Morton Industrial Group, Inc. Announces 1999 FourthQuarter and Year-end Results.
Business Editors
MORTON, Ill.--(BUSINESS WIRE)--March 30, 2000
Morton Industrial Group, Inc. (Nasdaq:MGRP), a leading contract manufacturing supplier to large industrial original equipment manufacturers (OEMs), today announced its financial results for the 1999 fourth quarter and year ended December 31, 1999.
Revenues for the Company's 1999 fourth quarter increased by 50.3 percent to $59.8 million from $39.8 million in the year ago quarter. For the year ended December 31, 1999, sales increased by 45.0 percent to $219.3 million from $151.2 million in the same period a year ago.
The operating loss for the fourth quarter of 1999 was $985 thousand compared to operating income of $149 thousand in the year ago quarter. Operating income for 1999 was $822 thousand, compared to operating income of $7.0 million in 1998. The operating results were negatively impacted by the yearlong decline in demand for agricultural equipment and the net loss was also impacted by the $2.5 million loss associated with the sale of Carroll George, Inc.
The net loss available to common shareholders for the 1999 fourth quarter was $5.1 million compared to a net loss of $1.3 million in the comparable period. The net loss per diluted share for the 1999 fourth quarter was $1.14, compared to $0.33 in the 1998 fourth quarter.
The net loss available to common shareholders for 1999 was $10.9 million compared to net income of $1.7 million in the comparable period. The net loss per diluted share in 1999 was $2.55 compared to $0.36 net income in 1998.
During the quarter the Company continued a strategic and organizational review of each operating entity. As a result of this review the Company divested the assets of Carroll George, Inc., a composite structures and plastics business unit based in Northwood, Iowa. The net proceeds of the sale, approximately $7 million, were used to reduce bank debt.
William D. Morton, Chairman, President and Chief Executive Officer of Morton Industrial Group Inc., stated: "Despite the continued industry-wide softness for farm equipment, 1999 was a year of significant investment and expansion for Morton. In 1999 we remained committed to our mission of owning and operating highly respected contract manufacturing suppliers who have significant relationships with industrial OEMs.
