Outlook Group Reports Fourth Quarter and Year-End Results
15 Luglio 2006 - 12:56AM
Business Wire
Outlook Group Corp. (Nasdaq:OUTL) today reported results for the
fourth quarter and fiscal year ended May 31, 2006. Fourth Quarter
Fiscal 2006 Highlights -- Net sales for the fourth quarter of
fiscal 2006 were $22,510,000, a 3.4% increase from sales of
$21,761,000 for the same period in the prior year. -- Net earnings
were $388,000 or $0.11 per diluted share for the fourth quarter of
fiscal 2006, compared to earnings of $676,000 or $0.20 per diluted
share for the comparable prior period. -- Net earnings for the
fourth quarter of fiscal 2006 include expenses of $345,000 or $0.10
per diluted share related to the proposed acquisition of Outlook
Group by Vista Group Holdings LLC. Most of the acquisition-related
expenses are non-deductible for tax purposes. Full Year Fiscal 2006
Highlights -- Net sales for fiscal 2006 were $85,936,000, a 13.7%
increase from sales of $75,589,000 for fiscal 2005. -- Net earnings
were $2,248,000 or $0.65 per diluted share for fiscal 2006,
compared to earnings of $3,227,000 or $0.94 per diluted share for
the prior fiscal year. -- The fiscal 2005 earnings included
after-tax recovery of a prior period bad debt of $722,000 or $0.21
per diluted share. -- The fiscal 2006 earnings include expenses of
$509,000 or $0.15 per diluted share related to the proposed
acquisition of Outlook Group by Vista Group Holdings LLC. A special
meeting of Outlook Group shareholders to vote on the proposed
acquisition will be held on July 19, 2006. Subject to the
shareholder vote, Vista financing and other closing conditions,
Outlook Group expects that the transaction will close in July.
About Outlook Group Outlook Group Corp. is a printing, packaging
and direct marketing company offering a variety of related services
to clients in markets including contract packaging, collateral
information management and distribution, direct marketing
components and services, packaging components and materials and
specialty print related services. The company leverages its core
competencies by cross-selling services to provide a single-source
solution for its clients. Outlook Group shareholders are urged to
read the proxy statement for the July 19, 2006 special meeting of
shareholders for the purpose of voting on the proposed acquisition.
This proxy statement has been filed with the Securities and
Exchange Commission and has been mailed to all shareholders.
Interested persons can obtain the proxy statement free of charge at
the Securities and Exchange Commission's website at www.sec.gov.
The discussions of potential future transactions and the effects of
those transactions in this press release are "forward-looking
statements" intended to qualify for the safe harbor from liability
established by the Private Securities Litigation Reform Act of
1995. Such forward-looking statements are subject to certain risks
and uncertainties which could cause actual results to differ
materially from those anticipated. In particular, consummation of
the proposed acquisition is subject to a number of conditions,
including the Outlook Group shareholder vote, Vista's financing and
other customary conditions, as further described in the proxy
statement. Therefore, as with any transaction, completion cannot be
assured. In addition, Outlook Group's periodic filings with the
Securities and Exchange Commission discuss a number of other
factors which may affect its future operations. Outlook Group
shareholders and other readers are urged to consider these factors
carefully in evaluating the forward-looking statements. The
statements made herein are only made as of the date of this press
release and neither Outlook Group nor Vista undertakes any
obligation to publicly update such statements to reflect subsequent
events or circumstances. -0- *T OUTLOOK GROUP CORP. AND
SUBSIDIARIES Condensed Consolidated Statements of Operations
(Unaudited)
----------------------------------------------------------- (in
thousands, except share and per share amounts) Three-Month
Twelve-Month Period Ended Period Ended ---------------------
--------------------- May 31, May 31, May 31, May 31, 2006 2005
2006 2005 ---------- ---------- ---------- ---------- Net sales
$22,510 $21,761 $85,936 $75,589 Cost of goods sold 18,183 17,442
69,708 60,113 ---------- ---------- ---------- ---------- Gross
profit 4,327 4,319 16,228 15,476 Recovery of bad debt - - - (1,214)
Selling, general and administrative expenses 3,385 3,001 11,934
11,122 ---------- ---------- ---------- ---------- Operating profit
942 1,318 4,294 5,568 Other income (expense): Interest expense
(169) (73) (485) (225) Interest and other income 29 30 93 80
---------- ---------- ---------- ---------- Earnings from
operations before income taxes 802 1,275 3,902 5,423 Income tax
expense 414 599 1,654 2,196 ---------- ---------- ----------
---------- Net earnings $388 $676 $2,248 $3,227 ==========
========== ========== ========== Earnings per common share: Basic
$0.11 $0.20 $0.66 $0.95 ========== ========== ========== ==========
Diluted $0.11 $0.20 $0.65 $0.94 ========== ========== ==========
========== Weighted average number of shares outstanding: Basic
3,401,199 3,385,477 3,395,144 3,385,477 ========== ==========
========== ========== Diluted 3,477,752 3,436,011 3,472,363
3,431,945 ========== ========== ========== ========== Selected
Consolidated Balance Sheet Data (Unaudited)
---------------------------------------------------- (Dollars in
thousands) May 31, 2006 May 31, 2005 ------------ ------------
Ratio Analysis -------------- Total current assets $23,005 $23,977
Total current liabilities $12,441 $11,122 Total long-term debt
(including current maturities) $6,425 $5,350 Shareholders' equity
$34,844 $33,106 Current ratio 1.85 2.16 Long-term debt to total
capitalization 15.6% 13.9% *T
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