Stock Segment: Area companies' quarterly results

Total revenue was $742.9 million, up from $666.5 million in fiscal 2007. Gross profit for the year was $307.2 million, up 7.1 percent from the previous year. Net income for the year was down 0.5 percent to $104.2 million, or $1.16 per diluted share.

Fourth-quarter results were less positive. Total revenue for the quarter was $188.7 million, up 4.3 percent from the same quarter in fiscal 2007, but gross profit was down 3.4 percent to $75.7 million. Net income was $24.9 million, or 28 cents per diluted share, down 14.4 percent from a year earlier.

“We are pleased to announce record revenues for the year, but obviously are not happy with the net income for the quarter or year,” CEO Jack Prim said in a news release. “License revenue fell off dramatically for the quarter compared to last year and slightly for the year, which had a significant impact on both top-line revenue and gross margin.”

License revenue for the fourth quarter was $18.3 million, down 24.7 percent from fourth-quarter 2007.

Company shares (Nasdaq: JKHY) closed Aug. 27 at $19.95, compared to a 52-week range of $19.50 to $29.24.

Leggett reports 2Q earnings decline

Carthage-based Leggett & Platt cited softer demand in several of its markets as the primary reason for a 6-cent drop in second-quarter per-share earnings.

The furniture components manufacturer had earnings of 27 cents per share, compared to 33 cents in second-quarter 2007, Leggett announced July 17.

Sales from continuing operations were $1.06 billion for the quarter, a hair lower than $1.07 billion reported a year ago. Same location sales were down 5 percent.

The manufacturer on July 16 closed the sale of its aluminum products division for $325 million and up to $25 million in preferred stock. The divestiture is part of the company’s plan to sell or liquidate seven business units to improve shareholder return.

Expected earnings for the year remain at $1–$1.30 per share. Sales in 2008 are projected to be about $4.3 billion, or 2 percent higher than 2007.

The company on Aug. 7 also declared a third-quarter dividend of 25 cents per share. The dividend will be paid Oct. 15 to shareholders of record as of Sept. 15.

Shares (NYSE: LEG) closed Aug. 27 at $21.94, compared to a 52-week range of $14.12 to $22.24.

O’Reilly Auto’s 2Q sales up 9.5 percent

O’Reilly Automotive continues to charge ahead with 51 new stores and a 9.5 percent sales increase during the second quarter.

The Springfield-based retailer July 22 reported $55.8 million in second-quarter net income, up 7.5 percent from $51.9 million in the same quarter last year. Earnings were 48 cents per share, compared to 45 cents a year ago.

Quarterly sales totaled $704 million, compared to $642 million last year. Gross profit for the quarter was $317 million – or 45 percent of sales – up 10.4 percent from $287 million a year ago.

Comparable sales for stores open at least a year were up 3.4 percent for the quarter.

The company estimates earnings for 2008 will be between $1.50 and $1.54 per share. The year’s comparable store sales are expected to range from 2 percent to 3 percent for existing stores and -3 percent to -1 percent for CSK Auto Corp. stores gained in O’Reilly’s acquisition of the company in July.

Shares (Nasdaq: ORLY) closed Aug. 27 at $29, compared to a 52-week range of $21.92 to $36.60.

Paul Mueller sales decline 7 percent

Paul Mueller Co. on July 21 reported a nearly 7 percent decrease in net sales during the second quarter.

The Springfield stainless-steel equipment manufacturer posted quarterly net sales of $50.2 million, compared to $53.7 million in second-quarter 2007.

Net income for the quarter was $920,000, down from $1.8 million a year ago, and earnings were 78 cents per share, compared to $1.52 a year ago.

For the year ended June 30, net sales were $239.9 million, compared to $196.6 million in fiscal 2007. Net income was $7.5 million – or $12 million before factoring in a provision for income taxes – compared to $9.9 million last year. Fiscal 2008 earnings were $6.35 per share, compared to $8.43 a year earlier.

The company also declared a cash dividend of 60 cents per share July 31, payable Sept. 12 to shareholders of record on Aug. 18.

As of June 30, the company had $115.6 million in assets and $88.2 million in backlog.

Shares (Pink Sheets: MUEL) closed Aug. 27 at $50, compared to a 52-week range of $43.00 to $72.

Empire District sees net income drop

Empire District Electric Co. on July 24 reported second-quarter net income down 17 percent from the same period in 2007.

The Joplin-based utility’s consolidated net income was $4.8 million, or 14 cents per share, down $1 million from $5.8 million, or 19 cents per share, in second-quarter 2007.

Electric revenues were up 3 percent to $100 million, and electric net income was $5.2 million, down from $6.6 million last year. Empire saw off-system growth during the quarter, but weather and increased fuel and purchased power costs hurt overall electric revenues.

Gas revenues were $9.1 million, compared to $8.4 million a year ago, while the quarter showed a gas net loss of $648,000, an improvement from a $736,000 loss last year. Operations and maintenance expenses in that segment were down slightly but were offset by higher income and other taxes.

Shares (NYSE: EDE) closed Aug. 27 at $21.30, compared to a 52-week range of $18.30 to $24.34.

Decorize posts largest quarterly net profit

In its fiscal 2008 fourth quarter, Decorize Inc. recorded its largest quarterly net profit in the Springfield-based company’s eight-year history.

The home furnishings designer and manufacturer had a net profit of about $185,000 in the quarter, compared to a net loss of $215,000 the same period a year ago, the company announced Aug. 25.

Gross margins for the quarter were up 900 basis points to 38 percent, from 29 percent a year ago.

“Our vertically integrated design, manufacturing and logistics model has allowed us to identify trends, develop product significantly faster than our competition and then shorten delivery schedules for customer orders,” CEO Steve Crowder said in a news release.

Chief Financial Officer Dan Graham added that the fourth-quarter results are mainly attributed to improvements in the company’s supply chain.

“Through our wholly owned subsidiaries in China and Indonesia, we have been able to reduce production and logistics costs substantially,” Graham said in the release.

Decorize will complete its year-end audit and file an annual report in September.

Company shares (OTC BB: DCZI.OB) closed Aug. 27 at 11 cents, compared to a 52-week range of 7 cents to 49 cents.[[In-content Ad]]