MITY Enterprises, Inc. Announces Results for Third Fiscal Quarter; Diluted EPS Increases 56 Percent
25 Janvier 2006 - 1:00PM
Business Wire
Bradley T Nielson, president and chief executive officer of MITY
Enterprises, Inc. (Nasdaq:MITY), today announced operating results
for the third quarter ended December 31, 2005. Net sales for the
third quarter totaled $13.4 million compared to $11.9 million a
year ago, an increase of 13 percent. Net income was $1.2 million
versus $0.8 million for the comparable period a year ago, an
increase of 51 percent. Basic and diluted earnings per share for
the recent quarter were $0.29 and $0.28, compared to the previous
year's third quarter basic and diluted earnings per share of $0.18,
an increase of 61 percent and 56 percent, respectively. Net sales
for the nine months ended December 31, 2005, totaled $41.8 million
compared to $37.3 million a year ago, an increase of 12 percent.
Net income was up 38 percent to $4.2 million versus $3.0 million
for the comparable period a year ago. Basic and diluted earnings
per share for the nine-month period were $1.01 and $0.97, an
increase of 44 and 45 percent over the previous year's nine-month
basic and diluted earnings per share of $0.70 and $0.67,
respectively. As compared to the third quarter of fiscal 2005, the
increase in net sales reflected a 16 percent growth in multipurpose
room sales that was primarily attributable to growth in the office,
public assembly, hospitality, government, education, business, and
recreation markets. Multipurpose room chair sales were up by 88
percent primarily due to new product lines as well as growth of
existing chair lines. For the nine-month period, international
sales have increased 22 percent compared to the prior year period.
"We are pleased to once again report a strong quarter with
increases in both sales and net income," said Nielson. "We continue
to take advantage of the growth opportunities in many of our
markets. The strong market acceptance of our multipurpose chair
lines continues with help from our new chair lines, the
Steelcore(TM) Chiavari ballroom chair and our DuraMax(TM) folding
chair. We also see continued growth in our existing chair lines. In
an effort to further broaden our product offering and meet the
needs of our customers, we anticipate the introduction of two
additional chair lines in the coming months as well -- the SwiftSet
Courtside(TM) folding chair and the SwiftSet HD(TM) high density
stacking chair. Also in an effort to further enhance our
competitive advantages, we are beginning to formalize lean
initiatives in our multipurpose room manufacturing facility. "In
addition, we are making great progress in building the production
capability of our new polyethelene fencing venture. We are actively
creating the tooling and molds required to bring our equipment up
to full utilization. In the mean time, we have three more beta
sites currently being installed with several other fence installers
patiently waiting for product availability," Nielson continued.
"During the quarter, we were successful at continuing our share
repurchase program by repurchasing 103,800 shares," noted Paul R.
Killpack, chief financial officer. "This brings our total for the
year to almost 398,000. Yesterday, at our board of directors
meeting, the board increased its authorization by 150,000 shares,
bringing the total authorization to 650,000. "We are pleased to see
continued growth in our core business, especially our chair lines,"
added Killpack. "Although we face continued material cost pressures
as well as freight cost increases, still we believe that our strong
sales growth will continue, particularly as we expand the number of
products offered. We anticipate sales will be up during the coming
quarter by as much as 10 percent as compared to last year's March
quarter." The Company will host a follow-up live broadcast over the
Internet to discuss the financial results at 4:30 PM Eastern Time
today. The live web simulcast of the conference call will be
available to the public online at www.mityinc.com or on
StreetEvent's Individual Investor Center at www.streetevents.com.
Listeners are encouraged to log on five to ten minutes prior to the
start time to ensure participation from the beginning. A replay of
the broadcast will be available within approximately one hour for a
week following the call at the referenced websites. Copies of the
Company's 10-Q and report for the fiscal 2006 3rd quarter will be
available online at www.mityinc.com after they are filed. Founded
in 1987, MITY Enterprises, Inc. designs, manufactures and markets
innovative institutional furniture created to meet the efficiency
needs of its customers. MITY Enterprises focuses on providing
premium quality institutional furniture products to niche markets.
The product lines consist of multipurpose room furniture and
healthcare seating. MITY's products are marketed under the
Mity-Lite, Broda and Versipanel tradenames. Headquartered in Utah,
MITY Enterprises serves national and international customers
directly and through distributors. For further information, visit
MITY Enterprises online at www.mityinc.com. This press release
contains forward-looking statements related to (a) the Company's
belief that sales for the March quarter will be up as much as 10
percent as compared to last year's sales for the same period, and
(b) the Company's expectation that it will introduce two additional
chair lines in the coming months. These statements are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Investors are cautioned that
forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially
from those contemplated in the forward-looking statements. Factors
that could cause or contribute to such differences include, but are
not limited to (i) continued global economic uncertainty resulting
from terrorism threats, current world tensions and related U.S.
military actions and their potential impact on the Company's
operations; (ii) uncertainty about market acceptance of any new
products introduced by the Company; (iii) increased price and
quality-based competitors particularly in the multipurpose room
furniture segment; (iv) lack of available capital and other
resources to develop or acquire and commercialize new products; (v)
increased material costs; and (vi) the risks and uncertainties
outlined in the Company's documents filed with the Securities and
Exchange Commission. All forward-looking statements and other
information in this press release are based upon information
available as of the date of this release. Such information may
change or become invalid after the date of this release, and, by
making these forward-looking statements, the Company undertakes no
obligation to update these statements after the date of this
release. -0- *T MITY Enterprises, Inc. Unaudited Financial
Highlights Three Months Ended December 31, 2005 2004 -----------
------------ Net sales $13,408,000 $11,872,000 Income from
operations 1,656,000 1,270,000 Pre-tax income 1,720,000 1,254,000
Net income 1,199,000 795,000 Basic earnings per share $0.29 $0.18
Weighted average number of common shares-basic 4,076,166 4,301,266
Diluted earnings per share $0.28 $0.18 Weighted average common and
common equivalent shares-diluted 4,221,533 4,462,038 Nine Months
Ended December 31, 2005 2004 ----------- ------------ Net sales
$41,845,000 $37,296,000 Income from operations 6,177,000 4,777,000
Pre-tax income 6,288,000 4,735,000 Net income 4,162,000 3,006,000
Basic earnings per share $1.01 $0.70 Weighted average number of
common shares-basic 4,135,492 4,289,106 Diluted earnings per share
$0.97 $0.67 Weighted average common and common equivalent
shares-diluted 4,288,388 4,475,784 *T
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