Reinhold Industries Announces First Quarter 2005 Financial Results; Declares $0.50 Quarterly Dividend
May 06 2005 - 3:17PM
PR Newswire (US)
Reinhold Industries Announces First Quarter 2005 Financial Results;
Declares $0.50 Quarterly Dividend SANTA FE SPRINGS, Calif., May 6
/PRNewswire-FirstCall/ -- Reinhold Industries, Inc. (NASDAQ:RNHDA)
of Santa Fe Springs, California, today announced results for the
first quarter 2005. Comparative 2004 results have been adjusted to
remove the Samuel Bingham Enterprises, Inc. subsidiary from
continuing operations; which was sold in December 2004. First
quarter 2005 revenues were $19.0 million, up $6.4 million (50%)
from first quarter 2004. Sales at NP Aerospace increased by $6.4
million (118%) due primarily to retrofitting of light armored
vehicles for the U.K. Ministry of Defense. Sales in the Aerospace,
CompositAir and Commercial business units were essentially flat.
Income before income taxes for the first three months of 2005 was
$3.2 million, up $1.1 million (51%) compared to 2004. Income before
income taxes at NP Aerospace increased to $2.8 million due to
increased revenues. Consolidated selling, general and
administrative expenses increased by $0.8 million from first
quarter 2004 due to increased compensation costs and higher audit
and tax compliance fees. Interest expense, net was $0.4 million in
2005 compared to zero in 2004 due to amounts outstanding against
the credit facility. The effective tax rate for the first three
months of 2005 was 47% compared to 31% in 2004 due to the impact of
repatriated foreign income. Net income for the first quarter of
2005 was $1.7 million, or $0.52 per diluted share, compared to net
income of $1.2 million, or $0.37 per diluted share in 2004. The
Company also announced today that it will pay a quarterly dividend
of $0.50 per share on June 10, 2005 to shareholders of record as of
May 24, 2005. "Our exceptional first quarter results were primarily
attributable to the continuing record performance of our U.K.
subsidiary, NP Aerospace," said Michael T. Furry, President and CEO
of Reinhold. "During the quarter, our joint venture company, NP
Aerospace Jordan, also began shipments of the first of 50,000
military helmets to be delivered over the next two years." This
news release contains forward-looking statements as defined in the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve risks and uncertainties, and
Reinhold's actual experience may differ materially from that
anticipated in such statements. Factors that might cause such a
difference include those discussed in Reinhold's filings with the
Securities and Exchange Commission, including but not limited to
its most recent proxy statement, Form 10-K and Form 10-Q. Reinhold
Industries, Inc. is a manufacturer of advanced custom composite
components and sheet molding compounds for a variety of
applications in the United States and Europe. Reinhold Industries,
Inc. (NASDAQ:RNHDA) (Amounts in Thousands, Except Per Share Data)
(Unaudited) 1st Quarter Ended 03/31/05 03/31/04 Sales $18,977
$12,616 Income from Continuing Operations $1,695 $1,349 Net Income
(Loss) $1,695 $1,179 EPS -- Continuing Operations $0.52 $0.42 EPS
$0.52 $0.37 DATASOURCE: Reinhold Industries, Inc. CONTACT: Wanda
Morrison, +1-562-944-3281, for Reinhold Industries, Inc.
Copyright
Reinhold (NASDAQ:RNHDA)
Historical Stock Chart
From Aug 2024 to Sep 2024
Reinhold (NASDAQ:RNHDA)
Historical Stock Chart
From Sep 2023 to Sep 2024