Knape & Vogt Reports Improved Second-Quarter and Six-Month
Results GRAND RAPIDS, Mich., Jan. 12 /PRNewswire-FirstCall/ --
Knape & Vogt Manufacturing Co. today announced double-digit net
sales growth for the six months and quarter ended December 27,
2003. The Grand Rapids, Mich.-based manufacturer and distributor of
drawer slides, shelving, storage and ergonomic office products
reported that net sales increased 14.2 percent to $34.5 million for
the second quarter of fiscal 2004, compared with net sales of $30.2
million during the same period a year ago. KV reported net income
of $441,904, or $0.10 per diluted share, for the just-completed
quarter, compared with $851,728, or $0.19 per diluted share, during
the same period in fiscal 2003. Excluding a one-time after-tax gain
of $.5 million related to the settlement of certain legal matters,
net income in the prior year second quarter would have been
approximately $.3 million or $0.07 per diluted share. The Company
attributed the strong sales growth to new products introduced
during the past year, which accounted for $4.4 million of sales in
the quarter. The new products not only generated sales with
existing customers but also allowed the Company to develop new
customers in key markets. "We have grown sales and gained market
share with both existing and new customers," said Bill Dutmers,
chairman and CEO. "Our ability to bring innovative, value-added
products to the markets we serve, combined with our outstanding
customer service have proven to be key reasons for our growth over
the past six months." "We see potential to continue this growth
trend in the coming months," Dutmers continued. "Our focus on key
markets is critical. We listen to our customers' needs and respond
quickly with products and services that address their issues,
serving as a true partner in helping them achieve their business
objectives. Many of our new products -- those already introduced
along with those currently under development -- provide enhanced
features and at the same time allow our customers to increase their
productivity. This can be seen in products, such as our 4X4 Pocket
Door(TM) slide and our Interlok(TM) lateral drawer anti-tip and
locking system." KV also attributed the sales growth to its
expanded sales force and sales rep network, which is beginning to
generate new retail and wholesale customers. For the first six
months of fiscal 2004, KV reported a 15.4 percent increase in sales
and higher net income compared to the prior year period. KV posted
net income of $1.1 million, or $0.25 per diluted share, on net
sales of $70.6 million, compared with net income of $1.0 million,
or $0.23 per diluted share, on net sales of $61.2 million for the
first six months of fiscal 2003. New products accounted for $9.8
million in sales for the first six months of fiscal 2004, compared
with $5.2 million in the year-ago period. "Our entire organization
is committed to positioning KV for future growth," stated Dutmers.
"We involve many cross functional teams in our new product
development process, lean manufacturing activities and customer
service initiatives. This helps foster a culture of continuous
improvement and ensures that we remain focused on innovation that
drives top and bottom line performance." About Knape & Vogt
Knape & Vogt Manufacturing Co. brings more than a century of
experience to the design, manufacture and distribution of kitchen
and bath storage solutions and office products for original
equipment manufacturers, specialty distributors, office furniture
dealers, hardware chains and major home centers throughout the
country. Additional information on KV's product lines is available
on http://www.knapeandvogt.com/ . Cautionary Statement: This press
release contains certain forward-looking statements that involve
risks and uncertainties. When used in this release, the words
"believe," "anticipates," "think," "intend," "optimistic,"
"forecast," "expect," "potential" and similar expressions identify
forward- looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include, but are not limited to, statements concerning
future improvements in net sales, margins and profitability. Such
statements are subject to certain risks and uncertainties which
could cause actual results to differ materially from those
expressed or implied by such forward-looking statements, including,
but not limited to, economic, competitive, governmental and
technological factors affecting the Company's operations, markets,
products, services and prices. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. Knape & Vogt
Manufacturing Company and Subsidiaries Condensed Consolidated
Statements of Income (Unaudited) Six Months Ended Three Months
Ended Dec. 27, 2003 Dec. 28, 2002 Dec. 27, 2003 Dec. 28, 2002 Net
sales $70,623,675 $61,218,080 $34,498,436 $30,219,890 Cost of sales
56,143,079 47,583,496 27,182,375 23,639,237 Gross margin 14,480,596
13,634,584 7,316,061 6,580,653 Selling and administrative expenses
11,962,694 11,071,891 6,062,245 4,921,448 Other - 271,325 - -
Operating income 2,517,902 2,291,368 1,253,816 1,659,205 Interest
and other expenses, net 839,627 636,815 446,698 317,769 Income
before income taxes 1,678,275 1,654,553 807,118 1,341,436 Income
taxes 566,497 607,862 365,214 489,708 Net income $1,111,778
$1,046,691 $441,904 $851,728 Earnings per common share - basic and
diluted: Weighted average shares outstanding 4,516,137 4,517,472
4,516,349 4,517,480 Net income per share $.25 $.23 $.10 $.19 Cash
dividend - Common stock $.33 $.33 $.165 $.165 Cash dividend - Class
B common stock $.30 $.30 $.15 $.15 Knape & Vogt Manufacturing
Company and Subsidiaries Condensed Consolidated Balance Sheets
December 27, 2003 (Unaudited) June 28, 2003 Assets Current Assets:
Cash $4,583,171 $3,846,611 Accounts receivable, net 16,862,223
16,820,600 Inventories 21,218,846 18,979,056 Prepaid expenses and
other 1,507,187 731,751 Total current assets 44,171,427 40,378,018
Property, plant and equipment, net 31,206,900 33,989,109 Other
assets 17,723,160 17,981,702 $93,101,487 $92,348,829 Liabilities
and Equity Current liabilities $20,668,512 $19,920,749 Long-term
debt and capital leases 24,046,310 24,052,605 Deferred income taxes
& other long-term liabilities 13,399,120 13,613,613
Stockholders' equity 34,987,545 34,761,862 $93,101,487 $92,348,829
Knape & Vogt Manufacturing Company and Subsidiaries Condensed
Consolidated Statements of Cash Flows (Unaudited) Six Months Ended
December 27, 2003 December 28, 2002 From Operating Activities: Net
income $1,111,778 $1,046,691 Depreciation and amortization
3,278,015 3,552,611 Decrease in prepaid pension cost 203,585 52,234
Deferred income taxes 205,319 265,000 Loss (gain) on disposal of
fixed assets (4,349) 87,615 Changes in operating assets &
liabilities (1,931,557) (855,273) Other, net (30,801) 15,448 Net
cash provided by operating activities 2,831,990 4,164,326 From
Investing Activities: Additions to property, plant & equipment
net (764,415) (1,634,228) Proceeds from sales of property, plant
& equipment 800 243,527 Other, net (21,962) (21,411) Net cash
used for investing activities (785,577) (1,412,112) From Financing
Activities: Cash dividends paid (1,424,363) (1,423,152) Net change
in long-term debt/capital leases (6,295) - Repurchase and
retirement of common stock - (5,934) Net cash used for financing
activities (1,430,658) (1,429,086) Effect of Exchange Rates on Cash
120,805 (80,276) Net increase in cash $736,560 $1,242,852
DATASOURCE: Knape & Vogt Manufacturing Company CONTACT: Leslie
Cummings, Vice President of Finance and Treasurer of Knape &
Vogt Manufacturing Company, +1-616-459-3311, ext. 225; Jeff Lambert
or Paula MacKenzie of Lambert, Edwards & Associates, Inc.,
+1-616-233-0500, , for Knape & Vogt Manufacturing Company Web
site: http://www.knapeandvogt.com/
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