Reinhold
Industries, Inc. of Santa Fe Springs, California, today announced
results for the third quarter 2003. Third quarter 2003 revenues
were $15.9 million, up $2.3 million (17%) from third quarter 2002.
Sales at NP Aerospace increased by 75% compared to 2002 due to
increased shipments of body armor and other personal protection
products. Sales increased 19% in the Aerospace business unit due
primarily to increased shipments of rocket nozzles related to the
U.S. Defense Department/Missile Defense Agency's Ground-based
Midcourse Defense ("GMD") program. Sales for the CompositAir
business unit decreased 54% compared to 2002 due to soft demand
from their primary customer and continuing economic problems in the
commercial airline industry. Sales increased 29% from 2002 in the
Commercial business unit due to additional shipments of in-ground
lighting and water filtration products. Sales increased 3% at the
Bingham business unit. In the first nine months of 2003, revenues
were $49.9 million, up $9.1 million (22%) compared to 2002. Sales
at NP Aerospace increased by 75% compared to 2002 due to additional
shipments of body armor and other personal protection products.
Sales increased 26% in the Aerospace business unit due to
additional shipments of components related to the Minuteman III
Propellant Replacement Program and rocket nozzles related to the
GMD program. Sales for the CompositAir business unit decreased 18%
compared to 2002 due to continuing economic problems in the
commercial airline industry. Sales increased 26% from 2002 in the
Commercial business unit due to additional shipments of in-ground
lighting and water filtration products. Sales at the Bingham
business unit decreased by 1% from 2002. Net income for the first
nine months of 2003 was $4.6 million, or $1.49 per share, compared
to net income of $2.2 million, or $0.74 per share for the first
nine months of 2002. Earnings per share computations reflect a 10%
stock dividend effective May 29, 2003. "During the 3rd quarter of
2003, we surpassed our full year 2002 profitability," said Michael
T. Furry, President and CEO of Reinhold. "Although our projected
financial performance in the 4th quarter of 2003 is not expected to
be comparable to the 4th quarter of 2002, we are very satisfied
with our year-over-year profit improvement." 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, sheet
molding compounds, and graphic arts and industrial rollers for a
variety of applications in the United States and Europe. Reinhold
Industries, Inc. (NASDAQ:RNHDA) (Amounts in Thousands, Except Per
Share Data) 3rd Quarter Ended YTD 3rd Quarter Ended YTD 09/30/03
09/30/03 09/30/02 09/30/02 Sales $15,866 $49,944 $13,562 $40,823
Net Income $1,211 $4,615 $660 $2,184 EPS $0.39 $1.49 $0.22 $0.74
DATASOURCE: Reinhold Industries, Inc. CONTACT: Judy Sanson of
Reinhold Industries, Inc., +1-562-944-3281
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