Here's the earnings release. Looks damn good! EPS $.24 vs. $.04 last year.
Better yet, First Call estimate was for $.17, a 41% positive surprise.
Tomorrow should be a sweet ride (hopefully)!
BusinessWire, Thursday, January 23, 1997 at 16:10
LEWISBURG, Pa.--(BUSINESS WIRE)--Jan. 23, 1997--The JPM Company
(NASDAQ/NMS:JPMX) Thursday reported strong increases in both sales
and earnings for its fiscal quarter ended Dec. 31, 1996 leading to
record sales and earnings for the reporting period.
For the three months ended Dec. 31, 1996, JPM reported net sales
of $20,217,000, an increase of $7,832,000, or 63.2% compared to
$12,385,000 for the same period last year. Net income for the three
months was $1,590,000, an increase of $1,379,000, or 653.6%, compared
to $211,000 for the same period last year.
Earnings per share increased to 24 cents from 4 cents during the
same period last year. Current quarter per share figures are
calculated on a weighted average reflecting the company's Initial
Public Offering completed on April 30, 1996. Sales for the quarter
also increased 14.5% over the company's fourth fiscal quarter for 1996.
The increases in net sales reflect a combination of new
customers the company has added plus increases coming from sales to
its existing customer base. First quarter net sales were also
aided by seasonal increases. JPM continues to capitalize on a 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.
Net income was up because of improved operating efficiencies,
lower material costs resulting from larger purchases, the greater
absorption of fixed costs because of the higher sales volumes and a
translation gain during the quarter in the amount of 3 cents per
share.
Net income was also affected by the startup costs associated
with the company's new facility in Beaver Springs, Pa. and wage
increases at the company's facilities in Pennsylvania and South
Carolina.
John H. Mathias, chairman and chief executive officer said, "We
continue to be pleased with the improving results of our strategies of
providing those services and products that our targeted customers need.
Our results directly relate to the company's strategies of offering
our customers continually upgraded value-added services as well as
our marketing program for broadening our targeted customer base."
Mathias continued, "Our announced acquisition of Denron Inc.
continues to progress well."
JPM is a leading independent manufacturer of cable assemblies
and wire harnesses for original equipment manufacturers in the
computer 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,
Winnsboro, S.C. and Guadalajara, Mexico.
*T
The JPM Company
Selected Financial Data
(In Thousands)
Three Months Ended
Dec. 31, 1996 Dec. 31, 1995
-------------- --------------
Net sales $ 20,217 $ 12,385
Gross profit 3,890 2,030
Selling, general
& administrative 1,454 1,016
Income from
operations 2,436 1,014
Income before taxes,
minority interest 2,649 693
Income before minority
interest 1,590 416
Minority interest -- 205
Net income 1,590 211
Net income applicable
to common stock 1,590 151
Earnings per common share $ .24 $ .04
Average No. shares
outstanding 6,498,000 3,925,000
Condensed Consolidated Balance Sheets
Dec. 31, Sept. 30,
1996 1996
---------- ----------
Cash $ 752 $ 1,411
Accounts receivable, net 9,330 9,877
Inventory 10,679 9,330
Other current assets 758 766
Long term assets 14,742 13,332
------- -------
Total assets $36,261 $34,716
======= =======
Current liabilities $10,952 $11,937
Long term debt & obligations 5,123 4,210
Shareholders equity 20,186 18,569
------- -------
Total liabilities & stockholders'
equity $36,261 $34,716
======= =======
*T
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 |
