-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KQbC3Ib628KuNB+X+Fb/avjZj57SbHS1Bb8t7ppG9dzZ5OmGnx5hrt7RrKpbN+ij EOl8NXQpz6r0wEZBghiqsg== 0000063296-03-000025.txt : 20031114 0000063296-03-000025.hdr.sgml : 20031114 20031114170943 ACCESSION NUMBER: 0000063296-03-000025 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031113 ITEM INFORMATION: FILED AS OF DATE: 20031114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MATTHEWS INTERNATIONAL CORP CENTRAL INDEX KEY: 0000063296 STANDARD INDUSTRIAL CLASSIFICATION: NONFERROUS FOUNDRIES (CASTINGS) [3360] IRS NUMBER: 250644320 STATE OF INCORPORATION: PA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-09115 FILM NUMBER: 031005803 BUSINESS ADDRESS: STREET 1: TWO NORTHSHORE CENTER CITY: PITTSBURGH STATE: PA ZIP: 15212-5851 BUSINESS PHONE: 4124428200 MAIL ADDRESS: STREET 1: TWO NORTHSHORE CENTER CITY: PITTSBURGH STATE: PA ZIP: 15212-5851 FORMER COMPANY: FORMER CONFORMED NAME: MATTHEWS JAMES H & CO DATE OF NAME CHANGE: 19780823 8-K 1 form8k-yearend2003.txt 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): November 13, 2003 MATTHEWS INTERNATIONAL CORPORATION ------------------------------------------------------ (Exact name of registrant as specified in its charter) Pennsylvania 0-9115 and 0-24494 25-0644320 ---------------------------- ------------------ ------------ (State or other jurisdiction (Commission (IRS Employer of incorporation) File Numbers) Identification No.) Two NorthShore Center, Pittsburgh, PA 15212-5851 ---------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (412) 442-8200 -------------- 2 Item 12. Results of Operations and Financial Condition On November 13, 2003, Matthews International Corporation issued a press release announcing its earnings for fiscal year 2003. A copy of the press release is attached hereto as Exhibit 99.1. 3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MATTHEWS INTERNATIONAL CORPORATION (Registrant) By Edward J. Boyle ---------------------------------- Edward J. Boyle Chief Financial Officer, Secretary and Treasurer Date: November 14, 2003 4 MATTHEWS INTERNATIONAL CORPORATION AND SUBSIDIARIES EXHIBITS INDEX ---------- The following Exhibit to this report is filed herewith. Exhibit No. Description ------- ----------- 99.1 Press release, dated November 13, 2003, issued by Matthews International Corporation. EX-99 3 exhibit99-yearend2003.txt 1 Exhibit 99.1 November 13, 2003 Edward J. Boyle CFO, Secretary & Treasurer 412-442-8244 MATTHEWS INTERNATIONAL ANNOUNCES EARNINGS FOR FISCAL 2003 PITTSBURGH, PA, NOVEMBER 13, 2003 -- Matthews International Corporation (NASDAQ NMS: MATW) today announced financial results for the fiscal year ended September 30, 2003. The Company reported net income for fiscal 2003 of $44,931,000. Earnings per share for fiscal 2003 were $1.39 per share, representing an increase of 15.8 percent over $1.20 per share (before accounting change) for fiscal 2002. Including the impact of a change in accounting for goodwill impairment, net income for fiscal 2002 was $35,006,000, or $1.10 per share. Sales for the year ended September 30, 2003 were $458,961,000, representing an increase of $30,875,000, or 7.2% over sales of $428,086,000 in fiscal 2002. The majority of the year over year sales increase is due to an additional two months of sales in fiscal 2003 related to the acquisition of York Casket which was completed in December 2001 and an increase in the value of foreign currency exchange rates compared to the U.S. dollar. For the fiscal 2003 fourth quarter, net income was $11,757,000, or $0.36 per share compared to $10,220,000 or $0.32 per share for the fourth quarter a year ago. Net income for the fiscal 2003 fourth quarter represented an increase of 15.0 percent over the fiscal 2002 fourth quarter. Net income for the fiscal 2003 fourth quarter and year were impacted by a pre-tax gain of $2.6 million on the sale of the Company's Graphics Imaging facility in Southern California and a pre-tax charge of $3.6 million for goodwill impairment related to the Graphics Imaging segment's subsidiary, O.N.E. Color Communications. Sales in the fourth quarter were $118,162,000 compared to $113,832,000 in the same quarter last year. Commenting on the financial results for fiscal 2003, David M. Kelly, Chairman and Chief Executive Officer, stated: "I am pleased to report that each of our five business segments generated higher sales and improved operating profit compared to the prior year. Fiscal 2003 was a strong year for Matthews. 2 Matthews International Corporation - 2 of 3 - November 13, 2003 We focused our efforts on improving our operations, developing new products and reducing debt. The Corporation also benefited from an increase in the value of the Euro, a reduction in interest expense, an additional two months being included in our fiscal 2003 financial results for York Casket; and the acquisition of ReproService Munich which we completed in August 2003." Mr. Kelly also noted that the quarter ended September 30, 2003 represented the twenty-seventh consecutive quarter of double-digit earnings growth for the Corporation and that the Company's nine-year average increase in earnings per share since becoming a publicly traded stock in July 1994 is 15.2 percent. "For the twelve months ended September 30, 2003, we were able to reduce our domestic bank borrowings by another $40 million and the Company repurchased 252,700 shares of its common stock during fiscal 2003. This is further evidence of our ability to generate significant positive cash flow and reinforces our policy of conservative fiscal management." This year's EPS of $1.39 was also one cent per share higher than the revised target of $1.38 which was announced by the Corporation during its conference call on July 23, 2003. The Company currently estimates that its earnings per share for fiscal 2004 will be approximately $1.58 per share, which is within its 12% to 15% growth objective. Matthews International Corporation, headquartered in Pittsburgh, Pennsylvania, is a designer, manufacturer and marketer principally of memorialization products and caskets for the cemetery and funeral home industries, and custom made products which are used to identify people, places, products and events. The Company's products include cast bronze memorials and other memorialization products; caskets; bronze and aluminum architectural products; cremators and cremation-related products; mausoleums, printing plates, pre-press services, and imaging systems for the corrugated and flexible packaging industries; and marking equipment and consumables for identifying various consumer and industrial products and containers. 3 Matthews International Corporation - 3 of 3 - November 13, 2003 MATTHEWS INTERNATIONAL CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF INCOME (Unaudited) (In Thousands, except Share Data) Three Months Ended Year Ended -------------------- ----------------------- 9/30/03 9/30/02 9/30/03(1) 9/30/02 ------- ------- -------- ------- Sales $118,162 $113,832 $458,961 $428,086 Operating Profit 21,263 18,662 80,148 68,187 Income before Taxes and Accounting Change 19,206 16,833 73,417 62,457 Income Taxes 7,449 6,613 28,486 24,225 Income before Accounting Change 11,757 10,220 44,931 38,232 Effect of Accounting Change, Net of Taxes 0 0 0 (3,226) Net Income $11,757 $10,220 $44,931 $35,006 Earnings per Share before Accounting Change $0.36 $0.32 $1.39 $1.20 Earnings per Share $0.36 $0.32 $1.39 $1.10 Weighted Average Shares 32,738,289 31,928,703 32,314,696 31,795,990 (1) Fiscal 2003 included a net pre-tax charge of $1,000 from special items which consisted of a goodwill impairment charge of $3.6 million, net of a pre- tax gain of $2.6 million on the sale of a facility. Any forward-looking statements contained in this release are included pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to be materially different from management's expectations. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove correct. Factors that could cause the Company's results to differ materially from the results discussed in such forward-looking statements principally include economic, competitive, and technological factors beyond the Company's control. -----END PRIVACY-ENHANCED MESSAGE-----