EX-99 2 ufpi-20200422xex99.htm EX-99 ufpi_Ex_99(a)

UFP Industries, Inc.

Page 1

 

 

Exhibit 99(a)

 

Image - Image1.jpeg

News release

 

---------------AT THE COMPANY---------------

 

Dick Gauthier

VP,  Business Outreach

(616) 365-1555

 

FOR IMMEDIATE RELEASE

Wednesday, April 22, 2020

 

UFP Industries Reports Record Sales and Profits for First Quarter
- Diluted EPS up 12 percent, unit sales up 5 percent –

GRAND RAPIDS, Mich., Wednesday, April 22, 2020 – UFP Industries, Inc. (Nasdaq: UFPI) today announced record net sales and net earnings for the first quarter of 2020, as well as record EPS of $0.65 per diluted share, a 12 percent increase over the same period of 2019.

“Our team jumped out of the gates quickly, extending our record-setting performance from 2019 while delivering an excellent first quarter,” stated CEO Matthew J. Missad. “The realignment we announced last year is going very well, and we are seeing additional opportunities for improvement as a result of these changes. When COVID-19 changed the business landscape late in the first quarter, our business unit and segment leaders adapted quickly, working hard to ensure the safety of our employees while providing essential products and services to our customers. I would like to congratulate our team for seamlessly handling our organizational changes while simultaneously battling the headwinds that came with COVID-19."

The vast majority of UFP Industries’ employees are deemed essential critical infrastructure workers and continue to serve customers. In other cases, the company serves customers who have temporarily shut down, and the company has reduced operations and temporarily furloughed employees as necessary.

UFP Industries has a strong balance sheet with long-term credit facilities and cash that currently provide over $390 million in available liquidity. As a result of its strong financial position and the confidence it has in its future performance after COVID-19 restrictions are eased, the company repurchased approximately 750,000 shares of its common stock during the first quarter at an average price of $38.62. These repurchases substantially reduced the dilutive effect of shares issued in 2019 and 2020 under the company’s various share-based compensation programs.

On April 22, 2020, the company’s board approved a quarterly dividend payment of 12.5 cents a share, a prorated 25 percent increase over the dividends paid in 2019. The dividend is payable on June 15, 2020, to shareholders of record on June 1, 2020. Effective April 22, 2020, the company’s shareholders approved the change in the company’s name from Universal Forest Products, Inc. to UFP Industries, Inc.

UFP Industries will provide further detail on the impact of the COVID-19 virus on its operations during its first quarter earnings call, which has been rescheduled from April 23, 2020, to May 7, 2020.

-more-

UFP Industries, Inc.

Page 2

 

"We realize most investors will have questions about the impact of COVID-19 on financial results for the second quarter and the balance of 2020,” stated Missad. “Since those results very much depend on the future status of various state directives, and given the assumption that federal stay-at-home guidance is due to expire April 30, we expect to have better insight on May 7 and more detail on our new business segments. On behalf of our employees and other stakeholders, I encourage our elected officials to safely and expeditiously allow a targeted, risk-based resumption of business as soon as reasonably practical.”

 

First Quarter 2020 Highlights (comparisons on a year-over-year basis):

-

Earnings from operations of $58.6 million were up 21 percent, and net earnings attributable to controlling interest of $40.2 million were up 13 percent

-

EBITDA of $77.1 million increased by 17 percent

-

Net sales of $1.03 billion represent a 2 percent increase; lower lumber prices reduced gross sales by 3 percent

By business segment, the company reported the following first-quarter results:

UFP Retail

·

$365.0 million in gross sales, up 6 percent over the first quarter of 2019. Retail unit sales increased 9 percent, while lower selling prices reduced the gross sales figure by 3 percent. The following business units drove unit sales growth: Home and Décor (up 26 percent), UFP-Edge (up 14 percent), ProWood (up 14 percent) and Fence, Lawn and Garden (up 8 percent).

UFP Industrial

·

$258.6 million in gross sales, down 7 percent from the first quarter of 2019. Unit sales were flat, with lower lumber prices accounting for the 7 percent reduction in gross sales. 

UFP Construction

·

$384.9 million in gross sales, up 4 percent over the first quarter of 2019, due to a 6 percent increase in unit sales and a 2 percent decrease in selling prices. Unit sales rose in all business units: Concrete Forming (up 15 percent), Factory Built (up 12 percent), Commercial (up 3 percent) and Site Built (up 1 percent).

CONFERENCE CALL

UFP Industries will conduct a conference call to discuss information included in this news release and related matters at 8:30 a.m. ET on Thursday, May 7, 2020. The call will be hosted by CEO Matthew J. Missad and CFO Michael Cole, and will be available for analysts and institutional investors domestically at 866-518-4547 and internationally at 213-660-0879. Use conference pass code 3838977. The conference call will be available simultaneously and in its entirety to all interested investors and news media through a webcast at http://www.ufpi.com. A replay of the call will be available through August 6, 2020, at 855-859-2056, 404-537-3406 or 800-585-5367.

 

 

-more-

 

 

UFP Industries, Inc.

Page 3

 

UFP INDUSTRIES, INC.  (formerly Universal Forest Products, Inc.)

UFP Industries is a holding company whose subsidiaries supply wood, wood composite and other products to three robust markets: retail, construction and industrial.  Founded in 1955, the company is headquartered in Grand Rapids, Mich., with affiliates throughout North America, Europe, Asia and Australia. For more about UFP Industries, go to www.ufpi.com.

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act, as amended, that are based on management’s beliefs, assumptions, current expectations, estimates and projections about the markets we serve, the economy and the Company itself. Words like “anticipates,” “believes,” “confident,” “estimates,” “expects,” “forecasts,” “likely,” “plans,” “projects,” “should,” variations of such words, and similar expressions identify such forward-looking statements. These statements do not guarantee future performance and involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. The Company does not undertake to update forward-looking statements to reflect facts, circumstances, events, or assumptions that occur after the date the forward-looking statements are made. Actual results could differ materially from those included in such forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty. Among the factors that could cause actual results to differ materially from forward-looking statements are the following: fluctuations in the price of lumber; adverse or unusual weather conditions; adverse economic conditions in the markets we serve; government regulations, particularly involving environmental and safety regulations; and our ability to make successful business acquisitions. Certain of these risk factors as well as other risk factors and additional information are included in the Company's reports on Form 10-K and 10-Q on file with the Securities and Exchange Commission.

 

Non-GAAP Financial Information

This release includes certain financial information not prepared in accordance with U.S. GAAP. Because not all companies calculate non-GAAP financial information identically (or at all), the presentations herein may not be comparable to other similarly titled measures used by other companies.  Management considers EBITDA, a non-GAAP measure, an alternative performance measure which may provide useful information to investors.

 

 

# # #

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UFP Industries, Inc.

Page 4

 

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (UNAUDITED)

FOR THE THREE MONTHS ENDED

MARCH 2020/2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Period

Year to Date

(In thousands, except per share data)

    

2020

2019

2020

2019

NET SALES

 

$

1,032,062

  

100

% 

$

1,015,125

  

100

% 

$

1,032,062

  

100

% 

$

1,015,125

  

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COST OF GOODS SOLD 

 

 

861,934

 

83.5

 

 

860,858

 

84.8

 

 

861,934

 

83.5

 

 

860,858

 

84.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT

 

 

170,128

 

16.5

 

 

154,267

 

15.2

 

 

170,128

 

16.5

 

 

154,267

 

15.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SELLING,   GENERAL  AND ADMINISTRATIVE  EXPENSES

 

 

112,231

 

10.9

 

 

105,317

 

10.4

 

 

112,231

 

10.9

 

 

105,317

 

10.4

 

FOREIGN CURRENCY EXCHANGE (GAIN) LOSS

 

 

(450)

 

 —

 

 

626

 

0.1

 

 

(450)

 

 —

 

 

626

 

0.1

 

NET GAIN ON DISPOSITION AND IMPAIRMENT OF ASSETS

 

 

(285)

 

 —

 

 

(122)

 

 —

 

 

(285)

 

 —

 

 

(122)

 

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS FROM OPERATIONS

 

 

58,632

 

5.7

 

 

48,446

 

4.8

 

 

58,632

 

5.7

 

 

48,446

 

4.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER EXPENSE, NET

 

 

4,740

 

0.5

 

 

867

 

0.1

 

 

4,740

 

0.5

 

 

867

 

0.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS BEFORE INCOME TAXES

 

 

53,892

 

5.2

 

 

47,579

 

4.7

 

 

53,892

 

5.2

 

 

47,579

 

4.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME TAXES

 

 

13,322

 

1.3

 

 

11,577

 

1.1

 

 

13,322

 

1.3

 

 

11,577

 

1.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET EARNINGS

 

 

40,570

 

3.9

 

 

36,002

 

3.5

 

 

40,570

 

3.9

 

 

36,002

 

3.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST

 

 

(411)

 

 —

 

 

(462)

 

 —

 

 

(411)

 

 —

 

 

(462)

 

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST

 

$

40,159

 

3.9

 

$

35,540

 

3.5

 

$

40,159

 

3.9

 

$

35,540

 

3.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE - BASIC

 

$

0.65

 

 

 

$

0.58

 

 

 

$

0.65

 

 

 

$

0.58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE - DILUTED

 

$

0.65

 

 

 

$

0.58

 

 

 

$

0.65

 

 

 

$

0.58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMPREHENSIVE INCOME

 

 

32,014

 

 

 

 

37,375

 

 

 

 

32,014

 

 

 

 

37,375

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST

 

 

1,924

 

 

 

 

(686)

 

 

 

 

1,924

 

 

 

 

(686)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST

 

$

33,938

 

 

 

$

36,689

 

 

 

$

33,938

 

 

 

$

36,689

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UFP Industries, Inc.

Page 5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL SALES AND SG&A DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

 

Quarter Period

 

 

Year to Date

Segment Classification

    

 

2020

 

 

 

 

 

2019

 

%

    

 

2020

    

 

 

 

 

2019

 

%

Retail

 

 

$

365,030

 

 

 

 

 

$

343,544

 
6.3%

 

 

$

365,030

 

 

 

 

 

$

343,544

 
6.3%

Industrial

 

 

 

258,603

 

 

 

 

 

 

277,016

 

-6.6%

 

 

 

258,603

 

 

 

 

 

 

277,016

 

-6.6%

Construction

 

 

 

384,860

 

 

 

 

 

 

369,052

 
4.3%

 

 

 

384,860

 

 

 

 

 

 

369,052

 
4.3%

International

 

 

 

36,343

 

 

 

 

 

 

36,626

 

-0.8%

 

 

 

36,343

 

 

 

 

 

 

36,626

 

-0.8%

Other

 

 

 

5,870

 

 

 

 

 

 

5,366

 
9.4%

 

 

 

5,870

 

 

 

 

 

 

5,366

 
9.4%

Total Gross Sales

 

 

 

1,050,706

 

 

 

 

 

 

1,031,604

 
1.9%

 

 

 

1,050,706

 

 

 

 

 

 

1,031,604

 
1.9%

Sales Allowances

 

 

 

(18,644)

 

 

 

 

 

 

(16,479)

 

-13.1%

 

 

 

(18,644)

 

 

 

 

 

 

(16,479)

 

-13.1%

Total Net Sales

 

 

$

1,032,062

 

 

 

 

 

$

1,015,125

 
1.7%

 

 

$

1,032,062

 

 

 

 

 

$

1,015,125

 
1.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

% of Sales

 

2019

 

% of Sales

 

 

2020

 

% of Sales

 

2019

 

% of Sales

SG&A, Excluding Bonus Expense

 

 

$

98,239

 
9.5%

 

$

92,935

 
9.2%

 

 

$

98,239

 
9.5%

 

$

92,935

 
9.2%

Bonus Expense

 

 

 

13,992

 
1.4%

 

 

12,382

 
1.2%

 

 

 

13,992

 
1.4%

 

 

12,382

 
1.2%

Total SG&A

 

 

$

112,231

 
10.9%

 

$

105,317

 
10.4%

 

 

$

112,231

 
10.9%

 

$

105,317

 
10.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SG&A, Excluding Bonus Expense as a Percentage of Gross Profit

 

 

 
57.7%

 

 

 

 

 

 
60.2%

 

 

 

 

 
57.7%

 

 

 

 

 

 
60.2%

 

 

 

 

UFP Industries, Inc.

Page 6

 

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

MARCH 2020/2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

    

 

2020

    

 

2019

    

LIABILITIES AND EQUITY

    

 

2020

    

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

32,129

 

$

17,111

 

Cash overdraft

 

$

 —

 

$

18,732

 

Restricted cash

 

 

724

 

 

1,024

 

Accounts payable

 

 

162,039

 

 

170,667

 

Investments

 

 

17,778

 

 

16,197

 

Accrued liabilities

 

 

164,444

 

 

130,985

 

Accounts receivable

 

 

460,821

 

 

444,111

 

Current portion of debt

 

 

2,772

 

 

185

 

Inventories

 

 

510,681

 

 

580,163

 

 

 

 

 

 

 

 

 

Other current assets

 

 

38,776

 

 

44,866

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL CURRENT ASSETS

 

 

1,060,909

 

 

1,103,472

 

TOTAL CURRENT LIABILITIES

 

 

329,255

 

 

320,569

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER ASSETS

 

 

124,519

 

 

90,463

 

 

 

 

 

 

 

 

 

INTANGIBLE ASSETS, NET

 

 

299,979

 

 

271,297

 

LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS

 

 

160,550

 

 

266,428

 

 

 

 

 

 

 

 

 

OTHER LIABILITIES

 

 

120,895

 

 

96,035

 

PROPERTY, PLANT AND EQUIPMENT,  NET

 

 

397,575

 

 

356,166

 

EQUITY

 

 

1,272,282

 

 

1,138,366

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$

1,882,982

 

$

1,821,398

 

TOTAL LIABILITIES AND EQUITY

 

$

1,882,982

 

$

1,821,398

 

 

 

UFP Industries, Inc.

Page 7

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE THREE MONTHS ENDED

MARCH 2020/2019

 

 

 

 

 

 

 

 

 

(In thousands)

    

 

2020

 

    

 

2019

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net earnings

 

$

40,570

 

 

$

36,002

 

Adjustments to reconcile net earnings to net cash from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

15,717

 

 

 

14,475

 

Amortization of intangibles

 

 

1,571

 

 

 

1,852

 

Expense associated with share-based and grant compensation arrangements

 

 

1,444

 

 

 

1,287

 

Deferred income taxes (credit)

 

 

286

 

 

 

(742)

 

Unrealized loss (gain) on investment and other

 

 

3,173

 

 

 

(1,348)

 

Net gain on disposition and impairment of assets

 

 

(285)

 

 

 

(122)

 

Changes in:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(94,253)

 

 

 

(100,716)

 

Inventories

 

 

(25,783)

 

 

 

(23,649)

 

Accounts payable and cash overdraft

 

 

20,047

 

 

 

25,056

 

Accrued liabilities and other

 

 

(8,648)

 

 

 

(7,924)

 

NET CASH FROM OPERATING ACTIVITIES

 

 

(46,161)

 

 

 

(55,829)

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Purchases of property, plant, and equipment

 

 

(27,286)

 

 

 

(15,883)

 

Proceeds from sale of property, plant and equipment

 

 

409

 

 

 

241

 

Acquisitions and purchase of noncontrolling interest, net of cash received

 

 

(18,487)

 

 

 

 —

 

Purchases of investments

 

 

(14,052)

 

 

 

(449)

 

Proceeds from sale of investments

 

 

11,260

 

 

 

340

 

Other

 

 

(54)

 

 

 

200

 

NET CASH USED IN INVESTING ACTIVITIES

 

 

(48,210)

 

 

 

(15,551)

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Borrowings under revolving credit facilities

 

 

6,759

 

 

 

237,560

 

Repayments under revolving credit facilities

 

 

(6,498)

 

 

 

(173,232)

 

Repayments of debt

 

 

(3,074)

 

 

 

(3,029)

 

Proceeds from issuance of common stock

 

 

319

 

 

 

261

 

Distributions to noncontrolling interest

 

 

(299)

 

 

 

(500)

 

Dividends paid to shareholders

 

 

(7,730)

 

 

 

 —

 

Repurchase of common stock

 

 

(29,212)

 

 

 

 —

 

Other

 

 

12

 

 

 

 9

 

NET CASH FROM (USED IN) FINANCING ACTIVITIES

 

 

(39,723)

 

 

 

61,069

 

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash

 

 

(1,719)

 

 

 

248

 

NET CHANGE IN CASH AND CASH EQUIVALENTS

 

 

(135,813)

 

 

 

(10,063)

 

 

 

 

 

 

 

 

 

 

ALL CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

 

 

168,666

 

 

 

28,198

 

 

 

 

 

 

 

 

 

 

ALL CASH AND CASH EQUIVALENTS, END OF PERIOD

 

$

32,853

 

 

$

18,135

 

 

 

 

 

 

 

 

 

 

Reconciliation of cash and cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

Cash and cash equivalents, beginning of period

 

$

168,336

 

 

$

27,316

 

Restricted cash, beginning of period

 

 

330

 

 

 

882

 

All cash and cash equivalents, beginning of period

 

$

168,666

 

 

$

28,198

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, end of period

 

$

32,129

 

 

$

17,111

 

Restricted cash, end of period

 

 

724

 

 

 

1,024

 

All cash and cash equivalents, end of period

 

$

32,853

 

 

$

18,135

 

 

 

 

 

 

 

 

 

 

 

 

UFP Industries, Inc.

Page 8

 

EBITDA RECONCILIATION (UNAUDITED)

FOR THE THREE MONTHS ENDED

MARCH 2020/2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Period

Year to Date

(In thousands)

 

2020

 

2019

2020

2019

Net earnings

 

$

40,570

 

$

36,002

$

40,570

 

$

36,002

Interest expense

 

 

1,908

 

 

2,460

 

1,908

 

 

2,460

Interest and investment income

 

 

(341)

 

 

(245)

 

(341)

 

 

(245)

Income taxes

 

 

13,322

 

 

11,577

 

13,322

 

 

11,577

Expenses associated with share-based compensation arrangements

 

 

1,444

 

 

1,287

 

1,444

 

 

1,287

Net gain on disposition and impairment of assets

 

 

(285)

 

 

(122)

 

(285)

 

 

(122)

Unrealized loss (gain) on investments

 

 

3,173

 

 

(1,348)

 

3,173

 

 

(1,348)

Depreciation expense

 

 

15,717

 

 

14,475

 

15,717

 

 

14,475

Amortization of intangibles

 

 

1,571

 

 

1,852

 

1,571

 

 

1,852

EBITDA

 

$

77,079

 

$

65,938

$

77,079

 

$

65,938

 

UFP Industries, Inc.

Page 9

 

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AS A PERCENTAGE OF SALES

CURRENT YEAR’S SALES STATED AT LAST YEAR’S SELLING PRICES (UNAUDITED)

FOR THE THREE MONTHS ENDED - MARCH 2020/2019

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Period

 

Actual

Sales Adjusted to Last Year's Selling Price

Actual

 

 

2020

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

NET SALES

 

100.0

%

 

100.0

%

 

100.0

%

COST OF GOODS SOLD 

 

83.5

 

 

84.0

 

 

84.8

 

GROSS PROFIT

 

16.5

 

 

16.0

 

 

15.2

 

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

 

10.9

 

 

10.6

 

 

10.4

 

FOREIGN CURRENCY EXCHANGE (GAIN) LOSS

 

 -

 

 

(0.1)

 

 

0.1

 

NET GAIN ON DISPOSITION AND IMPAIRMENT OF ASSETS

 

 -

 

 

 -

 

 

 -

 

EARNINGS FROM OPERATIONS

 

5.7

 

 

5.5

 

 

4.8

 

OTHER EXPENSE, NET

 

0.5

 

 

0.4

 

 

0.1

 

EARNINGS BEFORE INCOME TAXES

 

5.2

 

 

5.1

 

 

4.7

 

INCOME TAXES

 

1.3

 

 

1.3

 

 

1.1

 

NET EARNINGS

 

3.9

 

 

3.8

 

 

3.5

 

LESS NET EARNINGS ATTRIBUTABLE TO

 

 

 

 

 

 

 

 

 

    NONCONTROLLING INTEREST

 

 -

 

 

 -

 

 

 -

 

NET EARNINGS ATTRIBUTABLE TO

 

 

 

 

 

 

 

 

 

    CONTROLLING INTEREST

 

3.9

%

 

3.8

%

 

3.5

%

 

 

 

 

 

 

 

 

 

 

Note: Actual percentages are calculated and may not sum to total due to rounding.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2019 NET SALES

$

1,015,125

 

 

 

 

 

 

 

2020 SELL PRICE DECLINE

 

3.00

%

 

 

 

 

 

 

DECREASE IN 2020 NET SALES DUE TO SELL PRICE DECLINE

$

30,454

 

 

 

 

 

 

 

ACTUAL 2020 NET SALES

 

1,032,062

 

 

 

 

 

 

 

ADJUSTED 2020 NET SALES

$

1,062,516

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACTUAL 2020 COST OF GOODS SOLD

$

861,934

 

 

 

 

 

 

 

PLUS DIFFERENCE IN NET SALES (ABOVE)

 

30,454

 

 

 

 

 

 

 

ADJUSTED 2020 COST OF GOODS SOLD

$

892,388