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BEARINGS, INC. REPORTS IMPROVED FOURTH QUARTER AND YEAR END EARNINGS ON RECORD SALES

 CLEVELAND, Aug. 6 /PRNewswire/ -- Bearings, Inc. (NYSE: BER) today reported continued growth in sales and improved net income and net income per share for the fourth quarter and the year ended June 30, 1993.
 Chairman of the Board and Chief Executive Officer, John C. Dannemiller, reported that quarterly net income was $3,289,000, or $.45 per share, on record quarterly sales of $217,933,000 for the quarter ended June 30, 1993. In the same quarter last year, the company incurred a net loss of $3,476,000, or $.49 per share, on sales of $208,992,000. The previous year included an after tax restructuring charge of $4,700,000, or $.66 per share.
 For the year ended June 30, 1993, net income was $8,927,000 on record annual sales of $831,432,000. In the prior fiscal year, the company incurred a net loss of $1,666,000 on sales of $817,813,000. Current year earnings per share were $1.23 compared with a net loss of $.24 a year ago.
 Dannemiller commented, "We continue to see improved operating results through productivity gains and the implementation of the restructuring of operations begun in the fourth quarter of the prior fiscal year. By decreasing inventory levels, quarterly and annual earnings were favorably impacted through LIFO cost adjustments. Our average rate of sales per business day showed progressive improvement in each succeeding month during the quarter. The Company's asset turnover improved for the third consecutive year."
 Dannemiller also added, "Our business plan is to improve operating and financial results further through our aggressive market-driven strategy to expand our product offerings to customers. Although we foresee the economic environment in manufacturing sectors continuing to be difficult in the upcoming year, we expect that continued implementation of our strategy will help us to achieve improved performance."
 No shares were purchased during the quarter under the company's authorization to acquire additional shares of its common stock. The company has remaining authorization to acquire up to 263,000 shares of its common stock in open market and negotiated transactions depending on market conditions.
 Bearings, Inc. is the nation's leading independent distributor of bearings, mechanical and electrical drive systems, industrial rubber products, fluid power components and specialty maintenance and repair products with over 320 branches in 37 states.
 BEARINGS, INC. AND SUBSIDIARIES
 STATEMENTS OF CONSOLIDATED INCOME
 (Thousands, except per share data)
 Three Months Ended
 June 30
 1993 1992
 Net Sales $217,933 $208,992
 Cost and Expenses
 Cost of Sales 156,610 154,456
 Selling, distribution
 and administrative 53,961 50,117
 Restructuring charge --- 7,832
 Total 210,571 212,405
 Operating Income (Loss) 7,362 (3,413)
 Interest expense 1,557 1,641
 Interest income (124) (110)
 Total 1,433 1,531
 Income Before Income Taxes 5,929 (4,944)
 Income Taxes
 Federal 2,194 (1,234)
 State and local 446 (234)
 Total 2,640 (1,468)
 Net Income (Loss) $ 3,289 $ (3,476)
 Net Income (Loss) Per Share $ .45 $ (.49)
 Average Shares Outstanding: 7,314 7,100
 Year Ended
 June 30
 1993 1992
 Net Sales $831,432 $817,813
 Cost and Expenses
 Cost of Sales 613,246 607,443
 Selling, distribution
 and administrative 197,665 197,835
 Restructuring charge --- 7,832
 Total 810,911 813,110
 Operating Income (Loss) 20,521 4,703
 Interest expense 5,546 6,985
 Interest income (382) (407)
 Total 5,164 6,578
 Income Before Income Taxes 15,357 (1,875)
 Income Taxes
 Federal 5,365 (178)
 State and local 1,065 (31)
 Total 6,430 (209)
 Net Income (Loss) $ 8,927 $ (1,666)
 Net Income (Loss) Per Share $ 1.23 $ (.24)
 Average Shares Outstanding: 7,238 7,081
 Notes:
 (A) As a result of reductions in inventories during the fiscal year ended June 30, 1993, the quarterly results include the effects of liquidations of LIFO inventory quantities carried at lower costs prevailing in prior years. The effect of these liquidations in the fourth quarter and year ended June 30, 1993, increased gross profit by $4,714,000; net income by $2,749,000; and net income per share by $.38, respectively.
 (B) For its quarterly statements of consolidated income the company uses estimated gross profit percentages to compute cost of sales. An adjustment to actual cost is made at the end of the fiscal year, based on the annual physical inventory. The physical inventory adjustments in 1992 increased gross profit, net income and net income per share by $1,806,000; $1,084,000; and $.15, respectively. The physical inventory adjustment for 1993 was not material.
 (C) The fourth quarter and year ended June 30, 1992, included a restructuring charge for costs of reorganization and consolidation of certain branch, distribution center and other facilities and administrative functions.
 -0- 8/6/93
 /CONTACT: John R. Whitten, vice-president - finance and treasurer of Bearings, Inc., 216-881-7700, ext. 245; or Stan Berger, investor relations consultant to Bearings, Inc., 216-464-6400/
 (BER)


CO: Bearings, Inc. ST: Ohio IN: MAC SU: ERN

BM -- CL012 -- 0289 08/06/93 11:26 EDT
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