CORPORATE
FINANCIALS
ONLINE
Fastest direct links to news from publicly-traded companies. |
| Latest Earnings News | Latest Dividend News | All Latest News |
Blyth Industries: Reports First Quarter
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 REPORTS FIRST QUARTER NET SALES UP 13%
EPS, at $0.44, INCREASES 16% YEAR-TO-YEAR
GREENWICH, CT, May 25, 2000: Blyth Industries, Inc. (NYSE:BTH) reported
today that first quarter Net Sales increased by 13% to $274,880,000
compared with $244,273,000 a year earlier. Operating Profit rose 15% to
$37,533,000 when compared to $32,595,000 in the prior year period. Net
Earnings for the quarter increased 13% to $21,021,000 from $18,537,000 a
year earlier. Diluted Net Earnings Per Share for the first quarter were
$0.44 per share, up 16% from $0.38 per share during the same period last
year.
Commenting on the strong first quarter results, Robert B. Goergen, Chairman
of the Board and CEO, said "We are pleased with the sales and earnings
growth in the first quarter which is in line with our overall corporate
goals, despite the adverse impact of deteriorating European currencies.
Operating margins continued to improve, reflecting the growing percentage
of PartyLite(R) and other premium brands in consolidated Net Sales, as well
as cost improvements in distribution, and our continued ability to leverage
administrative expenses."
Commenting on Blyth's decision during the first fiscal quarter to increase
its share repurchase authorization and declare its first semiannual cash
dividend, Mr. Goergen added, "We continue to believe the fundamentals of
our business are solid and our long-term growth prospects are strong. Our
ability to continue to generate substantial cash flow from operations
reflects solid net earnings and effective working capital management. This
allows us to invest in our growth, repay debt, repurchase shares and, now,
pay a cash dividend, all important elements in delivering long-term returns
to our shareholders."
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 seasonal products. Its
products are sold in the United States under various brand names, including
Colonial Candle of Cape Cod(R), PartyLite Gifts(R), Kate's Original
Recipe(TM), Carolina Designs(R), Ambria(TM), Florasense(R), Jeanmarie(R)
and FilterMate(R) and in Europe under Gies, Liljeholmens, and Colony. It
is also a leading producer of portable heating fuel products sold under the
Sterno(R) and Handy Fuel(R) brand names. Net Sales for the twelve months
ended April 30, 2000 totaled $1,128,057,000.
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 and in the Company's Annual
Report on Form 10-K for the year ended January 31, 2000.
BLYTH INDUSTRIES, INC.
Consolidated Statements of Earnings
(In thousands except per share data)
(Unaudited)
Three Months Three Months
Ended April 30, Ended April 30,
2000 1999
--------------- ---------------
Net sales $ 274,880 $ 244,273
Cost of goods sold 111,560 103,793
----------- -----------
Gross profit 163,320 140,480
Selling and shipping 100,669 85,385
Administrative 24,070 21,864
Amortization of goodwill 1,048 636
----------- -----------
125,787 107,885
----------- -----------
Operating profit 37,533 32,595
Other expense(income)
Interest expense 4,153 1,884
Interest income and other (579) (120)
Equity in earnings of investees 851 413
----------- -----------
4,425 2,177
----------- -----------
Earnings before income taxes
and minority interest 33,108 30,418
Income tax expense 12,439 11,683
----------- -----------
Earnings before minority interest 20,669 18,735
Minority interest (352) 198
----------- -----------
Net earnings $ 21,021 $ 18,537
=========== ===========
Basic:
Net earnings per common share $ 0.44 $ 0.38
Weighted average number of shares
outstanding 47,982 48,941
Diluted:
Net earnings per common share $ 0.44 $ 0.38
Weighted average number of shares
outstanding 48,265 49,262
Consolidated Balance Sheets
(In thousands)
(Unaudited)
April 30, 2000 April 30, 1999
-------------- --------------
Assets
Cash and Cash Equivalents $ 87,084 $ 18,650
Accounts Receivable, Net 77,320 64,965
Inventories 201,904 186,164
Property, Plant & Equipment, Net 272,355 235,295
Other Assets 123,241 83,668
----------- -----------
$ 761,904 $ 588,742
=========== ===========
Liabilities and Stockholders' Equity
Bank Debt $ 49,875 $ 100,859
Senior Notes 21,429 25,000
Bond Debt 150,000 -
Other Liabilities 150,431 136,134
Stockholders' Equity 390,169 326,749
----------- -----------
$ 761,904 $ 588,742
=========== ===========
# # #
End.