M & F Worldwide Corp. Reports Income for 2006 Third Quarter and Nine Months
08 11월 2006 - 7:15AM
PR Newswire (US)
NEW YORK, Nov. 7 /PRNewswire-FirstCall/ -- M & F Worldwide
Corp. (NYSE:MFW), today reported results for the third quarter and
nine months ended September 30, 2006. Net revenues for the third
quarter of 2006 were $178.0 million as compared to $24.6 million in
the third quarter of 2005. The Company's revenues increased by
$153.4 million in the 2006 quarter primarily as a result of the
Clarke American acquisition, which occurred in December 2005 and
accounted for an increase of $155.3 million. Net income was $11.2
million for the third quarter of 2006 as compared to $6.0 million
for the third quarter of 2005. The increase of $5.2 million is
primarily due to the acquisition of Clarke American, which
accounted for $7.3 million of the increase, partially offset by
interest expense on Mafco Worldwide's long-term debt incurred in
connection with the acquisition of Clarke American. Basic earnings
per common share were $0.56 in the third quarter of 2006 and $0.32
in the third quarter of 2005. Diluted earnings per common share
were $0.55 in the third quarter of 2006 and $0.31 in the third
quarter of 2005. Net revenues for the nine months ended September
30, 2006 were $547.4 million as compared to $74.0 million for the
nine months ended September 30, 2005. The increase of $473.4
million was due to the Clarke American acquisition, which accounted
for $474.4 million of the increase, offset by a decrease in Mafco
Worldwide net revenues. Net income was $29.6 million for the nine
months ended September 30, 2006 as compared to $18.3 million for
the nine months ended September 30, 2005. The increase of $11.3
million is primarily due to the acquisition of Clarke American,
which accounted for $17.6 million of the increase, partially offset
by interest expense on Mafco Worldwide's long-term debt incurred in
connection with the acquisition of Clarke American. Basic earnings
per common share were $1.50 in the nine months ended September 30,
2006 and $0.96 in the nine months ended September 30, 2005. Diluted
earnings per common share were $1.46 in the nine months ended
September 30, 2006 and $0.93 in the nine months ended September 30,
2005. Licorice Products Segment Net revenues from the Licorice
Products segment, operated by Mafco Worldwide, decreased by $1.9
million to $22.7 million in the third quarter of 2006 from $24.6
million in the third quarter of 2005. Net revenues from the
worldwide tobacco markets for both licorice and non-licorice
products decreased by $2.6 million as a result of lower shipment
volumes due to timing of orders, a decrease in cigarette
consumption in certain markets (in particular Western Europe), and
a changing mix of products sold to the worldwide tobacco industry.
Magnasweet and licorice derivative sales increased $0.3 million on
higher shipment volumes in the third quarter of 2006 versus the
third quarter of 2005. Sales of licorice products to confectionary
customers declined $0.3 million on lower shipment volumes in the
third quarter of 2006 versus the third quarter of 2005. Sales of
raw materials to Mafco Worldwide's joint venture in China increased
by $0.7 million in the third quarter of 2006 versus the third
quarter of 2005. Operating income was $7.3 million in the third
quarter of 2006 versus $8.6 million in the third quarter of 2005.
The decrease in operating income of $1.3 million was due to the
decrease in revenues and substantially higher energy, raw
materials, and other manufacturing costs, offset in part by lower
professional fees. Net revenues from the Licorice Products segment
decreased by $1.0 million to $73.0 million in the nine months ended
September 30, 2006 from $74.0 million in the nine months ended
September 30, 2005. Net revenues from the worldwide tobacco markets
for both licorice and non-licorice products decreased by $1.7
million during the nine months ended September 30, 2006 as a result
of lower shipment volumes due to timing of orders, a decrease in
cigarette consumption in certain markets (in particular Western
Europe), and a changing mix of products sold to the worldwide
tobacco industry. Magnasweet and licorice derivative sales
increased $1.1 million on higher shipment volumes during the nine
months ended September 30, 2006 versus the nine months ended
September 30, 2005. Sales of licorice products to confectionary and
other customers decreased $1.8 million on lower shipment volumes
during the nine months ended September 30, 2006 versus the nine
months ended September 30, 2005. Sales of raw materials to Mafco
Worldwide's joint venture in China increased by $1.4 million during
the nine months ended September 30, 2006 versus the nine months
ended September 30, 2005. Operating income was $26.7 million during
the nine months ended September 30, 2006 versus $28.0 million
during the nine months ended September 30, 2005. The decrease in
operating income of $1.3 million was due to the decrease in
revenues and substantially higher energy, raw materials and other
manufacturing costs, offset in part by lower professional fees.
Financial Institution and Direct to Consumer Segments Revenues and
operating income for the Financial Institution segment, operated by
Clarke American, in the third quarter of 2006 were $130.6 million
and $20.0 million, respectively. Revenues and operating income for
the Direct to Consumer segment, also operated by Clarke American,
in the third quarter of 2006 were $24.7 million and $2.5 million,
respectively. Revenues and operating income for the Financial
Institution segment for the nine months ended September 30, 2006
were $399.1 million and $61.0 million, respectively. Revenues and
operating income for the Direct to Consumer segment for the nine
months ended September 30, 2006 were $75.3 million and $7.6
million, respectively. For additional information on Clarke
American's results for the three and nine months ended September
30, 2006, refer to Clarke American's press release issued today and
Form 10-Q filed with the Securities and Exchange Commission. About
M & F Worldwide M & F Worldwide has two business lines,
which are operated by Mafco Worldwide and Clarke American. Mafco
Worldwide's business is the production of licorice products for
sale to the tobacco, food, pharmaceutical and confectionery
industries (which is the Company's Licorice Products segment).
Clarke American's business is providing checks, check-related
products and marketing services. Clarke American's business
consists of two segments: the Financial Institution segment, which
is focused on financial institution clients and their customers,
and the Direct to Consumer segment, which is focused on individual
customers. This press release contains forward-looking statements,
within the meaning of the Private Securities Litigation Reform Act
of 1995, which involve risks and uncertainties. M & F
Worldwide's actual results may differ materially from those
discussed in such forward-looking statements. In addition to
factors described in M & F Worldwide's Securities and Exchange
Commission filings and others (including in the Risk Factors set
forth in the Annual Report Form 10-K of M & F Worldwide filed
with the Securities and Exchange Commission on March 15, 2006), the
following factors could cause M & F Worldwide's actual results
to differ materially from those expressed in any forward-looking
statements made by M & F Worldwide: (a) economic, climatic or
political conditions in countries in which Mafco Worldwide sources
licorice root; (b) economic, regulatory or political conditions
that have an impact on the worldwide tobacco industry or on the
consumption of tobacco products in which licorice products are
used; (c) the failure of third parties to make full and timely
payment to M & F Worldwide for environmental, asbestos, tax and
other matters for which M & F Worldwide is entitled to
indemnification; (d) the maturity of the principal industry in
which Clarke American operates and trends in the paper check
industry, including a faster than anticipated decline in check
usage due to increasing use of alternative payment methods and
other factors; (e) consolidation among financial institutions and
other adverse changes among the large clients on which Clarke
American depends, resulting in decreased revenues; (f) lower than
expected cash flow from operations; (g) significant increases in
interest rates; (h) unfavorable foreign currency fluctuations; and
(i) the Company's substantial indebtedness. M & F Worldwide
assumes no responsibility to update the forward-looking statements
contained in this release. M & F Worldwide Corp. and
Subsidiaries Consolidated Statements of Income (in millions, except
per share data) (Unaudited) Three Months Ended Nine Months Ended
September 30, September 30, 2006 2005 2006 2005 Net revenues $178.0
$24.6 $ 547.4 $74.0 Cost of revenues 109.4 13.0 331.6 36.9 Gross
profit 68.6 11.6 215.8 37.1 Selling, general and administrative
expenses 40.2 3.9 124.0 11.8 Operating income 28.4 7.7 91.8 25.3
Interest income 0.7 0.9 1.8 2.3 Interest expense (17.2) - (50.6)
(0.1) Other income (expense), net - - - 0.9 Income before income
taxes 11.9 8.6 43.0 28.4 Provision for income taxes (0.7) (2.6)
(13.4) (10.1) Net income $11.2 $6.0 $29.6 $18.3 Earnings per common
share: Basic $0.56 $0.32 $1.50 $0.96 Diluted $0.55 $0.31 $1.46
$0.93 DATASOURCE: M & F Worldwide Corp. CONTACT: Christine
Taylor, +1-212-572-5988
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