Thermo Fibertek Announces First Quarter Results

Apr 25, 2001, 01:00 ET from Thermo Electron Corporation

    WALTHAM, Mass., April 25 /PRNewswire/ -- Thermo Fibertek Inc. (Amex:   TFT),
 a Thermo Electron company, today reported net income of $3.1 million, or $.05
 per diluted share, for the quarter ended March 31, 2001, compared with $2.7
 million, or $.04 per diluted share, for the same period last year. Results for
 the first quarter of 2000 include an after-tax charge of $0.9 million
 representing the cumulative effect of adopting the Securities and Exchange
 Commission's new revenue-recognition rules. Excluding this item, net income
 would have been $3.6 million, or $.06 per diluted share, in the 2000 period.
     Revenues for the quarter ended March 31, 2001, were $58.9 million compared
 with $57.9 million in the same period last year.  Excluding unfavorable
 currency effects of $2.0 million and the net increase of $0.3 million from
 acquisitions and dispositions that affected both periods, revenues increased
 5 percent over the 2000 quarter.
     "I am pleased that we met our financial goals for the first quarter of
 2001," said William A. Rainville, president and chief executive officer of
 Thermo Fibertek.  "We are particularly pleased to have met our revenue target
 for our rapidly expanding fiber-based composites business, with shipments of
 soundwall and decking systems totaling more than $0.9 million in the first
 quarter. We expect to generate positive operating cash flow in our composite
 building-products business starting in the second half of the year."
 
     Consolidated Statement of Income (Unaudited)
                                                      Three Months Ended
     (In thousands except per share amounts)    Mar. 31, 2001      Apr. 1, 2000
 
     Revenues                                       $58,900           $57,922
 
     Costs and Operating Expenses:
       Cost of revenues                              36,196            34,607
       Selling, general, and administrative
        expenses                                     15,856            15,831
       Research and development expenses              1,792             1,863
                                                     53,844            52,301
 
     Operating Income                                 5,056             5,621
     Interest Income                                  2,141             2,503
     Interest Expense                                (1,873)           (1,890)
 
     Income Before Provision for Income
      Taxes, Minority Interest, and
       Cumulative Effect of Change in
       Accounting Principle                           5,324             6,234
     Provision for Income Taxes                       2,219             2,525
     Minority Interest (Income) Expense                 (24)              149
 
     Income Before Cumulative Effect of
      Change in Accounting Principle                  3,129             3,560
     Cumulative Effect of Change in
      Accounting Principle (net of income
      taxes of $580)                                      -              (870)
 
     Net Income                                      $3,129            $2,690
 
     Basic and Diluted Earnings per Share
      Before Cumulative Effect of
       Change in Accounting Principle                  $.05              $.06
 
     Basic and Diluted Earnings per Share              $.05              $.04
 
     Weighted Average Shares:
       Basic                                         61,387            61,244
 
       Diluted                                       61,448            61,597
 
     A pre-recorded company update will be available from 5 p.m. EDT today
 until May 7, 2001. To listen to the recording, call 888-689-6813 within the
 U.S., or 402-530-0460 outside the U.S. An audio archive will also be available
 on the Internet until May 7, 2001, accessible through www.thermo.com under
 "Investor Info" in the "audio archive" section.
     Thermo Fibertek Inc. develops, manufactures, and markets a range of
 equipment and products for the domestic and international papermaking and
 paper recycling industries, including de-inking systems, stock-preparation
 equipment, water-management systems, and accessories. Through its majority-
 owned Thermo Fibergen subsidiary, the company also develops and commercializes
 composite building materials produced from natural fiber and recycled plastic.
 Thermo Fibertek is a public subsidiary of Thermo Electron Corporation. More
 information is available at www.thermofibertek.com.
 
     The following constitutes a "Safe Harbor" statement under the Private
 Securities Litigation Reform Act of 1995: This press release contains forward-
 looking statements that involve a number of risks and uncertainties. Important
 factors that could cause actual results to differ materially from those
 indicated by such forward-looking statements are set forth under the heading
 "Forward-looking Statements" in Exhibit 13 to the company's annual report on
 Form 10-K for the year ended December 30, 2000. These include risks and
 uncertainties relating to: dependence on the paper industry and pulp and paper
 prices, international operations, competition, ability to enter the composites
 market, dependence on patents and proprietary rights, acquisition strategy,
 fluctuations in quarterly operating results, and the proposed spinoff of the
 company.
 
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SOURCE Thermo Electron Corporation
    WALTHAM, Mass., April 25 /PRNewswire/ -- Thermo Fibertek Inc. (Amex:   TFT),
 a Thermo Electron company, today reported net income of $3.1 million, or $.05
 per diluted share, for the quarter ended March 31, 2001, compared with $2.7
 million, or $.04 per diluted share, for the same period last year. Results for
 the first quarter of 2000 include an after-tax charge of $0.9 million
 representing the cumulative effect of adopting the Securities and Exchange
 Commission's new revenue-recognition rules. Excluding this item, net income
 would have been $3.6 million, or $.06 per diluted share, in the 2000 period.
     Revenues for the quarter ended March 31, 2001, were $58.9 million compared
 with $57.9 million in the same period last year.  Excluding unfavorable
 currency effects of $2.0 million and the net increase of $0.3 million from
 acquisitions and dispositions that affected both periods, revenues increased
 5 percent over the 2000 quarter.
     "I am pleased that we met our financial goals for the first quarter of
 2001," said William A. Rainville, president and chief executive officer of
 Thermo Fibertek.  "We are particularly pleased to have met our revenue target
 for our rapidly expanding fiber-based composites business, with shipments of
 soundwall and decking systems totaling more than $0.9 million in the first
 quarter. We expect to generate positive operating cash flow in our composite
 building-products business starting in the second half of the year."
 
     Consolidated Statement of Income (Unaudited)
                                                      Three Months Ended
     (In thousands except per share amounts)    Mar. 31, 2001      Apr. 1, 2000
 
     Revenues                                       $58,900           $57,922
 
     Costs and Operating Expenses:
       Cost of revenues                              36,196            34,607
       Selling, general, and administrative
        expenses                                     15,856            15,831
       Research and development expenses              1,792             1,863
                                                     53,844            52,301
 
     Operating Income                                 5,056             5,621
     Interest Income                                  2,141             2,503
     Interest Expense                                (1,873)           (1,890)
 
     Income Before Provision for Income
      Taxes, Minority Interest, and
       Cumulative Effect of Change in
       Accounting Principle                           5,324             6,234
     Provision for Income Taxes                       2,219             2,525
     Minority Interest (Income) Expense                 (24)              149
 
     Income Before Cumulative Effect of
      Change in Accounting Principle                  3,129             3,560
     Cumulative Effect of Change in
      Accounting Principle (net of income
      taxes of $580)                                      -              (870)
 
     Net Income                                      $3,129            $2,690
 
     Basic and Diluted Earnings per Share
      Before Cumulative Effect of
       Change in Accounting Principle                  $.05              $.06
 
     Basic and Diluted Earnings per Share              $.05              $.04
 
     Weighted Average Shares:
       Basic                                         61,387            61,244
 
       Diluted                                       61,448            61,597
 
     A pre-recorded company update will be available from 5 p.m. EDT today
 until May 7, 2001. To listen to the recording, call 888-689-6813 within the
 U.S., or 402-530-0460 outside the U.S. An audio archive will also be available
 on the Internet until May 7, 2001, accessible through www.thermo.com under
 "Investor Info" in the "audio archive" section.
     Thermo Fibertek Inc. develops, manufactures, and markets a range of
 equipment and products for the domestic and international papermaking and
 paper recycling industries, including de-inking systems, stock-preparation
 equipment, water-management systems, and accessories. Through its majority-
 owned Thermo Fibergen subsidiary, the company also develops and commercializes
 composite building materials produced from natural fiber and recycled plastic.
 Thermo Fibertek is a public subsidiary of Thermo Electron Corporation. More
 information is available at www.thermofibertek.com.
 
     The following constitutes a "Safe Harbor" statement under the Private
 Securities Litigation Reform Act of 1995: This press release contains forward-
 looking statements that involve a number of risks and uncertainties. Important
 factors that could cause actual results to differ materially from those
 indicated by such forward-looking statements are set forth under the heading
 "Forward-looking Statements" in Exhibit 13 to the company's annual report on
 Form 10-K for the year ended December 30, 2000. These include risks and
 uncertainties relating to: dependence on the paper industry and pulp and paper
 prices, international operations, competition, ability to enter the composites
 market, dependence on patents and proprietary rights, acquisition strategy,
 fluctuations in quarterly operating results, and the proposed spinoff of the
 company.
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X57389446
 
 SOURCE  Thermo Electron Corporation

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