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RAYTECH CORP (RB:RAY)
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13 Sep 2005, 04:08 PM CDT Rating: 
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Msg. 27 of 34
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8/17/05 Raytech Corporation Announces Second Quarter Results for 2005
17 August 2005, 4:46pm ET SHELTON, Conn.--(BUSINESS WIRE)--Aug. 17, 2005--Raytech Corporation (NYSE:RAY) today announced a net loss for the thirteen-week period ended July 3, 2005 of $3.4 million or $.08 loss per basic and fully diluted share compared to net income of $.1 million or nil per basic and fully diluted share for the same period in the prior year. Raytech recorded a net loss for the twenty-six-week period ended July 3, 2005 of $1.7 million or $.04 loss per basic and fully diluted share compared to net income of $1.4 million or $.03 per basic and fully diluted share for the same period in the prior year. Net sales for the thirteen-week period ended July 3, 2005 of $60.1 million compares to $58.4 million for the same period in the prior year, an increase of $1.7 million or 2.9%. Net sales for the twenty-six-week period ended July 3, 2005 of $123.9 million compares to $115.0 million for the same period in the prior year, an increase of $8.9 million or 7.7%. The decrease in earnings is primarily due to the continued poor performance of the Domestic OEM segment and restructuring expenses recorded in 2005. Raytech Corporation develops, manufactures and supplies specialty engineered friction and energy absorption components used in oil immersed (wet) and dry transmission and brake systems for on- and off-road vehicles. The Company also makes and markets specialty engineered products for heat resistant, inertia control, and energy absorption applications. Our products are typically found in passenger cars, heavy duty construction and agricultural equipment, trucks, buses and logging, mining and military vehicles. Mentioned Last Change RAY 1.28 0.02dollars or (1.58%) Raytech Corporation, headquartered in Shelton, Connecticut, operates five manufacturing facilities in the United States, Germany, and China as well as two technology and research centers in Indiana and Germany. The Company's operations are strategically situated in close proximity to major customers and within easy reach of geographical areas with demonstrated growth potential. Raytech common stock is listed on the New York Stock Exchange and trades under the symbol "RAY." Company information may be accessed on our Internet website http://www.raytech.com . RAYTECH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS ----------------------------------------------- (000's omitted, except per share data) Comparative results are as follows: For the 13 Weeks Ended July 3, 2005 June 27, 2004 ------------ ------------- (Unaudited) Net sales $ 60,606 $ 58,405 Net (loss) income $ (3,356) $ 57 Basic (loss) earnings per share: (Loss) earnings per share $ (.08) $ .00 Weighted average shares 41,737,306 41,737,306 Diluted (loss) earnings per share: (Loss) earnings per share $ (.08) $ .00 Weighted average shares 41,737,306 41,737,306 For the 26 Weeks Ended July 3, 2005 June 27, 2004 ------------ ------------- (Unaudited) Net sales $ 123,958 $ 115,003 Net (loss) income $ (1,736) $ 1,408 Basic (loss) earnings per share: (Loss) earnings per share $ (.04) $ .03 Weighted average shares 41,737,306 41,737,306 Diluted (loss) earnings per share: (Loss) earnings per share $ (.04) $ .03 Weighted average shares 41,737,306 41,737,306 CONTACT: Raytech Corporation John Devlin, 203-925-8000 SOURCE: Raytech Corporation E-mail this story Print this story Raymark Cp News Raytech Corporation Announces Appointment of Larry Singleton as CEO and Richard McCook as CFO 26 August 2005, 2:05pm ET, BusinessWire RAYTECH CORP FILES (8-K) (RAY) 26 August 2005, 1:36pm ET, EDGAR Online Raytech Corporation Announces Second Quarter Results for 2005 17 August 2005, 4:46pm ET, BusinessWire More RAY News |
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