-----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, NlKgAt1NVwLjBL5TCdIL+El21+V0d87A1bw1JgOHPP1tLzmfzf5qM3sbzDk7XxaH Pl5ESBZOk4yA5s9c0xefLw== 0000063296-04-000041.txt : 20041117 0000063296-04-000041.hdr.sgml : 20041117 20041117143920 ACCESSION NUMBER: 0000063296-04-000041 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041116 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20041117 DATE AS OF CHANGE: 20041117 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: 041151895 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-fourthqtr2004.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 16, 2004 MATTHEWS INTERNATIONAL CORPORATION ------------------------------------------------------ (Exact name of registrant as specified in its charter) Pennsylvania 0-9115 25-0644320 ---------------------------- ------------------ ------------ (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) 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 2.02 Results of Operations and Financial Condition On November 16, 2004, Matthews International Corporation issued a press release announcing its earnings for fiscal year 2004. 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 Steven F. Nicola ---------------------------------- Steven F. Nicola Chief Financial Officer, Secretary and Treasurer Date: November 17, 2004 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 16, 2004, issued by Matthews International Corporation. EX-99 2 exhibit99-fourthqtr2004.txt 1 Exhibit 99.1 November 16, 2004 Steven F. Nicola Chief Financial Officer, Secretary & Treasurer 412:442-8262 MATTHEWS INTERNATIONAL ANNOUNCES EARNINGS FOR FISCAL 2004 PITTSBURGH, PA, NOVEMBER 16, 2004 -- Matthews International Corporation (NASDAQ NMS: MATW) today announced financial results for the fiscal year ended September 30, 2004. The Company reported net income for fiscal 2004 of $56,195,000 compared to $44,893,000 for fiscal 2003. Earnings per share for fiscal 2004 were $1.72 per share, representing an increase of 23.7 percent over $1.39 per share for fiscal 2003. Sales for the year ended September 30, 2004 were $508,801,000, representing an increase of $49,936,000, or 10.9 percent over sales of $458,865,000 in fiscal 2003. The improvement in consolidated operating results for the year reflected higher profitability in all of the Company's business segments, the impact of acquisitions completed during the past 16 months and an increase in the value of foreign currency exchange rates compared to the U.S. dollar. For the fiscal 2004 fourth quarter, net income was $16,631,000, or $0.51 per share compared to $11,719,000 or $0.36 per share for the fourth quarter a year ago. Net income for the fiscal 2004 fourth quarter represented an increase of 41.9 percent over the same period last year. Net income for the fiscal 2004 fourth quarter was favorably impacted by the Company's recent acquisitions and changes in foreign currency exchange rates. Net income for the fiscal 2003 fourth quarter and year included 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 in the Graphics Imaging segment. Sales in the fourth quarter were $146,277,000 compared to $118,066,000 in the same quarter last year. Matthews International Corporation - 2 of 3 - November 16, 2004 David M. Kelly, Chairman and Chief Executive Officer, stated: "Matthews finished the fiscal year very strong despite some significant challenges. On a consolidated level, our operating results benefited from recent acquisitions and an increase in the value of foreign currencies against the U.S. dollar. However, the dramatic rise in metal costs (bronze and steel) effected several of our businesses, particularly in the fourth quarter. We also continued to see the positive effects of productivity improvements in our operations. These cost structure improvements and some price recovery allowed our Bronze segment to report another year of improved results. Unfortunately, our York Casket segment was unable to mitigate the impact of rising steel costs in the fourth quarter. Our other business segments performed well during the year and we are pleased with the early results of our Merchandising Solutions (Cloverleaf Group) business." Mr. Kelly also noted that the quarter ended September 30, 2004 represented the thirty-first consecutive quarter of double-digit earnings growth for the Corporation and that the Company's ten-year average increase in earnings per share since becoming a publicly traded stock in July 1994 is 16.1 percent. For the twelve months ended September 30, 2004, the Company repurchased approximately 498,000 shares of its common stock during fiscal 2004. Due to the continued high level of bronze and steel costs, the Company remains cautious about earnings growth in fiscal 2005. The results of its European Graphics business were unusually strong in 2004 and we do not anticipate similar growth in fiscal 2005 in this cyclical business. The Company is also adding a new lower cost casket manufacturing facility in Mexico and the costs associated with this expansion will negatively affect short-term operating results. Matthews International Corporation, headquartered in Pittsburgh, Pennsylvania, is a designer, manufacturer and marketer of memorialization products, caskets and cremation equipment for the cemetery and funeral home industries; merchandising solutions; and custom made products which are used to identify people, places, products and events. The Company's products and services include cast bronze memorials and other memorialization products; caskets; merchandising display systems; marketing and design services; cast and etched 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, components and containers. Matthews International Corporation - 3 of 3 - November 16, 2004 MATTHEWS INTERNATIONAL CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF INCOME (Unaudited) (In Thousands, except Share Data) Three Months Ended Year Ended -------------------- -------------------- 9/30/04 9/30/03 9/30/04 9/30/03(1) -------- -------- ------- -------- Sales $146,277 $118,066 $508,801 $458,865 Operating Profit 28,563 21,199 97,794 80,084 Income before Taxes 27,185 19,143 91,833 73,354 Income Taxes 10,554 7,424 35,638 28,461 Net Income $16,631 $11,719 $ 56,195 $ 44,893 Earnings per Share $0.51 $0.36 $ 1.72 $ 1.39 Weighted Average Shares 32,759,810 32,738,289 32,688,643 32,314,696 (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-----