For the quarter, sales increased $18.1 million, or 8.6%, to $229.2 million versus $211.1 million for the fourth quarter of 1999. On a pro forma, fully taxed basis, net income for the quarter increased $4.8 million, or 40.3%, versus the fourth quarter of 1999 to $16.7 million, or 30 cents per share.
Full year sales growth was strong in both the commercial and residential segments, the company said. Sales through company-operated sales centers increased 16.6% vs. last year, while American Olean sales were flat and Home Center sales were slightly below prior year levels.
Gross margin decreased from 48.2% in 1999 to 47.7% in 2000 due primarily to higher natural gas prices and the strong Mexican Peso. Cash flow from operations for fiscal year 2000 was $110.2 million, an increase of $6.3 million, or 6.1%, over fiscal year 1999 due to increased profitability and improved inventory turns and days sales outstanding. The company incurred capital expenditures of $37.2 million, an increase of $12.1 million over prior year, to expand and modernize manufacturing facilities. Overall debt decreased by $78.9 million, which contributed to a $7.0 million, or 18.9%, reduction in interest expense vs. 1999.
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