EXHIBIT 99.1
(SPARTECH LOGO)
COMPANY CONTACTS:
George A. Abd Randy C. Martin
President and Executive Vice President and
Chief Executive Officer Chief Financial Officer
(314) 721-4242 (314) 721-4242
FOR IMMEDIATE RELEASE
TUESDAY, MARCH 7, 2006
SPARTECH CORPORATION ANNOUNCES FIRST QUARTER FISCAL 2006 RESULTS IN LINE
WITH GUIDANCE AND REAFFIRMS GUIDANCE FOR FULL YEAR 2006
-----------------------
ST. LOUIS, MARCH 7, 2006 -- Spartech Corporation (NYSE:SEH) announced today its
operating results for its first quarter ended January 28, 2006.
FIRST QUARTER 2006 HIGHLIGHTS:
o NET SALES INCREASED BY 13% TO $343.6 MILLION FOR THE QUARTER RESULTING IN
OPERATING EARNINGS FOR THE QUARTER OF $14.9 MILLION COMPARED TO $10.3
MILLION FOR THE PRIOR YEAR QUARTER. THE FIRST QUARTER OPERATING INCOME WAS
NEGATIVELY IMPACTED BY $0.7 MILLION OF STOCK OPTION EXPENSES AND $0.5
MILLION OF SPECIAL ITEMS RELATING TO RESTRUCTURING AND EXIT COSTS FOR PLANT
CONSOLIDATIONS.
o REPORTED EARNINGS WERE $.18 PER DILUTED SHARE, AFTER STOCK OPTION EXPENSES
AND SPECIAL ITEMS, COMPARED TO $0.09 PER DILUTED SHARE IN THE FIRST QUARTER
OF 2005. THE REPORTED NET EARNINGS WERE IMPACTED BY STOCK OPTION EXPENSES
OF $0.5 MILLION AFTER TAX AND SPECIAL ITEMS (RESTRUCTURING AND EXIT COSTS)
OF $0.3 MILLION AFTER TAX.
o EARNINGS PER DILUTED SHARE BEFORE STOCK OPTION EXPENSES AND SPECIAL ITEMS
(RESTRUCTURING AND EXIT COSTS) WERE $0.20 WHICH WAS IN LINE WITH OUR
GUIDANCE OF $.17 TO $.22 PER DILUTED SHARE.
o CASH FLOWS PROVIDED BY OPERATIONS INCREASED TO $14.8 MILLION FOR THE FIRST
QUARTER OF 2006 COMPARED TO CASH FLOWS USED BY OPERATIONS OF ($8.6) MILLION
FOR LAST YEAR'S FIRST QUARTER WHICH ENABLED THE COMPANY TO PAY DOWN $3.6
MILLION IN DEBT, A RECORD AMOUNT FOR A FIRST QUARTER.
OUTLOOK:
o THE COMPANY IS MAINTAINING ITS EARNINGS GUIDANCE OF $1.23 TO $1.33 PER
DILUTED SHARE FOR FISCAL 2006. THIS GUIDANCE DOES NOT INCLUDE THE IMPACT OF
FAS 123(R) FOR THE EXPENSING OF STOCK OPTIONS WHICH WE ESTIMATE WILL AMOUNT
IN AN EXPENSE OF $0.05 TO $0.06 PER SHARE FOR THE FULL YEAR OR THE EFFECT
OF SPECIAL ITEMS RELATED TO RESTRUCTURING ACTIVITIES.
o WE ARE ALSO ANNOUNCING A FURTHER PLAN FOR PLANT CONSOLIDATIONS IN OUR SHEET
SEGMENT WHICH WILL ENTAIL THE COMBINATION OF THREE OF OUR EXISTING
FACILITIES LOCATED IN RICHMOND, INDIANA, CLARE, MICHIGAN AND GREENVILLE,
OHIO INTO A NEW FACILITY IN GREENVILLE. THE ENTIRE PROJECT, WHICH INCLUDES
THE CONSTRUCTION OF A STATE-OF-THE-ART MANUFACTURING FACILITY, WILL TAKE
APPROXIMATELY 16 MONTHS TO COMPLETE, REQUIRE A CAPITAL INVESTMENT OF $7.6
MILLION, AND RESULT IN ANNUAL PRE-TAX SAVINGS OF APPROXIMATELY $2.5
MILLION.
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SPARTECH CORPORATION
FIRST QUARTER 2006 EARNINGS
ADD 1
OVERVIEW OF RESULTS
Net sales for the first quarter were $343.6 million compared to $304.5 million
in the first quarter of 2005, representing an increase of 13%. This total was
driven by an 8% increase in underlying volume in our Custom Sheet & Rollstock
segment, offset by a 9% decrease in our Color & Specialty Compounds segment
volume, and a 15% increase in price/mix during 2005. The 8% increase in
underlying sales volume in the Custom Sheet & Rollstock segment was primarily
driven by the increase in sales to the building and construction and appliance
markets. The decline in sales volume in the Color & Specialty Compounds segment
related to the loss of toll-compound business to a customer in the electronics
market that has been decreasing over the last several quarters and temporary
disruptions to capacity during the plant restructurings. The increase in selling
prices for the first quarter of 2006 compared to the first quarter of 2005 is
primarily related to the pass-through of raw material price increases that
occurred mostly throughout 2005.
Operating earnings reported for the first quarter of 2006 were $14.9 million
compared to $10.3 million in the prior year first quarter. Included in operating
earnings for the quarter were $0.7 million of costs related to the expensing of
stock options resulting from the adoption of FAS 123(R) which became effective
in our first quarter of 2006 and $0.5 million related to special items from
plant restructurings. Operating earnings excluding stock option expenses and
special items were $16.0 million for the first quarter of 2006, up 1.8 cents per
pound shipped from the first quarter of 2005. This increase reflects a material
margin that was 2.2 cents higher than last year's first quarter related to
better mix and management of resin price increases partially offset by higher
conversion costs and higher selling and administrative costs of 0.5 cent per
pound in total. Conversion costs were impacted by a 0.6 cent per pound reduction
in labor related costs offset by a 1.0 cent per pound increase in freight and
utilities expenses.
Reported net earnings totaled $5.7 million or $.18 per diluted share for the
first quarter of 2006 compared to $2.8 million or $0.09 per diluted share in the
first quarter of 2005. Net earnings excluding stock option expenses and special
items were $6.5 million or $0.20 per diluted share for the first quarter of
2006. To clarify our discussions of performance compared to the prior year
periods we have included certain non-GAAP measures that exclude both stock
option expenses and special items. Refer to the GAAP to non-GAAP financial
measurements reconciliations at the end of this Release.
Commenting on the results, George A. Abd, President and CEO, stated, "We have
continued to make progress during the quarter in achieving our short and long
term goals and were generally pleased with the performance during the period.
Our generation of operating cash flows continues to far outpace our prior year
results allowing us to have the best debt pay-down performance in any first
quarter in company history. We have increased our material margin due to an
improved product mix and a focus on increasing sales prices to address
conversion cost increases on a more effective basis.
"The primary challenge in the quarter was operational issues related to
maintenance and restructuring disruptions in the color and compound segment that
reduced our available production by 8 million pounds during the quarter. Many of
these issues have been rectified as the second quarter began and the large line
being transferred to our Ramos, Mexico facility began operation in February.
Some disruptions will continue, but demand in the color and compound group
remains strong and we expect better performance in our second quarter.
"As part of our retooling efforts focused on our manufacturing footprint, we are
announcing a further plan for plant consolidations in our sheet business which
will entail the combination of three of our existing facilities located in
Richmond, Indiana, Clare, Michigan and Greenville, Ohio into a new facility in
Greenville. The entire project, which includes the construction of a
state-of-the-art manufacturing facility, will take approximately 16 months to
complete and require a capital investment of $7.6 million. The project, when
complete will result annual savings of approximately $2.5 million and reduce our
total number of plants to 39."
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SPARTECH CORPORATION
FIRST QUARTER 2006 EARNINGS
ADD 2
Mr. Abd also stated, "Our consistent improvement in cash generation has enabled
us to strengthen our capital structure which provides us increased flexibility
to pursue growth opportunities. Moving forward, our areas of focus for earnings
enhancement will remain: 1) sales growth fueled by new products and market
expansion (including our Green Initiative efforts focused on new products with
environmental benefits), 2) margin growth driven by a better mix of value-added
solutions for customers and continuous cost reduction and lean efforts, and 3)
further improvement in our return on investment with effective management of our
balance sheet, accretive acquisitions, and capital investments. Fiscal 2006 has
begun well and we look forward to meeting our goals for the remainder of the
year."
SEGMENT RESULTS
CUSTOM SHEET & ROLLSTOCK -- Net sales in our Custom Sheet & Rollstock segment
were $218.3 million in the first quarter of fiscal 2006, an increase of 15% from
the $189.6 million produced in the same three month period of 2005. This sales
increase was driven by an 8% increase in underlying sales volume and an 8%
increase in price/mix. The segment also had a 1% decline in sales volume related
to the sale of the Canadian corrugated sheet business in the fourth quarter of
2005. The volume increases came primarily from building and construction
applications and increases in pounds sold to the appliance market from our
facility in Mexico. The majority of the price/mix impact reflects higher selling
prices to customers from the pass-through of raw material price increases that
occurred throughout 2005.
This segment's operating earnings for the first quarter of fiscal 2006 were
$12.7 million, representing a $5.0 million increase from the $7.7 million earned
in the comparable quarter of the prior year. The segment's operating earnings
included $.1 million of restructuring and exit costs and $.2 million for the
expensing of stock options. Excluding stock option expenses and special items,
operating earnings of $13.0 million were up $5.3 million in the first quarter of
fiscal 2006 from the comparable 2005 quarter. This increase was driven by an
increase in material margin of 0.6 cent per pound sold and lower labor and other
conversion costs resulting from our restructuring activities. Our Ramos Arizpe,
Mexico and Donchery, France sheet operations contributed $1.7 million of the
$5.3 million quarter-over-quarter improvement as these operations continue to
benefit from increased sales volume and operational efficiencies.
(IN MILLIONS) FIRST QUARTER
-----------------
2006 2005
------ ------
Net Sales $218.3 $189.6
====== ======
Operating Earnings (GAAP) $ 12.7 $ 7.7
====== ======
Operating Earnings, excluding Stock Option Expenses and Special Items
(non-GAAP) $ 13.0 $ 7.7
====== ======
COLOR & SPECIALTY COMPOUNDS -- Our Color & Specialty Compounds segment net sales
increased to $106.4 million or 10% over last year's $97.1 million. Underlying
pounds sold were affected by the continued decline in tolling (material provided
by the customer that is only converted by Spartech) due to the decrease in sales
of toll-compound material to one customer in the electronics market. In
addition, proprietary pounds sold reflected a 4% decrease related to disruptions
associated with our Donora consolidation efforts which required us to
temporarily decrease our capacity while we physically moved production lines. We
expect the level of disruption to decrease in the second quarter while we
continue our consolidation efforts and for the capacity of this group to return
to normal upon completion of such efforts by the end of the second quarter. The
price/mix impact reflects a combination of a higher percentage of proprietary
products in the mix combined with higher selling prices reflecting a
pass-through of raw material increases that occurred throughout 2005.
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SPARTECH CORPORATION
FIRST QUARTER 2006 EARNINGS
ADD 3
The table that follows provides underlying sales trends for our two major
product categories: Tolling & Resale and Proprietary Products (engineered
compounds and color concentrates).
FIRST QUARTER
---------------
(IN MILLIONS OF POUNDS) 2006 2005
----- -----
Tolling & Resale 38.4 48.9 (21%)
Proprietary Products 115.5 120.3 (4%)
----- -----
Total Pounds Sold 153.9 169.2 (9%)
===== =====
This segment's operating earnings in the first quarter of fiscal 2006 were $4.5
million compared to $5.7 million in the first quarter of fiscal 2005
representing a $1.2 million decrease. Of this decrease, $.4 million was caused
by special items for restructuring expenses and $.2 million due to stock option
expensing. The remaining decrease was due to a $.3 million decrease in foreign
currency gain and increases in conversion costs, primarily freight and utility
costs. Conversion costs were positively impacted by labor related expenses being
down $.9 million in the first quarter of 2006 compared to 2005. The operating
earnings comparison was favorably impacted by $.6 million due to improvement
from our Donchery, France operation.
(IN MILLIONS) FIRST QUARTER
-----------------
2006 2005
------ ------
Net Sales $106.4 $ 97.1
====== ======
Operating Earnings (GAAP) $ 4.5 $ 5.7
====== ======
Operating Earnings, excluding Stock Option Expenses and Special Items
(non-GAAP) $ 5.0 $ 5.7
====== ======
ENGINEERED PRODUCTS -- Our Engineered Products segment reported a sales increase
of 6% in the first quarter of 2006 to $18.9 million compared to $17.8 million in
last year's first quarter. The increase primarily reflects new sales in the lawn
& garden market for the wheels business offset by volume decreases for the
divestiture of assets related to our West Coast profiles operations in the
fourth quarter of 2005.
This segment's operating earnings for the first quarter of fiscal 2006 were $1.0
million compared to operating earnings of $.6 million in the first quarter of
fiscal 2005. This $.4 million increase was primarily due to increases from our
marine and acrylic rods & tubes businesses.
(IN MILLIONS) FIRST QUARTER
---------------
2006 2005
----- -----
Net Sales $18.9 $17.8
===== =====
Operating Earnings (GAAP) $ 1.0 $ .6
===== =====
Operating Earnings, excluding Stock Option Expenses and Special Items
(non-GAAP) $ 1.1 $ .6
===== =====
SPECIAL ITEMS AND STOCK OPTION EXPENSES
The special items recognized in the first quarter of 2006 related primarily to
restructuring and exits costs for the consolidation of our Donora, Pennsylvania
and Arlington, Texas facilities and totaled $.5 million pre-tax ($.3 million
after tax). In addition, with the adoption of FAS 123(R), we recognized expenses
of $.7 million pre-tax ($.5 million after tax) related to the expensing of stock
options in the first quarter of 2006. We have included the operating earnings
before the consideration of these items to provide an amount that is comparable
with the prior year results and because these amounts have not been factored
into analyst estimates published for 2006.
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SPARTECH CORPORATION
FIRST QUARTER 2006 EARNINGS
ADD 4
EARNINGS GUIDANCE
We are reiterating our guidance for fiscal 2006 of $1.23 to $1.33 per diluted
share. Our guidance for fiscal year 2006 is within the current range of analyst
estimates. This guidance does not include the impact of stock option expenses
for FAS 123(R) which we estimate will amount in an expense of $.05 to $.06 per
share for the full year ($.01-.02 per quarter) or the effect of special items
related to restructuring activities. We continue to provide our guidance before
the effect of stock option expenses, since our analysts and the public estimate
sources typically have not yet incorporated stock option expensing into the 2006
estimates that are published for the Company.
NON-GAAP MEASURES
We believe that operating earnings, net earnings, and earnings per share
excluding special items and stock option expenses, which are non-GAAP
measurements, are meaningful to investors because they provide a view of the
Company's comparable operating results. Special items (restructuring and exit
costs) represent significant charges that we believe are important to an
understanding of the Company's overall operating results in the periods
presented. Stock option expenses are included as a non-GAAP reconciling item
since our analysts' and public estimates have not yet considered the effect of
these expenses and would not be comparable to our reported results. Such
non-GAAP measurements are not recognized in accordance with generally accepted
accounting principles (GAAP) and should not be viewed as an alternative to GAAP
measures of performance. A reconciliation of GAAP measurements to non-GAAP can
be found at the end of this Release.
* * * * * * *
Spartech Corporation is a leading producer of engineered thermoplastic sheet
materials, polymeric compounds and concentrates, and engineered product
solutions. The Company has facilities located throughout the United States,
Canada, Mexico, and Europe with sales of approximately $1.4 billion, annually.
SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. "Forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995 relate to future events and expectations, include statements containing
such words as "anticipates," "believes," "estimates," "expects," "would,"
"should," "will," "will likely result," "forecast," "outlook," "projects," and
similar expressions. Forward-looking statements are based on management's
current expectations and include known and unknown risks, uncertainties and
other factors, many of which management is unable to predict or control, that
may cause actual results, performance or achievements to differ materially from
those expressed or implied in the forward-looking statements. Important factors
which have impacted and could impact our operations and results include: (a)
adverse changes in economic or industry conditions generally, including global
supply and demand conditions and prices for products of the types we produce;
(b) material adverse changes in the markets we serve, including the
transportation, packaging, building and construction, recreation and leisure,
and other markets, some of which tend to be cyclical; (c) our inability to
achieve the level of cost savings, productivity improvements, synergies, growth
or other benefits anticipated from acquired businesses and their integration;
(d) volatility of prices and availability of supply of energy and of the raw
materials that are critical to the manufacture of our products, particularly
plastic resins derived from oil and natural gas, including future effects of
natural disasters; (e) our inability to manage or pass through an adequate level
of increases to customers in the costs of materials, freight, utilities, or
other conversion costs; (f) our inability to predict accurately the costs to be
incurred or savings to be achieved in connection with announced production plant
restructurings; (g) adverse findings in significant legal or environmental
proceedings or our inability to comply with applicable environmental laws and
regulations; (h) adverse developments with work stoppages or labor disruptions,
particularly in the automotive industry; (i) our inability to achieve
operational efficiency goals or cost reduction initiatives; (j) our inability to
develop and launch new products successfully; (k) restrictions imposed on us by
instruments governing our indebtedness, and the possible inability to comply
with requirements of those instruments; and (l) weaknesses in internal controls.
We assume no duty to update our forward-looking statements.
-TABLE TO FOLLOW-
SPARTECH CORPORATION
FIRST QUARTER 2006 EARNINGS
ADD 5
SPARTECH CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited and dollars in thousands, except per share amounts)
QUARTER ENDED
-------------------------
JANUARY 28, JANUARY 29,
2006 2005
---------- ----------
NET SALES ........................................................ $ 343,591 $ 304,512
COST AND EXPENSES:
Cost of sales .............................................. 309,353 276,096
Selling, general and administrative ........................ 17,731 16,875
Amortization of intangibles ................................ 1,170 1,258
Restructuring and exit costs ............................... 466 --
---------- ----------
328,720 294,229
---------- ----------
OPERATING EARNINGS ............................................... 14,871 10,283
Interest, (net of interest income: 2006, $67; 2005, $91).... 5,752 6,474
---------- ----------
EARNINGS BEFORE INCOME TAXES ..................................... 9,119 3,809
Income taxes ............................................... 3,463 991
---------- ----------
NET EARNINGS ..................................................... $ 5,656 $ 2,818
========== ==========
NET EARNINGS PER COMMON SHARE:
Basic ...................................................... $ .18 $ .09
========== ==========
Diluted .................................................... $ .18 $ .09
========== ==========
DIVIDENDS DECLARED PER COMMON SHARE .............................. $ .125 $ .120
========== ==========
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SPARTECH CORPORATION
FIRST QUARTER 2006 EARNINGS
ADD 6
SPARTECH CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands)
JANUARY 28,
2006 OCTOBER 29,
(UNAUDITED) 2005
----------- -----------
ASSETS
CURRENT ASSETS
Cash and equivalents ........................................................... $ 8,351 $ 4,601
Receivables, net ............................................................... 197,668 213,996
Inventories .................................................................... 127,786 119,401
Prepaids and other ............................................................. 21,874 16,970
----------- -----------
TOTAL CURRENT ASSETS ..................................................... 355,679 354,968
PROPERTY, PLANT AND EQUIPMENT, NET ................................................... 309,588 307,386
GOODWILL ............................................................................. 352,405 352,405
OTHER INTANGIBLE ASSETS .............................................................. 39,923 40,710
OTHER ASSETS ......................................................................... 11,610 18,926
----------- -----------
TOTAL ASSETS ............................................................ $ 1,069,205 $ 1,074,395
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Current maturities of long-term debt ........................................... $ 6,904 $ 11,175
Accounts payable ............................................................... 114,195 121,682
Accrued liabilities ............................................................ 58,296 57,226
----------- -----------
TOTAL CURRENT LIABILITIES ................................................ 179,395 190,083
Convertible subordinated debentures .................................................. 154,639 154,639
Other long-term debt, less current maturities ........................................ 215,082 214,141
----------- -----------
TOTAL LONG-TERM DEBT ..................................................... 369,721 368,780
Deferred taxes ....................................................................... 92,655 91,605
Other long-term liabilities .......................................................... 9,820 10,881
----------- -----------
TOTAL LONG-TERM LIABILITIES .............................................. 472,196 471,266
----------- -----------
SHAREHOLDERS' EQUITY
Common stock, 33,131,846 shares issued in 2006 and 2005 ........................ 24,849 24,849
Contributed capital ............................................................ 197,269 196,811
Retained earnings .............................................................. 218,571 216,928
Treasury stock, at cost, 1,077,776 shares in 2006 & 1,143,701 shares in 2005 ... (24,406) (26,019)
Accumulated other comprehensive income ......................................... 1,331 477
----------- -----------
TOTAL SHAREHOLDERS' EQUITY ............................................... 417,614 413,046
----------- -----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY ............................... $ 1,069,205 $ 1,074,395
=========== ===========
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SPARTECH CORPORATION
FIRST QUARTER 2006 EARNINGS
ADD 7
SPARTECH CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited and dollars in thousands)
QUARTER ENDED
----------------------------
JANUARY 28, JANUARY 29,
2006 2005
----------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings .............................................................. $ 5,656 $ 2,818
Adjustments to reconcile net earnings to net cash provided by (used for)
operating activities:
Depreciation and amortization ................................. 10,049 10,296
Stock compensation expense .................................... 939 210
Change in current assets and liabilities ...................... (2,998) (22,747)
Other, net .................................................... 1,170 849
----------- -----------
Net cash provided by (used for) operating activities ................ 14,816 (8,574)
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures ...................................................... (4,012) (13,474)
----------- -----------
Net cash used for investing activities .............................. (4,012) (13,474)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES
Net payments on notes and revolving credit facilities...................... (3,283) (8,499)
Payments on bonds and leases .............................................. (328) (44)
Cash dividends on common stock ............................................ (3,851) (3,865)
Stock options exercised ................................................... 1,780 852
Treasury stock acquired ................................................... (1,541) (72)
Excess tax benefits from stock based compensation ......................... 172 --
----------- -----------
Net cash used for financing activities .............................. (7,051) (11,628)
----------- -----------
Effect of exchange rate changes on cash and equivalents ......................... (3) 165
Increase (decrease) in cash and equivalents ..................................... 3,750 (33,511)
Cash and equivalents at beginning of year ....................................... 4,601 41,272
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CASH AND EQUIVALENTS AT END OF QUARTER .......................................... $ 8,351 $ 7,761
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SPARTECH CORPORATION
FIRST QUARTER 2006 EARNINGS
ADD 8
SPARTECH CORPORATION
We believe that operating earnings, net earnings, and earnings per share
excluding special items and stock option expenses, which are non-GAAP
measurements, are meaningful to investors because they provide a view of the
Company's comparable operating results. Special items (restructuring and exit
costs) represent significant charges that we believe are important to an
understanding of the Company's overall operating results in the periods
presented. Stock option expenses are included as a non-GAAP reconciling item
since our analysts and public estimates have not yet considered the effect of
these expenses and would not be comparable to our reported results. Such
non-GAAP measurements are not recognized in accordance with generally accepted
accounting principles (GAAP) and should not be viewed as an alternative to GAAP
measures of performance. The following reconciles GAAP to non-GAAP measures for
operating earnings, net income, and earnings per share excluding special items
used within this release. Amounts are unaudited and in thousands, except per
share data.
THREE MONTHS ENDED
---------------------------
JANUARY 28, JANUARY 29,
2006 2005
----------- -----------
Operating Earnings (GAAP) $ 14,871 $ 10,283
Special Items (Restructuring and Exit Costs) 466 -
Stock Option Expenses 663 -
----------- -----------
1,129 -
----------- -----------
Operating Earnings Excluding Special Items and Stock Option Expenses
(Non-GAAP) $ 16,000 $ 10,283
=========== ===========
Net Earnings (GAAP) $ 5,656 $ 2,818
Special Items (Restructuring and Exit Costs) 289 -
Stock Option Expenses 520 -
----------- -----------
809 -
----------- -----------
Net Earnings Excluding Special Items and Stock Option Expenses
(Non-GAAP) $ 6,465 $ 2,818
=========== ===========
Earnings Per Diluted Share (GAAP) $ .18 $ .09
Special Items (Restructuring and Exit Costs) .01 -
Stock Option Expenses .01 -
----------- -----------
.02 -
----------- -----------
Earnings Per Diluted Share Excluding Special Items and Stock Option
Expenses (Non-GAAP) $ .20 $ .09
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