EARNINGS: Gorman-Rupp among several firms enjoying record FY04 results
Financial reports include: 1) Gorman-Rupp pulls down record sales in FY2004; 2) York reports 'all-time high' results; 3) Synagro restates results, pays down debt on strong earnings; 4) Sales, income up at Watts, but error costs; 5) Roper Industries reports record full-year, quarterly figures; 6) Northwest Pipe Co. enjoys highest quarterly sales, earnings in history; 7) Rate relief helps Pennichuck Corp.; 8) Acquisitions drive Aqua America results; and 9) Lamson & Sessions turns loss into gain...
Included below are financial reports for:
-- Gorman-Rupp Co. enjoys record sales in FY2004
-- York Water reports 'all-time high' results
-- Synagro restates results, pays down debt on strong earnings
-- Sales, income up at Watts Water Technologies, but accounting error costs
-- Roper Industries reports record full-year, quarterly numbers
-- Northwest Pipe Co. enjoys highest quarterly sales, earnings in history
-- Rate relief helps Pennichuck Corp.
-- Acquisitions drive Aqua America results
-- Lamson & Sessions turns loss into gain
Gorman-Rupp Co. enjoys record sales in FY2004
MANSFIELD, OH, Feb. 28, 2005 (BUSINESS WIRE) -- The Gorman-Rupp Co. (www.gormanrupp.com) reported record net sales of $203,554,000 for the year ended Dec. 31, compared to $195,826,000 for 2003, an increase of 3.9%. Net income for 2004 was $9,277,000 compared to $9,787,000 in 2003. Net sales for 4Q 2004 were $50,927,000 compared to $49,159,000 in 2003, an increase of 3.6%. Net income for the quarter was $2,565,000 compared to $3,463,000 in 2003. Its year-end order backlog was $69.0 million compared to $58.4 million at the end of 2003, an increase of 18.2%.
Record sales during 2004 reflected positive signs in the general economic environment and capital goods markets during the year, and resulted principally from increased pump sales in the industrial, construction and international markets.
Benefit from increased sales volume on 2004 margins was more than offset principally by lower operating results at the company's wholly-owned subsidiary, Patterson Pump Company. Increased prices for steel and energy, increased health care costs and the impact of a year-end adjustment to inventory were contributing factors to lower results at Patterson Pump. In addition, increases in expenses associated with complying with the requirements of the Sarbanes-Oxley Act of 2002 added pressure to the company's operating income for the year.
York Water reports 'all-time high' results
YORK, PA, Feb. 24, 2005 (BUSINESS WIRE) -- York Water Co. president Jeffrey S. Osman reported that the company achieved yet another all-time high financial performance in 2004, posting its highest ever operating revenues, operating income, earnings and earnings per share.
The company had operating revenues of $22,504,012, up 7.7%, and earnings of $5,300,523, up 19.2% compared to 2003. Operating revenues for the fourth quarter increased $777,000 or 14.7% over 2003 figures. Net income for the quarter increased $288,000, or 25.1%, compared to 2003 figures.
During the year, York (www.yorkwater.com) incurred over $25.9 million on construction projects, primarily on the Susquehanna River pipeline project and additionally on its water distribution system to expand its service territory. The pipeline project connects the Susquehanna River to the Company's Lake Redman. The company installed over 122,500 feet of pipe to expand its service territory, and 78,223 feet for the Susquehanna River pipeline during 2004.
Synagro restates results, pays down debt on strong earnings
HOUSTON, Feb. 24, 2005 (BUSINESS WIRE) -- Synagro Technologies Inc., a water and wastewater residuals management services firm, reported revenue up 6.3% for the fourth quarter ending Dec. 31 to $85.1 million, compared to $80 million in 4Q 2003. Net income applicable to common stock for the quarter increased $3.8 million to $0.3 million, from a net loss of $3.5 million a year earlier.
With restated second and third quarter results due to accounting changes, revenue for the year increased 9.1% to $325.9 million from $298.6 million for the same period in the prior year, with about $20.0 million of the increase related to an 8.0% increase in contract service revenues, about $5.9 million of the increase related to design build work, and about $4.9 million of the increase related to event revenues, which were partially offset by declines in product sales and purchase order revenues.
Net income applicable to common stock for the year increased about $5.1 million to $4.1 million from net loss of $0.9 million in the prior year.
Cash payments on long-term debt of $6.7 million were made for the quarter and of $21.3 million for the year, exceeding goals on long-term debt cuts.
Synagro (www.synagro) is the largest recycler of biosolids and other organic residuals in the United States and the only national company focused exclusively on the $8 billion organic residuals industry, which includes water and wastewater residuals. It serves about 600 municipal and industrial water and wastewater treatment accounts with operations in 37 states and the District of Columbia.
Sales, income up at Watts Water Technologies, but accounting error costs
NORTH ANDOVER, MA, Feb. 23, 2005 (BUSINESS WIRE) -- Watts Water Technologies Inc. (www.wattsind.com) results for the fourth quarter ended Dec. 31 reflected an increase in sales of 18% over the prior year period on sales of $221,406,000. Net income was $8,161,000, a decrease of $1,580,000, or 16%, compared to the 2003 period.
For the year, increases in sales and net income of 17% and 40%, respectively, were enjoyed over 2003 figures. Sales were $824,558,000, an increase of $122,699,000. Net income was $46,820,000, an increase of $13,458,000.
Net income for the fourth quarters of 2004 and 2003 included losses from discontinued operations of $1,688,000 and $43,000, respectively. For the 2004 and 2003 full years, it included losses from discontinued operations of $1,918,000 and $3,057,000, respectively.
During the fourth quarter of 2004, Watts identified and corrected errors related to certain accrued expenses. The after tax adjustments necessary to correct these errors amounted to $2,289,000. The portions of these adjustments related to FY2004 and 4Q periods were $1,520,000 and $411,000, respectively. The company estimates it will record an additional after-tax charge of about $900,000 for the nine months ending Oct. 2, 2005.
Acquisitions for the year include:
-- On Jan. 5, 2004, the company acquired substantially all of the assets of Flowmatic Systems Inc. in Dunnellon, Fla., for about $16,800,000 in cash. Flowmatic designs and distributes high quality reverse osmosis components and filtration equipment. Flowmatic's product lines include stainless steel and plastic housings, filter cartridges, storage tanks, control valves, as well as complete reverse osmosis systems for residential and commercial applications.
-- On April 16, 2004, it acquired 90% of the outstanding stock of TEAM Precision Pipework Ltd. in Ammanford, West Wales, UK, for about $17,200,000 subject to final adjustments, if any, as stipulated in the purchase and sale agreement. TEAM custom designs and manufactures manipulated pipe and hose tubing assemblies, which are utilized in the heating ventilation and air conditioning markets.
-- On May 21, 2004, it acquired 100% of the stock of McCoy Enterprises Inc., which was renamed Orion Enterprises Inc., in Kansas City for about $27,900,000 in cash. Orion distributes its products under the brand names of Orion, FloSafe and Laboratory Enterprises. Orion's product lines include a complete line of acid resistant waste disposal products, double containment piping systems, as well as, a line of high purity pipes, fittings and faucets.
-- On Jan. 4, 2005, it acquired Sea Tech Inc. in Wilmington, N.C., in an asset purchase transaction for about $10,000,000 in cash. Sea Tech, which was established in 1995, provides cost effective solutions for fluidic connection needs, offering a range of standard and custom quick connect fittings, valves and manifolds and PEX tubing designed to address specific customer requirements.
-- On Jan. 5, 2005, it acquired HF Scientific Inc. in Fort Myers, Fla., in a stock purchase transaction for about $7,800,000 in cash. HF Scientific manufactures and distributes a line of instrumentation equipment, test kits and chemical reagents used for monitoring water quality in a variety of applications.
Roper Industries reports record full-year, quarterly numbers
DULUTH, GA, Feb. 23, 2005 (PRNewswire-FirstCall) -- Roper Industries Inc. reported record financial results for the fourth quarter and full year ended Dec. 31.
Net sales for 2004 were $970 million, an increase of 48% over 2003 net sales of $657 million, and orders of $971 million represent a 50% increase over 2003.
Roper achieved net sales of $277 million in the fourth quarter, a 63% increase over the fourth quarter of 2003.
Fourth quarter orders increased 61% over the comparable 2003 quarter to $279 million and included internal growth of 14%.
In 2004, Roper reported $214 million of adjusted EBITDA during the year, 73% higher than 2003 adjusted EBITDA of $124 million. Roper converted 176% of net earnings into cash flow from operating activities, generating $165 million of cash flow in 2004, 131% higher than the prior year.
Roper ended the year with $129 million in cash and a net debt-to-net capital ratio of 40.6%, significantly improved from 47.0% at the beginning of the year.
The company also announced Feb. 28 that it was acquiring Inovonics Wireless Corp., of Louisville, Colo., a leading provider of 900 MHz radio frequency (RF) products for security applications. Total consideration was about $45 million for Inovonics, which has about $30 million in annual sales.
Roper Industries (www.roperind.com) is a diversified industrial growth company providing engineered products and solutions for global niche markets. Its brands provide customers cross four market segments: Instrumentation, Industrial Technology, Energy Systems and Controls, and Scientific and Industrial Imaging. Subsidiaries include Neptune Technology Group, Flow Technology Inc., AMOT Controls, Fluid Metering Inc., Abel Pump Technology, Cornell Pump Co. and Roper Pumps.
Northwest Pipe Co. enjoys highest quarterly sales, earnings in history
PORTLAND, OR, Feb. 23, 2005 (BUSINESS WIRE) -- Northwest Pipe Co. (www.nwpipe.com) reported the highest quarterly sales and earnings in its history, with sales of $80.3 million in the compared to $59.1 million in the fourth quarter of 2003. Net income was $4.2 million compared to $1.4 million for the 2003 quarter.
For the year, it reported record sales of $291.9 million compared to $245 million in 2003. Net income for 2004 was $12.4 million compared to $3.5 million last year.
Water Transmission Group sales were $177.8 million for 2004 compared to $146.3 million in 2003. For the quarter, sales in the group were $57.6 million compared to $34.6 million in 2003. Gross profit was $11.1 million during the recently completed quarter compared to $7.9 million for the same period last year.
"Sales in our Water Transmission Group were at a record high during the fourth quarter," said Brian W. Dunham, President and Chief Executive Officer. "This reflects the strong market conditions we experienced during the year as well as favorable timing of specific projects. Margins were also at a favorable level, especially considering the high cost of steel."
Rate relief helps Pennichuck Corp.
MERRIMACK, NH, Feb. 23, 2005 (BUSINESS WIRE) -- Net income for the year ending Dec. 31 was $1.8 million at Pennichuck Corp., compared to consolidated net income of $1.2 million in 2003.
The earnings increase was due primarily to higher utility revenues, attributable to a temporary rate increase approved by the New Hampshire Public Utilities Commission (NHPUC) of 8.9% implemented by Pennichuck Water Works Inc. for service rendered on and after June 1; a permanent rate increase of 17.7% approved by the NHPUC and implemented by Pittsfield Aqueduct Company Inc. in February 2004; and a 1.5% increase in the combined utility customer base for the year.
During 2004, the company incurred about $1.2 million in expenses relating primarily to the eminent domain action by the city of Nashua, N.H., and about $200,000 relating to the recently settled federal and state investigations. For 2003, those expenses were about $235,000 and $650,000, respectively. Additionally during 2003, it incurred about $230,000 in costs associated with its terminated merger with Philadelphia Suburban Corp. Excluding the effect of those expenses in 2004 and 2003, consolidated net income was $2.6 million and $2.0 million, respectively.
The combined revenues of the Company's three utilities increased to $19.6 million, or an increase of about 5.0% from 2003. This increase was due primarily to the rate relief received during 2004 as well as customer growth within the regions in which the company serves. Combined net income for the Company's three utilities increased from $1.3 million in 2003 to $1.6 million in 2004.
Pennichuck Corp. (www.pennichuck.com) is a holding company involved principally in the supply and distribution of potable water in southern and central New Hampshire through its three regulated water utilities. Its non-regulated, water-related activities include operations and maintenance contracts with municipalities and private entities in New Hampshire and Massachusetts.
Acquisitions drive Aqua America results
BRYN MAWR, PA, Feb. 17, 2005 (BUSINESS WIRE) -- Aqua America Inc. reported fourth quarter net income grew 20.8% to $22.5 million from $18.6 million for the period in 2003. Earnings includes a $2.3 million pre-tax gain from the sale of the company's Geneva, Ohio, water system. Full-year net income increased to a record $80.0 million, a 13.0% increase from 2003.
Citing another year of significant rate awards and customer growth which helped counter adverse weather conditions throughout its service territory during the key water usage months, the company reported full-year record revenues of $442.0 million, up 20.4% from $367.2 million in 2003. Fourth quarter revenues grew to $115.4 million from $101.2 million in 2003.
In 2004, the company completed 29 acquisitions contributing to more than 11% customer growth. Two of the larger acquisitions in mid-year 2004 were Heater Utilities in North Carolina and 63 Florida systems previously owned by Florida Water Services, collectively added more than 65,000 customers. Further supporting customer growth were the balance of 27 "tuck-in" acquisitions completed by Aqua America subsidiaries throughout the year.
Aqua America Inc. (www.aquaamerica.com) is the largest U.S.-based publicly-traded water utility, serving more than 2.5 million residents in Pennsylvania, Ohio, North Carolina, Illinois, Texas, Florida, New Jersey, Indiana, Virginia, Maine, Missouri, New York, and South Carolina.
Lamson & Sessions turns loss into gain
CLEVELAND, Feb. 17, 2005 (PRNewswire-FirstCall) -- Lamson & Sessions reported record net sales of $97.1 million for the fourth quarter of 2004, an increase of 20.3% over the $80.7 million reported in the period in 2003. For the full year, net sales rose to $387.1 million, an increase of 13.7% compared with the $340.5 million reported in 2003.
Net income for the fourth quarter of 2004 was $1.3 million, compared to a net loss of $2.4 million in the 2003 quarter. Net income for the year increased to $6.5 million, compared to $1 million in 2003.
Lamson & Sessions (www.lamson-sessions.com) is a leading producer of thermoplastic enclosures, fittings, wiring outlet boxes and conduit for the electrical, telecommunications, consumer, power and wastewater markets.