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Exhibit 99.1
CONTACT: FOR IMMEDIATE RELEASE
Richard T. Browning
Chief Financial Officer
(203) 661-1926, ext. 6628
Jane F. Casey
Vice President
(203) 661-1926, ext. 6619
BLYTH INDUSTRIES REPORTS FIRST QUARTER NET SALES UP 13%
EPS, AT $0.44, INCREASES 16% YEAR-TO-YEAR
GREENWICH, CT, May 25, 2000: Blyth Industries, Inc. (NYSE:BTH) reported today
that first quarter Net Sales increased by 13% to $274,880,000 compared with
$244,273,000 a year earlier. Operating Profit rose 15% to $37,533,000 when
compared to $32,595,000 in the prior year period. Net Earnings for the quarter
increased 13% to $21,021,000 from $18,537,000 a year earlier. Diluted Net
Earnings Per Share for the first quarter were $0.44 per share, up 16% from $0.38
per share during the same period last year.
Commenting on the strong first quarter results, Robert B. Goergen, Chairman of
the Board and CEO, said "We are pleased with the sales and earnings growth in
the first quarter which is in line with our overall corporate goals, despite the
adverse impact of deteriorating European currencies. Operating margins continued
to improve, reflecting the growing percentage of PartyLite(R) and other premium
brands in consolidated Net Sales, as well as cost improvements in distribution,
and our continued ability to leverage administrative expenses."
Commenting on Blyth's decision during the first fiscal quarter to increase its
share repurchase authorization and declare its first semiannual cash dividend,
Mr. Goergen added, "We continue to believe the fundamentals of our business are
solid and our long-term growth prospects are strong. Our ability to continue to
generate substantial cash flow from operations reflects solid net earnings and
effective working capital management. This allows us to invest in our growth,
repay debt, repurchase shares and, now, pay a cash dividend, all important
elements in delivering long-term returns to our shareholders."
Blyth Industries, Inc., headquartered in Greenwich, CT, designs, manufactures,
markets and distributes an extensive line of candles and home fragrance products
including scented candles, outdoor lighting products, potpourri and
environmental fragrance products, and markets a broad range of related candle
accessories and decorative seasonal products. Its products are sold in the
United States under various brand names, including Colonial Candle of Cape
Cod(R), PartyLite Gifts(R), Kate's Original Recipe(TM), Carolina Designs(R),
Ambria(TM), Florasense(R), Jeanmarie(R) and FilterMate(R) and in Europe under
Gies, Liljeholmens, and Colony. It is also a leading producer of portable
heating fuel products sold under the Sterno(R) and Handy Fuel(R) brand names.
Net Sales for the twelve months ended April 30, 2000 totaled $1,128,057,000.
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Blyth Industries, Inc. can be found on the Internet at www.blythindustries.com.
This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking statements
include statements concerning plans, objectives, goals, strategies, future
events or performance and underlying assumptions and other statements which are
other than statements of historical facts. Actual results could differ
materially due to various factors, including the risk of maintaining the
Company's growth rate, the Company's ability to respond to increased product
demand, the risks associated with international sales and foreign products,
dependence on key management personnel, competition in terms of price and new
product introductions, and other factors described in this press release and in
the Company's Annual Report on Form 10-K for the year ended January 31, 2000.
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BLYTH INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(IN THOUSANDS EXCEPT PER SHARE DATA)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Three Months
Ended April 30, Ended April 30,
2000 1999
--------- ---------
<S> <C> <C>
Net sales $ 274,880 $ 244,273
Cost of goods sold 111,560 103,793
--------- ---------
Gross profit 163,320 140,480
Selling and shipping 100,669 85,385
Administrative 24,070 21,864
Amortization of goodwill 1,048 636
--------- ---------
125,787 107,885
--------- ---------
Operating profit 37,533 32,595
--------- ---------
Other expense(income)
Interest expense 4,153 1,884
Interest income and other (579) (120)
Equity in earnings of investees 851 413
--------- ---------
4,425 2,177
--------- ---------
Earnings before income taxes
and minority interest 33,108 30,418
Income tax expense 12,439 11,683
--------- ---------
Earnings before minority interest 20,669 18,735
Minority interest (352) 198
--------- ---------
Net earnings $ 21,021 $ 18,537
========= =========
Basic:
Net earnings per common share $ 0.44 $ 0.38
Weighted average number of shares outstanding 47,982 48,941
Diluted:
Net earnings per common share $ 0.44 $ 0.38
Weighted average number of shares outstanding 48,265 49,262
</TABLE>
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CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
(Unaudited)
<TABLE>
<CAPTION>
April 30, 2000 April 30, 1999
-------- --------
<S> <C> <C>
Assets
Cash and Cash Equivalents $ 87,084 $ 18,650
Accounts Receivable, Net 77,320 64,965
Inventories 201,904 186,164
Property, Plant & Equipment, Net 272,355 235,295
Other Assets 123,241 83,668
-------- --------
$761,904 $588,742
======== ========
Liabilities and Stockholders' Equity
Bank Debt $ 49,875 $100,859
Senior Notes 21,429 25,000
Bond Debt 150,000 --
Other Liabilities 150,431 136,134
Stockholders' Equity 390,169 326,749
-------- --------
$761,904 $588,742
======== ========
</TABLE>
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