EX-99.1 3 a2075407zex-99_1.txt EXHIBIT 99.1 Exhibit 99.1 STEWART & STEVENSON SERVICES, INC. CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS (In thousands, except per share data)
TWELVE MONTHS ENDED THREE MONTHS ENDED -------------------- ------------------------------------------------------------------ JANUARY 31, 2002 JANUARY 31, 2002 OCTOBER 27, 2001 JULY 28, 2001 APRIL 28, 2001 ------------------ ---------------- ---------------- ------------- --------------- Sales $ 1,329,510 $ 306,755 $ 317,344 $ 377,594 $ 327,817 Cost of sales 1,150,792 267,938 278,854 322,875 281,124 ----------- ----------- ----------- ----------- ----------- Gross profit 178,718 38,817 38,490 54,719 46,693 Recovery of costs incurred, net (39,000) -- (18,200) -- (20,800) Selling and administrative expenses 148,757 42,270 38,603 34,506 33,378 Interest expense 5,400 696 1,316 1,528 1,860 Interest and investment income (3,415) (598) (706) (897) (1,214) Other (income) expense, net (3,472) (2,741) (437) (269) (24) ----------- ----------- ----------- ----------- ----------- 108,270 39,627 20,576 34,868 13,200 ----------- ----------- ----------- ----------- ----------- Earnings (loss) before income taxes 70,448 (810) 17,914 19,851 33,493 Income tax expense 25,104 (907) 6,261 7,306 12,444 ----------- ----------- ----------- ----------- ----------- Net earnings from continuing operations 45,344 97 11,653 12,545 21,049 Earnings (loss) from discontinued operations, net of tax (3,121) (2,903) 28 468 (716) ----------- ----------- ----------- ----------- ----------- Net earnings (loss) $ 42,223 $ (2,806) $ 11,681 $ 13,013 $ 20,333 =========== =========== =========== =========== =========== Weighted average shares outstanding: Basic 28,325 28,325 28,441 28,327 28,085 Diluted 28,865 28,865 29,002 29,146 28,704 Earnings per share: Basic Continuing operations $ 1.60 $ -- $ 0.41 $ 0.44 $ 0.75 Discontinued operations (0.11) (0.10) -- 0.02 (0.03) ----------- ----------- ----------- ----------- ----------- NET EARNINGS (LOSS) PER SHARE $ 1.49 $ (0.10) $ 0.41 $ 0.46 $ 0.72 =========== =========== =========== =========== =========== Diluted Continuing operations $ 1.57 $ -- $ 0.40 $ 0.43 $ 0.73 Discontinued operations (0.11) (0.10) -- 0.02 (0.02) ----------- ----------- ----------- ----------- ----------- NET EARNINGS (LOSS) PER SHARE $ 1.46 $ (0.10) $ 0.40 $ 0.45 $ 0.71 =========== =========== =========== =========== =========== Cash dividends per share $ 0.340 $ 0.085 $ 0.085 $ 0.085 $ 0.085
STEWART & STEVENSON SERVICES, INC. SEGMENT INFORMATION (In thousands)
TWELVE MONTHS ENDED THREE MONTHS ENDED ------------------- ------------------------------------------------------------------ JANUARY 31, 2002 JANUARY 31, 2002 OCTOBER 27, 2001 JULY 28, 2001 APRIL 28, 2001 ---------------- ---------------- ---------------- ------------- --------------- SALES Power Products $ 587,034 $ 147,135 $ 148,860 $ 154,416 $ 136,623 Distributed Energy Solutions 115,728 6,976 15,020 62,683 31,049 Tactical Vehicle Systems 432,288 111,252 103,771 108,771 108,494 Petroleum Equipment 90,547 20,319 25,121 24,073 21,034 Airline Products 80,649 15,998 17,664 22,878 24,109 Other Business Activities 23,264 5,075 6,908 4,773 6,508 ----------- ----------- ----------- ----------- ----------- Total $ 1,329,510 $ 306,755 $ 317,344 $ 377,594 $ 327,817 =========== =========== =========== =========== =========== OPERATING PROFIT (LOSS) Power Products $ 10,278 $ 1,681 $ 3,277 $ 3,688 $ 1,632 Distributed Energy Solutions (12,449) (12,255) (5,159) 4,913 52 Tactical Vehicle Systems 103,493 16,011 32,971 16,252 38,259 Petroleum Equipment 1,648 (475) (1,077) 1,653 1,547 Airline Products (18,395) (3,611) (7,838) (2,578) (4,368) Other Business Activities 1,180 499 357 101 223 ----------- ----------- ----------- ----------- ----------- Total 85,755 1,850 22,531 24,029 37,345 NON-OPERATING INCOME/(EXPENSE) Corporate expense, net (13,322) (2,562) (4,007) (3,547) (3,206) Interest income 3,415 598 706 897 1,214 Interest expense (5,400) (696) (1,316) (1,528) (1,860) ----------- ----------- ----------- ----------- ----------- EARNINGS (LOSS) BEFORE INCOME TAXES $ 70,448 $ (810) $ 17,914 $ 19,851 $ 33,493 =========== =========== =========== =========== =========== OPERATING PROFIT (LOSS) PERCENTAGE Power Products 1.8% 1.1% 2.2% 2.4% 1.2% Distributed Energy Solutions (10.8) U (34.3) 7.8 0.2 Tactical Vehicle Systems 23.9 14.4 31.8 14.9 35.3 Petroleum Equipment 1.8 (2.3) (4.3) 6.9 7.4 Airline Products (22.8) (22.6) (44.4) (11.3) (18.1) Other Business Activities 5.1 9.8 5.2 2.1 3.4 Total 6.5 0.6 7.1 6.4 11.4
STEWART & STEVENSON SERVICES, INC. ORDER BACKLOG
ORDER BACKLOG ------------------------------------------------------------------------------------------------------------ January 31, April 29, July 29, October 28, January 31, April 28, July 28, October 27, January 31, ($ Millions) 2000 2000 2000 2000 2001 2001 2001 2001 2002 ------------------------------------------------------------------------------------------------------------ Power Products 77.6 89.9 80.8 73.0 59.4 60.1 79.9 79.9 51.4 Distributed Energy Solutions -- -- 35.9 46.2 78.4 117.1 66.2 53.7 40.3 ----------------------------------------------------------------------------------------------------------- Total 77.6 89.9 116.7 119.2 137.8 177.2 146.1 133.6 91.7 =========================================================================================================== Petroleum Equipment - Continuing 13.6 22.5 36.0 44.8 37.5 34.7 46.0 27.4 17.8 Petroleum Equipment - Discontinued 3.6 4.0 19.6 20.8 17.8 12.7 17.0 16.9 14.0 ------------------------------------------------------------------------------------------------------------ Petroleum Equipment 17.2 26.5 55.6 65.6 55.3 47.4 63.0 44.3 31.8 ===========================================================================================================