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Blyth Industries: Reports Fourth Quarter Results
CONTACT: FOR IMMEDIATE RELEASE
Richard T. Browning
Chief Financial Officer
(203) 661-1926, ext. 6628
Jane F. Casey
Vice President
(203) 661-1926, ext. 6619
BLYTH INDUSTRIES FOURTH QUARTER NET SALES UP 30%
EPS, at $0.57, Increases 27% Year-to-Year
GREENWICH, CT, USA March 16, 2000: Blyth Industries, Inc. (NYSE:BTH) today
reported fourth quarter Net Sales of $328,873,000, a 30% increase over the
prior fourth quarter Net Sales of $252,258,000. Operating Profit rose 30%
to $49,167,000 when compared to $37,917,000 in the prior year period. Net
Earnings for the quarter were $27,533,000 compared to $22,573,000 in the
prior year, a 22% increase. Diluted Net Earnings Per Share for the fourth
quarter were $0.57, up 27% from $0.45 per share during the same period last
year.
Net Sales for the fiscal year ended January 31, 2000 totaled $1,097,450,000,
a 25% increase over the $875,065,000 in Net Sales reported a year ago.
Operating Profit for the twelve months increased 28% from $128,237,000 to
$164,001,000. Net Earnings of $92,389,000 increased 24% compared to
$74,502,000 for the prior year. Diluted Net Earnings Per Share were $1.89,
up 26% compared to $1.50 for the prior year.
Commenting on the strong fourth quarter results, Robert B.Goergen, Chairman
of the Board and CEO, said "Blyth's fourth quarter results continued our
strong operating trends as product mix included more premium products, and
operating efficiencies in manufacturing, distribution, sourcing and
administrative areas had a very favorable impact on our operating profit
margin. In fact, excluding the impact of Liljeholmens which was not in the
year-earlier results, fourth quarter operating profit margin grew by over
100 basis points.
In addition, Blyth continued to generate significant Cash Flow from
Operations, totaling $120 million for the full fiscal year 2000,
demonstrating not only strong earnings growth but also effective management
of working capital."
Mr. Goergen continued by commenting on recent new product launches, "Blyth
has a major presence in four major channels of distribution: direct selling,
premium retail outlets, mass retail outlets and the "away from home" market.
We continue to aggressively renew our product lines in each of these channels
of distribution with innovative product offerings, such as Colonial at
HOME(TM) in the premium retail channel and Indulgences(TM) for our direct
selling customers, which demonstrate our ability to develop and launch the
type of products needed to support future sales growth and profitability."
Blyth Industries, Inc., headquartered in Greenwich, CT, designs,
manufactures, markets and distributes an extensive line of candles and home
fragrance products including scented candles, outdoor lighting products,
potpourri and environmental fragrance products, and markets a broad range of
related candle accessories and decorative gift bags and tags. Its products
are sold in the United States under various brand names, including Colonial
Candle of Cape Cod(R), PartyLite Gifts(R), Carolina Designs(R), Ambria(TM),
Canterbury(R), Florasense(R), Jeanmarie(R) and FilterMate(R) and in Europe
under Gies, Liljeholmens, Eclipse Candles and Colony. It is also a leading
producer of portable heating fuel products sold under the Sterno(R) and Handy
Fuel(R) brand names.
Blyth Industries, Inc. can be found on the Internet at
www.blythindustries.com.
This press release contains "forward-looking statements", within the meaning
of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements include statements concerning plans, objectives, goals,
strategies, future events or performance and underlying assumptions and other
statements which are other than statements of historical facts. Actual
results could differ materially due to various factors, including the risk of
maintaining the Company's growth rate, the Company's ability to respond to
increased product demand, the risks associated with international sales and
foreign products, dependence on key management personnel, competition in
terms of price and new product introductions, and other factors described in
this press release, in the Company's Quarterly Report on Form 10-Q for the
quarter ended October 31, 1999, and in the Company's Annual Report on Form
10-K for the year ended January 31, 1999.
BLYTH INDUSTRIES, INC.
Consolidated Statement of Earnings
(In thousands except per share data)
(Unaudited)
Three Months Twelve Months
Ended January 31, Ended January 31,
2000 (1) 1999 2000 (1) 1999
Net sales $ 328,873 $ 252,258 $1,097,450 $ 875,065
Cost of goods sold 147,452 102,283 480,446 367,517
Gross profit 181,421 149,975 617,004 507,548
Selling and shipping 103,925 87,472 357,256 296,753
Administrative 27,426 24,024 92,754 80,465
Amortization of goodwill 903 562 2,993 2,093
132,254 112,058 453,003 379,311
Operating profit 49,167 37,917 164,001 128,237
Other expense(income)
Interest expense 4,049 1,432 12,104 6,653
Interest income/other 1,801 (226) 1,361 (481)
Equity in earnings of investee (1,393) (719) 146 (825)
4,457 487 13,611 5,347
Earnings before income taxes
and minority interest 44,710 37,430 150,390 122,890
Income tax expense 17,147 14,841 57,543 48,387
Earnings before minority
interest 27,563 22,589 92,847 74,503
Minority interest 30 16 458 1
Net earnings $ 27,533 $ 22,573 $ 92,389 $ 74,502
Basic:
Net earnings per common share $ 0.57 $ 0.46 $ 1.91 $ 1.52
Weighted average number
of shares outstanding 48,089 49,189 48,471 49,165
Diluted:
Net earnings per common share $ 0.57 $ 0.45 $ 1.89 $ 1.50
Weighted average number
of shares outstanding 48,383 49,617 48,818 49,604
Consolidated Balance Sheets
(In thousands)
(Unaudited)
January 31, 2000 (2) January 31, 1999
Assets
Cash and Cash Equivalents $ 46,047 $ 18,571
Accounts Receivable, Net 84,919 60,810
Inventories 186,696 169,749
Property, Plant & Equipment, Net 273,528 236,273
Other Assets 121,906 91,380
$ 713,096 $ 576,783
Liabilities and Stockholders' Equity
Bank Debt $ 24,710 $ 92,993
Senior Notes 21,429 25,000
Bond Debt 150,000 -
Other Liabilities 136,743 136,758
Stockholders' Equity 380,214 322,032
$ 713,096 $ 576,783
(1) As a result of the Company's purchases of Liljeholmens Stearinfabriks
AB and Colony Gift Corporation Ltd., the results of operations of
Liljeholmens and Colony Gift are included in the Consolidated Statement of
Earnings of the Company since their dates of acquisition.
(2) The balance sheet of Colony Gift is consolidated in the January 31, 2000
Consolidated Balance Sheet of the Company as a result of the Company
acquiring a controlling interest in Colony Gift in June 1999, and was
included in the Consolidated Balance Sheet of the Company as an equity
investment at January 31, 1999. Before consolidating Colony Gift, key
balance sheet amounts would be: Accounts Receivable $76,904; Inventory
$178,516; Property, Plant & Equipment $261,187; Bank Debt $21,619; Other
Liabilities $131,369.
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