Noble International, Ltd. Reports First Quarter Results

Apr 26, 2001, 01:00 ET from Noble International, Ltd.

    DETROIT, April 26 /PRNewswire/ -- Noble International, Ltd. (the
 "Company") (Nasdaq: NOBL) today announced earnings from core businesses of
 $1.2 million, or $0.18 per share, before the impact of results and the tax
 effect of the sale of non-core businesses during the quarter ending March 31,
 2001.  The Company exceeded its earnings goal for its core businesses by 73%
 or $0.08 per share.  The results of non-core business operations negatively
 impacted earnings by $0.34 million or $0.05 per share and a one-time tax
 charge related to the sale of these businesses resulted in increased tax
 expense of $1.1 million or $0.16 per share.  As a result, the Company incurred
 a reported loss of $0.2 million or $0.3 per share for the quarter ending March
 31, 2001.
 
                           Noble International, Ltd.
                         Quarter Ending March 31, 2001
                                     ($000)
 
                                                  Earnings    Per Share
     Core businesses results                       $1,231       $0.18
     Non-core businesses results prior to sale       (342)      (0.05)
     Tax impact of sale of non-core businesses     (1,085)      (0.16)
     Reported (loss)                                $(196)      (0.03)
 
     Core Businesses
     The Company's core businesses consist of metal processing (laser blank
 welding), logistics and distribution.  Revenue increased 98.2% for the quarter
 ending March 31, 2001 as compared to the same period in 2000.  The increase
 was due primarily to the acquisition of the Company's logistics group during
 the third quarter of 2000.  Revenue in the Company's metal processing group
 declined 16.4% in the quarter versus the first quarter of 2000 due to the
 general slowdown in production by original equipment manufacturers ("OEM's")
 during January and February.  Revenue in the Company's distribution group
 increased 10.1% as compared to the first quarter of 2000 due to the
 acquisition of Pro Motorcar Products, Inc. in the fourth quarter of 2000.
     Earnings from core businesses declined for the quarter ended March 31,
 2001 as compared to the same quarter in 2000.  The decline was due mainly to
 lower volumes and extended shutdowns by the OEMs which negatively impacted the
 Company's metals group.  In addition, the Company's logistics group has
 experienced pricing pressures and continued integration costs that unfavorably
 impacted the group's earnings.
 
     Non-Core Businesses
     The Company's non-core businesses consisted of Noble Metal Forming, Inc.
 and Noble Metal Processing-Midwest.  Both of these Company's were sold to
 S.E.T. Steel, Inc. ("SET") in February 2001.  The results of operations for
 2001 prior to the sale included a loss of $0.34 million.  In connection with
 the sale to SET, the Company incurred a one-time tax expense of $1.1 million
 due to the difference between book and tax values of the businesses sold.
     Commenting on the quarter's results, David V. Harper, the Company's Chief
 Financial Officer said "Given the downturn in the automotive segment during
 the first quarter, we are very pleased with the results of our metal
 processing group.  In addition, our logistics group continues to improve as
 our integration process continues.  We believe this group will be profitable
 by year-end.  We are optimistic regarding the expected performance of the
 Company during the remainder of 2001."
 
     2001 Full Year Expectations
     The Company maintains it expectation of achieving earnings of $1.00 per
 share in 2001.
 
     Conference Calls
     The Company has decided to discontinue its practice of holding quarterly
 conference calls.  The Company believes its press releases better reach its
 investor base and has expanded the information contained in its press
 releases.  The Company will however, hold a conference call for its year end
 earnings release.
     Noble International, Ltd. is a leading supplier of automotive parts,
 component assemblies and value-added services to the automotive industry and a
 leading supplier of dedicated regional logistic services.  As an automotive
 supplier, Noble provides design, engineering, manufacturing, complete program
 management and other services to the automotive market.  Noble delivers
 integrated component solutions, technological leadership and product
 innovation to original equipment manufacturers (OEMs) and Tier I automotive
 parts suppliers thereby helping its customers increase their productivity
 while controlling costs.
 
     Certain statements in this news release may be "forward-looking
 statements" within the meaning of Section 27A of the Securities Act of 1933,
 as amended and Section 21E of the Securities Exchange Act of 1934, as amended.
 Statements regarding future prospects and developments are based upon current
 expectations and involve certain risks and uncertainties that could cause
 actual results and developments to differ materially from the forward-looking
 statements, including those detailed in the company's filings with the
 Securities and Exchange Commission.
 
                   NOBLE INTERNATIONAL, LTD. AND SUBSIDIARIES
                   CONSOLIDATED STATEMENT OF OPERATIONS DATA
                  (In Thousands, except for per share amounts)
 
                                                 Three Months Ended
                                                      March 31
                                               2001             2000
 
     Net Sales                               $27,523          $25,064
     Cost of goods sold                       20,488           17,013
     Gross Profit                              7,035            8,051
     Selling, general and
      administrative expenses                  5,414            3,870
     Operating income                          1,621            4,181
 
     Income from unconsolidated entity            50                -
 
     Interest income                             514                3
     Interest expense                         (1,205)            (515)
     Sundry, net                                 515               10
                                                (176)            (502)
 
     Earnings from continuing operations
      before income taxes and
      extraordinary item                       1,495            3,679
     Income tax expense                        1,672            1,371
     Earnings (Loss) from continuing
      operations before extraordinary item      (177)           2,308
     Preferred stock dividends                    19               14
     Earnings (Loss) from continuing
      operations on common shares
      before extraordinary item                 (196)           2,294
 
     (Loss) from discontinued operations           -             (115)
     Gain on sale of discontinued
      operations                                   -           11,200
 
 
     Earnings (loss) before extraordinary
      item                                     $(196)         $13,379
 
     Extraordinary item - (loss) from
      extinguishment of debt                     $ -            $(394)
 
     Earnings (loss) on common shares          $(196)         $12,985
 
     Basic earnings (loss) per common
      share:
      Earnings (Loss) per common from
       continuing operations before
       extraordinary item                     $(0.03)           $0.32
      Earnings per common share -
       discontinued operations                   $ -            $1.53
      Extraordinary item - (loss) from
       extinguishment of debt                    $ -           $(0.06)
      Earnings (Loss) per common share        $(0.03)           $1.79
 
      Dividends declared                      $0.075              $ -
 
     Earnings (Loss) per common share -
      assuming dilution:
      Earnings (Loss) per common from
       continuing operations before
       extraordinary item                      $(196)          $2,294
      Proforma reduction in interest on
       convertible debentures                                      62
      Proforma earnings (loss) from
       continuing operations before
       extraordinary item                       (196)           2,356
      (Loss) from discontinued operations          -             (115)
      Gain on sale of discontinued
       operations                                  -           11,200
      Proforma earnings (loss) before
       extraordinary item                       (196)          13,441
      Extraordinary item - (loss) from
       extinguishment of debt                      -             (394)
      Proforma earnings (loss) on common
       shares assuming dilution                $(196)         $13,047
 
     Earnings (Loss) per common share -
      assuming dilution:
 
      Earnings (Loss) per common from
       continuing operations before
       extraordinary item                     $(0.03)           $0.29
      Earnings per common share -
       discontinued operations                   $ -            $1.42
      Extraordinary item - (loss) from
       extinguishment of debt                    $ -           $(0.05)
      Earnings (Loss) per common share        $(0.03)           $1.66
 
 
 
     Basic weighted average common shares
      outstanding                          6,704,478        7,234,051
     Diluted weighted average common
      shares and equivalents               6,727,364        7,858,882
 
     EBITDA - continuing operations           $3,869           $5,944
 
 
                     NOBLE INTERNATIONAL, LTD. AND SUBSIDIARIES
                          CONSOLIDATED BALANCE SHEET DATA
                                   (In Thousands)
                                                        Three Months Ended
                                                             March 31
                                                      2001               2000
     Total assets                                  $144,066           $111,998
     Working capital (deficiency)                     4,947              6,058
     Total Debt                                      83,188             36,581
     Shareholders' equity                            43,059             52,519
     Depreciation and Amortization                    1,449              1,750
 
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                http://tbutton.prnewswire.com/prn/11690X30982025
 
 

SOURCE Noble International, Ltd.
    DETROIT, April 26 /PRNewswire/ -- Noble International, Ltd. (the
 "Company") (Nasdaq: NOBL) today announced earnings from core businesses of
 $1.2 million, or $0.18 per share, before the impact of results and the tax
 effect of the sale of non-core businesses during the quarter ending March 31,
 2001.  The Company exceeded its earnings goal for its core businesses by 73%
 or $0.08 per share.  The results of non-core business operations negatively
 impacted earnings by $0.34 million or $0.05 per share and a one-time tax
 charge related to the sale of these businesses resulted in increased tax
 expense of $1.1 million or $0.16 per share.  As a result, the Company incurred
 a reported loss of $0.2 million or $0.3 per share for the quarter ending March
 31, 2001.
 
                           Noble International, Ltd.
                         Quarter Ending March 31, 2001
                                     ($000)
 
                                                  Earnings    Per Share
     Core businesses results                       $1,231       $0.18
     Non-core businesses results prior to sale       (342)      (0.05)
     Tax impact of sale of non-core businesses     (1,085)      (0.16)
     Reported (loss)                                $(196)      (0.03)
 
     Core Businesses
     The Company's core businesses consist of metal processing (laser blank
 welding), logistics and distribution.  Revenue increased 98.2% for the quarter
 ending March 31, 2001 as compared to the same period in 2000.  The increase
 was due primarily to the acquisition of the Company's logistics group during
 the third quarter of 2000.  Revenue in the Company's metal processing group
 declined 16.4% in the quarter versus the first quarter of 2000 due to the
 general slowdown in production by original equipment manufacturers ("OEM's")
 during January and February.  Revenue in the Company's distribution group
 increased 10.1% as compared to the first quarter of 2000 due to the
 acquisition of Pro Motorcar Products, Inc. in the fourth quarter of 2000.
     Earnings from core businesses declined for the quarter ended March 31,
 2001 as compared to the same quarter in 2000.  The decline was due mainly to
 lower volumes and extended shutdowns by the OEMs which negatively impacted the
 Company's metals group.  In addition, the Company's logistics group has
 experienced pricing pressures and continued integration costs that unfavorably
 impacted the group's earnings.
 
     Non-Core Businesses
     The Company's non-core businesses consisted of Noble Metal Forming, Inc.
 and Noble Metal Processing-Midwest.  Both of these Company's were sold to
 S.E.T. Steel, Inc. ("SET") in February 2001.  The results of operations for
 2001 prior to the sale included a loss of $0.34 million.  In connection with
 the sale to SET, the Company incurred a one-time tax expense of $1.1 million
 due to the difference between book and tax values of the businesses sold.
     Commenting on the quarter's results, David V. Harper, the Company's Chief
 Financial Officer said "Given the downturn in the automotive segment during
 the first quarter, we are very pleased with the results of our metal
 processing group.  In addition, our logistics group continues to improve as
 our integration process continues.  We believe this group will be profitable
 by year-end.  We are optimistic regarding the expected performance of the
 Company during the remainder of 2001."
 
     2001 Full Year Expectations
     The Company maintains it expectation of achieving earnings of $1.00 per
 share in 2001.
 
     Conference Calls
     The Company has decided to discontinue its practice of holding quarterly
 conference calls.  The Company believes its press releases better reach its
 investor base and has expanded the information contained in its press
 releases.  The Company will however, hold a conference call for its year end
 earnings release.
     Noble International, Ltd. is a leading supplier of automotive parts,
 component assemblies and value-added services to the automotive industry and a
 leading supplier of dedicated regional logistic services.  As an automotive
 supplier, Noble provides design, engineering, manufacturing, complete program
 management and other services to the automotive market.  Noble delivers
 integrated component solutions, technological leadership and product
 innovation to original equipment manufacturers (OEMs) and Tier I automotive
 parts suppliers thereby helping its customers increase their productivity
 while controlling costs.
 
     Certain statements in this news release may be "forward-looking
 statements" within the meaning of Section 27A of the Securities Act of 1933,
 as amended and Section 21E of the Securities Exchange Act of 1934, as amended.
 Statements regarding future prospects and developments are based upon current
 expectations and involve certain risks and uncertainties that could cause
 actual results and developments to differ materially from the forward-looking
 statements, including those detailed in the company's filings with the
 Securities and Exchange Commission.
 
                   NOBLE INTERNATIONAL, LTD. AND SUBSIDIARIES
                   CONSOLIDATED STATEMENT OF OPERATIONS DATA
                  (In Thousands, except for per share amounts)
 
                                                 Three Months Ended
                                                      March 31
                                               2001             2000
 
     Net Sales                               $27,523          $25,064
     Cost of goods sold                       20,488           17,013
     Gross Profit                              7,035            8,051
     Selling, general and
      administrative expenses                  5,414            3,870
     Operating income                          1,621            4,181
 
     Income from unconsolidated entity            50                -
 
     Interest income                             514                3
     Interest expense                         (1,205)            (515)
     Sundry, net                                 515               10
                                                (176)            (502)
 
     Earnings from continuing operations
      before income taxes and
      extraordinary item                       1,495            3,679
     Income tax expense                        1,672            1,371
     Earnings (Loss) from continuing
      operations before extraordinary item      (177)           2,308
     Preferred stock dividends                    19               14
     Earnings (Loss) from continuing
      operations on common shares
      before extraordinary item                 (196)           2,294
 
     (Loss) from discontinued operations           -             (115)
     Gain on sale of discontinued
      operations                                   -           11,200
 
 
     Earnings (loss) before extraordinary
      item                                     $(196)         $13,379
 
     Extraordinary item - (loss) from
      extinguishment of debt                     $ -            $(394)
 
     Earnings (loss) on common shares          $(196)         $12,985
 
     Basic earnings (loss) per common
      share:
      Earnings (Loss) per common from
       continuing operations before
       extraordinary item                     $(0.03)           $0.32
      Earnings per common share -
       discontinued operations                   $ -            $1.53
      Extraordinary item - (loss) from
       extinguishment of debt                    $ -           $(0.06)
      Earnings (Loss) per common share        $(0.03)           $1.79
 
      Dividends declared                      $0.075              $ -
 
     Earnings (Loss) per common share -
      assuming dilution:
      Earnings (Loss) per common from
       continuing operations before
       extraordinary item                      $(196)          $2,294
      Proforma reduction in interest on
       convertible debentures                                      62
      Proforma earnings (loss) from
       continuing operations before
       extraordinary item                       (196)           2,356
      (Loss) from discontinued operations          -             (115)
      Gain on sale of discontinued
       operations                                  -           11,200
      Proforma earnings (loss) before
       extraordinary item                       (196)          13,441
      Extraordinary item - (loss) from
       extinguishment of debt                      -             (394)
      Proforma earnings (loss) on common
       shares assuming dilution                $(196)         $13,047
 
     Earnings (Loss) per common share -
      assuming dilution:
 
      Earnings (Loss) per common from
       continuing operations before
       extraordinary item                     $(0.03)           $0.29
      Earnings per common share -
       discontinued operations                   $ -            $1.42
      Extraordinary item - (loss) from
       extinguishment of debt                    $ -           $(0.05)
      Earnings (Loss) per common share        $(0.03)           $1.66
 
 
 
     Basic weighted average common shares
      outstanding                          6,704,478        7,234,051
     Diluted weighted average common
      shares and equivalents               6,727,364        7,858,882
 
     EBITDA - continuing operations           $3,869           $5,944
 
 
                     NOBLE INTERNATIONAL, LTD. AND SUBSIDIARIES
                          CONSOLIDATED BALANCE SHEET DATA
                                   (In Thousands)
                                                        Three Months Ended
                                                             March 31
                                                      2001               2000
     Total assets                                  $144,066           $111,998
     Working capital (deficiency)                     4,947              6,058
     Total Debt                                      83,188             36,581
     Shareholders' equity                            43,059             52,519
     Depreciation and Amortization                    1,449              1,750
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X30982025
 
 SOURCE  Noble International, Ltd.