To All:
United States Filter Corporation Reports Record Year End
Results Revenues and EPS Up 69%
PALM DESERT, Calif., June 3 /PRNewswire/ -- United States Filter Corporation (NYSE:USF) today reported record
revenues for the fiscal year ended March 31, 1997. During the year, USF completed the acquisitions of Davis Water & Waste
Industries Inc. (``Davis''), the Sidener Supply Company (``Sidener'') and Zimpro Environmental Inc. (``Zimpro''), all of
which were accounted for as pooling of interests. Accordingly, all prior periods have been restated to include the results of
Davis, Sidener and Zimpro. USF said year-end revenues were $1,376,601,000 vs. $812,322,000 for the previous fiscal year,
a 69% increase. Net income for the fiscal year ended March 31, 1997, was $50,243,000 (before merger expenses) vs.
$21,967,000, a 129% increase. Earnings per share expanded to $0.83 (before merger expenses) vs. $0.49 for the prior year, a
69% increase. Weighted average number of shares outstanding increased to 60,324,000 from 43,688,000.
For the fourth quarter ended March 31, 1997, the Company reported revenues of $537,665,000 vs. $231,187,000 for the
fourth quarter of last year. Net income was $17,183,000 vs. $2,065,000 with net income per common share of $0.23 vs.
$0.04. The Company also said that its net earnings were negatively impacted during the fourth quarter by approximately $0.01
per share as a result of the strengthening of the U.S. dollar vs. international currencies. Approximately one third of USF's
business is international.
The Company said that its gross margin for the fiscal year was 25.45% vs. 25.37% in the prior year. Selling general and
administrative expenses fell to 19.02% of revenues for the recently completed year from 19.78% for the prior year, with
operating income increasing to 6.43% (before merger expenses) vs. 5.59% last year. Net income was 3.65% (before merger
expenses) vs. 2.70% in the previous year. The Company indicated that its ending backlog was $644,535,000 up from
$479,740,000 at December 31, 1996.
The Company also announced that it has closed four additional acquisitions with combined revenues of approximately
$80,000,000 since the close of its fiscal year.
United States Filter Corporation is a leading global provider of industrial and municipal water and wastewater treatment
systems, products and services, with an installed base of systems that the company believes is one of the largest worldwide.
The Company is also a leading provider of (``SDI'') and outsourced water services, including the operation of water and
wastewater treatment systems at customer sites. It is actively involved in the development of privatization initiatives for
municipal wastewater treatment facilities in the United States, Mexico and Canada. The Company markets a broad line of
water distribution, sewer and storm water equipment and supplies. In addition, the Company sells, installs and services a wide
range of water treatment and bottled water products for the residential and consumer markets. To learn more about United
States Filter's 468 sales, service and manufacturing offices in 29 countries and over $2 billion in assets, visit http://
www.usfilter.com. United States Filter is traded under the ticker symbol, ``USF'' on the N.Y.S.E.
UNITED STATES FILTER CORPORATION
CONSOLIDATED INCOME STATEMENTS
March 31, 1997
(Unaudited)
Three Months Year
Ended Ended
March 31, March 31,
1997 1996 1997 1996
Revenues $537,665,000 231,187,000 1,376,601,000 812,322,000
Cost of sales 404,068,000 171,914,000 1,026,248,000 606,226,000
Gross
profit 133,597,000 59,273,000 350,353,000 206,096,000
Selling, general
and
administrative
expenses 101,980,000 49,872,000 261,859,000 160,714,000
Merger expenses -- -- 5,581,000 --
101,980,000 49,872,000 267,440,000 160,714,000
Operating
income 31,617,000 9,401,000 82,913,000 45,382,000
Other income (expense):
Interest
expense (8,716,000) (3,972,000) (22,585,000) (15,212,000)
Other 631,000 1,308,000 3,350,000 4,979,000
(8,085,000) (2,664,000) (19,235,000) (10,233,000)
Income before
taxes 23,532,000 6,737,000 63,678,000 35,149,000
Income taxes 6,349,000 4,672,000 17,481,000 13,182,000
Net income $17,183,000 2,065,000 46,197,000 21,967,000
Net income per common share:
Before merger
expenses 0.23 0.04 0.83 0.49
After merger
expenses 0.23 0.04 0.77 0.49
Weighted average
number of shares
outstanding 75,506,000 48,950,000 60,324,000 43,688,000
FWIW, In my opinion the results are outstanding!
With gross margins up, SG&A down, net margins up,
revenues keep going up sequentially and on and on.
This is one hell of a stock long term and has the
potential of being the next WalMart, imho.
Happy Investing!
Karim |
