K-Tron Reports First Quarter Results

Apr 23, 2001, 01:00 ET from K-Tron International, Inc.

    PITMAN, N.J., April 23 /PRNewswire Interactive News Release/ --
 K-Tron International, Inc. (Nasdaq: KTII) today reported a 17 percent decrease
 in first quarter diluted earnings per share from $0.47 last year to $0.39 this
 year.  Net income decreased 29 percent from $1.373 million in last year's
 first quarter to $0.975 million this year, while revenues increased 6.3
 percent from $20.29 million to $21.56 million.  Unlike recent quarters,
 foreign exchange rate changes did not have a material impact on the
 year-to-year comparisons.
     The first quarter earnings per share percentage decline was less than the
 net income percentage decrease as a result of the lower average number of
 common and common equivalent shares outstanding in this year's first quarter,
 due principally to the repurchase of 508 thousand shares of common stock made
 by the Company in late March 2000.
     Commenting on these results, K-Tron Chairman and Chief Executive Officer
 Edward B. Cloues, II said, "While first quarter revenues were more than 6%
 higher than last year's first quarter, profits were lower, primarily
 reflecting weakness in our Hasler heavy feeder and Hurricane pneumatic
 conveying businesses.  Compared with last year's fourth quarter, the first
 quarter of 2001 was somewhat more profitable on a pretax basis and, in
 particular, European margins showed some improvement.  However, net income for
 the first quarter declined versus the fourth quarter because of higher tax
 expense resulting from the utilization of nearly all of our remaining Swiss
 net operating losses in 2000."
     Despite good first quarter revenues, Mr. Cloues expressed concern about
 the current worldwide economic slowdown and its effect on capital spending,
 especially in the plastics and chemical industries.  "Both our bookings and
 quotations have been trending down," he said, "particularly in the United
 States.  As a result, we expect both lower revenues and significantly lower
 profits in the second quarter as compared to last year, although we remain
 hopeful that a recession will be avoided and that the economy will begin to
 improve in the second half of the year."
     K-Tron International, Inc. and its subsidiaries design, produce, market
 and service gravimetric and volumetric feeders, pneumatic conveying systems
 and related equipment for processing bulk solids in a wide variety of
 manufacturing processes.  K-Tron has manufacturing facilities in the United
 States, Switzerland, England and Canada, and its equipment is sold throughout
 the world.
 
     This news release contains statements that are or may be deemed
 forward-looking relating to the worldwide economy and the Company's prospects
 for the second quarter, which statements involve a number of risks and
 uncertainties.  Important factors that could cause actual results to differ
 materially from those indicated or suggested by such forward-looking
 statements include the possibility of an extended economic slowdown, continued
 reduced demand for the Company's equipment, the failure of bookings to be
 received as currently anticipated, the relative levels of income earned in the
 United States, Switzerland and elsewhere and the possibility that future
 economic and business conditions will be more or less favorable than the
 Company currently expects.  Further information about these and other relevant
 risks and uncertainties may be found in the Company's filings with the
 Securities and Exchange Commission, all of which are available from the
 Commission as well as from other sources.  Recipients of this news release are
 cautioned to consider these risks and uncertainties and to not place undue
 reliance on the forward-looking statements contained herein.  Recipients are
 also reminded that the Company undertakes no obligation to update publicly any
 forward-looking statements, whether as a result of new information, future
 events or otherwise.
 
                            (Financial Data Follows)
 
                   K-TRON INTERNATIONAL, INC. & SUBSIDIARIES
                               FINANCIAL SUMMARY
                                  (Unaudited)
                   (Dollars in thousands, except share data)
 
                                                       Three Months Ended
                                                     March 31,       April 1,
                                                       2001            2000
 
     Revenues                                         $21,558        $20,288
 
     Operating income                                  $1,655         $2,125
 
     Interest expense                                     311            122
 
     Income before income taxes                         1,344          2,003
 
     Income taxes                                         369            630
 
     Net income                                          $975         $1,373
 
     Basic earnings per share                           $0.40          $0.48
 
     Diluted earnings per share                         $0.39          $0.47
 
     Average number of common shares
      outstanding (basic)                           2,442,000      2,877,000
 
     Average number of common & common
      equivalent shares outstanding (diluted)       2,502,000      2,929,000
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X11678942
 
 

SOURCE K-Tron International, Inc.
    PITMAN, N.J., April 23 /PRNewswire Interactive News Release/ --
 K-Tron International, Inc. (Nasdaq: KTII) today reported a 17 percent decrease
 in first quarter diluted earnings per share from $0.47 last year to $0.39 this
 year.  Net income decreased 29 percent from $1.373 million in last year's
 first quarter to $0.975 million this year, while revenues increased 6.3
 percent from $20.29 million to $21.56 million.  Unlike recent quarters,
 foreign exchange rate changes did not have a material impact on the
 year-to-year comparisons.
     The first quarter earnings per share percentage decline was less than the
 net income percentage decrease as a result of the lower average number of
 common and common equivalent shares outstanding in this year's first quarter,
 due principally to the repurchase of 508 thousand shares of common stock made
 by the Company in late March 2000.
     Commenting on these results, K-Tron Chairman and Chief Executive Officer
 Edward B. Cloues, II said, "While first quarter revenues were more than 6%
 higher than last year's first quarter, profits were lower, primarily
 reflecting weakness in our Hasler heavy feeder and Hurricane pneumatic
 conveying businesses.  Compared with last year's fourth quarter, the first
 quarter of 2001 was somewhat more profitable on a pretax basis and, in
 particular, European margins showed some improvement.  However, net income for
 the first quarter declined versus the fourth quarter because of higher tax
 expense resulting from the utilization of nearly all of our remaining Swiss
 net operating losses in 2000."
     Despite good first quarter revenues, Mr. Cloues expressed concern about
 the current worldwide economic slowdown and its effect on capital spending,
 especially in the plastics and chemical industries.  "Both our bookings and
 quotations have been trending down," he said, "particularly in the United
 States.  As a result, we expect both lower revenues and significantly lower
 profits in the second quarter as compared to last year, although we remain
 hopeful that a recession will be avoided and that the economy will begin to
 improve in the second half of the year."
     K-Tron International, Inc. and its subsidiaries design, produce, market
 and service gravimetric and volumetric feeders, pneumatic conveying systems
 and related equipment for processing bulk solids in a wide variety of
 manufacturing processes.  K-Tron has manufacturing facilities in the United
 States, Switzerland, England and Canada, and its equipment is sold throughout
 the world.
 
     This news release contains statements that are or may be deemed
 forward-looking relating to the worldwide economy and the Company's prospects
 for the second quarter, which statements involve a number of risks and
 uncertainties.  Important factors that could cause actual results to differ
 materially from those indicated or suggested by such forward-looking
 statements include the possibility of an extended economic slowdown, continued
 reduced demand for the Company's equipment, the failure of bookings to be
 received as currently anticipated, the relative levels of income earned in the
 United States, Switzerland and elsewhere and the possibility that future
 economic and business conditions will be more or less favorable than the
 Company currently expects.  Further information about these and other relevant
 risks and uncertainties may be found in the Company's filings with the
 Securities and Exchange Commission, all of which are available from the
 Commission as well as from other sources.  Recipients of this news release are
 cautioned to consider these risks and uncertainties and to not place undue
 reliance on the forward-looking statements contained herein.  Recipients are
 also reminded that the Company undertakes no obligation to update publicly any
 forward-looking statements, whether as a result of new information, future
 events or otherwise.
 
                            (Financial Data Follows)
 
                   K-TRON INTERNATIONAL, INC. & SUBSIDIARIES
                               FINANCIAL SUMMARY
                                  (Unaudited)
                   (Dollars in thousands, except share data)
 
                                                       Three Months Ended
                                                     March 31,       April 1,
                                                       2001            2000
 
     Revenues                                         $21,558        $20,288
 
     Operating income                                  $1,655         $2,125
 
     Interest expense                                     311            122
 
     Income before income taxes                         1,344          2,003
 
     Income taxes                                         369            630
 
     Net income                                          $975         $1,373
 
     Basic earnings per share                           $0.40          $0.48
 
     Diluted earnings per share                         $0.39          $0.47
 
     Average number of common shares
      outstanding (basic)                           2,442,000      2,877,000
 
     Average number of common & common
      equivalent shares outstanding (diluted)       2,502,000      2,929,000
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X11678942
 
 SOURCE  K-Tron International, Inc.

RELATED LINKS

http://www.ktron.com