Wellco Enterprises, Inc. Announces Operating Results for the Fiscal Quarter and Six Months Ended December 31, 2005 and Cash Divi
15 Fevereiro 2006 - 2:40PM
Business Wire
Wellco Enterprises, Inc. (AMEX:WLC) today reported net income for
the second fiscal quarter ended December 31, 2005 of its 2006
fiscal year (current three month period) of $225,000, equivalent to
basic earnings per share of $.18 ($.17 diluted), from revenues of
$11,041,000. This compares to net income of $521,000, equivalent to
basic earnings per share of $.41 ($.40 diluted), from revenues of
$14,358,000 in the prior year three month period ended January 1,
2005 (prior three month period). Compared to the prior three month
period, total revenues in the current three month period decreased
by $3,317,000. In the current three month period, pairs of boots
shipped under U. S. Department of Defense (DOD) contracts decreased
by 23%. In early August 2005, the only U.S. supplier of a DOD
required component had a quality problem that significantly
impaired production volume. Although this problem was substantially
resolved in late September 2005, production and shipments in the
early part of the current three month period were also impaired by
the time required to reestablish an adequate supply of this
component. The majority of the Company's boot manufacturing
operations occur at the factory of a wholly-owned subsidiary
located in Puerto Rico. The Company is participating in a Puerto
Rican government program to assist manufacturers in the training of
new or expanded work force under which the Company is reimbursed
for part of the compensation paid to certain employees. Under this
program, the Company received and recognized as revenues in the
current three month period $381,000, compared to $384,000 in the
prior three month period. The Company's policy is to record these
reimbursements in the fiscal period in which they are received. The
Company has filed reimbursement claims totaling $840,000 at
December 31, 2005, that have not been received or recorded as
revenues. For the six month period ended December 31, 2005 (current
six month period) the Company had a net loss of ($421,000),
equivalent to basic and diluted loss per share of ($.33), from
revenues of $19,359,000. This compares with net income of $918,000,
equivalent to basic earnings per share of $.73 ($.70 diluted), from
revenues of $25,760,000 in the prior year six months ended January
1, 2005 (prior six month period). Compared to the prior six month
period, total revenues in the current six month period decreased by
$6,401,000. In the current six-month period, pairs of boots shipped
under U. S. Department of Defense (DOD) contracts decreased by 33%.
This decrease was caused by the supplier component problem
mentioned above and to the Iraq surge being substantially completed
in the prior period. Reimbursement of compensation cost under the
Puerto Rican government program was $381,000, $784,000 less than
the $1,165,000 received and recognized in the prior year six month
period. At a February 14, 2006 meeting, the Wellco Board of
Directors declared a cash dividend of $.15 per share payable on
March 31, 2006 to shareholders of record on March 3, 2006.
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING INFORMATION
Statements throughout this report that are not historical facts are
forward-looking statements. These statements are based on current
expectations and beliefs, and involve numerous risks and
uncertainties. Many factors could affect the Company's actual
results, causing results to differ materially from those expressed
in any such forward-looking information. These factors include, but
are not limited to, the receipt of contracts from the U. S.
government and the performance thereunder; the ability to control
costs under fixed price contracts; the cancellation of contracts;
and other risks detailed from time to time in the Company's
Securities and Exchange Commission filings, including Form 10-K for
the year ended July 2, 2005. Those statements include, but may not
be limited to, all statements regarding intent, beliefs,
expectations, projections, forecasts, and plans of the Company and
its management. Actual results may differ materially from
management expectations. The Company assumes no obligation to
update any forward-looking statements. -0- *T CONSOLIDATED
OPERATING RESULTS (000'S OMITTED EXCEPT FOR PER SHARE AMOUNTS AND
NUMBER OF SHARES)
----------------------------------------------------------------------
(unaudited) (unaudited) Fiscal Three Months Fiscal Six Months Ended
Ended
----------------------------------------------------------------------
December 31, January 1, December 31, January 1, 2005 2005 2005 2005
----------------------------------------------------------------------
Revenues $ 11,041 $ 14,358 $ 19,359 $ 25,760
----------------------- ----------- ---------- -----------
---------- Operating Income (Loss) 301 764 (330) 1,310
----------------------- ----------- ---------- -----------
---------- Interest Expense (66) (89) (109) (137)
----------------------- ----------- ---------- -----------
---------- Income (Loss) Before Income Taxes 235 675 (439) 1,173
----------------------- ----------- ---------- -----------
---------- Income Tax Provision (Benefit) 10 154 (18) 255
----------------------- ----------- ---------- -----------
---------- Net Income (Loss) 225 521 (421) 918
----------------------- ----------- ---------- -----------
---------- Basic Earnings (Loss) Per Share $ .18 $ .41 ($.33) $ .73
----------------------- ----------- ---------- -----------
---------- Diluted Earnings (Loss) Per Share $ .17 $ .40 ($.33) $
.70 ----------------------- ----------- ---------- -----------
---------- Weighted Average Number of Common Shares Outstanding:
----------------------------------------------------------------------
For Basic Earnings (Loss) Per Share 1,270,746 1,266,402 1,270,746
1,257,092 ----------------------- ----------- ----------
----------- ---------- For Diluted Earnings (Loss) Per Share
1,292,157 1,303,970 1,270,746 1,312,888 -----------------------
----------- ---------- ----------- ---------- *T
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