BETZ LABORATORIES, INC. REPORTS RECORD SALES AND EARNINGS
BETZ LABORATORIES, INC. REPORTS RECORD SALES AND EARNINGS TREVOSE, Pa., Oct. 27 /PRNewswire/ -- Betz Laboratories, Inc.
(NASDAQ: BETZ) today reported that net sales and earnings for the third quarter ended Sept. 30, 1992, increased 7 percent and 8 percent, respectively, over the year-ago period.
Primary earnings per common share rose 9 percent from $.65 to $.71 based on an average of 28,405,793 shares outstanding in 1992 vs. 28,668,300 shares outstanding in 1991. Fully diluted earnings per common share increased 10 percent to $.68 from $.62 in the same year-ago quarter. Net sales and earnings for the nine-month period ended Sept. 30, 1992, increased by 7 percent and 9 percent, respectively, as compared to the prior-year period. Primary earnings per common share rose 10 percent from $1.86 to $2.04 based on an average of 28,480,018 shares outstanding in 1992 vs. 28,582,278 shares outstanding in 1991. Fully diluted earnings per common share rose 10 percent to $1.95 from $1.78 in the same period last year. BETZ LABORATORIES, INC. (In thousands, except per-share amounts) Third quarter Nine months 1992 1991 1992 1991 Net sales $182,860 $170,268 $534,383 $499,999 Earnings before income taxes 35,068 32,581 101,239 93,377 Taxes on income 13,607 12,707 39,281 36,417 Net earnings 21,461 19,874 61,958 56,960 Net earnings per common share: Primary $.71 $.65 $2.04 $1.86 Fully Diluted $.68 $.62 $1.95 $1.78 Commenting on operations, John F. McCaughan, chairman and chief executive officer, said, "We are pleased with our third quarter and nine months results. The company set new records for both sales and earnings in the quarter and year-to-date periods. Within the U.S., sales of our specialty process chemicals to the refining, paper and metals industries rose at a double-digit pace during the third quarter. Strong increases in sales of our industrial water treatment specialty chemical programs to the electric utilities and independent power producer industries were partially offset by slower sales gains to the hydrocarbon processing and other key customer industries. "We are especially pleased with the performance of our foreign operations during the quarter. European sales were up strongly in Belgium, Italy, France and Germany in both local currencies and when translated to U.S. dollars. Strong sales were also posted in Korea, Australia, Southeast Asia and the Caribbean," stated McCaughan. "Latest economic data indicates that the U.S. real domestic product grew at a 2.7 percent annual rate in the third quarter; nevertheless," continued McCaughan, "many of our customers still remain on austerity programs to control operating costs. We are confident that the demand for our treatment programs which provide customers with a documented return on their investment, will continue to increase as the economy recovers." Betz Laboratories, Inc., an international company headquartered in Trevose, produces and markets a wide range of engineered programs and specialty chemical products for use in boilers, cooling towers, heat exchangers, influent and effluent systems and paper and petroleum process streams. The company's services are utilized in a variety of industrial and commercial applications, with particular emphasis on the power, chemical, petroleum refining, paper, automotive and steel industries. /delval/ -0- 10/27/92 /CONTACT: R. Dale Voncanon, vice president-finance of Betz Laboratories, 215-355-3300/ (BETZ) CO: Betz Laboratories, Inc. ST: Pennsylvania IN: CHM SU: ERN
CC-LJ -- PH014 -- 5384 10/27/92 12:03 EST
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|Date:||Oct 27, 1992|
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