Noland Reports Higher 2nd-Quarter Sales and Earnings
2004年7月23日 - 4:30AM
PRニュース・ワイアー (英語)
Noland Reports Higher 2nd-Quarter Sales and Earnings NEWPORT NEWS,
Va., July 22 /PRNewswire-FirstCall/ -- Noland Company (NASDAQ:NOLD)
today reported second-quarter net income of $7,735,000, or $2.29
cents per share (diluted), up sharply from the year-earlier
period's $2,504,000, or 73 cents per share. Second-quarter sales
totaled $145,631,000, 19 percent greater than second-quarter 2003's
$122,532,000. The Newport News-based wholesale distribution firm
said the earnings improvement stemmed from gains on the disposal of
surplus real property. After-tax gains from the disposal of surplus
real property totaled $5,859,000 in the second quarter versus
$263,000 in the second quarter of 2003. Chairman Lloyd U. Noland
III said the sales increase was fueled by continued strong
construction activity and rising prices. "We also benefited from
good weather," he said, "in sharp contrast to the record rainfall a
year ago that caused construction delays and adversely affected our
second-quarter 2003 sales." Noland said all three product
categories achieved double-digit sales gains in the second quarter,
led by plumbing's 21 percent improvement. He said hot weather in
June boosted demand for replacement air conditioning equipment,
contributing to a 16 percent rise in air conditioning sales for the
quarter. Electrical/Industrial sales also increased 16 percent.
Gross profit for the quarter was up $1,795,000, or 7 percent, over
the year-earlier period, as gross margins declined due to intense
competition and costs associated with the LIFO method of
accounting. Operating expenses rose by $2,174,000, or 9 percent,
largely due to costs associated with the company's new central
distribution center and five new branches opened since mid-2003.
Operating profit was $8,607,000, or 212 percent, higher than the
year- earlier period, due to a $9,020,000 year-to-year increase in
gains from the disposal of surplus real property. Through the first
six months, Noland's sales totaled $268,397,000, 15 percent more
than first-half 2003's $232,695,000. Net income was $9,841,000, or
$2.92 cents per share (diluted), 66 percent more than the
$5,924,000, or $l.70 per share, for the first six months of 2003.
After-tax gains from the disposal of surplus real property totaled
$5,866,000 in the first six months of 2004 versus $2,386,000 in the
year-earlier period. Noland said conditions appear to be favorable
for continued sales growth in the third quarter, but possibly at a
slower pace. "Customer orders for future delivery are only modestly
higher than a year ago," he said, "but the current healthy level of
housing construction suggests we will have ample opportunities in
the short term." Noland operates 101 branches in 13 states, and
distributes products in the plumbing, HVAC, water systems,
electrical, and industrial fields. The company's stock is traded on
NASDAQ's SmallCap Market. Its trading symbol is NOLD. UNAUDITED
FINANCIAL HIGHLIGHTS For the Three Months Ended June 30 2004 2003
Merchandise Sales $145,630,713 $122,532,036 Net Income $7,735,047
$2,504,271 Basic Earnings Per Share(1) $2.32 $.73 Diluted Earnings
Per Share(2) $2.29 $.73 For the Six Months Ended June 30 2004 2003
Merchandise Sales $268,396,504 $232,694,643 Net Income $9,841,134
$5,924,489 Basic Earnings Per Share(3) $2.95 $1.71 Diluted Earnings
Per Share(4) $2.92 $1.70 (1) Based on 3,338,313 shares outstanding
in 2004 and 3,424,986 shares outstanding in 2003. (2) Based on
3,370,947 shares outstanding in 2004 and 3,453,625 shares
outstanding in 2003. (3) Based on 3,335,836 shares outstanding in
2004 and 3,455,175 shares outstanding in 2003. (4) Based on
3,368,885 shares outstanding in 2004 and 3,486,283 shares
outstanding in 2003. Note: Included in this news release are
forward-looking management comments and other statements which
reflect management's current outlook for the future. Such
forward-looking statements are not guarantees of future performance
and are subject to risks and uncertainties that could cause actual
results to differ materially from those anticipated in the
statements. Such risks and uncertainties include, but are not
limited to, general business and economic conditions, climatic
conditions, competitive pricing pressures, and product
availability. DATASOURCE: Noland Company CONTACT: John E. Gullett
of Noland Company, +1-757-928-9000 Web site: http://www.noland.com/
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