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Petroleum industry

Alpine Group Reports Record Revenues and Earnings in Fiscal 2000 First Quarter

Strategic Insights

— 2 min read

The Alpine Group, Inc., a holding company with a 51.7% ownership stake in Superior TeleCom Inc., reported record revenues and earnings for its fiscal 2000 first quarter ended July 31, 1999. Revenues from continuing operations reached $515.2 million, a 228% increase from $156.9 million in the same quarter of the previous year. Net income attributable to common stock was $6.3 million, or $0.36 per diluted share, compared to $4.7 million, or $0.24 per diluted share, in the same quarter of 1998.

Key Takeaways:

  • The Alpine Group reported record revenues of $515.2 million in its fiscal 2000 first quarter, a 228% increase from $156.9 million in the same quarter of 1998.
  • Net income attributable to common stock was $6.3 million, or $0.36 per diluted share, compared to $4.7 million, or $0.24 per diluted share, in the same quarter of 1998.
  • The company recorded nonrecurring and unusual charges of $0.9 million, or $0.02 per diluted share, during the quarter ended July 31, 1999.
  • Discontinued operations for the quarter ended July 31, 1998 represented the net operating results of Premier Refractories International Inc., which was sold to Cookson Group plc on August 6, 1999.
  • The sale of Premier Refractories International Inc. resulted in a pretax gain of approximately $67 million, which will be recorded during the Company's second quarter ending October 31, 1999.
  • The Company's equity investment in PolyVision Corporation recorded an income of $1.0 million in the current quarter.
  • The Company expects a continued solid earnings contribution from its Superior TeleCom subsidiary, despite anticipated lower than planned sales of communications cable products to telephone company customers.
  • The Alpine Group, Inc. is a holding company with a 51.7% ownership stake in Superior TeleCom Inc., a leading manufacturer and supplier of telecommunications cable and wire products.

Statistics:

  • Revenues from continuing operations: $515.2 million (July 31, 1999) / $156.9 million (July 31, 1998) = 228%
  • Net income attributable to common stock: $6.3 million (July 31, 1999) / $4.7 million (July 31, 1998) = 34%
  • Nonrecurring and unusual charges: $0.9 million (July 31, 1999)
  • Discontinued operations: $1.5 million (July 31, 1998)
  • Pretax gain from sale of Premier Refractories International Inc.: approximately $67 million
  • Net income from discontinued operations: $6.2 million (July 31, 1998)

Sources:

  • "The Alpine Group, Inc. Reports Record Revenues and Earnings for Fiscal 2000 First Quarter" (PRNewswire, Sept. 13, 1999)
  • The Alpine Group, Inc., "Comparative Income Statement Data (unaudited)" (July 31, 1998 & 1999)
  • The Alpine Group, Inc., "Comparative Balance Sheet Data" (July 31, 1999 & 4/30/1999)

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