Shiloh Industries Reports First Quarter 2013 Results
(firmenpresse) - VALLEY CITY, OH -- (Marketwire) -- 03/01/13 -- Shiloh Industries, Inc. (NASDAQ: SHLO) today reported financial results for the first quarter of its fiscal year ending Oct. 31, 2013.
First Quarter Highlights:
Sales revenue for the quarter ended Jan. 31, 2013 increased to $145.4 million, a 9.8 percent increase from the first quarter a year earlier.
Gross profit for the quarter improved 21.7 percent to $11.8 million, or 8.1 percent of sales revenue compared to the prior year quarter.
Operating income for the quarter improved 34.2 percent to $4.1 million, compared to the prior year quarter.
Net income per share diluted improved 66.7 percent to $0.15 for the quarter, compared to net income of $0.09 per share diluted in the prior year quarter.
The company declared and paid a special dividend of $0.25 per share during the quarter.
First Quarter 2013 Results:
The company reported revenue of $145.4 million for the first quarter ended Jan. 31, 2013, an increase of 9.8 percent over the $132.4 million in the same quarter of the previous year. Sales reflect an increase in the North American car and light truck industry production volume of 6.8 percent compared to the first quarter of the prior year and new business wins.
Gross profit for the first quarter increased 21.7 percent to $11.8 million, or 8.1 percent of sales, compared to $9.7 million or 7.3 percent of sales for the first quarter of 2012. Improved productivity, increased sales volume and reductions in fixed manufacturing expenses contributed to the increase.
For the first quarter, operating income improved 34.2 percent to $4.1 million, compared to $3.1 million in the first quarter of the previous year.
The company reported net income for the first quarter of fiscal year 2013 of $2.6 million or $0.15 per share diluted, compared to the first quarter of 2012 net income of $1.6 million or $0.09 per share diluted.
"Shiloh's improved profitability is being driven by increased revenue as a result of higher volume in the North American vehicle production levels, new sales activities, and our continued focus on operating efficiency improvements and effective cost management," said Ramzi Hermiz, President and CEO. "As we move forward through fiscal 2013, we remain optimistic about industry trends and vehicle demand in North America. We will continue to evaluate opportunities for growth, and will remain true to our key tenants of leading with technology and innovation, achieving sustainable global profitable growth and acting with a sense of purpose and speed."
Headquartered in Valley City, Ohio, Shiloh Industries is a leading supplier, providing light weighting and noise, vibration and harshness (NVH) solutions to automotive, commercial vehicle and other industrial markets. Shiloh delivers these solutions through design, engineering and manufacturing of first operation blanks, engineered welded blanks, complex stampings, modular assemblies and highly engineered aluminum die casting and machined components serving the body-in-white, emission, powertrain, structural and seating needs of OEM and Tier 1 customers. The company has 16 wholly owned subsidiaries at locations in Alabama, Ohio, Georgia, Michigan, Tennessee, Kentucky, Wisconsin and Mexico, and has approximately 1,770 employees.
A conference call to discuss first quarter of fiscal 2013 results will be held on Friday, March 1, 2013, at 10:00 a.m. EST. To listen to the conference call, dial (888) 389-5988 approximately five minutes prior to the start time and request the Shiloh Industries first quarter conference call.
Certain statements made by Shiloh Industries, Inc. in this release and other periodic oral and written statements, including filings with the Securities and Exchange Commission, regarding the Company's operating performance, events or developments that the Company believes or expects to occur in the future, including those that discuss strategies, goals, outlook or other non-historical matters, or which relate to future sales, earnings expectations, cost savings, awarded sales, volume growth, earnings or general belief in the Company's expectations of future operating results are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are made on the basis of management's assumptions and expectations. As a result, there can be no guarantee or assurance that these assumptions and expectations will in fact occur. The forward-looking statements are subject to risks and uncertainties that may cause actual results to materially differ from those contained in the statements. Some, but not all of the risks, include the ability of the Company to accomplish its strategic objectives with respect to implementing its sustainable business model; the ability to obtain future sales; changes in worldwide economic and political conditions, including adverse effects from terrorism or related hostilities; costs related to legal and administrative matters; the Company's ability to realize cost savings expected to offset price concessions; the Company's ability to successfully integrate acquired business; inefficiencies related to production and product launches that are greater than anticipated; changes in technology and technological risks; increased fuel and utility costs; work stoppages and strikes at the Company's facilities and that of the Company's customers or suppliers; the Company's dependence on the automotive and heavy truck industries, which are highly cyclical; the dependence of the automotive industry on consumer spending, which is subject to the impact of domestic and international economic conditions, including increased energy costs affecting car and light truck production, and regulations and policies regarding international trade; financial and business downturns of the Company's customers or vendors, including any production cutbacks or bankruptcies; increases in the price of, or limitations on the availability of, steel, the Company's primary raw material, or decreases in the price of scrap steel; the successful launch and consumer acceptance of new vehicles for which the Company supplies parts; the occurrence of any event or condition that may be deemed a material adverse effect under the Credit Agreement or a decrease in customer demand which could cause a covenant default under the Credit Agreement; pension plan funding requirements; and other factors, uncertainties, challenges and risks detailed in the Company's other public filings with the Securities and Exchange Commission. Any or all of these risks and uncertainties could cause actual results to differ materially from those reflected in the forward-looking statements. These forward-looking statements reflect management's analysis only as of the date of this release.
The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. In addition to the disclosures contained herein, readers should carefully review risks and uncertainties contained in other documents the Company files from time to time with the Securities and Exchange Commission.
Thomas M. Dugan
Vice President of Finance and Treasurer
Shiloh Industries, Inc.
(330) 558-2600
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Datum: 01.03.2013 - 07:00 Uhr
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