YBM REPORTS CONTINUED GROWTH IN SALES AND EARNINGS
Trading Symbol: YBM (The Toronto Stock Exchange)
NEWTOWN, Pennsylvania, Oct. 15 /CNW/ - YBM Magnex International, Inc.
(``YBM'') today announced continued growth in sales and earnings for the
quarter ended September 30, 1996. YBM reports its financial results in U.S.
dollars.
Net income for the nine months ending September 30, 1996 was $11.5
million, compared to $5.4 million for the same period in 1995. Sales for the
nine months were $64 million versus $38.5 million in 1995, an increase of 66%.
Fully diluted earnings per share for the nine months were $0.33 against $0.24
in 1995, an increase of 38%.
For the three months ended September 30, 1996, net income was $4.6
million compared to $2.1 million in the same period in 1995 and sales were
$28.7 million compared to $14.5 million in 1995. Net income and sales
increased 119% and 98%, respectively, over the previous year, leading to fully
diluted earnings per share of $0.13, up from $0.09 in 1995.
YBM's strong results are due to a number of factors including the
continued penetration of the North American permanent magnet market which
contributed approximately 15% of total sales through nine months, compared to
5% for the year 1995. YBM has also experienced an expanded customer base in
its core European market. To date, permanent magnet sales have comprised 70%
of net sales, up from 65% in 1995. Schwinn Csepel, acquired by YBM in July,
contributed $2.9 million in sales and is being re-engineered to provide for
more efficient operations and to accommodate the production of magnesium alloy
bicycle frames.
YBM is a growth-oriented metallurgical company with core involvement in
the manufacturing of high-energy permanent magnets and related products. Each
activity is underpinned by proprietary technology developed through an active
research and development program. YBM is a public company trading on The
Toronto Stock Exchange under the symbol YBM.
(Unaudited - U.S. Dollars - Thousands, except per share data)
Quarter September 30: 1996 1995
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Sales $28,712 $14,478
Net Income 4,637 2,056
Earnings per Share:
Basic 0.13 0.09
Fully Diluted 0.13 0.09
Nine Months September 30:
Sales 63,971 38,500
Net Income 11,449 5,378
Earnings per Share:
Basic 0.35 0.24
Fully Diluted 0.33 0.24
For further information: James J. Held, Vice President Business Development and Investor Relations at (215)
579-0400 |
