Exhibit 99.1
NEWS RELEASE
VULCAN INTERNATIONAL CORPORATION
Executive Offices:
300 Delaware Avenue, Suite 1704
Wilmington, Delaware 19801
IMMEDIATE RELEASE
October 27, 2004
Vulcan International Corporation, the parent of Vulcan Corporation, a Tennessee corporation, a diversified manufacturer of rubber and foam with a manufacturing plant in Tennessee, announced net revenues for the third quarter ending September 30, 2004 decreased to $2,231,000 from $2,756,337 in the third quarter of 2003. Net earnings from continuing operations increased to $415,067 in the third quarter of 2004 from $369,064 in the third quarter of 2003. Capital gains in third quarter of 2004 were $40,859 compared to $65,160 in the third quarter of 2003.
In the third quarter ending September 30, 2004 the Company had earnings per share of 45 cents compared to $1.39 in the third quarter of 2003 resulting primarily from the settlement of the Re-Solve suit which constitutes 95 cents per share in 2003.
For the nine-month period ending September 30, 2004, the company had consolidated net earnings from continuing operations of $901,488 on revenues of $8,149,209. This compares to consolidated net earnings from continuing operations of $781,306 on revenues of $7,837,651 in 2003. Net income from discontinued operations in the nine month period of 2004 was $38,086 compared to $37,642 in 2003. Net gains on asset sales for the nine months ending September 30, 2004 due mainly from the sale of securities and timber were $424,250 compared to $670,046 in 2003. Net gains on sale of assets from discontinued operations were $1,542,852 in 2004 compared to none in 2003.
On a per share basis for the nine month period ending September 30, 2004, the Company had earnings per share of $2.88 compared to $2.43 in the nine months ending September 30, 2003.
Attribute to Benjamin Gettler, Chairman of the Board and President
For more information: Contact Vernon E. Bachman, Vice President
Secretary and Treasurer at (513) 621-2850
VULCAN INTERNATIONAL CORPORATION |
| | | | | | |
| | | | | | |
| | COMPARISON | |
| | 3 MONTHS ENDED | |
| | SEPTEMBER 30, | |
| | 2004 | | | 2003 | |
| | | | | | |
NET REVENUES: | | | | | | |
CONTINUING OPERATIONS | $ | 2,231,000 | | | 2,756,337 | |
| | | | | | |
NET EARNINGS FROM: | | | | | | |
CONTINUING OPERATIONS | | 398,344 | | | 1,324,063 | |
NET GAINS (LOSS) ON DISPOSAL OF ASSETS | | 57,582 | | | 65,161 | |
NET INCOME RELATED TO RE-SOLVE SETTLEMENT | |
- | | |
955,000 | |
TOTAL NET EARNINGS FROM CONTINUING OPERATIONS | |
455,926 | | |
2,344,224 | |
| | | | | | |
INCOME FROM DISCONTINUED OPEATIONS | | - | | | 6,418 | |
| | | | | | |
TOTAL NET EARNINGS | $ | 455,926 | | | 2,350,642 | |
| | | | | | |
| | | | | | |
EARNINGS PER COMMON SHARE: | | | | | | |
CONTINUING OPERATIONS | $ | 0.40 | | | 0.37 | |
NET GAINS(LOSS) ON DISPOSAL OF ASSETS | | 0.06 | | | 0.06 | |
INCOME RELATED TO RE-SOLVE SETTLEMENT | |
- | | |
0.95 | |
INCOME FROM DISCONTINUED OPERATIONS | | - | | | 0.01 | |
| | | | | | |
TOTAL EARNINGS PER COMMON SHARE | $ | 0.45 | | | 1.39 | |
| | | | | | |
AVERAGE NUMBER OF SHARES OUTSTANDING | | 1,006,707 | | | 1,004,707 | |
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VULCAN INTERNATIONAL CORPORATION |
| | | | | | |
| | | | | | |
| | COMPARISON | |
| | 9 MONTHS ENDED | |
| | SEPTEMBER 30, | |
| | 2004 | | | 2003 | |
| | | | | | |
NET REVENUES: | | | | | | |
CONTINUING OPERATIONS | $ | 8,149,209 | | | 7,837,651 | |
| | | | | | |
NET EARNINGS FROM: | | | | | | |
CONTINUING OPERATIONS | | 901,488 | | | 781,306 | |
NET GAINS (LOSS) ON DISPOSAL OF ASSETS | | 424,250 | | | 670,046 | |
NET INCOME RELATED TO RE-SOLVE SETTLEMENT | |
- | | |
955,000 | |
TOTAL NET EARNINGS FROM CONTINUING OPERATIONS | |
1,325,738 | | |
2,406,352 | |
| | | | | | |
NET INCOME FROM: | | | | | | |
DISCONTINUED OPEATIONS | | 38,086 | | | 37,642 | |
GAIN ON SALE OF ASSETS | | 1,542,852 | | | - | |
TOTAL NET EARNINGS FROM DISCONTINUED OPERATIONS | |
1,580,938 | | |
37,642 | |
| | | | | | |
TOTAL NET EARNINGS | $ | 2,906,676 | | | 2,443,994 | |
| | | | | | |
| | | | | | |
EARNINGS PER COMMON SHARE: | | | | | | |
CONTINUING OPERATIONS | $ | 0.89 | | | 0.78 | |
NET GAIN (LOSS) ON DISPOSAL OF ASSETS | | 0.42 | | | 0.66 | |
INCOME RELATED TO RE-SOLVE SETTLEMENT | |
- | | |
0.95 | |
INCOME FROM DISCONTINUED OPERATIONS | | 1.57 | | | 0.04 | |
| | | | | | |
TOTAL EARNINGS PER COMMON SHARE | $ | 2.88 | | | 2.43 | |
| | | | | | |
AVERAGE NUMBER OF SHARES OUTSTANDING | | 1,006,678 | | | 1,004,670 | |
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