Dixon Ticonderoga Reports Strong Third Quarter Earnings
Wednesday August 13, 11:35 am ET
HEATHROW, Fla., Aug. 13 /PRNewswire-FirstCall/ -- Dixon Ticonderoga Company (Amex: DXT - News) today announced net income for its third quarter ended June 30, 2003 of $1,790,558 or $0.56 per basic and diluted share, compared with net income of $1,357,959 or $0.43 per basic and diluted share in the prior year quarter. Pro forma net income from continuing operations, excluding the effects of restructuring and related costs, gains on the receipt of securities from insurance company demutualizations and discontinued operations, was $1,517,684 or $0.47 per share, compared with $1,463,663 or $0.46 per share in the prior year. Third quarter revenues were $26,940,174 as compared to $28,147,596 last year. Weighted average shares outstanding during the quarter were 3,199,043, compared with 3,187,709 a year ago.
For the first nine months of fiscal 2003, the Company reported that its pro forma net income from continuing operations increased dramatically to $1,361,554 or $0.43 per basic and diluted share from $267,533 or $0.08 per basic and diluted share in the prior year period. Including the effects of debt refinancing, restructuring costs, gains on the receipt of securities from insurance company demutualizations and results of discontinued operations, net income in the current year was $751,712 or $0.23 per share, compared with net income of $58,058 or $0.02 per share in the 2002 period. Revenues in the first nine months of fiscal 2003 were $61,702,854, compared with $63,572,021 a year ago. Average shares outstanding during the period were 3,194,902 compared with a 3,180,878 last year.
Commenting on the first nine months results, Chairman and Co-Chief Executive Officer Gino N. Pala, said, "We are extremely gratified by the strong improvement in earnings from our core consumer products business, despite difficult economic conditions. This is a direct result of the benefits derived from our consolidation and cost reduction efforts over the past several years. Our company's results from continuing operations before taxes and special items improved in excess of $1.8 million thus far this fiscal year. While we continue to experience competitive pricing pressures and lower revenues in some markets, we are encouraged by these operating results and hope this trend of improvement will continue as we head into stronger economic times."
Dixon Ticonderoga Company, with operations dating back to 1795, is one of the oldest publicly held companies in the U.S. Its consumer group manufactures and markets a wide range of writing instruments, art materials and office supplies, including the Ticonderoga®, Prang® and Dixon® brands. Headquartered in Heathrow, Florida, Dixon Ticonderoga employs approximately 1,300 people at 8 facilities in the U.S., Canada, Mexico and the U.K. The company has been listed on the American Stock Exchange since 1988 under the symbol DXT. |
