TRIMAS CORPORATION (TRS, Financial) filed Quarterly Report for the period ended 2012-06-30.
Trimas Corp has a market cap of $752.7 million; its shares were traded at around $22 with a P/E ratio of 11.4 and P/S ratio of 0.7.
Packaging. Net sales increased approximately $22.8 million, or 47.6%, to $70.7 million in the three months ended June 30, 2012, as compared to $47.9 million in the three months ended June 30, 2011. Sales increased approximately $10.4 million and $16.0 million as a result of our acquisitions of Innovative Molding in August 2011 and Arminak in February 2012, respectively. In addition, sales of our specialty systems products increased by approximately $1.0 million, primarily due to increased demand from our North American dispensing customers. These increases in sales were partially offset by a decrease in sales of our industrial closures, rings and levers of approximately $3.0 million, primarily due to lower sales levels in Europe as a result of current weak economic conditions. In addition, sales decreased by approximately $1.6 million due to unfavorable currency exchange, as our reported results in U.S. dollars were negatively impacted as a result of the weaker U.S. dollar relative to foreign currencies.
Net income from continuing operations increased by approximately $2.7 million, to $29.4 million for the six months ended June 30, 2012, compared to $26.7 million for the six months ended June 30, 2011. The increase was primarily a result of the $2.8 million increase in operating profit, plus the $2.6 million reduction in interest expense, plus the $0.7 million decrease in income tax expense, less the $2.6 million increase in debt extinguishment costs, less the $0.8 million increase in other expense.
Packaging. Net sales increased approximately $33.2 million, or 36.2%, to $125.0 million in the six months ended June 30, 2012, as compared to $91.8 million in the six months ended June 30, 2011. Sales increased approximately $19.2 million and $21.4 million as a result of our acquisitions of Innovative Molding in August 2011 and Arminak in February 2012, respectively. In addition, sales of our specialty systems products increased by approximately $0.8 million, as an increase in North American sales more than offset a decline in European sales. These increases in sales were partially offset by a decrease in sales of our industrial closures, rings and levers of approximately $6.1 million, primarily due to continued weak demand in Europe and North America from chemical companies as they manage through uncertain end-market demand. In addition, sales decreased by approximately $2.1 million due to unfavorable currency exchange, as our reported results in U.S. dollars were negatively impacted as a result of the weaker U.S. dollar relative to foreign currencies.
Cequent North America. Net sales increased approximately $7.3 million, or 3.5%, to $217.0 million in the six months ended June 30, 2012, as compared to $209.7 million in the six months ended June 30, 2011, primarily due to a year-over-year increase within our auto OE, industrial, and aftermarket channels, partially offset by a decrease within our retail channel. Sales within our auto OE channel increased $3.2 million in the six months ended June 30, 2012 compared to the six months ended June 30, 2011, as we increased sales levels on both brake control and core hitches to our original equipment customers. Sales within our industrial channel increased by $2.8 million in the six months ended June 30, 2012 compared to the six months ended June 30, 2011, primarily in the industrial OE market. Sales within our aftermarket channel increased $1.7 million in the first half of 2012 as compared to 2011, predominately in the internet retailer market. Sales in our retail channel decreased approximately $0.4 million in the six months ended June 30, 2012 compared to the six months ended June 30, 2011, primarily due to a one-time stocking order of approximately $4.5 million for a significant customer in the first quarter of 2011 that did not recur in 2012. We were able to mostly replace the sales of the 2011 one-time stocking order via market share gains at certain of our existing customers to whom we now provide additional products and through sales related to our new broom and brush product line.
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Trimas Corp has a market cap of $752.7 million; its shares were traded at around $22 with a P/E ratio of 11.4 and P/S ratio of 0.7.
Highlight of Business Operations:
Net income from continuing operations increased by approximately $1.2 million, to $17.2 million for the three months ended June 30, 2012, compared to $16.0 million for the three months ended June 30, 2011. The increase was primarily the result of a $1.3 million reduction in interest expense, plus the $2.4 million increase in operating profit, plus a $0.4 million reduction in income tax expense, less the $2.6 million increase in debt extinguishment costs, less the $0.3 million increase in other expense, net.Packaging. Net sales increased approximately $22.8 million, or 47.6%, to $70.7 million in the three months ended June 30, 2012, as compared to $47.9 million in the three months ended June 30, 2011. Sales increased approximately $10.4 million and $16.0 million as a result of our acquisitions of Innovative Molding in August 2011 and Arminak in February 2012, respectively. In addition, sales of our specialty systems products increased by approximately $1.0 million, primarily due to increased demand from our North American dispensing customers. These increases in sales were partially offset by a decrease in sales of our industrial closures, rings and levers of approximately $3.0 million, primarily due to lower sales levels in Europe as a result of current weak economic conditions. In addition, sales decreased by approximately $1.6 million due to unfavorable currency exchange, as our reported results in U.S. dollars were negatively impacted as a result of the weaker U.S. dollar relative to foreign currencies.
Net income from continuing operations increased by approximately $2.7 million, to $29.4 million for the six months ended June 30, 2012, compared to $26.7 million for the six months ended June 30, 2011. The increase was primarily a result of the $2.8 million increase in operating profit, plus the $2.6 million reduction in interest expense, plus the $0.7 million decrease in income tax expense, less the $2.6 million increase in debt extinguishment costs, less the $0.8 million increase in other expense.
Packaging. Net sales increased approximately $33.2 million, or 36.2%, to $125.0 million in the six months ended June 30, 2012, as compared to $91.8 million in the six months ended June 30, 2011. Sales increased approximately $19.2 million and $21.4 million as a result of our acquisitions of Innovative Molding in August 2011 and Arminak in February 2012, respectively. In addition, sales of our specialty systems products increased by approximately $0.8 million, as an increase in North American sales more than offset a decline in European sales. These increases in sales were partially offset by a decrease in sales of our industrial closures, rings and levers of approximately $6.1 million, primarily due to continued weak demand in Europe and North America from chemical companies as they manage through uncertain end-market demand. In addition, sales decreased by approximately $2.1 million due to unfavorable currency exchange, as our reported results in U.S. dollars were negatively impacted as a result of the weaker U.S. dollar relative to foreign currencies.
Cequent North America. Net sales increased approximately $7.3 million, or 3.5%, to $217.0 million in the six months ended June 30, 2012, as compared to $209.7 million in the six months ended June 30, 2011, primarily due to a year-over-year increase within our auto OE, industrial, and aftermarket channels, partially offset by a decrease within our retail channel. Sales within our auto OE channel increased $3.2 million in the six months ended June 30, 2012 compared to the six months ended June 30, 2011, as we increased sales levels on both brake control and core hitches to our original equipment customers. Sales within our industrial channel increased by $2.8 million in the six months ended June 30, 2012 compared to the six months ended June 30, 2011, primarily in the industrial OE market. Sales within our aftermarket channel increased $1.7 million in the first half of 2012 as compared to 2011, predominately in the internet retailer market. Sales in our retail channel decreased approximately $0.4 million in the six months ended June 30, 2012 compared to the six months ended June 30, 2011, primarily due to a one-time stocking order of approximately $4.5 million for a significant customer in the first quarter of 2011 that did not recur in 2012. We were able to mostly replace the sales of the 2011 one-time stocking order via market share gains at certain of our existing customers to whom we now provide additional products and through sales related to our new broom and brush product line.
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