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News

EACO Corporation Reports Record Quarter Net Sales & Record Quarter Net Income

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EACO Corporation (OTCQB:EACO) today reported the results for its quarter ended May 31, 2019.

Net sales, net income and earnings per share were as follows for the three months ended May 31, 2019 and 2018 (dollars in thousands, except per share information):

 

Three Months Ended May 31,

 

% 

 

2019

 

2018

 

Change

 

(unaudited)

 

 

 

 

Net sales

$57,840

 

$51,723

 

11.8

%

 

 

 

 

 

 

Net income

$2,944

 

$2,253

 

30.7

%

 

 

 

 

 

 

Basic and diluted earnings per common share

$0.60

 

$0.46

 

30.4

%

The Company had 340 sales employees at May 31, 2019, an increase of 12 sales employees or 4% from the prior year quarter. The Companys sales force is divided into Sales Focus Teams (SFTs). The Company had 98 SFTs as of May 31, 2019, an increase of 2 from the prior year quarter. Management anticipates continued growth in both our headcount and SFTs in fiscal year 2019. The Company believes it continues to gain market share through its local presence business model, increasing net sales by 12% and bookings by 14% when comparing to the prior year quarter.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

Any statements set forth in this news release that are not entirely historical and factual in nature, including without limitation, statements related to our headcount expansion and future growth are forward-looking statements. These forward-looking statements are based on our current expectations and are inherently subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. The potential risks and uncertainties include, but are not limited to, our ability to hire and retain additional qualified employees, our ability to open additional sales offices, and to gain market acceptance for our products, the pricing and availability of our products, the success of our sales and marketing programs, and the impact of products offered by our competitors from time to time. In addition to these factors and any other factors mentioned elsewhere in this news release, the reader should refer as well to the factors, uncertainties or risks identified in EACOs most recent Form 10-K and all subsequent Form 10-Q reports filed by us with the SEC. The forward-looking statements included in this release speak only as of the date hereof, and EACO does not undertake any obligation to update these forward-looking statements to reflect subsequent events or circumstances.

 

EACO Corporation and Subsidiaries

Condensed Consolidated Balance Sheets

(in thousands, except share information)

(Unaudited)

 

May 31,

August 31,

2019

2018*

ASSETS

 

 

 

 

Current Assets:

Cash and cash equivalents

$

 

5,582

$

 

2,705

Restricted cash, current

2,334

933

Trade accounts receivable, net

 

28,583

 

26,277

Inventory, net

36,540

30,531

Marketable securities, trading

 

968

 

2,846

Prepaid expenses and other current assets

3,185

1,590

Total current assets

 

77,192

 

64,882

Non-current Assets:

Property, equipment and leasehold improvements, net

9,900

9,847

Other assets

 

1,673

 

1,570

Total assets

$

 

88,765

$

 

76,299

LIABILITIES AND SHAREHOLDERS EQUITY

 

 

 

Current Liabilities:

Trade accounts payable

$

 

20,171

$

 

17,678

Accrued expenses and other current liabilities

5,601

7,452

Current portion of long-term debt

5,166

146

Liability for short sales of trading securities

 

2,334

 

933

Total current liabilities

 

33,272

 

26,209

Non-current Liabilities:

Long-term debt

6,872

8,204

Total liabilities

 

40,144

 

34,413

Shareholders Equity:

Convertible preferred stock, $0.01 par value per share; 10,000,000 shares authorized; 36,000 shares outstanding (liquidation value $900)

 

1

 

1

Common stock, $0.01 par value per share; 8,000,000 shares authorized; 4,861,590 shares outstanding

49

49

Additional paid-in capital

 

12,378

 

12,378

Accumulated other comprehensive income

890

928

Retained earnings

 

35,303

 

28,530

Total shareholders equity

48,621

41,886

Total liabilities and shareholders equity

$

 

88,765

$

 

76,299

 

* Derived from the Companys audited financial statements included in its Form 10-K for the year ended August 31, 2018 filed with the U.S. Securities and Exchange Commission on November 28, 2018.

 

 

EACO Corporation and Subsidiaries

Condensed Consolidated Statements of Income

(in thousands, except for share and per share information)

(Unaudited)

 

 

 

Three Months Ended

Nine Months Ended

 

May 31,

May 31,

 

 

2019

 

 

2018

 

2019

 

 

2018

 

Revenues

$

 

57,840

 

$

 

51,723

 

$

 

161,185

 

$

 

138,935

 

Cost of revenues

 

41,715

 

 

36,647

 

116,439

 

 

99,231

 

Gross margin

 

16,125

 

 

15,076

 

 

44,746

 

 

39,704

 

Operating expenses:

 

 

Selling, general and administrative expenses

12,353

 

 

11,643

 

35,563

 

 

32,460

 

Income from operations

 

3,772

 

 

3,433

 

 

9,183

 

 

7,244

 

 

Other income (expense):

Net (loss) gain on trading securities

 

413

 

 

(65

)

 

515

 

 

186

 

Interest and other (expense), net

(128

)

 

(122

)

(330

)

 

(353

)

Total other income (expense)

 

285

 

 

(187

)

 

185

 

 

(167

)

Income before income taxes

4,057

 

3,246

 

9,368

 

7,077

 

Provision for income taxes

 

1,113

 

 

993

 

 

2,538

 

 

2,310

 

Net income

2,944

 

2,253

 

6,830

 

4,767

 

Cumulative preferred stock dividend

 

(19

)

 

(19

)

 

(57

)

 

(57

)

Net income attributable to common shareholders

$

 

2,925

 

$

 

2,234

 

$

 

6,773

 

$

 

4,710

 

Basic and diluted earnings per share:

$

 

0.60

 

$

 

0.46

 

$

 

1.39

 

$

 

0.97

 

Basic and diluted weighted average common shares outstanding

4,861,590

 

4,861,590

 

4,861,590

 

4,861,590

 

 

EACO Corporation and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

Nine Months Ended

May 31,

2019

 

2018

 

Operating activities:

 

 

Net income

$

 

 

6,830

 

$

 

 

4,767

 

Adjustments to reconcile net income to net cash (used in) provided by operating activities:

 

 

 

 

Depreciation and amortization

772

 

752

 

Bad debt expense

193

 

 

 

70

 

Change in inventory reserve

116

 

157

 

Net gain on trading securities

(515

)

(186

)

(Increase) decrease in:

 

 

 

 

Trade accounts receivable

(2,499

)

(3,078

)

Inventory

(6,125

)

 

 

(3,141

)

Prepaid expenses and other assets

(1,698

)

(1,231

)

Increase (decrease) in:

 

 

 

 

Trade accounts payable

2,960

 

3,084

 

Accrued expenses and other current liabilities

(1,851

)

 

 

328

 

Net cash (used in) provided by operating activities

(1,817

)

 

 

1,522

 

Investing activities:

Purchase of property, equipment and leasehold improvements

(825

)

 

 

(1,423

)

Sale (purchase) of marketable securities, trading

2,393

 

(896

)

Net change in securities sold short

1,401

 

 

 

116

 

Net cash provided by (used in) investing activities

2,969

 

 

 

(2,203

)

Financing activities:

Net borrowings (payments) on revolving credit facility

3,797

 

 

 

(260

)

Preferred dividends

(57

)

(57

)

Net change in bank overdraft

(467

)

 

 

166

 

Payments on long-term debt

(109

)

 

(105

)

Net cash provided by (used in) financing activities

3,164

 

 

 

(256

)

Effect of foreign currency exchange rate changes on cash and cash equivalents

(38

)

 

160

 

Net increase (decrease) in cash, cash equivalents, and restricted cash

4,278

 

 

 

(777

)

Cash, cash equivalents, and restricted cash – beginning of period

3,638

 

 

4,577

 

Cash, cash equivalents, and restricted cash – end of period

$

 

 

7,916

 

 

$

 

 

3,800

 

Supplemental disclosures of cash flow information:

Cash paid for income taxes

$

 

 

3,059

 

$

 

 

2,241

 

Cash paid for interest

$

 

 

325

 

 

$

 

 

375

 

 

Marta Arciniega

EACO Corporation

(714) 876-2490

News

Bearing Isolators Market 2020 – 2024: Post-Pandemic Industry Planning Structure | Technavio

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The bearing isolators market is expected to grow by USD 87.63 million during 2020-2024, according to Technavio. The report offers a detailed analysis of the impact of the COVID-19 pandemic on the bearing isolators market in optimistic, probable, and pessimistic forecast scenarios.

The bearing isolators market will witness Neutral and Inferior impact during the forecast period owing to the widespread growth of the COVID-19 pandemic. As per Technavios pandemic-focused market research, market growth is likely to Decrease as compared to 2019.

Enterprises will go through Respond, Recover and Renew phases. Download free report sample

As the COVID-19 pandemic continues to spread, organizations across the globe are gradually flattening their recessionary curve by leveraging technology. Many businesses will go through respond, recover and renew phases. Building business resilience and enabling agility will aid organizations to move forward in their journey out of the COVID-19 crisis and towards the Next Normal.

This post-pandemic business planning research will aid clients to:

  • Adjust their strategic planning to move ahead once business stability kicks in.
  • Build Resilience by making effective resource and investment choices for individual business units, products and service lines.
  • Conceptualize scenario-based planning to mitigate future crisis situations.

Download the Post-Pandemic Business Planning Structure. Click here

Key Considerations for Market Forecast:

  • Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior
  • Optimistic, probable, and pessimistic scenarios for all markets as the impact of pandemic unfolds
  • Pre- as well as post-COVID-19 market estimates
  • Quarterly impact analysis and updates on market estimates

Gain instant access to 17,000+ market research reports by using

Technavio’s SUBSCRIPTION platformTop of Form

Major Three Bearing Isolators Market Participants:

Parker Hannifin Corp.

Parker Hannifin Corp. operates its business under diversified industrial and aerospace systems segments. The company offers non-contact, labyrinth designs bearing isolators that provide unsurpassed bearing protection for rotary shaft equipment. Some of the bearing isolators are LS-standard flanged isolator, LN-standard non-flanged, flush mount isolator, FN-360 for flooded oil level, and oil mist applications, non-flanged, among others.

Smiths Group Plc

Smiths Group Plc operates its business under five segments, which include John Crane, Smiths Detection, Flex-Tek, Smiths Interconnect, and Smiths Medical. The company offers Magnum D V8, Magnum P V7, and Magnum P V68 bearing isolators, under its subsidiary John Crane.

The Timken Co.

The Timken Co. has business operations under mobile industries and process industries segments. The company offers metallic isolators, non-metallic isolators glass-filled PTFE, and non-metallic isolators graphite-filled PTFE.

If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE! Get report snapshot here to get detailed market share analysis of market participants during COVID-19 lockdown: https://www.technavio.com/report/ bearing isolators market-industry-analysis

Bearing Isolators Market 2020-2024: Segmentation

Bearing Isolators is segmented as below:

  • End-user
    • Oil and gas
    • Chemical processing and manufacturing
    • Mining and metal processing
    • Paper and pulp
    • Food and beverage
  • Material
    • Non-metallic bearing isolators
    • Metallic bearing isolators
  • Geography
    • North America
    • Europe
    • APAC
    • MEA
    • South America

The bearing isolators market is driven by the benefits of bearing isolators. In addition, other factors such as rising industrialization in APAC is expected to trigger the bearing isolators market toward witnessing a CAGR of over 1% during the forecast period.

Get more insights about the global trends impacting the future of bearing isolators market, Request Free Sample @ https://www.technavio.com/talk-to-us?report=IRTNTR45155

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavios report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavios comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email: [email protected]

Website: www.technavio.com/

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Mind Body Social Is Bringing the “W.O.W” to Virtual Wellness in October!

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The new normal has called us all to redefine our approach to lifes most basic needs and physical and mental fitness are more important than ever, as we aim to keep our lives in balance. As a response, Mind Body Social will be hosting over 30 events from October 12th “ 17th, featuring more than 30 top experts & instructors, in a festival of virtual activities that provide the ultimate wellness experience, aiming to connect the local community, LIVE from iconic locations throughout South Florida.

Powered by T-Mobile, W.O.W. SoFlo is a Week Of Wellness featuring workouts, yoga sessions, guided runs, meditations and dancing, LIVE from multiple iconic locations from Palm Beach county to Miami-Dade, including the Everglades, Las Olas, Little Havana and Miami Beach, among many others. The program kicks off Monday, Oct. 12th with various activities including a very special Zumba class by celebrity dancer and international instructor, Toni Costa from T-Mobiles flagship store on Lincoln Road. The grand finale will take place on Saturday, Oct 17th with one of South Floridas biggest virtual 5K to date.

The program is FREE for all to participate thanks to the support of Baptist Health, Publix, BODYARMOR, Florida Blue and the programs Presenting Sponsor, T-Mobile, who continues to show their support for a healthy, connected South Florida.

Some of the special guests and instructors joining W.O.W SoFlo include Frankie Ruiz, co-founder of the Life Time Miami Marathon, who has curated the running program and Nikki Sapp Spoelstra who will be hosting a meditation and discussion centered around family life.

In the face of unprecedented times, we felt that Mind Body Socials mission to provide wellness and wellbeing to our community was more necessary now, than ever. Unable to do any more in-person events, we had to pivot and find ways to connect and serve. W.O.W SoFlo is the evolution of what weve been doing virtually since March, and its just the beginning of this movement, said Mind Body Social co-founders Jose Antonio Hernandez and Luis Sanabria.

W.O.W SoFlo will also help raise money throughout the week for key partners, including The Everglades Foundation, Susan G. Komen and Miami Water Keeper.

Full schedule of events available at: www.WOWSoFlo.com

About MIND BODY SOCIAL:

Mind Body Social produces event series that provide everyday people with tools to live a healthier life. Everything is centered around the community, and its free to participants thanks to strategic alliances and partnerships with renowned brands such as Facebook, Ikea Miami and Avianca Airlines, among others. The annual Mothers May Wellness Series presented by Publix, received a national award in 2019, and the virtual event series alongside Baptist Health South Florida, recently reached 100,000 participants since March 2020. For more information and current projects visit www.mindbodysocialevents.com

Mind Body Social

Media Contact: Victoria Gomez

Email: [email protected]

Phone: 786-556-0772

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TrellisWare Announces Completion of Field Demonstrations for HMS Operational Test Risk Reduction and New Warrior Robust Enhanced Networking (WREN) Narrowband (WREN NB) Waveform

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TrellisWare Technologies, Inc. is leading the development and deployment of the next generation waveforms for the US Army. TrellisWare recently completed successful execution of two field demonstrations that show the continued advancement of Army communication capabilities.

First Field Demonstration “TSM Waveform

The first field demonstration was of the TSM„¢ waveform on all four Product Manager (PdM) Handheld, Manpack and Small Form Fit (HMS) Program of Record (PoR) radios forming a single interoperable TSM network that supports the Armys voice, data and Position Location Information (PLI) Concept of Operations (CONOPS). By collaborating with all of the platform vendors “ Collins Aerospace for the AN/PRC-162, L3Harris for the AN/PRC-158 and AN/PRC-163, and Thales Defense & Security (TDSI) for the AN/PRC-148C “ TrellisWare proved that a Software Defined Radio (SDR) based waveform can be deployed on existing Army platforms to bring new networking capabilities to the Armys toolset.

In addition, TrellisWare worked closely with Program Manager Tactical Radios (PM TR) and the US Army Combat Capabilities Development Command C5ISR (Command, Control, Computers, Communications, Cyber, Intelligence, Surveillance and Reconnaissance) to show that the TSM waveform can seamlessly support key Army systems, namely the Nett Warrior End User Device (EUD) and the Joint Battle Command-Platform (JBC-P).

As a result, the network that TrellisWare demonstrated was a system of systems representation of the PdM HMS Integrated Operational Test and Evaluation (IOT&E) test scheduled for early 2021. The success of the demonstration is a significant risk reduction for the PdM HMS IOT&E, an event that will influence full rate production of the PoR radios.

TrellisWare will continue collaborative efforts with PM TR and the platform vendors to demonstrate a Secret and Below (SAB) TSM capability that leverages the Warrior Robust Enhanced Networking (WREN) security specification.

Second Field Demonstration – WREN Narrowband

The second capstone field demonstration was for the WREN Narrowband (WREN NB) waveform, a new Mobile Ad-hoc Network (MANET) waveform developed by TrellisWare. The new WREN NB waveform represents the modernization of resilient long-range narrowband communications.

The WREN NB waveform is a fast frequency hopping narrowband waveform that is Electronic Counter-Countermeasures (ECCM) capable. It provides simultaneous voice, PLI, and Command and Control (C2) data in a single network of 250+ nodes; operates in VHF, UHF, and L-band frequencies; supports Multiple Independent Levels of Security (MILS); and is portable to the PoR Manpack and Handheld Leader Radios. The WREN NB waveform represents a new technological capability for the Army to operate in congested and contested environments and is planned for inclusion in their future Capability Set.

In this field demonstration, TrellisWare was able to show the WREN NB waveform operating on both the TDSI AN/PRC-148C and Collins AN/PRC-162 platforms. Simultaneous voice, PLI and data communications were shown in a multi-hop network topology. PLI and chat messages were exchanged using Nett Warrior EUDs, and a JBC-P system was used to view a Common Operational Picture (COP). “The Office of the Secretary of Defense (OSD) Spectrum Access Research and Development Program (SARDP) has afforded the Army the opportunity to add this modernized capability into our toolbox, said Herald Beljour, CIV US Army CCDC C5ISR. This coming fiscal year we will transition this waveform to PM TR, and we will continue to put this capability through its paces.”

TrellisWare is leading the development and fielding of scalable and resilient waveforms for the US Army, said Metin Bayram, president and CEO of TrellisWare. Our TSM waveform is already a key component of the Integrated Tactical Network (ITN) that scales to support an entire battalion. With the completion of WREN NB, TrellisWare is further enabling the Army with resilient communications for operations in congested and contested environments.

About TrellisWare Technologies, Inc.

TrellisWare Technologies, Inc. is a worldwide leader in highly advanced algorithms, waveforms, and communications systems that range from small form factor radio products to fully integrated solutions. Our TSM„¢ waveform is incorporated into a wide range of systems, including TrellisWare radios and trusted industry partner radios, as well as multiple government and commercial solutions. TrellisWare is delivering the next generation of communications for military and commercial markets When Nothing Else Works„¢. For more information on TrellisWares products and solutions, please visit www.trellisware.com.

Tina Bachman

Marketing Communications Manager

TrellisWare Technologies, Inc.

PH: +1 858-753-1603

[email protected]

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