MATW-Press Release/Earnings for Fiscal 1997 (interesting company product mix) but still too thinly traded:
PITTSBURGH, Nov. 20 /PRNewswire/ -- Matthews International Corporation (Nasdaq: MATW - news) today announced financial results for the fiscal year ended September 30, 1997. Net income for the year was $19,626,000, or $2.28 per share, versus $1.95 per share for fiscal 1996 on a comparable basis, an increase of 16.9 percent. Reported net income for the year ended September 30, 1996 was $20,258,000, or $2.28 per share, which included one-time adjustments of 33 cents primarily due to last year's gain on the sale of Sunland Memorial Park.
Sales for the year ended September 30, 1997 were $189,169,000 which were $17,191,000, or 10 percent higher than sales of $171,978,000 in fiscal 1996.
For the fiscal 1997 fourth quarter, net income was $4,824,000, or $0.57 per share compared to $4,156,000 or $0.47 per share for the fourth quarter a year ago. Sales in the fourth quarter increased 13 percent to $49,422,000 compared to $43,697,000 in the same quarter last year.
Operating income for fiscal 1997 was 15.4 percent higher, or $4,116,000 above fiscal 1996. The majority of this improvement is related to a combination of factors in each segment of the Company's business. Sales and operating income in the Bronze segment improved over 1996, mainly due to increased sales volume for memorial and cremation products. Operating income for the Marking Products segment was 13 percent above 1996, mainly due to the absence of losses in Germany combined with improved operating results in North America. Sales and operating income for the Graphic Systems segment were substantially higher than 1996, mainly due to benefits derived from the investment in Tukaiz Communications and the acquisition of Carolina Repro- Graphic.
Commenting on the financial results for fiscal 1997, David M. Kelly, Chairman and Chief Executive Officer, stated:
''All business segments contributed to the Company's improved operating results for 1997. During 1998, we intend to further pursue our acquisition growth strategy, which, in part, contributed to this year's higher level of income. Through acquisitions, we can strengthen our core businesses, expand our market participation, and broaden our product offering. Matthews' strong balance sheet enhances our ability to finance these programs and accelerate growth.''
Matthews International Corporation, headquartered in Pittsburgh, Pennsylvania, is a leading designer, manufacturer and marketer principally of custom-made identification products. The Company's products include cast bronze memorials, crematories and cremation-related products; printing plates, pre-press services, and imaging systems for the corrugated and flexible packaging industries; and marking equipment and consumables for identifying various consumer and industrial products and containers.
MATTHEWS INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(Unaudited, in Thousands, except Share Data)
Three Months Ended Year Ended
September 30, September 30,
1997 1996 1997 1996
Sales $49,422 $43,697 $189,169 $171,978
Operating Profit 7,590 6,493 30,887 26,771
Income before Taxes 8,058 5,996 32,298 33,523
Income Taxes 3,234 1,840 12,672 13,265
Net Income $4,824 $4,156 $19,626 $20,258
Earnings per Share(a) $0.57 $0.47 $2.28 $2.28
Weighted Average Shares 8,444,108 8,868,126 8,597,036 8,890,912
(a) Excluding one-time adjustments recorded in the 1996 second quarter, earnings per share were $1.95 for the fiscal
year ended September 30, 1996.
SOURCE: Matthews International Corporation
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