Highlights Three Months Ended March 31, 2008 -- Net Sales 19% increase to $7,445,000 compared to $6,247,000 at March 31, 2007 -- Net income 96% increase to $605,000 compared to $308,000 at March 31, 2007 -- EPS $0.32 fully diluted earnings per common share compared to $0.16 at March 31, 2007 -- Backlog 9% increase to $32,400,000 compared to $29,689,000 at March 31, 2007 Nine Months Ended March 31, 2008 -- Net Sales 25% increase to $21,709,000 compared to $17,346,000 at March 31, 2007 -- Net income 25% increase to $1,635,000 compared to $1,308,000 at March 31, 2007 -- EPS $0.86 fully diluted earnings per common share compared to $0.71 at March 31, 2007
Kreisler CEO
"Our net income for the three and nine months ended
Kreisler Manufacturing Corporation is a manufacturer of precision metal
components and assemblies for use in military and commercial aircraft engines
and industrial gas turbines. These products primarily include tube and
manifold assemblies. The Company has two wholly owned subsidiaries: Kreisler
Industrial Corporation located in
Kreisler Manufacturing Corporation and Subsidiaries CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended Nine Months Ended March 31, March 31, 2008 2007 2008 2007 Net Sales $7,445,087 $6,247,219 $21,708,880 $17,345,535 Cost of goods sold 5,977,364 5,261,352 17,507,707 13,938,815 Selling, general and administrative expenses 507,768 540,520 1,626,698 1,320,777 Total Costs and Expenses 6,485,132 5,801,872 19,134,405 15,259,592 Income from operations 959,955 445,347 2,574,475 2,085,943 Interest and other income 76,774 45,886 202,060 131,309 Interest and other expenses (25,305) (6,315) (43,973) (37,800) Income before income taxes 1,011,424 484,918 2,732,562 2,179,452 Income taxes (406,019) (176,794) (1,097,878) (871,794) Net income $605,405 $308,124 $ 1,634,684 $ 1,307,658 Net income per common share: Net income - basic shares $0.32 $0.17 $0.88 $0.71 Net income - diluted shares $0.32 $0.16 $0.86 $0.71 Weighted average common shares - basic 1,867,948 1,842,792 1,867,948 1,834,781 Weighted average common shares - diluted 1,881,431 1,881,523 1,893,508 1,853,960 Kreisler Manufacturing Corporation and Subsidiaries CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2008 June 30, 2007 (Unaudited) (Audited) Assets Cash and cash equivalents $7,521,971 $5,068,325 Short-term investments -- 550,000 Accounts receivable - trade (net) 2,494,058 2,366,177 Inventories 6,581,027 5,546,983 Deferred tax asset 192 96,312 Other current assets 1,172,975 66,200 Total current assets 17,770,223 13,693,997 Property, plant and equipment, net 1,805,776 2,425,098 Long-term investments 700,000 -- Deferred tax asset 123,942 123,942 Total non-current assets 2,629,718 2,549,040 $20,399,941 $16,243,037 Liabilities and Stockholders' Equity Liabilities Accounts payable - trade $1,721,159 $1,130,990 Accrued expenses 863,997 520,540 Deferred tax liability 139,720 -- Deferred revenue 1,657,812 500,000 Product warranties -- 148,185 Income taxes payable 124,711 -- Obligations under capital leases, current portion 125,234 115,731 Total current liabilities 4,632,633 2,415,446 Obligations under capital leases, net of current portion 161,192 258,343 Accrued environmental cost 440,085 426,117 Total long-term liabilities 601,277 684,460 Total stockholders' equity 15,166,031 13,143,131 $20,399,941 $16,243,037
Forward-Looking Statements
Certain oral statements made by management of Kreisler Manufacturing Corporation (the "Company") from time to time and certain statements contained herein or in other periodic reports filed by the Company with the Securities and Exchange Commission are "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, with respect to results of operations and the business of the Company. All such statements, other than statements of historical facts, including those regarding market trends, the Company's financial position and results of operations, business strategy, projected costs, and plans and objectives of management for future operations, are forward-looking statements. In general, such statements are identified by the use of forward-looking words or phrases including, but not limited to, "estimates," "intended," "will," "should," "may," "believes," "expects," "expected," "anticipates," and "anticipated" or the negative thereof or variations thereon or similar terminology. These forward-looking statements are based on the Company's current expectations. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. These forward-looking statements represent the Company's current judgment. The Company disclaims any intent or obligation to update its forward looking statements. Because forward-looking statements involve risks and uncertainties, the Company's actual results could differ materially from those set forth in or underlying the forward-looking statements.
SOURCE Kreisler Manufacturing Corporation