Volume 36, Number 3, March 2001
ContractGlazing
Flour City Internatoinal Posts Year-End Revenues of $70.2 Million
Flour City International of Kingsport, Tenn. recently announced increases in both its
fourth-quarter and October 31, 2000 year-end earnings. “The past year has been yet
another unparalleled year of growth for the company,” said Edward M. Boyle,
president. “I attribute the tremendous growth in revenue, our significant improvement
in net income and five consecutive quarters of profitability to a solid business plan, a
strong multi-continent infrastructure and a focused, cohesive management team,” he
added.
The company’s financial statement says fourth-quarter earnings rose 59 percent to
$22.8 million compared to 1999’s fourth-quarter earnings of $14.4 million. Net income
for the fourth quarter saw a 21 percent improvement at $889,000, or earnings per share of
17 cents on a diluted basis, compared to $718,000 or 14 cents per share on a diluted basis
in 1999.
In addition, revenue for the October 31 period was $70.3 million, a $25.3 million increase
in revenue and 56 percent improvement over revenue of $44.4 million reported for the 1999
fiscal year. The company’s net income for 2000 was $2.6 million, or net earnings of
47 cents on a diluted basis, compared with a $2.2 million net loss in 1999.
Johnson K. Fong, vice president and chief financial officer, also said the company’s
contract backlog was $110,700 million compared to 1999’s backlog of $108.900 million.
Firm $ Million
Centex 4,545.9
The Turner Corp. 3,971.0
USG
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