Southwest Missouri News

Carthage

Leggett & Platt details earnings

Leggett & Platt, one of southwest Missouri's largest employers, is reporting that sales, earnings and earnings per share were down in the third quarter, and that fourth-quarter and year-end earnings could be depressed.

Sales in the third quarter, which ended Sept. 30, came to $1.06 billion, compared with $1.13 billion for the same quarter a year earlier. A drop of more than 6 percent.

Net earnings for the third quarter came to $55.3 million, compared with $69 million a year ago. Earnings per share came to 28 cents, compared with 34 cents for the third quarter of 2000.

Earnings year-to-date came to $152.2 million, compared with $219 million in the first nine months of 2000. Earnings per share came to 76 cents, compared with $1.09 a year ago.

The company reported that third-quarter sales were up 2 percent and earnings were up 9 percent compared with those of the second quarter.

"Though down from last year's third quarter, we are pleased to see sequential improvement in margin and earnings," Felix Wright, president and chief executive officer, said in a press release. "Operating efficiency is improving as a direct result of the tactical plan we started one year ago."

In 2000, Leggett & Platt undertook the plan which included working to correct problems in parts of the business that were performing below expectations.

In addition, the company announced plans to consolidate, close or sell businesses that could not "be fixed." In the last year, the company has closed, sold or consolidated a dozen of its plants and operations worldwide, restructured part of its operation, and reduced employment by 3,300 people.

The company warned that "external factors" could continue to drive down fourth-quarter sales.

"Many economists predict that consumers could significantly reduce expenditures," Leggett & Platt stated in its announcement.

Joplin

MGE offers payment terms

Missouri Gas Energy is offering special payment terms throughout October to encourage customers to establish service before cold weather arrives.

Throughout October, customers who have not fulfilled previous agreements may establish gas service by paying 50 percent of their outstanding balance.

Beginning in November, customers will be required to pay 75 percent of their balance to establish service.

Monett

JHA reports demand still strong

While other businesses are experiencing a slump, Jack Henry & Associates is reporting that demand remained strong for its services and revenues grew by 12 percent in its first quarter.

"First quarter results, while strong, do not fully reflect the solid demand for our integrated suite of banking and credit union solutions, due to the unusual circumstances in the quarter," Michael Henry, chairman and chief executive officer, said in a prepared statement. He was referring to the Sept. 11 terrorist attack on the World Trade Center, which caused a two-week slump in sales and installation.

For the three-month period that ended Sept. 30, the company reported total revenue of $86.1 million, compared with $77 million for the same period a year earlier.

While revenue from software licensing and installation and from hardware sales dropped during the quarter, revenue from support services provided by Jack Henry rose 37 percent.

Net income for the first quarter increased to $14.6 million, compared with $11.9 million in the same quarter a year earlier.

Earnings per share rose to 16 cents per share.

Numbers for the previous period have been adjusted for stock splits. The company announced a two-for-one stock split in January.