Cooper's fourth-quarter 2001 revenues were $989.6 million, compared with 2000 fourth-quarter revenues of $1.11 billion. Fourth-quarter operating earnings before nonrecurring charges were $105.6 million in 2001, compared with $164.1 million for the same period in 2000.
Net income for the fourth quarter 2001 was $57.1 million before a $44.5 million nonrecurring after-tax charge related to continuing activities aimed at streamlining operations and reducing costs, a $50 million favorable resolution of certain income tax issues and a $30 million provision related to potential obligations regarding the company's Automotive Products businesses which were sold in 1998. This compares with 2000 fourth-quarter net income of $89.2 million. Comparable quarterly earnings per share (diluted) ...
Profile Systems, West Springfield, MA, a privately held developer of product data and supply chain management solutions, has selected Edward Mallen to serve as its new president and CEO. Mr. Mallen has over twenty years of senior management experience in a number of successful software and technology ventures.
Prior to joining Profile Systems, Mallen served as the CEO of InterOPS, a provider of managed services for monitoring and managing mission-critical Web environments within the financial services industry, and NetCentric, a developer of Fax over Internet Protocol products for international long distance carriers, next generation carriers, Local Exchange Carriers, Internet Service Providers and specialized messaging service bureaus. Prior to those positions, Ed also served '
The Timken Company reported that the deepening U.S. economic recession resulted in a 9 percent drop in sales in the fourth quarter, which impacted operating profits and contributed to a net loss in 2001.
Sales for the fourth quarter of 2001 were $ 573.6 million -- the lowest of any quarter since the mid-1990s -- compared with $ 631.7 million in the fourth quarter a year ago. Fourth-quarter net income, while higher than in the same period a year ago, benefited from a $ 31 million payment resulting from the U.S. Continued Dumping and Subsidy Offset Act (CDSOA), which requires that tariffs collected on dumped imports be directed to the industries harmed. Net income for the fourth quarter of 2001 was $ 1.2 million versus $ 0.9 million in the fourth quarter a year ago. ...
The Timken Company, Canton, OH, announced a strategic reorganization of its Aerospace and Super Precision business. Donna Demerling, president, Aerospace and Super Precision said, "The new organization better aligns our businesses with market opportunities and brings a sharper customer focus within those markets. The newly appointed team will be the driving force in achieving our aerospace and super precision growth goals for 2002 and beyond."
"Consistent with the transformation of The Timken Company to a global enterprise, the realignment of Timken Aerospace and Super Precision reflects a more global approach to manufacturing, sourcing, engineering, and sales and marketing," Ms. Demerling said. "We'll accomplish this in a way that enhances the superior product quality ...
Emerson Electric Co., St. Louis, MO, which last year announced plans to close 20 plants worldwide, has increased that total to 50 as it implements a plan to move more of its operations to countries with low labor costs.
Emerson, the St. Louis-based maker of control systems, electronics and electrical products, hopes to close the plants and move their operations to countries such as China, Mexico and the Philippines by Sept. 30.
``The objective is to get it done before the turn-up (in business),'' said Emerson Chief Executive David N. Farr.
There was no word from the company on how many employees could be laid off. Emerson said it was cutting 4,000 jobs when it announced its initial plans in October to close 20 of its 350 plants.
November U.S. machine tool consumption totaled $156.17 million, according to AMT - The Association For Manufacturing Technology and AMTDA, the American Machine Tool Distributors' Association. This total, as reported by companies participating in the USMTC program, was down 16.6% from October and down 46.6% from the total of $292.50 million reported for November 2000. With a year-to-date total of $2,499.87 million, 2001 is down 32.9% compared to the same period in 2000.
These numbers and all data in this report are based on the totals of actual data reported by companies participating in the USMTC program.
'Congressional dithering over economic revitalization has added uncertainty to an already weak capital investment environment. Congress must focus on a ...
Datastream Systems, Inc., Greenville, SC, announced that, after careful consideration, its board of directors unanimously rejected an unsolicited offer by MRO Software, Inc. to purchase all of the outstanding shares of Datastream for $6.00 per share, comprised of $1.00 per share in cash and $5.00 per share in MRO Software common stock. The board determined the MRO Software offer is inadequate, does not reflect the inherent value of the company, and is not in the best interests of Datastream or its stockholders. Letter follows:
Larry G. Blackwell, Chairman of the Board of Datastream Systems, Inc., sent the following letter, dated January 8, 2002, to Mr. Robert Daniels, Chairman of the Board of MRO Software, Inc.:
Economic activity in the manufacturing sector declined for the 17th consecutive month in December, while the overall economy grew for the second consecutive month say the nation's purchasing and supply executives in the latest Manufacturing ISM Report On Businessﾮ.
The report was issued today by Norbert J. Ore, C.P.M., chair of the Institute for Supply Management'sﾙ Manufacturing Business Survey Committee and group director, strategic sourcing and procurement, Georgia-Pacific Corporation. "While the manufacturing sector continues to decline, the rate of decline has slowed very quickly, giving some hope that recovery may come faster than is generally found in a major downturn. In December, both new orders and production returned to a growth scenario and the trend for most of the ...
Prophet 21, Inc., Yardley, PA, a provider of business technology and services to the durable goods distribution market, announced significant revenue growth and profitability in the first quarter of fiscal year 2002.
Revenues for the first quarter of fiscal 2002 were $10.6 million, compared to $8.2 million reported during the same quarter in 2001. Net income for the quarter was $238,000, as compared to a loss of ($1.5) million, during the same period a year ago.
"We are very pleased to see that our investments in research and development have resulted in growth in both our revenue and the bottom line," announced Chuck Boyle, president and CEO of Prophet 21. "Our big picture focus and leadership position with regard to research and development have separated us ...
Global packaging company Sonoco, Hartsville, SC, has completed the all-cash purchase of privately held, Hayes Manufacturing Group Inc., Neenah, WI, a $56-million manufacturer of paper-based tubes, cores and composite cans.
Hayes produces paper-based tubes and cores serving the paper, plastic, foil/metal, paper converters, tape/label and construction industries. This sector accounts for approximately 80% of total sales. The composite can business provides approximately 20% of total sales.
Hayes consumes over 50,000 tons of paperboard annually, including approximately 24,000 tons from U.S. Paper Mills, which Sonoco recently purchased. Most of the remaining tonnage used by Hayes will be produced from Sonoco's paper mills. Hayes will also provide Sonoco ...