Blanks and stampings specialist Shiloh Industries reported sales of $US146.5 million compared to sales of $133.6 million for the third quarter of fiscal 2003, an increase of 9.7%. Q3 net income was $3.8 million, or $0.24 per share basic and $0.23 per share diluted, compared to net income of $0.9 million, or $0.05 per share, both basic and diluted, for the third quarter of fiscal 2003.
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For the nine-month period of fiscal 2004, sales were $467.2 million compared to $430.6 million in the prior year, an increase of 8.5%. Net income through the nine months of fiscal 2004 was $13.3 million, or $0.84 per share basic and $0.81 per share diluted compared with $0.3 million, or $0.01 per share, both basic and diluted, including an after tax goodwill impairment charge of $(2.0) million, or $(0.13) per share, associated with an accounting change.
Sales in the third quarter of fiscal 2004 continued to benefit from the introduction of new models at the beginning of the fiscal year, favourable build levels of the models for which the company supplies products and improved shipments to the heavy duty truck industry. Third quarter sales were below those of the second quarter of fiscal 2004 because of low production levels in July due to customer plant shutdowns for retooling and model changeovers.
Operating income for the third quarter of fiscal 2004 was $8.1 million compared to $4.5 million for the third quarter of fiscal 2003.
The Company’s operations continued to improve productivity and reduce costs through their ongoing sharp focus on process characterisation and optimisation. Manufacturing expenses and selling, general and administrative expenses declined year-over-year despite the increased level of activity.
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By GlobalDataOperating income for the nine months of fiscal 2004 was $28.9 million, a $16.1 million improvement over the $12.8 million of operating income for the same period in fiscal 2003.
President and CEO, Theodore Zampetis said: “We have continued our trend of quarterly performance improvement. The third quarter of fiscal 2004 represents our ninth consecutive quarter of reporting improved year-over-year operating results.”
