To All:
Here is the press release of JPMX's earnings' report. Sorry for the big file:
LEWISBURG, Pa.--(BUSINESS WIRE)--April 17, 1997--The JPM Company
(NASDAQ/NMS:JPMX.O) Thursday reported strong increases in both sales
and earnings for its second fiscal quarter and the six months ended
March 31, 1997 leading to record sales and earnings for the
reporting period.
For the three months ended March 31, 1997, JPM reported net
sales of $23,123,000, an increase of $8,653,000 or 59.8% compared to
$14,470,000 for the same period last year. Sales for the quarter
also increased 14.4% over the company's first fiscal quarter for
1997.
Net income for the three months was $1,833,000, an increase of
$1,534,000 or 513.0% compared to $299,000 for the same period last
year.
Earnings per share increased to 27 cents from 5 cents during the
same period last year. Average weighted shares outstanding for the
respective periods were 6,683,000 and 3,846,000 reflecting the
company's Initial Public Offering completed on April 30, 1996.
For the six months ended March 31, 1997, net sales were
$43,340,000, an increase of $16,485,000 or 61.4% compared to
$26,855,000 for the same period last year.
Net income for the six months was $3,423,000, an increase of
$2,913,000 or 571.2%, compared to $510,000 for the same period last
year.
Net income per share was 51 cents and 9 cents, respectively.
The year-to-date increases were primarily the results of increased
sales to new and existing customers and in the case of net income
additionally because of lower raw material acquisition costs related
to larger volume purchases, improved operating efficiencies and
the greater absorption of fixed costs because of higher sales.
John H. Mathias, chairman and chief executive officer, in
commenting on the sales results said, "While we experienced some
softness in sales to a major customer late in the quarter and to
another during mid-quarter, this was more than offset by increases in
net sales to new customers the company has added as well as increases
coming from sales to our existing customer base."
Mathias continued, "JPM continues to capitalize on the move by
original equipment manufacturers to consolidate their outsourcing
with those suppliers who are in a position to meet a wider variety
of their needs.
"This trend seems to be accelerating. Our strategy of providing
the services and products that meet customer needs remains on target
as reflected by our operating results."
Mathias concluded, "We are currently awaiting approval of our
proxy by the Securities and Exchange Commission and now expect that
our acquisition of Denron Inc. will be completed during May."
JPM is a leading independent manufacturer of cable assemblies
and wire harnesses for original equipment manufacturers in the
computer, networking and telecommunications sectors of the
electronics industry.
For further information contact: William D. Baker at
717/524-8200 or Win Neilson at 717/671-0929. Headquartered in
Lewisburg, JPM also has manufacturing facilities in Beaver Springs,
Pa., Winnsboro, S.C. and Guadalajara, Mexico.
"Safe Harbor" Statement under the Private Securities
Litigation Reform Act of 1995;
This release may contain forward-looking statements that involve
risks and uncertainties. Among the important factors which could
cause actual results to differ materially from those in the
forward-looking statements are the impact of competitive products
and pricing, product demand, the presence of competitors with
greater financial resources, and commercialization risks, costs
associated with integration and administration of acquired
operations, capacity and supply constraints or difficulties, the
results of financing efforts and other factors detailed in the
company's filings with the Securities and Exchange Commission
including its recent filings on Forms 10-K and 10-Q.
-0-
*T
The JPM Company
Condensed Consolidated Statement of Operations
(In thousands, except per share amounts)
Three Months Ended Six Months Ended
March 31, March 31, March 31, March 31,
1997 1996 1997 1996
------- -------- -------- --------
Net sales $ 23,123 $ 14,470 $ 43,340 $ 26,855
Cost of sales 18,182 12,330 34,509 22,685
------- -------- -------- --------
Gross profit 4,941 2,140 8,831 4,170
Selling, general
administrative 1,710 1,117 3,164 2,133
------- -------- -------- --------
Income from
operations 3,231 1,023 5,667 2,037
Other income
(expense) (175) (248) 38 (569)
------- -------- -------- --------
Income before
taxes, minority
interest 3,056 775 5,705 1,468
Income taxes 1,223 310 2,282 587
------- -------- -------- --------
Income before
minority interest 1,833 465 3,423 881
Minority interest -- 166 -- 371
------- -------- -------- --------
Net income 1,833 299 3,423 510
Cumulative dividend
on Preferred Stock -- 60 -- 120
------- -------- -------- --------
Net income
applicable to
common stock $ 1,833 $ 239 $ 3,423 $ 390
======== ======== ========= ========
Earnings per
common share $ .27 $ .05 $ .51 $ .09
======== ======== ========= ========
Average No. shares
outstanding 6,683 3,846 6,626 3,885
Condensed Consolidated Balance Sheets
(in thousands)
March 31, Sept. 30,
1997 1996
---------- ----------
Cash $ 384 $ 1,411
Accounts receivable, net 12,920 9,903
Inventory 10,411 9,330
Other current assets 789 740
------- -------
Current assets 24,504 21,384
Fixed assets, net 9,623 7,966
Excess of cost over fair value
acquired, net 4,485 4,640
Other assets 811 726
------- -------
Total assets $39,423 $34,716
======= =======
Current liabilities
Short-term borrowings debt $ 2,454 $ 888
Accounts payable 4,206 5,132
Accrued expenses 4,330 3,976
Other current liabilities 1,353 1,940
------- -------
Current liabilities 12,343 11,936
Long term debt obligations 4,968 4,211
Shareholders' equity 22,112 18,569
------- -------
Total liabilities shareholders'
equity $39,423 $34,716
======= =======
*T
-0-
The accompanying notes are an integral part of these statements.
--30--cl/ph*
CONTACT: The JPM Company, Lewisburg
William D. Baker, 717/524-8200 or
Win Neilson, 717/671-0929
KEYWORD: PENNSYLVANIA SOUTH CAROLINA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED EARNINGS
TELECOMMUNICATIONS
REPEATS: New York 212-752-9600 or 800-221-2462; Boston 617-236-4266 or
800-225-2030; SF 415-986-4422 or 800-227-0845; LA 310-820-9473
I think it will hit new highs in the next couple of
weeks and then make a correction back to the low
twenties before the next earnings.
Just my humble opinion.
Happy Investing!
Karim
PS They had a nice write-up in IBD today. |
