Attached files
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| 8-K - 8-K - POINDEXTER J B & CO INC | a11-26435_18k.htm |
EXHIBIT 99.1
HOUSTON, TEXAS SEPTEMBER 12, 2011
J.B. Poindexter & Co., Inc., which designs, manufactures and markets commercial truck bodies, delivery vans, pickup truck caps and tonneaus, funeral coaches and limousines, specialty oil and gas industry equipment, and expanded foam packaging, today announces that Robert Preston, its former Executive Vice President and Chief Operating Officer, has separated from the Company effective September 12, 2011.
John Poindexter, the Company’s Chairman, Chief Executive Officer and President, will assume Mr. Preston’s responsibilities while the Company conducts its search for a new COO. The Company anticipates that this change in the executive team will not affect its operations or financial performance.
As previously announced on July 13, 2011 the Company released unaudited revenues and earnings for the three and six months ended June 30, 2011 as follows (in thousands):
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|
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For the Three Months |
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For the Six Months |
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|
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Ended June 30, |
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Ended June 30, |
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|
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2011 |
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2010 |
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2011 |
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2010 |
| ||||
|
|
|
(Unaudited) |
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(Unaudited) |
|
(Unaudited) |
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(Unaudited) |
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Net Sales |
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|
|
|
|
|
|
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Morgan |
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$ |
97,595 |
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$ |
69,690 |
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$ |
161,734 |
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$ |
114,300 |
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|
Morgan Olson |
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22,309 |
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20,910 |
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34,247 |
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47,713 |
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Truck Accessories |
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32,014 |
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33,300 |
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63,821 |
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63,241 |
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Specialty Manufacturing |
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48,041 |
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38,085 |
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94,774 |
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70,075 |
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Total |
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$ |
199,959 |
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$ |
161,985 |
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$ |
354,576 |
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$ |
295,329 |
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Operating Income (Loss) |
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|
|
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Morgan |
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$ |
10,559 |
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$ |
6,315 |
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$ |
13,011 |
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$ |
6,877 |
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|
Morgan Olson |
|
409 |
|
792 |
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(298 |
) |
2,513 |
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Truck Accessories |
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2,903 |
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4,052 |
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4,895 |
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6,459 |
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Specialty Manufacturing |
|
3,016 |
|
684 |
|
5,437 |
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(633 |
) | ||||
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JBPCO (Corporate) |
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(1,309 |
) |
(1,759 |
) |
(3,745 |
) |
(3,323 |
) | ||||
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Total |
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$ |
15,578 |
|
$ |
10,084 |
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$ |
19,300 |
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$ |
11,893 |
|
As of June 30, 2011 we had approximately $51 million of cash and $50 million of available borrowing capacity under our revolving credit facility.
Contact: Michael O’Connor, Chief Financial Officer of J.B. Poindexter & Co., Inc., 713-655-9800