Glassmaster Company Announces Second Quarter Sales & Earnings

Apr 11, 2001, 01:00 ET from Glassmaster Company

    LEXINGTON, S.C., April 11 /PRNewswire/ --
     Glassmaster Company (OTC Bulletin Board:   GLMA) today reported sales for
 the second quarter ended March 4, 2001 were $5,266,087, a decrease of
 2.1% when compared to the same period last year.  Year to date sales of
 $9,854,799 are up 1.9% from last year.  The second quarter earnings showed a
 substantial improvement over the prior year period.  Net income for the second
 quarter was $3,915 compared to a net loss of $212,199 for the same period last
 year.
     Operating results in the Monofilament Division were up significantly for
 the quarter, however we are seeing the effects of the slowdown in the economy
 during March and April and expect third quarter revenues to be significantly
 lower than the prior year period.  Sales in the Controls Division are about
 the same as last year on a quarterly and year to date basis with increased
 sales of electronic controls and circuit boards helping to offset a decline in
 sales of more than 30% to the heavy truck and bus industry.  Sales for the
 Composite Modular Building System(TM) continue to increase with re-orders
 coming in from some of the initial customers.  The outlook for the overall
 economy is somewhat uncertain and initiatives to reduce costs continue to be
 implemented.
     Glassmaster Company is a Lexington, South Carolina-based processor-
 fabricator of thermoplastic and thermoset plastic materials, where it
 manufactures extruded monofilaments including sewing thread, filaments for
 papermakers fabrics, trimmer, and fishing lines and specialty fiberglass
 products including the Glassmaster Composites Modular Building System(TM).
 The company also operates a plant in Kalamazoo, Michigan, where it
 manufactures and assembles a wide range of flexible steel wire controls,
 molded plastic control panels, electronic control panels, and electronic test
 equipment.
 
 
                                GLASSMASTER COMPANY
                           CONSOLIDATED INCOME STATEMENT
                    (in thousands except for per share amounts)
 
 
                              THREE MONTHS ENDED          SIX MONTHS ENDED
                            March 4, February 27,       March 4,   February 27,
                               2001         2000          2001          2000
                            (unaudited)  (unaudited)   (unaudited)  (unaudited)
 
 
     NET SALES               $5,266        $5,378       $9,855        $9,663
     COST OF SALES           $4,380        $4,758       $8,518        $8,557
     GROSS PROFIT              $886          $620       $1,337        $1,106
 
     SELLING EXPENSES          $242          $253         $479          $482
     GENERAL & ADMINISTRATIVE
      EXPENSES                 $223          $268         $434          $545
     OTHER EXPENSE             $197          $130         $382          $302
     OPERATING INCOME          $224          $(31)         $42         $(223)
 
     INTEREST EXPENSE          $220          $183         $434          $354
 
     INCOME BEFORE INCOME TAXES  $4         $(214)       $(392)        $(577)
 
     PROVISION FOR INCOME TAXES $--           $(2)         $--         $(125)
 
     NET INCOME                  $4         $(212)       $(392)        $(452)
 
 
     NET INCOME PER SHARE:
     (Basic and Diluted)      $0.00        $(0.13)      $(0.24)       $(0.28)
 
     SHARES:
     (Basic and Diluted)  1,630,696     1,630,696    1,630,696     1,630,696
 
 
                              GLASSMASTER COMPANY
                           CONSOLIDATED BALANCE SHEET
                                 (in thousands)
 
                                                        As of          As of
                                                      March 4,     February 27,
                                                        2001           2000
                                                    (unaudited)     (unaudited)
 
     CURRENT ASSETS                                    $7,750         $7,251
     FIXED ASSETS - NET OF DEPRECIATION                $5,374         $5,387
     OTHER ASSETS                                      $1,026           $776
     TOTAL ASSETS                                     $14,150        $13,414
 
     CURRENT LIABILITIES                               $6,977         $6,329
     LONG TERM DEBT                                    $5,345         $4,682
     TOTAL LIABILITIES                                $12,322        $11,011
 
     STOCKHOLDER'S EQUITY                              $1,828         $2,403
 
     TOTAL LIABILITIES & STOCKHOLDER EQUITY           $14,150        $13,414
 
 

SOURCE Glassmaster Company
    LEXINGTON, S.C., April 11 /PRNewswire/ --
     Glassmaster Company (OTC Bulletin Board:   GLMA) today reported sales for
 the second quarter ended March 4, 2001 were $5,266,087, a decrease of
 2.1% when compared to the same period last year.  Year to date sales of
 $9,854,799 are up 1.9% from last year.  The second quarter earnings showed a
 substantial improvement over the prior year period.  Net income for the second
 quarter was $3,915 compared to a net loss of $212,199 for the same period last
 year.
     Operating results in the Monofilament Division were up significantly for
 the quarter, however we are seeing the effects of the slowdown in the economy
 during March and April and expect third quarter revenues to be significantly
 lower than the prior year period.  Sales in the Controls Division are about
 the same as last year on a quarterly and year to date basis with increased
 sales of electronic controls and circuit boards helping to offset a decline in
 sales of more than 30% to the heavy truck and bus industry.  Sales for the
 Composite Modular Building System(TM) continue to increase with re-orders
 coming in from some of the initial customers.  The outlook for the overall
 economy is somewhat uncertain and initiatives to reduce costs continue to be
 implemented.
     Glassmaster Company is a Lexington, South Carolina-based processor-
 fabricator of thermoplastic and thermoset plastic materials, where it
 manufactures extruded monofilaments including sewing thread, filaments for
 papermakers fabrics, trimmer, and fishing lines and specialty fiberglass
 products including the Glassmaster Composites Modular Building System(TM).
 The company also operates a plant in Kalamazoo, Michigan, where it
 manufactures and assembles a wide range of flexible steel wire controls,
 molded plastic control panels, electronic control panels, and electronic test
 equipment.
 
 
                                GLASSMASTER COMPANY
                           CONSOLIDATED INCOME STATEMENT
                    (in thousands except for per share amounts)
 
 
                              THREE MONTHS ENDED          SIX MONTHS ENDED
                            March 4, February 27,       March 4,   February 27,
                               2001         2000          2001          2000
                            (unaudited)  (unaudited)   (unaudited)  (unaudited)
 
 
     NET SALES               $5,266        $5,378       $9,855        $9,663
     COST OF SALES           $4,380        $4,758       $8,518        $8,557
     GROSS PROFIT              $886          $620       $1,337        $1,106
 
     SELLING EXPENSES          $242          $253         $479          $482
     GENERAL & ADMINISTRATIVE
      EXPENSES                 $223          $268         $434          $545
     OTHER EXPENSE             $197          $130         $382          $302
     OPERATING INCOME          $224          $(31)         $42         $(223)
 
     INTEREST EXPENSE          $220          $183         $434          $354
 
     INCOME BEFORE INCOME TAXES  $4         $(214)       $(392)        $(577)
 
     PROVISION FOR INCOME TAXES $--           $(2)         $--         $(125)
 
     NET INCOME                  $4         $(212)       $(392)        $(452)
 
 
     NET INCOME PER SHARE:
     (Basic and Diluted)      $0.00        $(0.13)      $(0.24)       $(0.28)
 
     SHARES:
     (Basic and Diluted)  1,630,696     1,630,696    1,630,696     1,630,696
 
 
                              GLASSMASTER COMPANY
                           CONSOLIDATED BALANCE SHEET
                                 (in thousands)
 
                                                        As of          As of
                                                      March 4,     February 27,
                                                        2001           2000
                                                    (unaudited)     (unaudited)
 
     CURRENT ASSETS                                    $7,750         $7,251
     FIXED ASSETS - NET OF DEPRECIATION                $5,374         $5,387
     OTHER ASSETS                                      $1,026           $776
     TOTAL ASSETS                                     $14,150        $13,414
 
     CURRENT LIABILITIES                               $6,977         $6,329
     LONG TERM DEBT                                    $5,345         $4,682
     TOTAL LIABILITIES                                $12,322        $11,011
 
     STOCKHOLDER'S EQUITY                              $1,828         $2,403
 
     TOTAL LIABILITIES & STOCKHOLDER EQUITY           $14,150        $13,414
 
 SOURCE  Glassmaster Company