Highlights
Three Months Ended
-- Net Sales $6,040,000 compared with $7,567,000 at December 31, 2007 -- Operating income Operating loss of $(31,000) compared with operating income of $873,000 at December 31, 2007 -- Net income $76,000 compared with $543,000 at December 31, 2007 -- EPS $0.04 fully diluted earnings per common share compared with $0.29 at December 31, 2007 -- Backlog $29,944,000 compared with $32,100,000 at December 31, 2007
Six Months Ended
-- Net Sales $12,332,000 compared with $14,264,000 at December 31, 2007 -- Operating income $235,000 compared with $1,641,000 at December 31, 2007 -- Net income $295,000 compared with $1,029,000 at December 31, 2007 -- EPS $0.16 fully diluted earnings per common share compared with $0.54 at December 31, 2007
Kreisler CEO
"During the six months ended
Kreisler's total backlog as of
At
Kreisler Manufacturing Corporation is a manufacturer of precision metal components and assemblies for use in military and commercial aircraft engines and industrial gas turbines. These products primarily include tube and manifold assemblies. The Company has two wholly owned subsidiaries: Kreisler Industrial Corporation located in
Forward-Looking Statements
Certain oral statements made by management of Kreisler Manufacturing Corporation (the "Company") from time-to-time and certain statements contained herein or in other periodic reports filed by the Company with the Securities and Exchange Commission are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to results of operations and the business of the Company. All such statements, other than statements of historical facts, including those regarding market trends, the Company's financial position and results of operations, business strategy, projected costs, and plans and objectives of management for future operations, are forward-looking statements. In general, such statements are identified by the use of forward-looking words or phrases including, but not limited to, "estimates," "intended," "will," "should," "may," "believes," "expects," "expected," "anticipates," and "anticipated" or the negative thereof or variations thereon or similar terminology. These forward-looking statements are based on the Company's current expectations. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. These forward-looking statements represent the Company's current judgment. The Company disclaims any intent or obligation to update its forward looking statements. Because forward-looking statements involve risks and uncertainties, the Company's actual results could differ materially from those set forth in or underlying the forward-looking statements.
Kreisler Manufacturing Corporation and Subsidiaries CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended December 31, 2008 2007 Net sales $6,039,547 $7,566,846 Cost of goods sold 5,411,038 5,960,283 Selling, general and administrative expenses 659,032 733,915 Total costs and expenses 6,070,070 6,694,198 (Loss)/income from operations (30,523) 872,648 Interest and other income 23,521 61,571 Interest and other expenses (8,800) (6,311) Foreign currency exchange adjustments 157,692 (21,470) Income before income taxes 141,890 906,438 Income taxes 66,087 (363,919) Net income $75,803 $542,519 Net income per common share: Net income - basic $0.04 $0.29 Net income - diluted $0.04 $0.29 Weighted average common shares - basic 1,867,948 1,867,948 Weighted average common shares - diluted 1,867,948 1,896,086 Six Months Ended December 31, 2008 2007 Net sales $12,331,905 $14,263,793 Cost of goods sold 10,736,708 11,308,556 Selling, general and administrative expenses 1,359,954 1,314,152 Total costs and expenses 12,096,662 12,622,708 Income from operations 235,243 1,641,085 Interest and other income 56,259 125,286 Interest and other expenses (19,344) (18,668) Foreign currency exchange adjustments 232,295 (26,565) Income before income taxes 504,453 1,721,138 Income taxes (209,348) (691,859) Net income $295,105 $1,029,279 Net income per common share: Net income - basic $0.16 $0.55 Net income - diluted $0.16 $0.54 Weighted average common shares - basic 1,867,948 1,867,948 Weighted average common shares - diluted 1,868,900 1,898,283
Kreisler Manufacturing Corporation and Subsidiaries CONDENSED CONSOLIDATED BALANCE SHEETS Dec. 31, 2008 June 30, 2008 (Unaudited) (Audited) Assets Cash and cash equivalents $6,205,207 $7,243,565 Accounts receivable - trade (net of $20,000 allowance for uncollectible accounts at December 31, 2008 and June 30, 2008) 1,647,293 2,052,124 Inventories 7,247,234 7,142,438 Deferred tax asset 31,271 31,271 Other current assets 302,268 620,614 Prepaid income taxes 68,207 - Total current assets 15,501,480 17,090,012 Property and equipment, net 2,617,690 2,077,223 Deposits on property and equipment 412,761 456,989 Long-term investments - 700,000 Deferred tax asset 199,875 - Total non-current assets 3,230,326 3,234,212 TOTAL ASSETS $18,731,806 $20,324,224 Liabilities and Stockholders' Equity Liabilities Accounts payable - trade $1,472,466 $1,812,515 Accrued expenses 508,618 867,167 Deferred revenue 637,564 1,259,505 Income taxes payable - 39,018 Obligation under capital leases, current portion 133,523 127,731 Total current liabilities 2,752,171 4,105,936 Obligation under capital leases, net of current portion 51,788 128,296 Deferred tax liability - 95,884 Accrued environmental costs 454,053 444,707 Total long-term liabilities 505,841 668,887 Commitments and contingencies Stockholders' equity Common stock, $.125 par value; 6,000,000 shares authorized; 1,867,948 shares issued and outstanding at December 31, 2008 and June 30, 2008 233,494 233,494 Additional paid-in capital 1,135,662 1,062,736 Retained earnings 14,089,851 13,794,746 Accumulated other comprehensive (loss)/income 14,787 458,425 Total stockholders' equity 15,473,794 15,549,401 TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $18,731,806 $20,324,224
SOURCE Kreisler Manufacturing Corporation