Printer Friendly

ALLEN GROUP REPORTS EARNINGS IN 1991

 ALLEN GROUP REPORTS EARNINGS IN 1991
 MELVILLE, N.Y., Feb. 19 /PRNewswire/ -- The Allen Group Inc.


(NYSE: ALN) today reported that earnings form continuing operations of 43 cents and $1.35 per common share were a record for the fourth quarter and full year 1991, respectively. Net income for the full year 1991 was $1.44 per common share, which included a gain of 9 cents from the sale of the Allen Automated Systems division. These results compare to a net loss of 57 cents per common share in 1990 (restated for the recent 10 percent stock dividend), which included income of $1.33 from operations, 10 cents form discontinued operations and an unusual charge of $2.00 relating to a patent infringement lawsuit.
 Allen reported net income of 52 cents per common share for the fourth quarter 1991, which included 9 cents resulting form the sale of Allen Automated Systems. These results compare to a net loss of $1.69 per common share in the fourth quarter of 1990, which included 10 cents of income from discontinued operations and the $2.00 unusual charge relating to the patent lawsuit.
 Robert G. Paul, president and chief executive officer of Allen commented: "We are very pleased to report that our net earnings and earnings per common share from continuing operations continued to grow during 1991 and again achieved record levels despite the poor economic conditions that prevailed in most major world markets and that affected all of Allen's businesses with the exception of our Mobile Communications business. The rapid growth of sales and earnings achieved in this business indicates that new customer interest and world wide expansion of cellular telephone systems will continue to provide a robust market for our Mobile Communications products."
 "We sold our Allen Automated Systems division in 1991 for a gain of $.9 million and received $34.5 million from the sale. This was one of the important elements in the significant strengthening of our balance sheet."
 The Allen Group Inc. manufactures and markets electronic and other products, principally for the telecommunications and automotive industries, including mobile communications equipment, automotive test equipment and truck components.
 THE ALLEN GROUP INC.
 Consolidated Statements of Income (Loss)
 (Amounts in thousands)
 Periods ended: Three months Year
 Dec. 31 1991 1990 1991 1990
 Manufacturing
 Sales $62,430 $61,512 $246,809 $293,650
 Cost of sales 38,170 39,534 153,515 185,234
 S,G&A expenses 19,031 17,374 76,999 86,430
 Equity in earnings (loss)
 of joint ventures (1,212) (691) (1,399) 717
 Interest and financing
 (income) expense (80) 977 1,763 4,759
 Operating income 4,097 2,936 13,133 17,944
 Unusual item -- patent
 litigation charge -- 18,554 -- 18,554
 Income (loss) before
 taxes -- manufacturing 4,097 (15,618) 13,133 (610)
 Lease Financing
 Lease finance revenue 4,018 3,554 15,187 13,146
 Costs and expenses
 Interest expense 1,329 1,414 5,195 5,288
 S,G&A expenses 717 859 2,995 3,620
 Provision for credit losses 480 365 1,780 1,720
 Income before taxes --
 lease financing 1,492 916 5,217 2,518
 Income (loss) before
 Income taxes 5,589 (14,702) 18,350 1,908
 Provision for income taxes 475 855 1,720 4,150
 Income (loss) from
 continuing operations 5,114 (15,557) 16,630 (2,242)
 Income from and net gain
 on disposal of
 discontinued operations 864 948 852 980
 Net income (loss) 5,978 (14,609) 17,482 (1,262)
 Net income (loss) applicable
 to common stock 4,973 (15,615) 13,457 (5,287)
 Earnings (loss) per common share
 (primary and fully diluted)
 From continuing operations $.43 $(1.79) $1.35 $(.67)
 Income from and net gain on
 disposal of discontinued
 operations .09 .10 .09 .10
 Total $.52 $(1.69) $1.44 $(.57)
 -0- 2/19/92
 /CONTACT: Robert A. Youdelman of The Allen Group, 516-293-5500/
 (ALN) CO: Allen Group, Inc. ST: New York IN: AUT TLS SU: ERN


SM-TO -- NY009 -- 0313 02/19/92 09:50 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 19, 1992
Words:677
Previous Article:BURNS PHILP OF AUSTRALIA ANNOUNCES HALF-YEAR RESULTS
Next Article:CARNIVAL CRUISE LINES SIGNS AGREEMENT WITH SEABOURN CRUISE LINE
Topics:


Related Articles
LADD REPORTS LOSS FOR 1991 FOURTH QUARTER AND FULL YEAR
LADD REPORTS PROFITABLE FIRST QUARTER
ALLEN GROUP ANNOUNCES FIRST QUARTER EARNINGS, COMMON STOCK DIVIDEND AND ANNUAL MEETING RESULTS
ALLEN GROUP ANNOUNCES ACQUISITION
ALLEN GROUP UPDATES ACQUISITION PROGRESS AND CHARACTERIZES SECOND QUARTER EARNINGS
ALLEN GROUP ANNOUNCES SECOND QUARTER EARNINGS
ALLEN GROUP ANNOUNCES THIRD QUARTER EARNINGS
ALLEN GROUP ANNOUNCES THIRD QUARTER EARNINGS
ALLEN GROUP ANNOUNCES FOURTH QUARTER EARNINGS
ALLEN GROUP ANNOUNCES THIRD QUARTER EARNINGS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters