GRAND RAPIDS, Mich., April 20 /PRNewswire-FirstCall/ -- Knape &
Vogt Manufacturing Co. (NASDAQ:KNAP) today announced the results
for its third quarter and nine-month period ended April 1, 2006.
The Grand Rapids, Mich.-based manufacturer and distributor of
drawer slides, shelving, storage and ergonomic office products
reported that net sales grew 4.4 percent to $41.9 million for the
third quarter of fiscal 2006, compared with net sales of $40.2
million during the same period a year ago. Sales of new products
and product enhancements were $8.0 million for the third quarter of
fiscal 2006 compared with $7.6 million in the third quarter of the
prior year. Net sales for the nine months ended April 1, 2006, grew
to $123.6 million, up from $116.0 million for the same period in
the prior year, representing a 6.5 percent increase. KV reported
third quarter net income of $1.4 million, or $0.31 per basic and
diluted share, compared with net income of $1.7 million, or $0.37
per basic and diluted share, in the prior year third quarter. The
prior year results included a one-time tax benefit of $594,000
related to the expiration of certain statutory tax periods and
prior year research and development credit claims. Net income for
the nine months ended April 1, 2006, was $5.1 million, or $1.12 per
basic and diluted share, compared with net income of $1.6 million,
or $0.35 per basic and diluted share, for the same period in 2005.
The current year results included a one-time settlement gain on one
of the Company's defined benefit plans of approximately $952,000
after-tax. The year-to-date fiscal 2005 net income results included
an impairment/restructuring charge of approximately $1.3 million
after-tax related to the relocation of the Company's wire
production operations to its Grand Rapids facility. Knape &
Vogt said the improvement in net income, excluding these unusual
items, reflected savings from the consolidation of the Company's
wire production, better operating cost leverage due to higher sales
volumes and lower steel costs. 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/ . Knape & Vogt Manufacturing
Company and Subsidiaries Condensed Consolidated Statements of
Income (Unaudited) Nine Months Ended Three Months Ended April 1,
April 2, April 1, April 2, 2006 2005 2006 2005 Net sales
$123,594,698 $116,038,344 $41,918,679 $40,169,917 Cost of sales
98,170,473 94,537,482 33,582,748 32,432,912 Gross margin 25,424,225
21,500,862 8,335,931 7,737,005 Selling and administrative expenses
16,406,712 16,804,638 5,638,711 5,437,189 Restructuring and
impairment expenses 44,477 1,982,474 - 204,027 Operating income
8,973,036 2,713,750 2,697,220 2,095,789 Interest and other
expenses, net 1,044,780 1,091,077 357,322 372,732 Income before
income taxes 7,928,256 1,622,673 2,339,898 1,723,057 Income taxes
2,867,840 63,364 941,906 31,444 Net income $5,060,416 $1,559,309
$1,397,992 $1,691,613 Earnings per common share - basic: Weighted
average shares outstanding 4,510,700 4,516,964 4,511,091 4,517,105
Earnings per common share - dilutive: Weighted average shares
outstanding 4,511,175 4,516,964 4,512,121 4,517,105 Net income per
share $1.12 $0.35 $0.31 $0.37 Cash dividend - Common stock $0.495
$0.495 $0.165 $0.165 Cash dividend - Class B common stock $0.45
$0.45 $0.15 $0.15 Knape & Vogt Manufacturing Company and
Subsidiaries Condensed Consolidated Balance Sheets April 1, 2006
July 2, 2005 (Unaudited) Assets Current Assets: Cash and
equivalents $9,886,938 $6,349,702 Accounts receivable, net
20,952,281 19,944,781 Inventories 23,212,633 24,362,073 Assets held
for sale 786,328 1,281,213 Prepaid expenses and other 1,637,488
934,711 Total current assets 56,475,668 52,872,480 Property, plant
and equipment, net 20,797,701 22,120,924 Other assets 17,172,430
17,395,234 $94,445,799 $92,388,638 Liabilities and Equity Current
liabilities $21,311,491 $21,633,059 Long-term debt and capital
leases 23,013,175 22,524,129 Deferred income taxes & other
long-term liabilities 8,460,150 10,123,573 Stockholders' equity
41,660,983 38,107,877 $94,445,799 $92,388,638 Knape & Vogt
Manufacturing Company and Subsidiaries Condensed Consolidated
Statements of Cash Flows (Unaudited) Nine Months Ended April 1,
2006 April 2, 2005 From Operating Activities: Net income $5,060,416
$1,559,309 Depreciation and amortization 3,683,899 4,695,858 Change
in retirement plan cost (1,263,833) 203,409 Deferred income taxes
250,000 (1,066,209) Impairment expenses - 1,778,447 Changes in
operating assets & liabilities (756,758) (2,219,599) Other, net
(107,726) 8,806 Net cash provided by operating activities 6,865,998
4,960,021 From Investing Activities: Additions to property, plant
& equipment net (2,162,717) (2,069,050) Proceeds from sales of
property, plant & equip. 246,000 10,250 Other, net (103,164)
(28,257) Net cash used for investing activities (2,019,881)
(2,087,057) From Financing Activities: Cash dividends paid
(2,145,196) (2,141,041) Stock options exercised 11,907 - Net change
in long-term debt/capital leases 489,046 (10,214) Net cash used for
financing activities (1,644,243) (2,151,255) Effect of Exchange
Rates on Cash 335,362 379,654 Net increase in cash and equivalents
$3,537,236 $1,101,363 DATASOURCE: Knape & Vogt Manufacturing
Co. CONTACT: Leslie Cummings, Vice President of Finance and
Treasurer of Knape & Vogt Manufacturing Company,
+1-616-459-3311, Ext. 225; Jeff Lambert or Ryan McGrath of Lambert,
Edwards & Associates, +1-616-233-0500, for Knape & Vogt
Manufacturing Company Web site: http://www.knapeandvogt.com/
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