EX-99.1 3 a2089235zex-99_1.txt EXHIBIT 99.1 Exhibit 99.1
STEWART & STEVENSON SERVICES, INC. CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS (In thousands, except per share data) THREE MONTHS ENDED ---------------------------------------------------------------------------- AUG. 3,2002 MAY 4,2002 JAN. 31,2002 OCT. 27,2001 JULY 28,2001 APR. 28,2001 ----------- ---------- ------------ ------------ ------------ ------------ Sales $ 278,843 $ 297,591 $ 300,708 $ 308,831 $ 372,999 $ 320,157 Cost of sales 237,743 253,948 263,056 271,415 318,904 273,988 --------- --------- --------- --------- --------- --------- Gross profit 41,100 43,643 37,652 37,416 54,095 46,169 Recovery of costs incurred, net -- -- -- (18,200) -- (20,800) Selling and administrative expenses 34,403 35,131 41,857 38,060 34,379 33,456 Interest expense 815 1,105 680 1,282 1,496 1,820 Interest and investment income (373) (338) (598) (706) (897) (1,214) Other (income) expense, net (494) (19) (2,743) (439) (269) (23) --------- --------- --------- --------- --------- --------- 34,351 35,879 39,196 19,997 34,709 13,239 --------- --------- --------- --------- --------- --------- Earnings (loss) before income taxes 6,749 7,764 (1,544) 17,419 19,386 32,930 Income tax expense 2,195 2,736 (1,073) 6,073 7,074 12,303 --------- --------- --------- --------- --------- --------- Net earnings from continuing operations 4,554 5,028 (471) 11,346 12,312 20,627 Earnings (loss) from discontinued operations, net of tax (11,002) (1,229) (2,333) 335 701 (294) Cumulative effect of change in accounting, net of tax -- (3,682) -- -- -- -- --------- --------- --------- --------- --------- --------- Net earnings (loss) $ (6,448) $ 117 $ (2,804) $ 11,681 $ 13,013 $ 20,333 ========= ========= ========= ========= ========= ========= Weighted average shares outstanding: Basic 28,483 28,454 28,325 28,441 28,327 28,085 Diluted 28,754 28,767 28,865 29,002 29,146 28,704 Earnings per share: Basic Continuing operations before cumulative effect $ 0.16 $ 0.18 $ (0.02) $ 0.40 $ 0.43 $ 0.73 Discontinued operations (0.39) (0.04) (0.08) 0.01 0.02 (0.01) Cumulative effect of change in accounting -- (0.13) -- -- -- -- --------- --------- --------- --------- --------- --------- NET EARNINGS (LOSS) PER SHARE $ (0.23) $ 0.01 $ (0.10) $ 0.41 $ 0.45 $ 0.72 ========= ========= ========= ========= ========= ========= Diluted Continuing operations before cumulative effect $ 0.16 $ 0.17 $ (0.02) $ 0.39 $ 0.42 $ 0.72 Discontinued operations (0.38) (0.04) (0.08) 0.01 0.02 (0.01) Cumulative effect of change in accounting -- (0.13) -- -- -- -- --------- --------- --------- --------- --------- --------- NET EARNINGS (LOSS) PER SHARE $ (0.22) $ 0.01 $ (0.10) $ 0.40 $ 0.44 $ 0.71 ========= ========= ========= ========= ========= ========= Cash dividends per share $ 0.085 $ 0.085 $ 0.085 $ 0.085 $ 0.085 $ 0.085
STEWART & STEVENSON SERVICES, INC. SEGMENT INFORMATION (In thousands) THREE MONTHS ENDED --------------------------------------------------------------------------------------------- AUG. 3, 2002 MAY 4, 2002 JAN. 31, 2002 OCT. 27, 2001 JULY 28, 2001 APR. 28, 2001 ------------ ----------- ------------- ------------- ------------- ------------- SALES Power Products $ 129,658 $ 149,528 $ 146,163 $ 147,255 $ 153,084 $ 135,471 Distributed Energy Solutions 17,832 11,783 6,976 15,020 62,683 31,049 Tactical Vehicle Systems 105,404 115,461 111,252 103,771 108,771 108,494 Petroleum Equipment 8,792 6,518 20,319 25,121 24,073 21,034 Airline Products 17,157 14,301 15,998 17,664 22,878 24,109 Other Business Activities -- -- -- -- 1,510 -- --------- --------- --------- --------- --------- --------- Total $ 278,843 $ 297,591 $ 300,708 $ 308,831 $ 372,999 $ 320,157 ========= ========= ========= ========= ========= ========= OPERATING PROFIT (LOSS) Power Products $ 480 $ 3,650 $ 1,476 $ 3,135 $ 3,403 $ 1,387 Distributed Energy Solutions (2,063) (2,208) (12,262) (5,161) 4,906 43 Tactical Vehicle Systems 15,554 14,905 15,999 32,962 16,231 38,243 Petroleum Equipment (1,533) (572) (502) (1,101) 1,592 1,486 Airline Products (1,572) (3,130) (3,620) (7,842) (2,597) (4,379) Other Business Activities (57) (156) 9 9 (3) (38) --------- --------- --------- --------- --------- --------- Total 10,809 12,489 1,100 22,002 23,532 36,742 NON-OPERATING INCOME/(EXPENSE) Corporate expense, net (3,618) (3,958) (2,562) (4,007) (3,547) (3,206) Interest income 373 338 598 706 897 1,214 Interest expense (815) (1,105) (680) (1,282) (1,496) (1,820) --------- --------- --------- --------- --------- --------- EARNINGS (LOSS) BEFORE INCOME TAXES $ 6,749 $ 7,764 $ (1,544) $ 17,419 $ 19,386 $ 32,930 ========= ========= ========= ========= ========= ========= OPERATING PROFIT (LOSS) PERCENTAGE Power Products 0.4% 2.4% 1.0% 2.1% 2.2% 1.0% Distributed Energy Solutions (11.6) (18.7) N/M (34.4) 7.8 0.1 Tactical Vehicle Systems 14.8 12.9 14.4 31.8 14.9 35.2 Petroleum Equipment (17.4) (8.8) (2.5) (4.4) 6.6 7.1 Airline Products (9.2) (21.9) (22.6) (44.4) (11.4) (18.2) Other Business Activities 0.0 0.0 0.0 0.0 (0.2) 0.0 Total 3.9 4.2 0.4 7.1 6.3 11.5