Lancer Reports First Quarter Results

Apr 27, 2001, 01:00 ET from Lancer Corporation

    SAN ANTONIO, April 27 /PRNewswire/ -- Lancer Corporation (Amex:   LAN)
 announced results of operations for the first quarter ended March 31, 2001.
     Net sales were $30,015,000 during the first three months of 2001, up 8%
 from $27,679,000 in the same period of 2000.  First quarter net income was
 $871,000, or $0.09 per diluted share in 2001, compared to $315,000, or $0.03
 per diluted share in 2000.
     Several unusual items impacted the quarterly results.  First, Lancer
 recorded a gain of $1,000,000 in the quarter relating to the cancellation of a
 project.  Additionally, the Company recorded a non-cash expense of
 approximately $245,000 relating to the accounting for certain interest rate
 swap agreements under Statement of Financial Accounting Standards No. 133.
 The net effect of the two items was to increase reported net earnings by
 $0.05 per diluted share.
     First quarter 2001 sales improved in North America, Latin America, Europe,
 and Asia compared to first quarter 2000 levels.  Revenue declined in the
 Pacific region as Australian sales softened following completion of the
 2001 Olympic Games.
     George F. Schroeder, Lancer's President and CEO, commented:  "We believe
 our primary markets have stabilized, and we now see indications of a potential
 for growth.  We remain focused on delivering the right products to the market
 so that we capitalize on that growth potential."
     Lancer is a leading manufacturer and distributor of beverage dispensing
 equipment and related parts and components serving customers worldwide.  The
 Company, headquartered in San Antonio, Texas, has manufacturing facilities in
 San Antonio, Texas; Adelaide, Australia; Sao Paulo, Brazil; and Piedras
 Negras, Mexico.  Lancer operates distribution centers in Chicago, Illinois;
 Sydney, Australia; Brussels, Belgium; Quito, Ecuador; Monterrey, Mexico;
 Auckland, New Zealand; and Moscow, Russia.
     Under the safe harbor provisions of the Private Securities Litigation
 Reform Act of 1995, the Company cautions investors that any forward-looking
 statements or projections made by the Company, including those made in this
 document, are subject to risks and uncertainties that may cause actual results
 to differ materially from those projected.  These risks and uncertainties
 include, but are not limited to, uncertainties related to economic conditions
 and market demand for the Company's products.
 
                      LANCER CORPORATION AND SUBSIDIARIES
                          CONSOLIDATED BALANCE SHEETS
                             (Amounts in thousands)
 
                                     ASSETS
 
                                                      March 31,    December 31,
                                                        2001           2000
     Assets:
       Cash                                            $1,069           $771
       Net receivables                                 20,620         16,486
       Total inventories                               40,028         40,224
       Other assets                                    44,618         44,911
         Total assets                                $106,335       $102,392
 
                      LIABILITIES AND SHAREHOLDERS' EQUITY
 
                                                      March 31,    December 31,
                                                        2001           2000
 
     Liabilities:
       Accounts payable                              $ 10,873         $8,962
       Debt                                            37,658         36,853
       Other liabilities                               14,119         12,750
         Total liabilities                           $ 62,650       $ 58,565
 
     Minority interest                                    235            294
 
     Shareholders' equity                              43,450         43,533
 
     Total liabilities and shareholders' equity      $106,335       $102,392
 
 
                      LANCER CORPORATION AND SUBSIDIARIES
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                   (Amounts in thousands, except share data)
 
                                                       Three Months Ended
                                                      March 31,     March 31,
                                                        2001           2000
 
     Net sales                                        $30,015        $27,679
     Cost of sales                                     22,888         21,492
       Gross profit                                     7,127          6,187
 
     Selling, general and
      administrative expenses                           5,838          4,942
 
       Operating income                                 1,289          1,245
 
     Other (income) expense:
       Interest expense                                 1,105            666
       Loss (earnings) from joint venture                 (61)            91
       Minority interest                                  (59)           (67)
       Other (income) expense, net                     (1,116)            (6)
                                                         (131)           684
 
       Income before income taxes                       1,420            561
 
     Income tax expense                                   549            246
 
       Net earnings                                      $871           $315
 
     Common Shares and
      Equivalents Outstanding:
     Basic                                          9,126,218      9,124,857
     Diluted                                        9,318,880      9,249,015
 
     Earnings (Loss) Per Share:
     Basic                                              $0.10          $0.03
     Diluted                                            $0.09          $0.03
 
 
      Contact:  Scott Adams
                Lancer Corporation
                6655 Lancer Blvd.
                San Antonio, Texas 78219
                (210) 310-7065
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X15579575
 
 

SOURCE Lancer Corporation
    SAN ANTONIO, April 27 /PRNewswire/ -- Lancer Corporation (Amex:   LAN)
 announced results of operations for the first quarter ended March 31, 2001.
     Net sales were $30,015,000 during the first three months of 2001, up 8%
 from $27,679,000 in the same period of 2000.  First quarter net income was
 $871,000, or $0.09 per diluted share in 2001, compared to $315,000, or $0.03
 per diluted share in 2000.
     Several unusual items impacted the quarterly results.  First, Lancer
 recorded a gain of $1,000,000 in the quarter relating to the cancellation of a
 project.  Additionally, the Company recorded a non-cash expense of
 approximately $245,000 relating to the accounting for certain interest rate
 swap agreements under Statement of Financial Accounting Standards No. 133.
 The net effect of the two items was to increase reported net earnings by
 $0.05 per diluted share.
     First quarter 2001 sales improved in North America, Latin America, Europe,
 and Asia compared to first quarter 2000 levels.  Revenue declined in the
 Pacific region as Australian sales softened following completion of the
 2001 Olympic Games.
     George F. Schroeder, Lancer's President and CEO, commented:  "We believe
 our primary markets have stabilized, and we now see indications of a potential
 for growth.  We remain focused on delivering the right products to the market
 so that we capitalize on that growth potential."
     Lancer is a leading manufacturer and distributor of beverage dispensing
 equipment and related parts and components serving customers worldwide.  The
 Company, headquartered in San Antonio, Texas, has manufacturing facilities in
 San Antonio, Texas; Adelaide, Australia; Sao Paulo, Brazil; and Piedras
 Negras, Mexico.  Lancer operates distribution centers in Chicago, Illinois;
 Sydney, Australia; Brussels, Belgium; Quito, Ecuador; Monterrey, Mexico;
 Auckland, New Zealand; and Moscow, Russia.
     Under the safe harbor provisions of the Private Securities Litigation
 Reform Act of 1995, the Company cautions investors that any forward-looking
 statements or projections made by the Company, including those made in this
 document, are subject to risks and uncertainties that may cause actual results
 to differ materially from those projected.  These risks and uncertainties
 include, but are not limited to, uncertainties related to economic conditions
 and market demand for the Company's products.
 
                      LANCER CORPORATION AND SUBSIDIARIES
                          CONSOLIDATED BALANCE SHEETS
                             (Amounts in thousands)
 
                                     ASSETS
 
                                                      March 31,    December 31,
                                                        2001           2000
     Assets:
       Cash                                            $1,069           $771
       Net receivables                                 20,620         16,486
       Total inventories                               40,028         40,224
       Other assets                                    44,618         44,911
         Total assets                                $106,335       $102,392
 
                      LIABILITIES AND SHAREHOLDERS' EQUITY
 
                                                      March 31,    December 31,
                                                        2001           2000
 
     Liabilities:
       Accounts payable                              $ 10,873         $8,962
       Debt                                            37,658         36,853
       Other liabilities                               14,119         12,750
         Total liabilities                           $ 62,650       $ 58,565
 
     Minority interest                                    235            294
 
     Shareholders' equity                              43,450         43,533
 
     Total liabilities and shareholders' equity      $106,335       $102,392
 
 
                      LANCER CORPORATION AND SUBSIDIARIES
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                   (Amounts in thousands, except share data)
 
                                                       Three Months Ended
                                                      March 31,     March 31,
                                                        2001           2000
 
     Net sales                                        $30,015        $27,679
     Cost of sales                                     22,888         21,492
       Gross profit                                     7,127          6,187
 
     Selling, general and
      administrative expenses                           5,838          4,942
 
       Operating income                                 1,289          1,245
 
     Other (income) expense:
       Interest expense                                 1,105            666
       Loss (earnings) from joint venture                 (61)            91
       Minority interest                                  (59)           (67)
       Other (income) expense, net                     (1,116)            (6)
                                                         (131)           684
 
       Income before income taxes                       1,420            561
 
     Income tax expense                                   549            246
 
       Net earnings                                      $871           $315
 
     Common Shares and
      Equivalents Outstanding:
     Basic                                          9,126,218      9,124,857
     Diluted                                        9,318,880      9,249,015
 
     Earnings (Loss) Per Share:
     Basic                                              $0.10          $0.03
     Diluted                                            $0.09          $0.03
 
 
      Contact:  Scott Adams
                Lancer Corporation
                6655 Lancer Blvd.
                San Antonio, Texas 78219
                (210) 310-7065
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X15579575
 
 SOURCE  Lancer Corporation