Date: Thu, 18 Dec 1997 01:28:11 GMT Server: GoSite-SSL/2.3 Connection: close Content-Type: text/html Last-Modified: Sat, 30 Aug 1997 19:09:29 GMT ETag: "7bca5-103c-34086fe9" Content-Length: 4156 Accept-Ranges: bytes
HARRISBURG, Ore., April 24 -- SMC Corporation (Nasdaq: SMCC) today reported its results for the first quarter of 1997. For the quarter ended March 31, 1997, net sales rose 16% to $50.1 million from $43.1 in 1996. First quarter unit sales increased 11% to 448 units up from 402 units in the prior year. First quarter 1997 net income was $1.2 million, down slightly from the record first quarter earnings of $1.3 million reported a year earlier. 1997 first quarter earnings per share were $.18, compared to 1996's $.20 per share, both years using 6.6 million shares outstanding. The decline in earnings resulted from the Company's investment in start-up operations in Eastern Oregon.
"We have been able to continue to grow our revenues when compared to the same period of last year, despite a slower RV market in general," said Mathew M. Perlot, chief executive officer of SMC Corporation. "We are pleased with our progress in the Class A market, and we anticipate that we will continue to capture market share as we move forward in 1997," continued Perlot. "We are making steady progress in the start-up of our Class C operations in Harney County, Oregon."
SMC Corporation commenced manufacturing of Class C motor coaches during 1996. The Company intends to gradually increase production during 1997.
SMC Corporation is headquartered in Harrisburg, Oregon and operates Safari and Magnum production facilities at that location. Beaver Motor Coaches, Inc. and Electronic Design & Assembly. Inc. are located in Bend, Oregon. Composite Technologies, Inc. and Harney Coach Works are located in Hines, Oregon. SMC Corporation is one of the largest high-line motor coach manufacturers in the United States, with products positioned at each price point from the Trek, an entry level high-line coach, to the Marquis, considered by many to be the finest motor coach available in the market today.
SMC CORPORATION Consolidated Statement of Income (Unaudited Quarterly Data) | ||
Three Months Ended | ||
March 31, 1997 | March 31, 1996 | |
Net Sales | $50,087,000 | $43,102,000 |
Cost of Sales | 43,490,000 | 37,129,000 |
Gross profit | 6,597,000 | 5,973,000 |
Operating Expenses: Sales, general and administrative | 4,402,000 | 3,688,000 |
Income from operations | 2,195,000 | 2,285,000 |
Interest Expense | 273,000 | 158,000 |
Other expense (income) | (62,000) | (37,000) |
Income before provision for income taxes | 1,984,000 | 2,164,000 |
Provision for Income taxes | 794,000 | 868,000 |
Net Income | $ 1,190,000 | $ 1,296,000 |
Net Income per share | $ 0.18 | $ 0.20 |
Shares used in per share calculation | 6,564,000 | 6,563,000 |
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