RE: News..JTI earns $0.08/share in 2009In tough economic conditions, JTI earned a record
.08 per share in 2009 , despite a modest drop in sales.
Some highlites.............
.............Gross profit was $4.9 million, an increase of 26% compared to $3.9 million in 2008. The year-over-year increase is primarily attributable to lower raw material purchase price which was secured by forward purchase contracts.
-................................. Operating income was $1.8 million, an increase of 128% compared to
.79 million in 2008.
- ................................Net income was $1.7 million or .08 per share, an increase of 150% compared to
.68 million or .03 per share in 2008.
.....................- Net cash provided by operating activities prior to net changes in non-cash operating items for 2009 and 2008 was $2.76 million and $1.88 million, respectively. Including changes in non-cash operating items, net cash provided by operating activities for 2009 was $3.7 million, an increase of 131% compared to $1.6 million for 2008.
..................This significant year-over-year increase is primarily attributable to higher gross margin and lower operating expenses as a result of strategic cost reduction plans.
Q4 was a bit dissappointing but with cost structures leaner than ever, and with a recovering world economy, JTI remains a solid buy and has an excellent chance of exceeding its 2009 earnings performance.
Its now trading just above cash and less than 1/2 of its book value...