Outlook Group Reports Improved Third Quarter Results
Press release from the issuing company
NEENAH, Wis.---March 21, 2002--Outlook Group Corp. today reported net sales of $15,813,000 for the third quarter of fiscal 2002, a 9.2% increase from sales of $14,484,000 for the same period in the prior year. Excluding the recovery of settlement costs for a lawsuit related to a former customer of the company's Outlook Packaging, Inc. subsidiary, earnings for the third quarter of fiscal 2002 were $78,000 or $0.02 per share, compared to a loss of $630,000 or $0.l6 per share for the comparable prior period. Including the after-tax settlement recovery of $308,000 or $0.09 per share, the company recorded net earnings of $386,000 or $0.11 per diluted share for the third quarter of fiscal 2002.
For the first nine months of fiscal 2002, net sales were $51,513,000, compared to sales of $56,791,000 for the same period in the prior year. Excluding facility relocation and net legal settlement expenses, after-tax earnings were $739,000 or $0.22 per share for the first nine months of fiscal 2002, compared to earnings of $1,238,000 or $0.32 per share for the first nine months of fiscal 2001. Including after-tax facility relocation and legal settlement expenses of $587,000 or $0.17 per share, the company reported net earnings of $152,000 or $0.04 per share for the first nine months of fiscal 2002.
"The increase in third quarter sales reflects our emphasis on long-term projects, which adds stability to our organization. Our net earnings for the third quarter are well above the loss we reported for the same period last year. This turnaround is due to the higher sales and increased efficiencies as we begin to benefit from the consolidation of our operations at our facilities in Neenah, Wis.,'' said Joseph J. Baksha, president and chief operating officer of Outlook Group.
"We are pleased with our third quarter performance, especially in view of the continuing pressure on margins throughout the industry. With no debt and solid cash flow, we believe we are in a good position to weather the recession in the industry,'' said Baksha.
Baksha said the recovery of the settlement costs for the lawsuit was from a third party and an insurance company. "We also are continuing to pursue reimbursement for all or a portion of the legal fees relating to the lawsuit,'' he said.
Outlook Group Corp. is a printing, packaging and direct marketing company offering a variety of related services to clients in markets including contract packaging, collateral information management and distribution, direct marketing components and services, packaging components and materials, and specialty print related services. The company leverages its core competencies by cross-selling services to provide a single-source solution for its clients.
WhatTheyThink is the global printing industry's leading independent media organization with both print and digital offerings, including WhatTheyThink.com, PrintingNews.com and WhatTheyThink magazine versioned with a Printing News and Wide-Format & Signage edition. Our mission is to provide cogent news and analysis about trends, technologies, operations, and events in all the markets that comprise today’s printing and sign industries including commercial, in-plant, mailing, finishing, sign, display, textile, industrial, finishing, labels, packaging, marketing technology, software and workflow.