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Blount International Inc (BLT) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2006

Blount International Inc

CIK: 1001606 Ticker: BLT

 

Contact:

Calvin E. Jenness

 

 

Senior Vice President
and Chief Financial

 

 

Officer

 

 

503-653-4573

 

Release:

Immediately

 

Blount Announces 2006 Fourth Quarter and Full Year Results,
Provides 2007 Financial Outlook

·                  Outdoor Products segment sales reach record level in 2006

·                  Debt reduced by $56.8 million in 2006 to $350.9 million

·                  Industrial and Power Equipment segment sales and contribution impacted by a cyclical downturn in North American timber-harvesting equipment market

PORTLAND, OR, February 28, 2007: Blount International, Inc. [NYSE: BLT] (“Blount” or the “Company”) today announced results for the fourth quarter and year ended December 31, 2006.

Results for the Quarter Ended December 31, 2006

Fourth quarter sales were $158.1 million compared to $176.9 million in the fourth quarter of 2005. Operating income was $23.3 million compared to $29.8 million in the fourth quarter of 2005. The sales and operating income decline from 2005’s fourth quarter reflects year-over-year growth in the Company’s largest business segment, Outdoor Products, offset by industry-driven declines in the Industrial and Power Equipment segment.

Fourth quarter net income from continuing operations was $9.2 million ($0.19 per diluted share) compared to $56.4 million ($1.17 per diluted share) in the fourth quarter of 2005.  The fourth quarter 2005 net income was favorably impacted by the reversal of most of the Company’s deferred income tax valuation allowance, which resulted in a significant income tax benefit being recorded. The estimated impact of key variances in results of continuing operations for the fourth quarter of 2006 compared to the fourth quarter of 2005 in terms of sales, operating income and diluted earnings per share is illustrated below:

 

 

Sales

 

Operating
Income

 

Diluted
EPS

 

$ in millions except per share data

 

 

 

 

 

 

 

 

 

Results for 4th Qtr. 2005

 

$

176.9

 

$

29.8

 

$

1.17

 

Increase/(decrease) from:

 

 

 

 

 

 

 

Outdoor Products Segment

 

2.0

 

1.4

 

0.02

 

Industrial and Power Equipment Segment

 

(20.9

)

(7.3

)

(0.09

)

Income Tax Rate

 

 

 

(0.91

)

Plant Closure Costs

 

 

(0.2

)

 

Stock Option Expense

 

 

(0.3

)

 

All Other

 

0.1

 

(0.1

)

 

Total Variance 2006 vs. 2005

 

$

(18.8

)

$

(6.5

)

$

(0.98

)

Results for 4th Qtr. 2006

 

$

158.1

 

$

23.3

 

$

0.19

 

 

-tables to follow-



The following information was filed by Blount International Inc (BLT) on Wednesday, February 28, 2007 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Blount International Inc provided additional information to their SEC Filing as exhibits

Ticker: BLT
CIK: 1001606
Form Type: 10-K Annual Report
Accession Number: 0001104659-07-017932
Submitted to the SEC: Fri Mar 09 2007 9:18:16 PM EST
Accepted by the SEC: Mon Mar 12 2007
Period: Sunday, December 31, 2006
Industry: Cutlery Handtools And General Hardware

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