Bairnco Announces Amended Fourth Quarter and Full Year 2004
Financial Results Due to Tax Benefit From Settlement LAKE MARY,
Fla., Feb. 18 /PRNewswire-FirstCall/ -- Bairnco Corporation
(NYSE:BZ) today reported that subsequent to year end and the
issuance of its January 27, 2005 press release on the 2004
operating results, a review of tax information on the settlement of
the NOL Lawsuit resulted in a $1,015,000 tax receivable, and
related income, which is included in income from spun off
subsidiary. The 2004 fourth quarter and full year consolidated
financial statements have been amended to reflect this information.
Bairnco Corporation is a diversified multinational company that
operates two distinct businesses -- Arlon (Electronic Materials and
Coated Materials segments) and Kasco (Replacement Products and
Services segment). Arlon's principal products include high
technology materials for the printed circuit board industry, cast
and calendered vinyl film systems, custom-engineered laminates and
special silicone rubber compounds and components. Kasco's principal
products include replacement band saw blades for cutting meat,
fish, wood and metal, and on site maintenance primarily in the meat
and deli departments. Kasco also distributes equipment to the food
industry in France. "Safe Harbor" Statement under the Private
Securities Litigation Reform Act of 1995 Statements in this press
release referring to the expected future plans and performance of
the Corporation are forward-looking statements. Actual future
results may differ materially from such statements. Factors that
could affect future performance include, but are not limited to,
changes in US or international economic or political conditions,
such as inflation or fluctuations in interest or foreign exchange
rates; disruptions in operations due to labor disputes;
renegotiation of the Corporation's Credit Agreement; changes in the
pricing of the products of the Corporation or its competitors; the
impact on production output and costs from the availability of
energy sources and related pricing; the market demand and
acceptance of the Corporation's existing and new products; the
impact of competitive products; changes in the market for raw or
packaging materials which could impact the Corporation's
manufacturing costs; changes in the product mix; the loss of a
significant customer or supplier; production delays or
inefficiencies; the costs and other effects of legal and
administrative cases and proceedings, settlements and
investigations; the ability to achieve anticipated revenue growth,
synergies and other cost savings in connection with acquisitions
and plant consolidations; the costs and other effects of complying
with environmental regulatory requirements; and losses due to
natural disasters where the Corporation is self-insured. While the
Corporation periodically reassesses material trends and
uncertainties affecting the Corporation's results of operations and
financial condition in connection with its preparation of its press
releases, the Corporation does not intend to review or revise any
particular forward-looking statement referenced herein in light of
future events. Comparative Consolidated Results of Operations
(Unaudited) Quarter Ended Year Ended Condensed Consolidated Dec.
31, Dec. 31, Dec. 31, Dec. 31, Statements of Income 2004 2003 2004
2003 Net sales $40,544,000 $37,135,000 $165,496,000 $152,696,000
Cost of sales 28,934,000 26,708,000 117,612,000 109,825,000 Gross
profit 11,610,000 10,427,000 47,884,000 42,871,000 Selling and
administrative expenses 8,998,000 9,367,000 39,827,000 38,248,000
Operating profit 2,612,000 1,060,000 8,057,000 4,623,000 Interest
expense, net 18,000 190,000 566,000 768,000 Income before income
taxes 2,594,000 870,000 7,491,000 3,855,000 Provision for income
taxes 720,000 281,000 2,372,000 1,206,000 Income from continuing
operations 1,874,000 589,000 5,119,000 2,649,000 Income from spun
off subsidiary 1,015,000 -- 25,710,000 -- Net income $2,889,000
$589,000 $30,829,000 $2,649,000 Basic Earnings Per Share of Common
Stock from Continuing Operations $0.25 $0.08 $0.70 $0.36 Basic
Earnings per Share of Common Stock from Spun Off Subsidiary 0.14 --
3.49 -- Basic Earnings per Share of Common Stock $0.39 $0.08 $4.19
$0.36 Diluted Earnings per Share of Common Stock from Continuing
Operations $0.24 $0.08 $0.68 $0.36 Diluted Earnings per Share of
Common Stock from Spun Off Subsidiary 0.13 -- 3.40 -- Diluted
Earnings per Share of Common Stock $0.38 $0.08 $4.07 $0.36 Basic
Average Common Shares 7,386,000 7,342,000 7,362,000 7,338,000
Diluted Average Common Shares 7,660,000 7,436,000 7,569,000
7,391,000 Condensed Consolidated Balance Sheets Dec. 31, 2004 Dec.
31, 2003 ASSETS Cash $3,451,000 $796,000 Accounts receivable, net
24,912,000 23,511,000 Inventories 24,964,000 25,516,000 Other
current assets 7,702,000 7,873,000 Total current assets 61,029,000
57,696,000 Plant and equipment, net 34,429,000 36,476,000 Cost in
excess of net assets of purchased businesses 14,542,000 14,360,000
Other assets 8,781,000 9,697,000 Total $118,781,000 $118,229,000
LIABILITIES AND STOCKHOLDERS' INVESTMENT Short-term debt $1,030,000
$1,875,000 Current maturities of long-term debt 663,000 2,173,000
Accounts payable 10,601,000 10,159,000 Accrued expenses 10,515,000
10,916,000 Total current liabilities 22,809,000 25,123,000
Long-term debt 231,000 27,785,000 Other liabilities 10,974,000
11,023,000 Stockholders' investment 84,767,000 54,298,000 Total
$118,781,000 $118,229,000 DATASOURCE: Bairnco Corporation CONTACT:
Lawrence C. Maingot, Bairnco Corporation, +1-407-875-2222, ext. 230
Web site: http://www.bairnco.com/
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