FINANCIALS: Reports from Pall, Met-Pro, Consolidated Water, ICL Group, Dresser, GenTek, SABESP
Pall Corp. reported sales results for the first quarter ended Oct. 31 were up 11% to $414.7 million compared to $374.3 million last year. Reported earnings were $21.7 million as compared to $24.7 million last year. Excluding restructuring and other charges, earnings on a pro forma basis increased 18-1/2% to $26.4 million as compared to $22.3 million last year. The effect of foreign currency translation added 5% to revenues...
Pall Corp. 1Q sales up 11%
EAST HILLS, NY, Dec. 1, 2004 (BUSINESS WIRE) -- Pall Corp. reported sales results for the first quarter ended Oct. 31 were up 11% to $414.7 million compared to $374.3 million last year. Reported earnings were $21.7 million as compared to $24.7 million last year. Excluding restructuring and other charges, earnings on a pro forma basis increased 18-1/2% to $26.4 million as compared to $22.3 million last year. The effect of foreign currency translation added 5% to revenues.
General Industrial sales grew 8 1/2%. Systems sales were particularly robust. The operating profit margin was 8.3% and operating profit dollars increased by 3% to $13.2 million. Within General Industrial, Water Processing grew 27%. Power Generation's sales increased 26 1/2% and Fuels and Chemicals grew 19%. Food and Beverage sales were up slightly.
Based in East Hills, N.Y., Pall Corp. (www.pall.com) is a global leader in the rapidly growing field of filtration, separations and purification. Pall's business is organized around two broad markets: Life Sciences and Industrial. The company provides leading-edge products to meet the demanding needs of customers in biotechnology, pharmaceutical, transfusion medicine, semiconductor, water purification, aerospace and broad industrial markets. Total revenues are $1.8 billion.
Met-Pro Corp. quarterly, year-to-date sales down
HARLEYSVILLE, PA, Nov. 23, 2004 (PRNewswire-FirstCall) -- Raymond J. De Hont, chairman and CEO of Met-Pro Corp., announced that third quarter sales for the period ended Oct. 31 were $17.4 million compared to $19.8 million for the same period last year. Sales for the first three quarters totaled $53.4 million compared to $55.4 million for the same period last year.
Net income for the third quarter totaled $1.0 million compared to $1.7 million for the same period last year. For the nine months ended October 31, 2004, net income totaled $3.4 million compared to $4.6 million for the same period last year.
"The decrease in our sales and earnings is primarily due to the performance of our Product Recovery/Pollution Control Equipment segment, partially offset by a significant increase in sales and earnings in our Fluid Handling Equipment segment," said De Hont. "The Product Recovery/Pollution Control Equipment segment has been unable to duplicate last year's performance due primarily to customer delays in issuing expected purchase orders for a number of large projects, combined with an overall softness in the higher dollar value capital equipment and systems markets. Purchase orders for several of these projects, totaling approximately $5.5 million, were received during the third quarter; however, none of these projects are scheduled to ship until our next fiscal year. The past nine months have been very challenging. We are, however, encouraged by our success in being selected for the above mentioned projects and they reinforce our belief that circumstances are improving for the release of other projects we are pursuing."
Met-Pro (www.met-pro.com), with headquarters in Harleysville, Pa., manufactures and sells product recovery/pollution control equipment for purification of air and liquids, and fluid handling equipment for corrosive, abrasive and high temperature liquids. With ten divisions and five wholly-owned subsidiaries, the company, established in 1966, provides products to residential, commercial, industrial and municipal markets that include, but are not limited to, pharmaceuticals, chemicals, petrochemicals, water and aquariums.
Consolidated Water reports 3Q earnings down due to Hurricane Ivan, up for year
GEORGE TOWN, Cayman Islands, B.W.I., Nov. 23, 2004 (PRNewswire-FirstCall) -- Consolidated Water Co. Ltd., which develops and operates seawater conversion plants and water distribution systems in areas where natural supplies of drinking water are scarce, reported record revenue of $5.3 million for the quarter ended Sept. 30, compared with $5.0 million in the third quarter of 2003. Net income declined to $424,032 in the most recent quarter vs. $1,121,298.
For the nine-month period, total revenue increased 31% to a record $18.0 million vs. $13.7 million in the corresponding period of the previous year. Net income also increased 31% to a record $4,111,990 compared with $3,149,579 in the first nine months of the previous year.
"Our retail and bulk water sales were growing at rates that were in line with management's expectations until Hurricane Ivan arrived in mid-September," noted Rick McTaggart, president and CEO. "The impact of the hurricane upon buildings and property on Grand Cayman Island was devastating with, thankfully, very little loss of life. While we have resumed water production and distribution to residential and commercial customers throughout our license areas, many of our retail customers have not recovered from the storm's damage, and tourist arrivals were halted until the island's infrastructure could be repaired."
"Cruise ship visits to the island resumed on Nov. 1, and tourists began arriving by air on Nov. 20. While we expect water sales to recover during the balance of the year, our fourth quarter will undoubtedly reflect additional storm-related costs and below-normal sales from our Grand Cayman customers. Third quarter sales trends within our other markets in the Caribbean were consistent with the Company's performance during the first half of the year, and we expect a recovery in our business on Grand Cayman to benefit operating results in the upcoming year."
Consolidated Water Co. Ltd. is engaged in the development and operation of seawater conversion plants and/or water distribution systems in areas of the world where naturally occurring supplies of potable water are scarce or nonexistent. The Company currently operates water production and/or distribution facilities in the Cayman Islands, the British Virgin Islands, Barbados, Belize and the Commonwealth of the Bahamas.
ICL Group reports record results for 3Q, nine months periods
TEL-AVIV, Israel, Nov. 17, 2004 (PRNewswire-FirstCall) -- Israel Chemicals Ltd. (ICL), a multinational fertilizer and specialty chemicals company, reported revenues for the third quarter ended Sept. 30 increased by 15.5% to $677.9 million from $586.9 million in the three month period of 2003. Net income for the quarter more than doubled, rising 113% to $61.8 million from $29.0 million in the third quarter of 2003.
For the first nine months of 2004, sales increased by 15% to $1,968.5 million from $1,707.3 million in the first nine months of 2003. Net income for the period rose by 89% to $168.7 million from $89.3 million in the first nine months of 2003.
ICL is a multinational company with leading positions in potash and bromine. In 2003, approximately 93% of ICL's sales were outside of Israel and approximately 45% of ICL's total sales were of products that ICL manufactured outside of Israel.
The company has direct access to low-cost, high-quality materials through an exclusive concession from the State of Israel to extract minerals from the Israeli side of the Dead Sea. ICL extracts from the Dead Sea potash, bromine, magnesium chloride and sodium chloride. ICL also mines phosphate rock from Israel's Negev Desert and potash and salt from its mines in Spain and the United Kingdom.
ICL's principal manufacturing and production facilities are located in Israel, Germany, The Netherlands, Spain, the United Kingdom, the United States and France. ICL has additional manufacturing and production facilities in Austria, Belgium, Turkey, China, Brazil, Argentina and Australia. ICL also has marketing offices and distribution and logistics facilities worldwide. ICL enjoys transportation and logistical advantages due to the proximity of its production facilities to seaports in both Israel and Europe.
A publicly traded company controlled by the Ofer Group, which currently holds 51.4% of ICL's outstanding shares. ICL's remaining outstanding shares are held by Potash Corporation of Saskatchewan, various institutional investors and by the general public.
Dresser Inc. shows net income, bookings up strongly
DALLAS, Nov. 16, 2004 (BUSINESS WIRE) -- Dresser Inc., for the quarter ended Sept. 30, recorded revenues of $508.3 million and net income of $4.1 million, compared to revenues of $417.5 million and a net loss of $9.2 million during the comparable period in 2003.
Net income of $4.1 million in the third quarter of 2004 decreased $14.0 million from $18.1 million in net income recorded in the second quarter of 2004. Net income for the nine months of 2004 was $3.8 million compared to a net loss of $32.2 million for the comparable nine months of 2003.
In the Flow Control segment, revenues for the third quarter of 2004 were $271.1 million, up $17.3 million from $253.8 million in the third quarter of 2003. Revenues in the control valves and pressure relief product lines increased $14.7 million due to continuing higher demand in Europe and Asia, while higher volumes improved revenues in the natural gas solutions and instruments product lines. Revenues in the on/off product line decreased due to lower volume and the sale of the LVF unit in the third quarter of 2003.
Based in Dallas, Dresser Inc. (www.dresser.com) is a worldwide leader in the design, manufacture and marketing of highly engineered equipment and services sold primarily to customers in the flow control, measurement systems, and compression and power systems segments of the energy industry. Dresser has a widely distributed global presence, with over 8,500 employees and a sales presence in over 100 countries worldwide.
GenTek reports higher quarterly revenue
PARSIPPANY, NJ, Nov. 15, 2004 (BUSINESS WIRE) -- GenTek Inc. announced results for the third quarter ended Sept. 30 with revenues totaling $231.3 million compared with $191.3 million in the corresponding quarter of 2003. Including earnings from discontinued operations, the company had a net loss totaling $5.3 million, compared with a net loss of $4.8 million for the same period in 2003.
For the nine month period, GenTek had revenues totaling $625.8 million compared with revenues of $593.3 million for the same period of 2003. Nine month net income was $194.6 million compared with a net loss of $43.5 million for the same period last year.
GenTek's results reflect the classification of its KRONE communications operating unit as a discontinued operation due to the sale of that business on May 18. In addition, the company applied fresh-start accounting in conjunction with its emergence from bankruptcy protection on Nov. 10, 2003, causing the results from the prior-year period to not be comparable to current period results.
GenTek (www.gentek-global.com) provides specialty inorganic chemical products and services for petroleum refining, treating water and wastewater, and the manufacture of personal-care products. The company also produces valve-train systems and components for automotive engines and wire harnesses for large home appliance and automotive suppliers, as well as other cable products. GenTek operates over 60 manufacturing facilities and technical centers and has more than 6,900 employees. Its 1,000-plus customers include many of the world's leading manufacturers of cars and trucks, heavy equipment, appliances and office equipment, in addition to global energy companies and makers of personal-care products.
SABESP announces 4.9% revenue growth in 3Q
SAO PAULO, Brazil, Nov. 12, 2004 (BUSINESS WIRE) -- A SABESP, or Cia. de Saneamento Basico do Estado de Sao Paulo, announced results for the third quarter of 2004 included the following highlights (with figures in Brazilian Real, R$, the national currency -- unless otherwise indicated):
-- The conclusion of the campaign aimed at water consumption reduction on Sept. 15;
-- Recovery trend of volume of water and sewage billed to the retail market;
-- Net income of R$235.5 million in the quarter (a reflection of the positive effect from the Brazilian Real 8.0% appreciation vs. U.S. dollar and tariff readjustment of 6.78% in August 2004);
-- Net revenue of R$1,086.8 million and EBITDA of R$503.8 million; and
-- SABESP's shares global public offering.
Full earnings release and financial statements, according to Brazilian Corporate Law, can be accessed at: www.mzconsult.com.br/sabesp/SBS_3Q04.pdf.
SABESP is the largest water and sewage utility company in the Americas and the third largest in the world, according to its number of customers. For more information, visit the company website at: www.sabesp.com.br.