*NEWS*NASHUA CORP 2ND Q. EARNINGS EDGE UP

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*NEWS*NASHUA CORP 2ND Q. EARNINGS EDGE UP

 user 2005-08-06 at 11:14:00 am Views: 95
  • #12140
    Nashua Corp. Q2 earnings edge up
    NASHUA. – Nashua Corp., a manufacturer and marketer of labels, thermal
    specialty papers and imaging products, boosted its net sales and posted a
    slightly higher profit for the second quarter compared to the same time last
    year, the company announced late Tuesday.
     
    Net sales for the second quarter ending July 1 were $73.2 million, compared
    with $72.6 million the same time last year.
     
    Profit for the second quarter was $1.4 million or 23 cents per share, which
    included income of $1.2 million or 20 cents per share from discontinued
    operations related to the settlement of tax issues with the Internal Revenue
    Service, compared to a profit of $900,000 or 16 cents per share at the same time
    last year.
     
    Gross margin for the second quarter was $12.1 million, or 16.5 percent,
    compared with $13.6 million, or 18.7 percent, at the same time last year.
     
    “While net sales increased on both a quarterly and year-to-date basis,
    margins continue to be impacted by rising costs and the effect of accelerating
    depreciation related to the exiting of the Toner business,” said Andrew Albert,
    chairman, president and chief executive officer of Nashua Corp., in a prepared
    statement.
     
    “In a business environment that remains challenging, Nashua is making
    progress as our margins improved incrementally in the second quarter of 2005 as
    compared to the first quarter of 2005,” Albert added. “Each business unit has
    plans in place to achieve further improvement.”
     
    Earnings before interest, taxes, depreciation and amortization (EBITDA)
    were $3.3 million for the second quarter compared to $3.8 million for the second
    quarter of 2004.
     
    Pre-tax income from continuing operations was $400,000 in the second
    quarter compared with $1.5 million the same time last year.
     
    Net sales for the quarter were $146.4 million, compared with $143.9 million
    for the first half of 2004.
     
    During the second quarter, Nashua settled the 1995 to 2000 tax case with
    the Internal Revenue Service, addressing the issue in a manner that positively
    benefited Nashua, Albert said.
     
    “The tax settlement is another positive development as it provides a
    definitive and favorable resolution to a lingering issue that absorbed
    management time and expense,” he said.
     
    Nashua Corp. is based in Nashua.