FRANKLIN PARK, Ill., March 13 /PRNewswire-FirstCall/ -- A. M.
Castle & Co. (AMEX:CAS), one of North America's leading metals
and plastics distributors, today reported its financial results for
the fourth quarter and full year ended December 31, 2005. For the
fourth quarter, net sales were $227.3 million, a level 15% higher
than the prior year. Net earnings for the quarter increased 273% to
$7.1 million, or $0.39 per diluted share as compared to $0.12 per
diluted share in the prior year. For the year, net sales were
$959.0 million, a 26% increase over 2004. Net earnings rose 190% to
$41.9 million, or $2.33 per diluted share, as compared to $14.5
million, or $0.82 per diluted share in 2004. Fourth quarter and
full year 2005 earnings include a $3.0 million (after-tax), or
$0.16 per diluted share, refinancing charge that was previously
announced. All previously reported quarters for 2004 and 2005 have
been restated to reflect the Company's fourth quarter 2005 adoption
of FAS 123R - "Accounting for Stock-Based Compensation". Refer to
Table "A" attached to this release for more detail. "Throughout
2005, we experienced strong demand for our products across our
metal end-user markets," stated G. Thomas McKane, Chairman of the
Board. Metals sales of $851.3 million in 2005 rose 27% over last
year on a nominal basis or, approximately 6% excluding the impact
of material price increases. "We continue to see healthy demand for
our metals products, especially those used in aerospace, oil and
gas, and heavy construction and mining equipment," McKane added.
The Company's plastics business achieved record sales of $107.7
million, nearly a 20% increase over 2004. Excluding the effect of
material price increases, 2005 full year plastics sales rose 2%.
"We experienced some softness in our point-of-purchase display
markets during the third quarter of 2005," stated McKane. "However,
underlying demand is sound and we continue to view our plastics
business as a growth engine for the future. We have successfully
grown this segment to $108 million in 2005 from a $55 million
business in 2001, achieving a compound growth rate in excess of 18%
per year," he noted. Commenting further, Larry A. Boik, CFO, noted,
"Not only are we pleased with our 2005 operating results, but also
with our successful completion of the previously announced
long-term debt refinancing. Although we incurred a significant
one-time charge to earnings in the fourth quarter of 2005, we
reduced our annual interest expense by $1.9 million and extended
maturities, substantially reducing our annual debt service cash
outlays." The Company's debt-to-capital ratio as of December 31,
2005 was 30.8%, a significant improvement from 43.7% at the end of
2004. Return-on-stockholders' equity was 32.1%. "Our current cash
position and revitalized balance sheet provide the financial
flexibility needed to grow the business," Boik added. As part of
the year-end audit of the Company's financial statements,
significant adjustments were recorded. These audit adjustments, in
management's opinion, indicate a material weakness as that term is
defined in Section 404 of the Sarbanes-Oxley Act of 2002. On
January 30, 2006, the Company announced the hiring of Michael
Goldberg as President and C.E.O. of A. M. Castle & Co. Mr.
McKane will continue to serve as Chairman. "The entire Board of
Directors is excited to have Mike leading the Company in its next
phase of development," said McKane. Also on January 30th, the
Company announced a cash dividend of $0.06 per share that was paid
on February 27, 2006 to shareholders of record on February 13,
2006. Webcast Information Shareholders and other interested parties
are invited to listen to A. M. Castle's conference call hosted by
McKane, Goldberg and Boik scheduled for 11:00 a.m. (EST) today,
Monday, March 13, 2006. Those interested may access the call at the
Company's website, http://www.amcastle.com/, and it will also be
available for 14 days following the call. About A. M. Castle &
Co. Founded in 1890, A. M. Castle & Co. is a specialty metals
and plastics distribution company serving the North American
market, principally within the producer durable equipment sector.
Its customer base includes many Fortune 500 companies as well as
thousands of medium and smaller-sized firms spread across a wide
spectrum of industries. Within its core metals business, it
specializes in the distribution of carbon, alloy and stainless
steels; nickel alloy; and aluminum. Through its subsidiary, Total
Plastics, Inc., the Company also distributes a broad range of
value-added industrial plastics. Together, Castle operates over 50
locations throughout North America. Its common stock is traded on
the American and Chicago Stock Exchange under the ticker symbol
"CAS". Safe Harbor Statement / Regulation G Disclosure This release
may contain forward-looking statements relating to future financial
results. Actual results may differ materially as a result of
factors over which the Company has no control. These risk factors
and additional information are included in the Company's reports on
file with the Securities Exchange Commission. The financial
statements included in this release contain a non-GAAP disclosure,
EBITDA, which consists of income before provision for income taxes
plus depreciation and amortization, debt extinguishment expense,
and interest expense (including discount on accounts receivable
sold), less interest income. EBITDA is presented as a supplemental
disclosure because this measure is widely used by the investment
community for evaluation purposes and provides the reader with
additional information in analyzing the Company's operating
results. EBITDA should not be considered as an alternative to net
income or any other item calculated in accordance with U.S. GAAP,
or as an indicator of operating performance. Our definition of
EBITDA used here may differ from that used by other companies. A
reconciliation of EBITDA to net income is provided per U.S.
Securities and Exchange Commission requirements. CONSOLIDATED
STATEMENTS OF INCOME For the Three For the (Dollars in thousands,
except per Months Ended Year Ended share data) Dec 31 Dec 31
Unaudited 2005 2004 2005 2004 Net sales $227,257 $197,803 $958,978
$760,997 Cost of material sold (157,968) (145,049) (670,674)
(543,426) Gross margin 69,289 52,754 288,304 217,571 Plant and
delivery expense (26,792) (24,561) (108,427) (95,229) Sales,
general, and administrative expense (23,340) (21,422) (92,848)
(82,142) Depreciation and amortization expense (2,588) (2,015)
(9,340) (8,751) Total operating expense (52,720) (47,998) (210,615)
(186,122) Operating income 16,569 4,756 77,689 31,449 Interest
expense, net (1,473) (2,261) (7,348) (8,968) Discount on sale of
accounts receivable -- (285) (1,127) (969) Extinguishment of debt
(4,904) -- (4,904) -- Income before income tax and equity earnings
of joint venture 10,192 2,210 64,310 21,512 Income tax expense
(3,857) (2,084) (25,745) (11,294) Income before equity in
unconsolidated subsidiaries 6,335 126 38,565 10,218 Equity in
earnings of joint venture 960 2,002 4,302 5,199 Net income 7,295
2,128 42,867 15,417 Preferred dividends (241) (239) (961) (957) Net
income applicable to common stock $7,054 $1,889 $41,906 $14,460
Basic earnings per share $0.43 $0.12 $2.61 $0.92 Diluted earnings
per share $0.39 $0.12 $2.33 $0.82 EBITDA * $20,117 $8,773 $91,331
$45,399 * Earnings before interest, discount on sale of accounts
receivable, taxes, depreciation and amortization, and debt
extinguishment expense Reconciliation of EBITDA to net income: For
the Three For the Twelve Months Ended Months Ended Dec 31 Dec 31
2005 2004 2005 2004 Net income $7,295 $2,128 $42,867 $15,417
Depreciation and amortization 2,588 2,015 9,340 8,751 Interest, net
1,473 2,261 7,348 8,968 Discount on accounts receivable sold -- 285
1,127 969 Debt extinguishment 4,904 -- 4,904 -- Provision from
income taxes 3,857 2,084 25,745 11,294 EBITDA $20,117 $8,773
$91,331 $45,399 The following table shows the quarterly earnings
impact of the Company's early adoption of FAS 123R - "Accounting
for Stock-Based Compensation". Table "A" (Dollars in thousands,
except per share data) Restated As Previously Reported Net Income
Net Income applicable applicable to common to common stock EPS*
stock EPS* 2005 Q1 $11,530 $0.65 $11,878 $0.70 Q2 13,245 0.73
12,742 0.72 Q3 10,077 0.56 10,044 0.56 2004 Q1 1,624 0.10 2,062
0.13 Q2 5,329 0.30 5,758 0.35 Q3 5,618 0.32 5,847 0.36 Q4 1,889
0.12 2,249 0.15 * diluted CONSOLIDATED BALANCE SHEETS (Dollars in
thousands) As of Unaudited Dec 31 Dec. 31 2005 2004 ASSETS Current
assets Cash and cash equivalents $37,392 $3,106 Accounts
receivable, less allowances of $1,763 in 2005 and $1,760 in 2004
107,064 80,323 Inventories (principally on last-in, first-out
basis) 125,818 135,588 (latest cost higher by approximately $97,524
in 2005 and $92,500 in 2004) Other current assets 6,351 8,489 Total
current assets 276,625 227,506 Investment in joint venture 10,850
8,463 Goodwill 32,292 32,201 Pension asset 41,946 42,262 Other
assets 4,112 7,586 Property, plant and equipment, at cost Land
4,772 4,771 Building 45,890 45,514 Machinery and equipment 127,048
124,641 177,710 174,926 Less - accumulated depreciation (113,288)
(109,928) 64,422 64,998 Total assets $430,247 $383,016 LIABILITIES
AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable
$103,246 $93,342 Accrued liabilities 26,828 23,560 Current and
deferred income taxes 9,606 3,653 Current portion of long-term debt
6,233 11,607 Total current liabilities 145,913 132,162 Long-term
debt, less current portion 73,827 89,771 Deferred income taxes
21,903 19,668 Deferred gain on sale-leaseback assets 5,967 6,465
Postretirement benefits obligation 3,174 2,905 Minority interest --
1,644 Commitments and contingencies Stockholders' equity Preferred
stock, no par value - 10,000,000 shares authorized; 12,000 shares
issued and outstanding 11,239 11,239 Common stock, $0.01 par value
- authorized 30,000,000 shares; issued and outstanding 16,583,456
in 2005 and 15,806,366 in 2004 164 159 Additional paid in capital
60,918 45,052 Retained earnings 114,488 72,582 Accumulated other
comprehensive income 2,370 1,616 Other - deferred compensation --
(2) Treasury stock, at cost - 571,828 shares at December 31, 2005
and 62,065 shares at December 31, 2004 (9,716) (245) Total
stockholders' equity 179,463 130,401 Total liabilities and
stockholders' equity $430,247 $383,016 DATASOURCE: A. M. Castle
& Co. CONTACT: Larry A. Boik, Vice President-Finance & CFO,
+1-847-349-2576, ; or Analyst Contacts, Katie Pyra of Ashton
Partners, +1-312-553-6717, Web site: http://www.amcastle.com/
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