Noland Reports Higher Sales and Earnings for Q1
22 Avril 2005 - 9:00PM
PR Newswire (US)
Noland Reports Higher Sales and Earnings for Q1 NEWPORT NEWS, Va.,
April 22 /PRNewswire-FirstCall/ -- Noland Company (NASDAQ:NOLD)
today reported a first-quarter net income of $3,186,000, or 94
cents per share (diluted), 51 percent higher than the year-earlier
period's $2,106,000, or 63 cents per share. The Newport News-based
wholesale distribution firm said the higher earnings stemmed from a
combination of increased sales and slightly better gross margins.
First-quarter sales totaled $138,900,000, 13 percent greater than
2004's $122,766,000 first-quarter total. Chairman Lloyd U. Noland
III said the higher sales reflected a continuation of 2004's strong
construction activity and rising prices, "and our success in
capturing our share of those opportunities." Noland said air
conditioning sales rose 19 percent, "in part due to the equipment
we provided to HVAC contractors in Florida who benefited from a
healthy construction market and unusually warm winter weather." He
said the company's newest branch, an air conditioning supply
operation that opened in Charlotte, N.C., on Feb. 28, also
contributed to the higher sales. Plumbing sales, which represent
more than half of Noland's total revenues, were 14 percent higher
than the year-earlier period, while electrical/industrial sales
declined 2 percent. Price increases helped improve gross profit
margins, leading to a $4,295,000, or 16 percent, rise in gross
profit for the quarter. Operating expenses rose $2,829,000, or 12
percent, largely due to higher personnel- related costs. This
combination helped produce a 50 percent, or $1,740,000, improvement
in operating profit for the quarter. Noland operates 101 branches
in 13 states, and distributes products in the plumbing, HVAC, water
systems, electrical and industrial fields. On April 12, Noland
announced it had signed an agreement of merger with WinWholesale, a
Dayton, Ohio-based wholesale distributor. Under the terms of the
agreement, WinWholesale will pay $74 in cash for each Noland
Company share and assume Noland's outstanding debt at closing. The
transaction is structured as a tender offer, which is expected to
close on or about May 17, 2005, followed by a merger. UNAUDITED
FINANCIAL HIGHLIGHTS For the Three Months Ended March 31 2005 2004
Merchandise Sales $138,899,986 $122,765,791 Net Income $3,185,861
$2,106,087 Basic Earnings Per Share(1) $.95 $.63 Diluted Earnings
Per Share(2) $.94 $.63 (1) Based on 3,342,440 shares outstanding in
2005 and 3,333,360 shares outstanding in 2004. (2) Based on
3,373,003 shares outstanding in 2005 and 3,360,230 shares
outstanding in 2004. Note: Included in this news release are
forward-looking management comments and other statements which
reflect management's current outlook for the future. Such
forward-looking statements are not guarantees of future performance
and are subject to risks and uncertainties that could cause actual
results to differ materially from those anticipated in the
statements. Such risks and uncertainties include, but are not
limited to, general business and economic conditions, climatic
conditions, competitive pricing pressures, and product
availability. DATASOURCE: Noland Company CONTACT: John E. Gullett
of Noland Company, +1-757-928-9000 Web site: http://www.noland.com/
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