Reinhold Industries Announces First Quarter 2006 Financial Results
May 12 2006 - 1:46PM
PR Newswire (US)
SANTA FE SPRINGS, Calif., May 12 /PRNewswire-FirstCall/ -- Reinhold
Industries, Inc. (NASDAQ:RNHDA) of Santa Fe Springs, California,
today announced financial results for the first quarter 2006.
Comparative 2005 results have been adjusted to remove NP Aerospace
Ltd. from continuing operations. NP Aerospace was sold in November
2005. First quarter 2006 revenues were $9.7 million, up $2.5
million (35%) from first quarter 2005. Sales in the Aerospace
business unit increased by $0.7 million (13%) due primarily to
additional sales of components related to the Minuteman III
Propulsion Replacement Program. Sales in the Seating Products
business unit increased by $1.9 million (147%) compared with the
first quarter of 2005 due to a surge in aircraft seating demand
from our largest customer and production quantity sales to a new
customer. Sales were essentially flat in the Commercial business
unit. Income from continuing operations before income taxes for the
first quarter of 2006 was $2.0 million, up $1.2 million (141%)
compared to 2005 due to increased sales and higher selling prices.
Income from continuing operations for the first quarter of 2006 was
$1.2 million, up $1.3 million compared to 2005. The effective tax
rate for the first quarter 2006 was 40% compared to 106% in 2005
due primarily to the impact of repatriated foreign income in the
first quarter of 2005. Income from discontinued operations for the
first quarter 2006 was zero compared to $1.7 million in 2005.
Income from discontinued operations in the first quarter 2005
includes financial results from NP Aerospace Ltd., which was sold
in November 2005. Net income for the first quarter of 2006 was $1.2
million, or $0.37 per diluted share, compared to net income of $1.7
million, or $0.52 per diluted share in 2005. "All product lines
achieved significant increases in profitability compared to 2005,"
said Michael T. Furry, President and CEO of Reinhold. "Our seating
products financial performance reflected the shipment and
completion of a significant customer program order during the
quarter. While we do not expect that revenues associated with this
program will continue at the first quarter levels, we do expect
that the improvement in financial performance that began in the
fourth quarter of 2005 will continue." 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) Three Months Ended 3/31/06
3/31/05 Sales $9,679 $7,181 Income from continuing operations
before income taxes 2,006 832 Income (loss) from continuing
operations $1,207 ($54) Income from discontinued operations $--
$1,749 Net income $1,207 $1,695 Diluted EPS- continuing operations
$0.37 ($0.02) Diluted EPS $0.37 $0.52 DATASOURCE: Reinhold
Industries, Inc. CONTACT: Wanda Morrison of Reinhold Industries,
Inc., +1-562-944-3281
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