Cleaning & Restoration Breaking News

Minuteman reports third quarter results

November 1, 2001
/ Print / Reprints /
ShareMore
/ Text Size+
Minuteman International, Inc. said its third quarter operating results continued to reflect the effects of the economic slowdown, but still unveiled seven new pieces of equipment.

ADDISON, Ill. -- Minuteman International, Inc. (Nasdaq:MMAN) said its third quarter operating results continued to reflect the effects of the economic slowdown, both here and abroad, but still unveiled seven new pieces of equipment.

Net income for the quarter ended Sept. 30, fell to $395,000 compared with $1,036,000 for the like quarter a year ago, as restated. Sales were $17.6 million versus $21.1 million for the third quarter of 2000, as restated. Minuteman (www.minutemanintl.com) noted that cost-control measures it implemented the past several months will not show results until the fourth quarter, when they will have been in place a meaningful amount of time.

During the past several months, Minuteman reduced staff by 4 percent-5 percent; cut back on manufacturing hours at its Addison and Hampshire, Ill. plants; and intermittently closed its North Carolina facility that makes the PowerBoss brand of industrial equipment, which has been hit particularly hard in the current environment.

For the first nine months of 2001, net income was $1.9 million, down from $2.9 million for the first nine months of 2000, as restated. Sales for the year to date of $59.1 million are running 9.8 percent behind last year's $65.5 million 587,000, as restated.

"We have continued to remain profitable despite the downturn in sales," said company president and CEO Gregory J. Rau, "because of our conservation efforts through employment reductions, freeze on wages, and selective plant shutdowns for temporary periods. But we remain focused on active strategies that will return our corporation to the long-term growth and profitability we have enjoyed in the past."

Rau pointed out the importance of looking forward while dealing with the present economic turmoil is a concentration on engineering and product development. This emphasis resulted in a number of new products making their debut at the recent International Sanitary Supply Association trade show. Seven new pieces of equipment, including three for the industrial market, plus innovative chemical products are scheduled to enter the marketplace next year.

These include: A compact floor scrubber that is the smallest riding unit ever produced by Minuteman; walk-behind machine of a size and price configuration never before in the Minuteman catalog; updated battery-powered burnisher at an economical price; and wide-area carpet care unit with an enclosed bag for a specific application previously not addressed in the Minuteman line.

"We will continue our development efforts for new products that will allow us to more completely serve existing customers and expand into new markets," Rau said.

Rau's view of Minuteman's fourth quarter outlook is that sales and profits will continue to be adversely affected by the general business environment and should be similar to the third quarter. He did expect that shipments of new products will enable Minuteman to show some improvement in the latter part of next year's first quarter.

"The increasing strengths of our product line and our position as a frontrunner in our industry, combined with the efficiencies obtained from our cost-containment efforts, should see us through these difficult times to a brighter new year," Rau said.

The Board of Directors approved the 53rd consecutive quarterly dividend in the amount of $.09 per share, payable Nov.15 to shareholders of record as of Oct. 31.

Minuteman International is an Illinois-based leader in the development and supply of cleaning and maintenance equipment and chemicals.

Did you enjoy this article? Click here to subscribe to i Cleaning Specialist Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

The 2014 Experience Conference and Exhibition

A look in photos at the 2014 Experience Conference and Exhibition, which was held from April 24-26 at the Embassy Suites Convention Center and Spa in Frisco, Texas.

1/27/15 2:00 pm EST

Grow Your Business and Improve Operations with New Payment Technology

Attend this free webinar to learn how new developments in payment technology can help you close more jobs, increase upselling opportunities and improve operations.

Podcasts

The winter slow season is a great time to pursue commercial cleaning accounts and stay busy. John "the Hitman" Braun solicited questions from thousands of cleaners across the country regarding their questions on commercial cleaning accounts and answers them in this episode of the show.
More Podcasts

ICS Cleaning Specialist Magazine

CoverImage

2014 Nov/Dec

The Nov/Dec ICS features content on how to get better meter readings, a roundtable on truckmount development, neighborhood marketing and more. Also included is the annual Buyer’s Guide and Directory.

Table Of Contents Subscribe

Janitorial Work

In addition to residential and commercial carpet cleaning, do you do any janitorial work on the side?
View Results Poll Archive

THE ICS STORE

FinalCover.gif
The Carpet Cleaner's Book of Unlimited Success! (ebook)

Don’t worry about the recession or about your competition.  Now you can be the owner of over 400 ways for carpet cleaning professionals to make more money and get more jobs!

More Products

ICS DIRECTORY AND BUYING GUIDE

Director_Buyer.jpgThe premier resource and reference guide for the cleaning and restoration industries.

Click here to view

STAY CONNECTED

facebook_40.png twitter_40px.png youtube_40px.pngcrc logo

TRUCKMOUNT EQUIPMENT AND ACCESSORIES GUIDE

Truckmount.jpgEquipment listings and specifications from the leading industry manufacturers.

Click here to view