Hughes Supply, Inc., Orlando, FL, announced results for its second quarter ended Aug. 2, 2002. Net sales for the quarter were $774.7 million compared to $806.3 million in last year's second quarter. Net income was $18.5 million versus $14.7 million last year. Earnings per share were $0.78 per share for the quarter ended August 2, 2002 versus $0.63 per share last year. Last year's results of operations included approximately $1.3 million or $0.06 per share related to the amortization of goodwill, which under SFAS 142 is no longer required. If this amortization had not been included in last year's quarter, earnings per share comparisons would have been $0.78 this year versus $0.69 last year, a 13% increase. Comparable branch sales were down 3% for the quarter.
Dynabrade, Inc., Clarence, NY, an industrial abrasive power tool manufacturer, has completed the acquisition of the assets and business of Nu-Matic Grinders, Inc., Cleveland, OH, a manufacturer of air-inflated back-up wheels and machine leveling jacks and related products. Dynabrade President Walter Welsch stated, 'This acquisition is a natural fit for Dynabrade. Nu-Matic is a first-class company that shares our tradition and dedication to delivering exceptional quality and service to our mutual customers.'
Nu-Matic's product line includes pneumatic wheels and floor wedges and jacks to level heavy equipment. The company supplies high quality tools to customers through a worldwide network of ...
The Black & Decker Corporation, Towson, MD, has entered into a cooperative business arrangement with Hitachi Koki Co., Ltd. in the power tool field. The announcement was made jointly by Yasutsugu Takeda, president and director of Hitachi Koki, which is based in Tokyo, and Paul F. McBride, president of the corporation's power tools and accessories group. The arrangement is not expected to have a material effect on the corporation's sales and earnings in 2002 or 2003.
Commenting on the cooperative arrangement, Mr. McBride said, "Black & Decker has already built a good relationship with Hitachi Koki. They supply us with products on an original equipment manufacturing (OEM) basis. This arrangement will enable our companies to source products from each other, exchange technology, ...
Messer Griesheim Industries, Malvern, PA, has sold its Canadian business to Air Liquide Canada Inc., a subsidiary of the Air Liquide Group, leader in industrial, medical, specialty gases, and a supplier of welding products. Messer Griesheim Industries of Canada, Inc. is a distributor of industrial cylinder gases, bulk gases and specialty gases and related equipment. With a total of 86 employees, it consists of two filling plants and 12 selling locations across Quebec, Ontario and in Newfoundland.
"The sale of this business unit is part of our global divestment program and our strategy to focus on our core businesses," stated MG Industries' spokesperson Michael Masha, vice president and chief financial officer of the U.S. affiliate of Messer Griesheim.
Datastream Systems, Inc. Greenville, SC, reported total revenues for the second quarter of 2002 were $22.8 million, representing a slight decrease from second quarter 2001 total revenues of $23.0 million.
Sequentially, second quarter 2002 total revenues increased 5.6% from first quarter 2002 revenues of $21.6 million. Total software license revenues were $6.8 million for the second quarter of 2002, representing a 4.6% increase from second quarter 2001 total software license revenues of $6.5 million and a 17% increase from first quarter 2002 total software license revenues of $5.8 million.
Net income for the second quarter 2002 was $372,290, an improvement over the second quarter 2001 net loss of $1.7 million, and an increase from the net loss of $29,295 in the first quarter of ...
Kaman Corp, Bloomfield, CT reported financial results for the second quarter and six months ended June 30, 2002.
In the quarter, the company recorded pre-tax charges totaling $86.0 million (of which $52.7 million are non-cash) to cover the write-down of K-MAX helicopter assets, principally inventories; for cost growth associated with the Australian SH-2G(A) helicopter program; and to phase out operations at its Moosup, Conn. plant. Details are provided in the Aerospace segment discussion.
Including the pre-tax charges, the company reported a net loss for the second quarter of $50.4 million, compared to a net loss of $12.5 million in the 2001 second quarter. Excluding the charges, 2002 second quarter net earnings were $5.6 million.
Airgas, Inc., Radnor, PA, reported earnings for its first quarter ended June 30, 2002. Net earnings for the quarter, excluding certain charges, were $16.2 million compared to $13.5 million in the same period a year ago. Free cash flow per diluted share for the quarter was negative $0.03 versus $0.23 in the prior year.
These results exclude restructuring and divestiture charges and exclude a charge for the cumulative effect of a change in accounting principle related to the accounting for goodwill.
Including the charges related to the restructuring, divestitures and change in accounting principle, the reported net earnings per diluted share for the quarter ended June 30, 2002 were $0.20 versus a net loss of $0.67 for the comparable prior year quarter.
Economic activity in the manufacturing sector grew for the sixth consecutive month in July. The overall economy grew for the ninth consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On Business.
The report was issued today by Norbert J. Ore, C.P.M., chair of the Institute for Supply Managementﾙ Manufacturing Business Survey Committee and group director, strategic sourcing and procurement, Georgia-Pacific Corporation. "For manufacturing, July was only slightly better than June. The PMI declined, but still indicated growth as 12 industries reported improvement in July. The decline in the PMI was primarily driven by a weak showing in July's new orders, which may be due to a pause in inventory replenishment."
The Timken Company, Canton, OH, reported second quarter 2002 earnings of $0.28 per diluted share, excluding restructuring and reorganization charges and goodwill amortization, on sales of $660.8 million compared to $0.05 per diluted share and sales of $634.4 million a year ago. Earnings were above consensus analyst estimates of $0.27 per share.
Earnings before interest and taxes (EBIT) increased 91 percent to $34.5 million in the second quarter from $18.1 million a year ago, as margins rose to 5.2 percent from 2.8 percent last year.
"The path we have taken for the last 18 months continues to strengthen our financial performance," said W.R. Timken, Jr., chairman and CEO. "While we are benefiting from ongoing strength in the automotive industry, we also are deriving strength ...