Exhibit 99.1
NEWS RELEASE
VULCAN INTERNATIONAL CORPORATION
Executive Offices:
300 Delaware Avenue, Suite 1704
Wilmington, Delaware 19801
IMMEDIATE RELEASE
July 18, 2005
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 that net revenues for the second quarter ending June 30, 2005 decreased to $1,869,857 from $2,792,336 in the second quarter of 2004. Net earnings from continuing operations, net of tax, decreased to $57,089 in the second quarter of 2005 from $256,619 in the second quarter of 2004. There was no income from discontinued operations in the second quarter of 2005 or 2004. Capital gains, net of tax, in the second quarter of 2005 were $133,486 compared to $134,931 in the second quarter of 2004.
The Company had earnings in the second quarter ending June 30, 2005 of 19 cents per share as compared to 38 cents per share in the second quarter of 2004.
For the six-month period ending June 30, 2005, the company had consolidated net earnings, net of tax, from continuing operations of $79,277 on revenues of $3,795,733. This compares to consolidated net earnings from continuing operations of $503,144 on revenues of $5,918,209 in 2004. Net income from discontinued operations in the six month period of 2005 was none compared to $38,086 in 2004. Net gains on asset sales for the six-months ending June 30, 2005, due mainly from the sale of securities and timber, were $352,450 compared to $366,668 in 2004, net of tax. There were no net gains on sale of discontinued operations in 2005 compared to $1,542,852 in 2004.
On a per share basis for the six month period ending June 30, 2005, the Company had earnings of 44 cents per share compared to $2.43 in the six months ending June 30, 2004.
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 JUNE 30, | ||||||
2005 | 2004 | |||||
NET REVENUES: | ||||||
CONTINUING OPERATIONS | $ | 1,869,857 | 2,792,336 | |||
NET EARNINGS FROM CONTINUING OPERATIONS: | ||||||
CONTINUING OPERATIONS | 57,089 | 256,619 | ||||
NET GAINS(LOSS) ON DISPOSAL OF ASSETS | 133,486 | 134,931 | ||||
TOTAL NET EARNINGS FROM CONTINUING OPERATIONS | 190,575 | 391,550 | ||||
GAIN ON SALE OF DIVISION ASSETS, NET OF TAX | - | - | ||||
TOTAL NET EARNINGS | $ | 190,575 | 391,550 | |||
EARNINGS PER COMMON SHARE: | ||||||
CONTINUING OPERATIONS | $ | 0.19 | 0.38 | |||
INCOME ON DISCONTINUED OPERATIONS | - | - | ||||
TOTAL EARNINGS PER COMMON SHARE | $ | 0.19 | 0.38 | |||
AVERAGE NUMBER OF SHARES OUTSTANDING | 980,256 | 1,006,707 | ||||
VULCAN INTERNATIONAL CORPORATION | ||||||
COMPARISON | ||||||
6 MONTHS ENDED JUNE 30, | ||||||
2005 | 2004 | |||||
NET REVENUES: | ||||||
CONTINUING OPERATIONS | $ | 3,795,733 | 5,918,209 | |||
NET EARNINGS FROM CONTINUING OPERATIONS: | ||||||
CONTINUING OPERATIONS | 79,277 | 503,144 | ||||
NET GAINS(LOSS) ON DISPOSAL OF ASSETS | 352,450 | 366,668 | ||||
TOTAL NET EARNINGS FROM CONTINUING OPERATIONS | 431,727 | 869,812 | ||||
INCOME ON DISCONTINUED OPERATIONS, NET OF TAX | - | 38,086 | ||||
GAIN ON SALE OF DIVISION ASSETS, NET OF TAX | - | 1,542,852 | ||||
TOTAL NET EARNINGS | $ | 431,727 | 2,450,750 | |||
EARNINGS PER COMMON SHARE: | ||||||
CONTINUING OPERATIONS | $ | 0.44 | 0.86 | |||
INCOME ON DISCONTINUED OPERATIONS | - | 1.57 | ||||
TOTAL EARNINGS PER COMMON SHARE | $ | 0.44 | 2.43 | |||
AVERAGE NUMBER OF SHARES OUTSTANDING | 981,972 | 1,006,663 | ||||
