Industrial Rubber Announces First Quarter Results

Apr 20, 2001, 01:00 ET from Industrial Rubber Products, Inc.

    HIBBING, Minn., April 20 /PRNewswire Interactive News Release/ --
     Industrial Rubber Products, Inc. (Nasdaq:   INRB) today announced results
 for the first quarter ended March 31, 2001.
     The Company reported a net loss of $36,851, or one cent per common share,
 on net sales of $3,853,636.  This compares with net income of $170,515, or
 four cents per common share, on net sales of $5,054,304 in the first quarter
 of 2000.  Results for the quarter ended March 31, 2001, include a 24%
 reduction in net sales, which reflects mining company production cutbacks and
 closures that occurred in the Minnesota iron ore industry and in the Southwest
 U.S. copper industry.
     Daniel O. Burkes, Industrial Rubber's President and Chief Executive
 Officer, said, "Although our core customers in the United States continue to
 suffer depressed markets, our international customers will help us improve our
 results in the second quarter.  The potential for recovery in our domestic
 business is largely dependent on energy costs and its availability."
     John M. Kokotovich, Industrial Rubber's Chief Financial Officer, said, "I
 am pleased with the 25% reduction in selling, general and administrative costs
 from the same quarter a year ago and expect these cost saving measures to
 continue."
     Industrial Rubber Products, Inc. designs, manufactures and distributes
 abrasion-resistant products and equipment, protective linings and proprietary
 products to a variety of industries, including mining, aggregate, power,
 paper, aerospace, military, transportation, agriculture and construction.  The
 Company's facilities include its headquarters and two manufacturing plants in
 Hibbing, Minn., and one manufacturing plant each in West Jordan, Utah, and
 Sudbury, Ontario, Canada.  The Company's common stock is traded on the Nasdaq
 Small Cap Market under the symbol "INRB."
 
 
                        Industrial Rubber Products, Inc
                         Condensed Statements of Income
                                  (Unaudited)
 
                                                        Three Months Ended
                                                             March 31,
                                                        2001           2000
     Net Sales                                         $3,854         $5,054
     Cost of Sales                                      3,107          3,745
 
     Gross Profit                                        $747         $1,309
     SG&A Expenses                                        649            839
     Provision for Restructuring                           --            216
 
     Operating income/(Loss)                              $98           $254
     Nonoperating Income/(Expense)                       (160)            30
 
     Income/(Loss) Before Tax                            $(62)          $284
 
     Income Tax Expense/(Credit)                          (25)           114
 
     Net Income/(Loss)                                   $(37)          $170
 
     Weighted Average Shares Outstanding                4,187          4,164
     Earnings/(Loss) Per Share                         $(0.01)         $0.04
 
     *All results in thousands, except earnings/(loss) per share.
 
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SOURCE Industrial Rubber Products, Inc.
    HIBBING, Minn., April 20 /PRNewswire Interactive News Release/ --
     Industrial Rubber Products, Inc. (Nasdaq:   INRB) today announced results
 for the first quarter ended March 31, 2001.
     The Company reported a net loss of $36,851, or one cent per common share,
 on net sales of $3,853,636.  This compares with net income of $170,515, or
 four cents per common share, on net sales of $5,054,304 in the first quarter
 of 2000.  Results for the quarter ended March 31, 2001, include a 24%
 reduction in net sales, which reflects mining company production cutbacks and
 closures that occurred in the Minnesota iron ore industry and in the Southwest
 U.S. copper industry.
     Daniel O. Burkes, Industrial Rubber's President and Chief Executive
 Officer, said, "Although our core customers in the United States continue to
 suffer depressed markets, our international customers will help us improve our
 results in the second quarter.  The potential for recovery in our domestic
 business is largely dependent on energy costs and its availability."
     John M. Kokotovich, Industrial Rubber's Chief Financial Officer, said, "I
 am pleased with the 25% reduction in selling, general and administrative costs
 from the same quarter a year ago and expect these cost saving measures to
 continue."
     Industrial Rubber Products, Inc. designs, manufactures and distributes
 abrasion-resistant products and equipment, protective linings and proprietary
 products to a variety of industries, including mining, aggregate, power,
 paper, aerospace, military, transportation, agriculture and construction.  The
 Company's facilities include its headquarters and two manufacturing plants in
 Hibbing, Minn., and one manufacturing plant each in West Jordan, Utah, and
 Sudbury, Ontario, Canada.  The Company's common stock is traded on the Nasdaq
 Small Cap Market under the symbol "INRB."
 
 
                        Industrial Rubber Products, Inc
                         Condensed Statements of Income
                                  (Unaudited)
 
                                                        Three Months Ended
                                                             March 31,
                                                        2001           2000
     Net Sales                                         $3,854         $5,054
     Cost of Sales                                      3,107          3,745
 
     Gross Profit                                        $747         $1,309
     SG&A Expenses                                        649            839
     Provision for Restructuring                           --            216
 
     Operating income/(Loss)                              $98           $254
     Nonoperating Income/(Expense)                       (160)            30
 
     Income/(Loss) Before Tax                            $(62)          $284
 
     Income Tax Expense/(Credit)                          (25)           114
 
     Net Income/(Loss)                                   $(37)          $170
 
     Weighted Average Shares Outstanding                4,187          4,164
     Earnings/(Loss) Per Share                         $(0.01)         $0.04
 
     *All results in thousands, except earnings/(loss) per share.
 
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                http://tbutton.prnewswire.com/prn/11690X95162375
 
 SOURCE  Industrial Rubber Products, Inc.