M&F Worldwide Corp. (NYSE: MFW) today reported results for the second quarter ended July 2, 2000.
Sales for the second quarter were $24.5 million as compared to sales of $24.8 million in the prior year quarter. Net income available to common shareholders for the second quarter amounted to $5.1 million or $0.25 per basic or diluted share. This compares to $4.4 million or $0.21 per basic share in 1999 or $4.8 million or $0.21 per diluted share for the 1999 quarter.
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For the six-month period, sales were $47.2 million as compared to sales of $48.9 million in the prior year period. Net income available to common shareholders for the six-month period amounted to $9.5 million or $0.46 per basic or diluted share. This compares to $8.5 million or $0.41 per basic share in 1999 or $9.3 million or $0.40 per diluted share for the 1999 period.
Even though the Company has reported its results on a fully taxed basis, it still has approximately $124 million of tax loss carryforwards available at July 2, 2000, which can be utilized to offset future federal income taxes payable.
Second quarter sales were negatively affected by lower shipment volume to the Company’s non-licorice natural product customers. This decline was partially offset by an increase in revenues from the Company’s domestic and foreign licorice operations. A reduction in selling, general and administrative expenses and raw material costs enabled the Company to improve its operating margin to 38.8% as compared to 35.9% in the prior year quarter.
Outstanding debt declined from $46.0 million at April 2, 2000, to $41.1 million at July 2, 2000.
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By GlobalDataM&F Worldwide is the world’s largest producer of licorice extract and sells other natural botanical products.
M&F WORLDWIDE CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in millions, except for per share data)
(Unaudited)
Three Month Period Ended Six Month Period Ended
July 2, July 4, July 2, July 4,
2000 1999 2000 1999
------ ------ ------ ------
Net sales $ 24.5 $ 24.8 $ 47.2 $ 48.9
Cost of sales (12.6) (13.1) (24.5) (25.5)
------ ------ ------ ------
Gross profit 11.9 11.7 22.7 23.4
Selling, general and
administrative expenses (1.3) (1.7) (2.7) (3.7)
Amortization of intangibles (1.1) (1.1) (2.2) (2.2)
------ ------ ------ ------
Operating income 9.5 8.9 17.8 17.5
Interest expense, net (0.8) (0.7) (1.6) (1.5)
------ ------ ------ ------
Income before income taxes 8.7 8.2 16.2 16.0
Provision for income taxes (3.6) (3.4) (6.7) (6.7)
------ ------ ------ ------
Net income 5.1 4.8 9.5 9.3
Preferred stock dividend - (0.4) - (0.8)
------ ------ ------ ------
Net income available to
common shareholders
$ 5.1 $ 4.4 $ 9.5 $ 8.5
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Income per common share
Basic $ 0.25 $ 0.21 $ 0.46 $ 0.41
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Diluted $ 0.25 $ 0.21 $ 0.46 $ 0.40
====== ====== ====== ======
Weighted average shares
outstanding:
Basic 20.5 20.7 20.6 20.7
====== ====== ====== ======
Diluted 20.5 23.2 20.6 23.4
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