Reinhold Industries Announces First Quarter 2004 Financial Results
May 06 2004 - 3:03PM
PR Newswire (US)
Reinhold Industries Announces First Quarter 2004 Financial Results
SANTA FE SPRINGS, Calif., May 6 /PRNewswire-FirstCall/ -- Reinhold
Industries, Inc. of Santa Fe Springs, California, today announced
results for the first quarter 2004. First quarter 2004 revenues
were $16.9 million, up $0.5 million (3%) from first quarter 2003.
Sales increased 18% in the Aerospace business unit due to
additional shipments of rocket nozzles related to the National
Missile Defense Program. Sales for the CompositAir business unit
decreased 26% compared to 2003 due to continuing severe economic
problems in the commercial airline industry. Sales at NP Aerospace
increased by 6% compared to 2003 due primarily to favorable
currency exchange rates. Sales increased 5% from 2003 in the
Commercial business unit due to additional shipments of in-ground
lighting and water filtration products. Sales decreased 3% at the
Bingham business unit. Net income for the first quarter 2004 was
$1.2 million, or $0.37 per share, compared to net income of $1.5
million, or $0.50 per share in 2003. Earnings per share
computations reflect a 10% stock dividend effective May 29, 2003.
"The change in profitability was due primarily to two factors,"
said Michael T. Furry, President and CEO of Reinhold. "In 2003, NP
Aerospace recognized a significant profit on a program that did not
occur again in 2004. In addition, CompositAir's sales were
reflective of the airline industry's continuing financial
difficulties. However, we exceeded our consolidated budget for the
quarter and expect full year 2004 results to be favorable." 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, sheet molding compounds, and graphic arts and
industrial rollers for a variety of applications in the United
States and Europe. Reinhold Industries, Inc. (NASDAQ:RNHDA)
(Amounts in Thousands, Except Per Share Data) 1st Quarter Ended 1st
Quarter Ended 03/31/04 03/31/03 Sales $16,892 $16,375 Net Income
$1,179 $1,524 EPS $0.37 $0.50 DATASOURCE: Reinhold Industries, Inc.
CONTACT: Judy Sanson of Reinhold Industries, Inc., +1-562-944-3281
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