The Oilgear Company (NASDAQ:OLGR) today reported record sales,
orders and backlog for the first quarter ended March 31, 2005. Net
sales were a record $26,043,000 for the first quarter of 2005, a
22% increase from sales of $21,291,000 for the same period in 2004.
Net earnings were $425,000 or $0.21 per diluted share for the first
quarter of 2005, compared to net earnings of $10,000 or $0.00 per
diluted share for the first quarter of 2004. Orders in the first
quarter of 2005 were a record $29.7 million, a 13% increase from
the first quarter of 2004 and a 28% increase from orders in the
fourth quarter of 2004. The backlog grew to $37.8 million at the
end of the first quarter of 2005, a 12% increase from the backlog
of $34.0 million at the end of 2004. "Our industry experienced
continued strong growth in the first quarter of 2005. U.S. orders
for hydraulic equipment were up 20% over the first quarter of 2004,
according to data provided by the National Fluid Power Association
(NFPA). U.S. shipments for the first quarter of 2005 were up 22%
over the same period last year, according to NFPA data," said David
A. Zuege, president and chief executive officer of Oilgear. "We are
pleased to be participating in this recovery. Although there are
signs that this unsustainable growth rate is beginning to soften,
our orders for April continued strong at nearly $10 million." "In
addition to the record sales, we are also very pleased with the
significant improvement in our bottom line. Margin improvement is
our number-one priority, and while we still have a long way to go,
we are making significant progress in this area. Gross profit as a
percent of sales improved from 24.4% in the first quarter of 2004
to 26.1% in the first quarter of 2005, as higher volumes generated
a better absorption of fixed costs and we benefited from our
ongoing efforts to improve margins." At the annual meeting of
shareholders held today, the shareholders elected Robert D. Drake,
Michael H. Joyce and Thomas L. Misiak as directors to serve until
the 2008 annual meeting. A leader in the fluid power industry, The
Oilgear Company provides advanced technology in the design and
production of unique fluid power components and electronic
controls. The company serves customers in the primary metals,
machine tool, automobile, petroleum, construction equipment,
chemical, plastic, glass, lumber, rubber and food industries. Its
products are sold as individual components or integrated into high
performance applications. Certain matters discussed in this press
release are "forward-looking statements" intended to qualify for
the safe harbors from liability established by the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements can generally be identified as such because the context
of the statement will include words such as the Company "believes,"
"anticipates," "expects" or words of similar import. Similarly,
statements that describe the Company's future plans, objectives or
goals are also forward-looking statements. Such forward-looking
statements are subject to certain risks and uncertainties which
could cause actual results to differ materially from those
currently anticipated. In addition to the assumptions and other
factors referenced specifically in connection with such statements,
the following could impact the business and financial prospects of
the Company: factors affecting the economy generally, including the
financial and business conditions of the Company's customers, the
demand for customers' products and services that utilize the
Company's products, and national and international events; factors
affecting the Company's financial performance or condition,
including restrictions or conditions imposed by current or
prospective lenders, tax legislation, and changes in accounting
principles; factors affecting percentage of completion contracts,
including the accuracy of estimates and assumptions regarding the
timing and levels of costs to complete those contracts; factors
affecting the Company's international operations, including
fluctuations in currencies, changes in laws and political or
financial insecurity of foreign governments; factors affecting the
Company's ability to hire and retain competent employees, including
unionization of non-union employees and strikes or work stoppages;
any further decrease in stock price as a result of market
conditions; changes in the law or standards applicable to the
Company, including environmental laws and accounting
pronouncements; availability of raw materials; unanticipated
technological developments that result in competitive disadvantages
and may impair existing assets; and factors set forth in the
Company's periodic reports filed with the SEC in accordance with
the Securities Exchange Act. Shareholders, potential investors and
other readers are urged to consider these factors and those set
forth in the Company's filings with the SEC carefully in evaluating
the forward-looking statements. The forward-looking statements made
herein are only made as of the date of this press release and the
Company undertakes no obligation to publicly update such
forward-looking statements to reflect subsequent events or
circumstances. -0- *T The Oilgear Company Consolidated Condensed
Operating Statement (Unaudited) Three Months Ended March 31, 2005
2004 ----------------------------- Net sales $26,043,000
$21,291,000 Cost of sales 19,235,000 16,101,000
----------------------------- Gross profit 6,808,000 5,190,000
Selling, general and administrative expenses 5,668,000 4,670,000
----------------------------- Operating income 1,140,000 520,000
----------------------------- Interest expense 610,000 330,000
Other non-operating income (loss), net 41,000 (46,000)
----------------------------- Earnings before income taxes 571,000
144,000 Income tax expense 129,000 113,000
----------------------------- Net earnings before minority interest
442,000 31,000 Minority Interest 17,000 21,000
----------------------------- Net earnings $425,000 $10,000
============================= Basic earnings per share of common
stock $0.21 $0.005 ============================= Diluted earnings
per share of common stock $0.21 $0.005
============================= Basic weighted average outstanding
shares 1,983,000 1,958,000 Diluted weighted average outstanding
shares 2,019,000 1,958,000 The Oilgear Company Consolidated
Condensed Balance Sheet (Unaudited) March 31, 2005 December 31,
2004 ------------------------------- ASSETS Current Assets Cash and
cash equivalents $3,394,000 $4,109,000 Accounts receivable
17,049,000 17,030,000 Inventories 26,217,000 25,529,000 Other
current assets 7,564,000 5,861,000 -------------------------------
Total current assets $54,224,000 $52,529,000
------------------------------- Net property plant and equipment
17,412,000 18,163,000 Other assets 3,143,000 2,123,000
------------------------------- $74,779,000 $72,815,000
=============================== LIABILITIES AND SHAREHOLDERS'
EQUITY Current Liabilities Current debt $18,614,000 $21,334,000
Accounts payable 9,746,000 10,830,000 Other current liabilities
7,192,000 8,508,000 ------------------------------- Total current
liabilities $35,552,000 $40,672,000 -------------------------------
Long-term debt 8,682,000 1,302,000 Unfunded employee benefit costs
22,892,000 23,024,000 Other non-current liabilities 734,000 694,000
------------------------------- Total liabilities $67,860,000
$65,692,000 ------------------------------- Minority interest in
consolidated subsidiary 1,035,000 1,037,000 Shareholders' equity
5,884,000 6,086,000 ------------------------------- $74,779,000
$72,815,000 =============================== *T
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