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Document Preview For Immediate Release |
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For Immediate Release |
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2003 |
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8KB total |
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$30 |
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#344299 |
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Contact: Gregory J. Rau
President and Chief Executive Officer
Minuteman International, Inc.
630/627-6900
For Immediate Release
MINUTEMAN INTERNATIONAL ANNOUNCES SECOND QUARTER RESULTS
Net Climbs for Third Consecutive Quarter
Declares 60th Consecutive Quarterly Dividend
ADDISON, IL, August 1, 2003 Minuteman International, Inc. (Nasdaq:MMAN), the floor-care equipment manufacturer, reported only modest changes in results for the second quarter of 2003 when compared with the second quarter of 2002, the strongest three-month period of that year.
Demand from domestic dealers for commercial equipment and cleaning chemicals held steady, with dollar volume almost matching that of last years best quarter. Sales of industrial products and sales to international customers rose, the latter assisted by weakness of the dollar against foreign currencies. Overall, the second quarters sales in 2003 decreased only 3.3 percent from the second quarter of 2002.
The Companys gross profit margin as a percent of sales improved slightly for the quarter over the year-ago period. Small increases of $94,000 for selling and $32,000 for administrative expenses, along with lower sales, caused income from operations to decrease by $296,000.
The Company posted a nominal increase in net profit for the second quarter of 2003 compared with the prior-year period, but it reflected a sizable decline in
interest expense from the year-ago quarter as a result of a reduction in the fair market value of a derivative financial instrument.
Gregory J. Rau, president, explained that sales of commercial machines in the United States in the second quarter of 2003 held up well despite the static economy continuing to exert an attitude of caution on purchasing agents. He was further encouraged that domestic orders for industrial equipment rose 2.3 percent for the quarter. Foreign sales increased 3.8 percent overall. Excluding foreign currency exchange effects, overall foreign sales were down 2.8 percent.
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