Quarterly Reports

March 7, 2005
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X-Rite Inc. (Nasdaq: XRIT) reported a 12.7 percent increase in net sales to $23.6 million for the first quarter ended March 29.

Operating income for the quarter was $1.6 million, compared to a loss of $300,000 in first quarter 2002. Net income for the quarter was $1 million, or 5 cents per diluted share, compared with a net loss of $7.9 million, or 39 cents per diluted share, in the first quarter of 2002.

President Michael Ferrara said the company is aggressively pursuing color-related acquisitions that will have an immediate impact on X-Rite’s ability to improve and expand the markets it serves.

Highlights of the quarter include:

  • Benjamin Moore & Co. selected X-Rite as its leading color management solutions provider and signed a comprehensive, long-term agreement to install MatchRite products throughout its dealer network.

  • Due to its recent acquisition of the ccDot product line, X-Rite now offers graphic arts customers a full line of products for the measurement of printing plates, including flexography, which is a new capability for the company.

  • The company’s ShadeVision System, an electronic shade-matching device, is gaining industry acceptance and was recognized by REALITY Publishing, an authority in product evaluation and testing for the dental marketplace.

Knape & Vogt Manufacturing Co. (Nasdaq: KNAP) reported net sales of $32.1 million for the third quarter of the 2003 fiscal year, a 3 percent decline from the $33.1 million during the same period a year earlier.

Net income for the quarter was $395,389, or 9 cents per share. That compares with $844,627, or 19 cents per share, in the third quarter of FY 2002 and included a one-time gain from tax benefits of $400,000.

The company, which produces and distributes drawer slides, shelving, storage and ergonomic office products, attributed the decline in net income to its “significant investment in new products and targeted markets.”

For the first nine months of the fiscal year, Knape & Vogt reported sales of $93.3 million, which compares with $97.4 million through the third quarter of FY 2002. New products accounted for $8.1 million in new sales, which compares to $5.3 million a year ago.

Net income through the third quarter totaled $1.4 million, or 32 cents per share. That compares with $2.5 million, or 54 cents per share, during the comparable period a year earlier.

“While we anticipate that the office furniture market will remain challenging for a few more months, we are confident in our ability to grow in our other key markets,” Chairman and CEO Bill Dutmers said. “We also believe that our focus on developing innovative new products and investing in partnership programs such as consignment and vendor-managed inventory, will benefit us in all the markets that we serve, including the office furniture market.”

Hastings Manufacturing Co. (AMEX: HMF) reported net income of $504,758, or 67 cents per diluted share, on net sales of $35.8 million in 2002, compared with net income of $1.04 million, or $1.41 per diluted share, on net sales of $34.8 million in 2001.

Hastings attributed the 3 percent increase in 2002 revenue to incremental sales volumes of Zollner pistons and ACL engine products, which the company sells through exclusive marketing and distribution alliances. Sales of Hastings piston rings to export markets and OEMs increased, offsetting lower sales of piston rings in the United States and Canada.

Mark Johnson, chairman and CEO, said the company improved operations, expanded the number of engine products it offers and expanded distribution in key global markets.

“Like many companies, we are very cautious about the near term and have already seen worsening conditions in our key markets during the first quarter of 2003,” Johnson said. But he added that the company is well positioned for growth in the long term.

Fifth Third Bancorp (Nasdaq: FITB) reported first quarter 2003 earnings per diluted share of 72 cents, compared with 66 cents for the same period a year before. Net income was $418.8 million, up 7 percent over first quarter 2002 net income.

Return on average assets and return on average equity for the quarter were 2.05 percent and 19.6 percent, respectively.

Average loans and leases were up 15 percent over first quarter 2002. Average interest checking account balances for the quarter were up 29 percent over the year-ago period. Non-interest revenues were up 18 percent over the first quarter of last year.

Some 125,000 new checking accounts were opened in the quarter, including 5,000 new Capital Management Accounts.

The lack of a meaningful rebound in business activity, the level of interest rates and the corresponding impact on investment opportunities continue to pose significant challenges to the financial services industry, said George Schaefer Jr., president and CEO.

“Our outlook for the remainder of the year remains upbeat, as our sales force and affiliate management teams continue to focus on winning customer relationships and cross-selling additional products and services.”

Schaeffer said the company is making progress in its effort to strengthen weak areas identified during a recent regulatory review. Fifth Third signed a written agreement during the quarter with the Federal Bank of Cleveland and the Ohio Department of Commerce to address and strengthen risk management processes and internal controls.

National City Corp. (NYSE: NCC) reported first quarter 2003 net income of $497 million, or 81 cents per diluted share, up 11 percent from 73 cents per share in 2002’s first quarter. Returns on average common equity and assets were 23.4 percent and 1.73 percent, respectively.

Chairman and CEO David Daberko said consumer lending, particularly mortgage and home equity loans, contributed to a strong quarter. Average portfolio loans were up 8 percent over first quarter 2002.

Commercial loan activity in general remained sluggish. Average core deposits, excluding mortgage banking escrow balances, were up 9 percent in the first quarter.

Non-interest expense was $1 billion for the quarter and included severance and related costs amounting to about $71 million incurred as the result of cost cutting initiatives, such as a voluntary early retirement program and job eliminations across various business units.

At March 31 total assets were $117.5 billion, and stockholders’ equity was $8.6 billion. Total deposits were nearly $66 billion, including core deposits of $58 billion.

Founders Financial Corp., the holding company for Founders Trust Personal Bank, posted record earnings of $621,081 for the first quarter of 2003, up 40 percent from earnings of $442,188 in the first quarter of 2002.

Total assets now exceed $200 million, compared with $155 million one year ago. The corporation’s first quarter earnings per share ended at 90 cents vs. 65 cents for the year-ago quarter.

Total deposits grew 36 percent, and portfolio loans increased 17 percent over the same quarter last year. Return on shareholder equity for the first quarter was 19.5 percent.

Adtegrity.com (Pink Sheets: ADTY) posted a net profit of $36,620 on total net revenues of $1.06 million for the first quarter ended March 31, compared with a net loss of $125,115 on total net revenues of $615,450 for the same period last year.

The company attributed the 72 percent jump in revenues to increased rates for its network inventory, as well as a gradual improvement in activity across the online advertising industry. The just-passed quarter marked the company’s third consecutive period of profitability.

President and CEO Scott Brew said Adtegrity.com has begun new, focused sales efforts on the West Coast and will be aggressively cultivating other major markets in the months ahead.

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