Monarch Cement Co. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2016; Provides Earnings Guidance for the Full Year of Fiscal 2016
May 09, 2016
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Monarch Cement Co. announced unaudited consolidated earnings results for the first quarter ended March 31, 2016. For the quarter, the company announced net sales of $29,568,000 compared to $24,029,000 for the same period a year ago. Gross profit from operations was $6,047,000 compared to $287,000 for the same period a year ago. Income before taxes was $2,279,000 compared to loss before taxes of $3,323,000 for the same period a year ago. Net income was $1,549,000 or $0.40 per basic share compared to net loss of $2,413,000 or $0.62 per basic share for the same period a year ago. Net cash used for operating activities was $207,000 compared to $4,037,000 for the same period a year ago. Total cash spent on capital additions during the first quarter of 2016 was $7.4 million. Consolidated net sales increased primarily due to the increases in volume sold in both the Cement Business and the Ready-Mixed Concrete Business.
The company provided earnings guidance for the full year of fiscal 2016. The company anticipates spending approximately $16.0 million on capital expenditures in 2016. Looking ahead to the remainder of 2016, the company does not anticipate sales volumes to continue to exceed last year's volumes at the rate achieved in the first quarter of 2016. However, the company is optimistic that the economy will continue to improve giving the company additional opportunities to serve its customers and improve operating results.
The Monarch Cement Company is engaged in the manufacture and sale of Portland cement. The Company markets its products in various areas, including the State of Kansas, the State of Iowa, southeast Nebraska, western Missouri, northwest Arkansas and northern Oklahoma. Its products are sold to contractors, ready-mixed concrete plants, concrete products plants, building materials dealers and governmental agencies. Its cement is delivered either in bulk or in paper bags and is sold under the MONARCH brand name. The cement is distributed both by truck and rail, either common or private carrier. Its subsidiaries sell ready-mixed concrete, concrete products and sundry building materials in the primary market. It groups its operations into two lines of business, including Cement Business and Ready-Mixed Concrete Business. Its subsidiaries include American Concrete Company, Inc., Beaver Lake Concrete, Inc., Capitol Concrete Products Co., Inc., City Wide Construction Products Co. and others.
Monarch Cement Co. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2016; Provides Earnings Guidance for the Full Year of Fiscal 2016