Continued substantial order flow worldwide has helped fuel the company’s recovery with new orders increasing 76% over the previous year’s total, from $402.0 million to $705.4 million. The order flow increased for the year in all three geographic regions and in substantially all product segments. Goss’ order performance in the fourth quarter of 2000 represented the fourth consecutive quarter of strong year-over-year order intake.
Total order backlog increased over the year from $409.3 million at December 31, 1999 to $452.7 million at December 31, 2000.
Goss recorded net sales of $623.4 million for the full year 2000 as compared to a total of $607.8 million for the comparable period in 1999. Goss’ net sales for the fourth quarter amounted to $205.7 million compared to $185.7 million for the comparable 1999 quarter.
Gross profit increased by $109.8 million to $107.3 million for the full year 2000, representing 17.2% of sales. Gross profit for the fourth quarter increased by $60.9 million to $33.6 million, representing 16.3% of sales.
Earnings before interest, taxes, depreciation and amortization (EBITDA) totaled $65.1 million for the full year 2000, an increase of $161.1 million from the comparable 1999 period (inclusive of $20.0 million and $5.0 million of legal settlement income in 2000 and 1999, respectively). EBITDA for the quarter amounted to $16.4 million, an increase of $88.2 million from the 1999 period.
Cash provided by operating activities for the full year 2000 totaled $7.8 million, an increase of $93.8 million from 1999, excluding $60.1 million in pre-petition payments made to vendors under the company’s reorganization plan in 2000 and $20.0 million and $5.0 million of legal settlement income received in 2000 and 1999, respectively.
The substantial increases in margins and cash flows are the result of continued operational improvements, cost reductions and working capital initiatives.
In commenting on these strong results, James Sheehan, Chairman and CEO said: I am pleased to report that in addition to posting significantly improved financial results for the year 2000, Goss had, by year end, satisfied all of its commitments to suppliers in a timely fashion. The year’s strong order activity and ending backlog demonstrates the continued confidence of our customers and their recognition of the progress we have made.
Goss Graphic Systems, Inc. is a global leader in the manufacture of advanced technology web offset press systems for the newspaper and commercial printing industries. In business since 1885, the company supplies a broad range of printing press equipment and services to worldwide markets.
