MITY Enterprises, Inc. Announces Results for Second Fiscal Quarter; Diluted EPS Increases 36 Percent
26 Oktober 2005 - 3:00PM
Business Wire
Bradley T Nielson, president and chief executive officer of MITY
Enterprises, Inc. (Nasdaq:MITY), today announced operating results
for the second quarter ended September 30, 2005. Net sales for the
second quarter totaled $14.1 million compared to $13.4 million a
year ago, an increase of 5 percent. Net income was $1.4 million
versus $1.1 million for the comparable period a year ago, an
increase of 27 percent. Basic and diluted earnings per share for
the recent quarter were $0.35 and $0.34, compared to the previous
year's second quarter basic and diluted earnings per share of $0.27
and $0.25, an increase of 30 percent and 36 percent, respectively.
Net sales for the six months ended September 30, 2005 totaled $28.4
million compared to $25.4 million a year ago, an increase of 12
percent. Net income was up by 34 percent to $3.0 million versus
$2.2 million for the comparable period a year ago. Basic and
diluted earnings for the six-month period were $0.71 and $0.68, an
increase of 37 and 39 percent over the previous year's six-month
basic and diluted earnings per share of $0.52 and $0.49,
respectively. As compared to the second quarter of fiscal 2005, the
increase in net sales reflected growth of 10 percent in the
healthcare seating unit as well as 4 percent growth in the
multipurpose room unit. International sales accounted for 15
percent of total sales. The increase in sales in the multipurpose
room unit during the quarter was primarily attributable to growth
in the education, church, and hospitality markets. "We are pleased
to report another strong quarter with increases in both sales and
net income," said Nielson. "We continue to take advantage of the
growth opportunities in many of our markets. In addition, our gross
margins have improved now that we no longer have the high level of
expenses related to our discontinued table project. We are
particularly encouraged by the strong market acceptance of our
multipurpose room chair lines as we experienced growth in these
lines of 29 percent in the quarter. We are also very excited to
begin production of two new chair lines during the December quarter
-- our SwiftSet Courtside(TM) folding chair and our SwiftSet HD(TM)
high density stacking chair. These two new chair lines are evidence
of the rapid progress we are making to broaden our product offering
and meet the needs of more of our customers." "During the quarter,
material costing pressures again appeared on the horizon," noted
Paul R. Killpack, chief financial officer. "Although these
pressures do not currently appear to be as strong as we saw over a
year ago, they still will affect our margins and will likely
require us to implement a price increase on our product lines.
Still, we believe that strong sales growth in the short term will
continue and anticipate that sales will be up during the coming
quarter by as much as 10 percent as compared to last year's
December quarter." The Company will host a follow-up live broadcast
over the Internet to discuss the financial results at 4:30 PM
Eastern Time today. The live web simulcast of the conference call
will be available to the public online at www.mityinc.com or on
StreetEvent's Individual Investor Center at www.streetevents.com.
Listeners are encouraged to log on five to ten minutes prior to the
start time to ensure participation from the beginning. A replay of
the broadcast will be available within approximately one hour for a
week following the call at the referenced websites. Copies of the
Company's 10-Q and report for the fiscal 2005 second quarter will
be available online at www.mityinc.com. Founded in 1987, MITY
Enterprises, Inc. designs, manufactures and markets innovative
institutional furniture created to meet the efficiency needs of its
customers. MITY Enterprises focuses on providing premium quality
institutional furniture products to niche markets. The product
lines consist of multipurpose room furniture and healthcare
seating. MITY's products are marketed under the Mity-Lite, Broda
and Versipanel tradenames. Headquartered in Utah, MITY Enterprises
serves national and international customers directly and through
distributors. For further information, visit MITY Enterprises
online at www.mityinc.com. This press release contains
forward-looking statements related to (a) the Company's belief that
sales for the December quarter will be up as much as 10 percent as
compared to last year's sales for the same period, and (b) the
Company's views that increased costs for many of its raw materials
will likely negatively affect gross margins. These statements are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Investors are cautioned
that forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially
from those contemplated in the forward-looking statements. Factors
that could cause or contribute to such differences include, but are
not limited to (i) continued global economic uncertainty resulting
from terrorism threats, current world tensions and related U.S.
military actions and their potential impact on the Company's
operations; (ii) uncertainty about market acceptance of any new
products introduced by the Company; (iii) increased price and
quality-based competitors particularly in the multipurpose room
furniture segment; (iv) lack of available capital and other
resources to develop or acquire and commercialize new products; and
(v) the risks and uncertainties outlined in the Company's documents
filed with the Securities and Exchange Commission. All
forward-looking statements and other information in this press
release are based upon information available as of the date of this
release. Such information may change or become invalid after the
date of this release, and, by making these forward-looking
statements, the Company undertakes no obligation to update these
statements after the date of this release. -0- *T MITY Enterprises,
Inc. Unaudited Financial Highlights Three Months Ended September
30, ------------------------- 2005 2004 ----------- ------------
Net sales $14,053,000 $13,378,000 Income from operations 2,247,000
1,904,000 Pre-tax income 2,188,000 1,815,000 Net income 1,445,000
1,140,000 Basic earnings per share $ 0.35 $ 0.27 Weighted average
number of common shares- basic 4,072,105 4,296,892 Diluted earnings
per share $ 0.34 $ 0.25 Weighted average common and common
equivalent shares-diluted 4,220,247 4,486,206 Six Months Ended
September 30, ------------------------- 2005 2004 -----------
------------ Net sales $28,437,000 $25,424,000 Income from
operations 4,521,000 3,507,000 Pre-tax income 4,568,000 3,481,000
Net income 2,963,000 2,211,000 Basic earnings per share $ 0.71 $
0.52 Weighted average number of common shares- basic 4,195,470
4,282,993 Diluted earnings per share $ 0.68 $ 0.49 Weighted average
common and common equivalent shares-diluted 4,352,133 4,482,627 *T
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