Reinhold Industries Achieves Record Sales and Profitability in 2003
February 27 2004 - 4:29PM
PR Newswire (US)
Reinhold Industries Achieves Record Sales and Profitability in 2003
SANTA FE SPRINGS, Calif., Feb. 27 /PRNewswire-FirstCall/ --
Reinhold Industries, Inc. of Santa Fe Springs, California, today
announced results for the fourth quarter and full year 2003. For
the full year 2003, revenues were $67.0 million, up $8.0 million
(13%) compared to 2002. Sales at NP Aerospace increased by 45%
compared to 2002 due to additional shipments of body armor and
other personal protection products. Sales increased 16% 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 National Missile Defense program.
Sales for the CompositAir business unit decreased 20% compared to
2002 due to continuing economic problems in the commercial airline
industry. Sales increased 21% 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 2% from 2002. Net income for 2003 was $5.7 million, or $1.83 per
share, compared to net income of $4.2 million, or $1.41 per share
in 2002. Earnings per share computations reflect a 10% stock
dividend effective May29, 2003. Fourth quarter 2003 revenues were
$17.1 million, down $1.2 million (6%) from fourth quarter 2002.
Sales at NP Aerospace decreased by 4% compared to 2002 due to
decreased shipments of body armor and other personal protection
products. Sales decreased 6% in the Aerospace business unit due
primarily to decreased shipments of composite structures for
military helicopters. Sales for the CompositAir business unit
decreased 24% compared to 2002 due to soft demand from their
primary customer and continuing economic problems in the commercial
airline industry. Sales increased 7% from 2002 in the Commercial
business unit due to additional shipments of in-ground lighting and
water filtration products. Sales decreased 5% at the Bingham
business unit. "The increase in 2003 profitability was due
primarily to our U.K. subsidiary, NP Aerospace," said Michael T.
Furry, President and CEO of Reinhold. "Increased sales of personal
protection products along with management control of labor and
other costs allowed NP Aerospace to achieve a pre-tax profit of
approximately 20% of sales. On a consolidated basis, our cash
increased by $3.1 million over 2002 despite capital expenditures of
approximately $3.0 million, contributions to our pension plans of
$1.1 million and the payoff of all bank debt totaling $3.0 million.
We expect to continue these favorable trends in 2004." 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) 4th Quarter Ended YTD
4th QuarterEnded YTD 12/31/03 12/31/03 12/31/02 12/31/02 Sales
$17,057 $67,001 $18,219 $59,042 Net Income $1,109 $5,724 $1,968
$4,152 EPS $0.34 $1.83 $0.67 $1.41 DATASOURCE: Reinhold Industries,
Inc. CONTACT: Judy Sanson of Reinhold Industries, Inc.
+1-562-944-3281 Web site: http://www.reinhold-ind.com/
Copyright
Reinhold (NASDAQ:RNHDA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Reinhold (NASDAQ:RNHDA)
Historical Stock Chart
From Jul 2023 to Jul 2024