RPM announces record first quarter!! Here is the news:
Friday October 9, 2:45 pm Eastern Time
Company Press Release
SOURCE: RPM, Inc.
RPM Announces Record First Quarter Sales,
Earnings and Earnings Per Share
Cash Dividend Increased 5 Percent
Re-Elects Four Directors
MEDINA, Ohio, Oct. 9 /PRNewswire/ -- RPM, Inc. (NYSE: RPM - news), at its Annual Meeting today, announced that it
achieved record sales, earnings and earnings per share for the first quarter of its 1999 fiscal year, which ended August 31,
1998.
Sales totaled a record $448.1 million, an 8 percent increase over the prior year's record first quarter sales of $415.1 million.
Record earnings increased 11 percent to $31.2 million, up from the prior year's first quarter record earnings of $28.2 million.
Record earnings per share totaled $.29, a 7 percent increase over the record $.27 earned in the first quarter last year. Previous
year per share earnings have been restated for the 25 percent stock dividend issued in December 1997.
RPM stated it was pleased with the record results of its first quarter, which performed as expected, in spite of some slowness
experienced in certain consumer lines.
RPM expects record levels of sales and earnings throughout the remainder of its 1999 fiscal year -- and anticipates achieving its
52nd consecutive record year of sales, earnings and earnings per share for the fiscal year ending May 31, 1999.
RPM also announced that its board of directors, at a meeting immediately preceding the Annual Meeting, declared a 5 percent
increase in the quarterly cash dividend rate to $.1175 per share, payable on October 30, 1998 to shareholders of record
October 19, 1998.
The dividend increase represents RPM's 25th consecutive yearly increase in the cash dividend. The dividend action was taken
in recognition of RPM's record first quarter, and the growth anticipated for the remainder of its 1999 fiscal year.
RPM also at its Annual Meeting re-elected the following directors: Edward B. Brandon, retired chairman and chief executive
officer of National City Corporation [NYSE:NCC - news]; William A. Papenbrock, partner in the law firm of Calfee, Halter &
Griswold; Thomas C. Sullivan, chairman and chief executive officer of RPM, Inc.; and Frank C. Sullivan, executive vice
president and chief financial officer of RPM, Inc.
RPM, Inc. is a world leader in specialty coatings, serving both the industrial and consumer markets. Its industrial products
include roofing systems, sealants, corrosion control coatings, exterior insulation finishing systems (EIFS), floor coatings and
specialty chemicals. RPM's consumer do-it- yourself products are used for home maintenance and automotive and boat repair.
The fiscal year ended May 31, 1998 was RPM's 51st consecutive record year in sales, earnings and earnings per share, with
sales of $1.62 billion, net earnings of $87.8 million and diluted earnings per share of $.84. RPM shares are traded on the New
York Stock Exchange under the symbol RPM.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
In thousands, except per share data
(Unaudited)
Three Months Ended August 31,
1998 1997
Net Sales $448,132 $415,053
Cost of Sales 243,730 230,972
Gross Profit $204,402 $184,081
Selling, General & Administrative
Expenses 141,280 125,218
Interest Expense, Net 9,748 9,844
Income Before Income Taxes $53,374 $49,019
Provision for Income Taxes 22,150 20,833
Net Income $31,224 $28,186
Basic Earnings per Share $0.30 $0.29
Diluted Earnings per Share $0.29 $0.27
Average Shares Outstanding - Basic 103,840 98,077
Average Shares Outstanding - Diluted 112,864 111,124
CONSOLIDATED CONDENSED BALANCE SHEETS
In thousands, except per share data
(Unaudited)
August 31,
1998 1997
Assets
Current Assets $685,992 $611,041
Property, Plant & Equipment (net) 310,193 270,483
Other Assets 709,365 641,470
Total Assets $1,705,550 $1,522,994
Liabilities and Shareholders' Equity
Current Liabilities $274,810 $247,950
Long-Term Debt 571,723 647,002
Other Liabilities 116,034 120,660
Total Liabilities $962,567 $1,015,612
Shareholders' Equity 742,983 507,382
Total Liabilities &
Shareholders' Equity $1,705,550 $1,522,994
Current Ratio 2.5:1 2.5:1
Shareholders' Equity per Share $7.16 $5.17
Working Capital $411,182 $363,091
* Includes interest expense add-back, net of tax, on convertible debt
securities -- $992 in 1998 and $1,352 in 1997.
SOURCE: RPM, Inc. |
