Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : BARNES- B : AN AEROSPACE GIANT THAT HAS A LOT OF POTENTIAL -- Ignore unavailable to you. Want to Upgrade?

To: Market Tracker who wrote (70)	1/26/1998 12:50:00 PM
From: Market Tracker	Read Replies (1) \| Respond to of 87

Annual Results Sets Records - Monday January 26, 11:43 am Eastern Time Company Press Release Barnes Group Reports 23 Percent Increase in Earnings For 1997 On An 8 Percent Sales Gain BRISTOL, Conn.--(BUSINESS WIRE)--Jan. 26, 1998--Barnes Group Inc. (NYSE:B - news) today reported a 23 percent increase in earnings per share for 1997 on an 8 percent gain in sales. Earnings for the year climbed sharply to $2.00 per share, from $1.63 in 1996, setting a new all-time record for the third consecutive year. Fourth quarter earnings also set a new record for the quarter, as the company reported double-digit gains in both sales and profits. It was the seventh successive quarter of record-breaking earnings. Theodore E. Martin, president and chief executive officer, stated that ''1997's record-breaking performance was driven by exceptionally strong earnings growth in our Barnes Aerospace and Bowman Distribution businesses, and a respectable performance from Associated Spring.'' Net income for 1997 was $40.4 million, up 24 percent from $32.6 million in 1996. Sales for the year totaled $643 million, compared to $595 million in 1996. For the fourth quarter, the company earned $.47 per share, up 12 percent from $.42 per share in 1996. Net income for the fourth quarter was $9.4 million, up 10 percent from $8.6 million for the same period last year. Sales for the quarter were $160 million, up 10 percent from $145 million in the previous year. Per share data reflects the 3-for-1 split of the company's stock in April, 1997. All earnings per share data represents basic earnings per share in accordance with the newly issued Statement of Financial Accounting Standards No. 128, ''Earnings per Share.'' ''Barnes Aerospace turned in strong sales and profits from all its operations in 1997,'' Martin said. Sales for the group were $137 million in 1997, up 33 percent from $103 million in 1996. Operating income for the group was $14.4 million in 1997, up 172 percent from the $5.3 million reported in the prior year. The Barnes Aerospace business continued its momentum in 1997, expanding its service to aircraft engine and airframe builders for commercial airlines and the military. ''Backlog at year-end reached a record high $131 million, versus $103 million in 1996,'' Martin said. Bowman reported sales of $220 million in 1997, compared to $213 million in 1996, while operating income was $26.7 million, up 22 percent from $22.0 million in 1996. ''Bowman's strong profit gains in North America and Europe were due to continuing penetration of large, multi-locations maintenance, repair and operating supplies customers,'' Martin said. He also noted that Bowman was highly successful in increasing its 1997 product mix through supplier partnerships and alliances, which provide its customers with the right innovative solutions for their particular needs. ''Bowman also continued its transition to a logistics management operation with a strong and successful record of accomplishment in integrated supply,'' Martin stated. Associated Spring reported sales of $287 million for 1997, up from $280 million for the same period a year earlier. Operating income for 1997 was $43.0 million compared to $45.8 million for 1996. Income was slightly lower in 1997 than the previous year, due in part to softer sales in the electronics and telecommunications markets, and operating issues at the group's Mexican facility in early 1997 which have been resolved. Martin added that ''contributing to this year's overall performance were foreign exchange gains of $1.8 million for the full year, of which $1.1 million occurred in the fourth quarter.'' Outlook for 1998 ''Going forward, our goal remains to continue our global expansion in Europe and the Pacific Rim,'' Martin said. ''These efforts will include launching new products and expanding our existing product and service groups. The company is on track to become one of the leading service-focused companies in distribution and manufacturing worldwide,'' he said. Barnes Group Inc. is a $650-million diversified international company headquartered in Bristol, Connecticut. It is a leading manufacturer of complex metal components and precision springs for industrial, automotive, and aerospace markets, and a major distributor of maintenance, repair and replacement products to industrial and transportation markets. For further information, please call our FAX-On-Demand Service at 800-311-4606. For Barnes Group, Inc. news on the Internet, see businesswire.com . Or, watch our new WEB site under construction at barnesgroupinc.com