well doug,,,,,maybe im not as shrew as yourself.....
anyways,,,,,,,take a look at dypr,,,11 vs -45 loss...wowHOUSTON, May 8 /PRNewswire/ -- Drypers Corporation (Nasdaq: DYPR) today
reported earnings for the first quarter ended March 31, 1997.
For the quarter, net sales increased 33.6% to $60.2 million compared with
$45.0 million for the same period in 1996. Net income grew to $2.0 million,
or $0.11 per share, compared with a net loss of $2.9 million, or a loss of
$0.45 per share, in the first quarter of 1996. Common and common equivalent
shares outstanding increased to 18,606,068 in the quarter from 6,621,353 in
the year ago period primarily as a result of convertible preferred stock
issued in connection with the Company's refinancing in the first quarter of
1996.
Walter V. Klemp, Chairman and Co-Chief Executive Officer, noted, "We
experienced strong across-the-board performance during the quarter.
International sales growth exceeded plan and domestic profitability was higher
than expected."
"Our current product line is well positioned in the domestic market and
allows us to take full advantage of our recently announced new product launch,
Drypers with Aloe Vera along with a licensing agreement to use Sesame Street
characters," Mr. Klemp noted. "The successful introduction of Drypers with
Baking Soda last year had an immediate and dramatic impact in driving sales.
We believe that these new features along with the addition of a breathable
cloth-like outer cover on our diapers will be even more important to
increasing sales and distribution."
Mr. Klemp added, "In international markets, we are particularly pleased
with our operations in Mexico and Brazil. Sales in both countries are brisk
and we anticipate expanding capacity in the near future. Additionally, ongoing
operations in Argentina and Puerto Rico remain profitable and continue to
contribute to our earnings growth."
Mr. Klemp concluded, "We believe this is a very exciting time for our
Company. We have firmly established a niche for our brands both domestically
and internationally. International sales, including Puerto Rico, have grown
to 34.4% of total sales from 21.3% last year. Domestically, we expect our new
products with Aloe Vera and Sesame Street characters to provide a significant
boost to sales and market penetration."
The Company also noted that it had received $10 million in unsecured
working capital financing from a financial institution. The debt, which has a
two year maturity, increased available working capital.
This press release contains, and any oral statements made by the Company
concerning this release may contain, forward-looking statements that involve
assumptions and uncertainties. The Company's actual results could differ
materially. Some of the more significant factors that could cause or
contribute to such differences are noted in the Company's Reports on Form 10-K
and 10-Q, and include, but are not limited to, competitive and economic
factors, price changes by competitors, changes in costs of raw materials,
timing of technical advances by the Company and its competitors, lack of
acceptance by consumers of new products, and fluctuations in currency values
and economic conditions in international markets.
Drypers Corporation manufactures and markets disposable baby diapers and
related products under the Drypers(R) and other brand names. The Company's
products are sold through grocery stores and mass merchants throughout the
United States, Latin America and other international markets. The Company also
produces other branded and private label diapers and related products.
DRYPERS CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(In Thousands, Except Share Amounts)
(Unaudited)
Three Months Ended
March 31, March 31,
1997 1996
NET SALES $ 60,161 $ 45,042
COST OF GOODS SOLD 36,756 28,813
Gross profit 23,405 16,229
SELLING, GENERAL
ADMINISTRATIVE EXPENSES 18,961 17,109
Operating income (loss) 4,444 (880)
INTEREST EXPENSE 2,198 1,980
OTHER 123 --
INCOME (LOSS) BEFORE INCOME TAX PROVISION 2,123 (2,860)
INCOME TAX PROVISION 150 55
NET INCOME (LOSS) 1,973 (2,915)
PREFERRED STOCK DIVIDEND (168) (55)
NET INCOME (LOSS) ATTRIBUTABLE
TO COMMON STOCKHOLDERS $ 1,805 $ (2,970)
Common and common equivalent
shares outstanding 18,606,068(a) 6,621,353
Net income (loss) per
common share $ 0.11 $ (0.45)
(a) Common and common equivalent shares outstanding for the three months
ended March 31, 1997 include the weighted average of the Company's common
shares issuable upon conversion of 90,000 shares of the Company's convertible
preferred shares issued in February, 1996. Additionally, net income per
common share for the three months ended March 31, 1997 was computed using the
modified treasury stock method, which requires certain adjustments to income.
SOURCE Drypers Corporation
CO: Drypers Corporation
ST: Texas
IN: HOU
SU: ERN
05/08/97 07:43 EDT prnewswire.com
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