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BF GOODRICH QUARTERLY RESULTS REFLECT IMPROVEMENT OVER FOURTH QUARTER

 BF GOODRICH QUARTERLY RESULTS
 REFLECT IMPROVEMENT OVER FOURTH QUARTER
 AKRON, Ohio, April 14 /PRNewswire/ -- The BFGoodrich Company (NYSE: GR) today reported first-quarter net income of $100,000, or a loss of 8 cents per share after payment of preferred dividends.
 This represents a major improvement over results for the fourth quarter of 1991, when the company's net loss, excluding special items, was $16.9 million, or 75 cents per share. Charges for special items brought the total reported loss in the fourth quarter to $106.7 million, or $4.28 per share.
 BFG chairman and chief executive officer John D. Ong said, "Results for our Geon Vinyl business are markedly improved compared with the fourth quarter. Demand for many of our specialty chemical products is improving, and our Aerospace business again reports strong results. If economic conditions continue to strengthen, we would expect to see significant growth in earnings in the quarters ahead."
 The company's Aerospace Products & Services business segment reported record operating income of $23.8 million for the first quarter of 1992. This compares with income of $15.6 million a year ago. Increased earnings in the aircraft braking systems, evacuation systems, maintenance, repair and overhaul, and the Simmonds engine and fuel systems businesses contributed to the year-to-year improvement.
 The Specialty Chemicals business segment reported operating income of $5.7 million, compared with $100,000 in the first quarter of 1991. The first quarter typically is the low point for this segment, reflecting the seasonality of some businesses. Several units, including latex products, synthetic thickeners, polymer chemicals and insulating-glass sealants, showed improvement in response to strengthening economic conditions. Results for the roofing maintenance and construction sealants units remained soft.
 The Geon Vinyl Products business segment reported operating income of $100,000, compared with income of $900,000 in the first quarter of 1991.
 This was a significant improvement over the operating loss of $29.6 million, before one-time charges, that the Geon Vinyl business incurred in the fourth quarter. The one-time charges totaled $111.4 million and were principally for the phase-out of several high-cost manufacturing operations and a voluntary retirement program.
 Demand for vinyl products has strengthened considerably compared with the fourth quarter of 1991. First-quarter results also benefited from manufacturing efficiencies stemming from higher operating rates.
 "Because of increased demand and high industry operating rates, we started to see some improvement in prices in March and expect this trend to continue," said Ong. "As a result, earnings for our Geon Vinyl business should increase again in the second quarter. Longer term, the fundamental changes we are making to reduce the cost structure in our vinyl business should also contribute to higher operating profits."
 Company sales totaled $605.3 million, compared with $577.7 million in the prior year's first quarter. Net income for the first quarter of 1992 includes a $2.8 million benefit ($4.2 million pretax) from insurance adjustments. This item increased operating income for the Geon Vinyl business segment by $2.9 million. In the first quarter of 1991, BFGoodrich reported a loss of $2.9 million, or 20 cents per share.
 BFGoodrich supplies components and services to the aviation industry and produces specialty chemical products and vinyl-based polymers.
 Following is a summary of first-quarter results for 1992 and 1991.
 ($ in millions, except per share amounts)
 Three Months Ended
 March 31
 1992 1991
 Sales $605.3 $577.7
 Pretax Income (Loss) $ .2 $ (5.1)
 Income Tax Benefit (Expense) (.1) 2.2
 Net Income (Loss) $ .1 $ (2.9)
 Loss Per Share: $ (.08) $ (.20)
 SEGMENT REPORTING
 Sales:Aerospace Products & Services $190.1 $156.2
 Specialty Chemicals 190.6 172.7
 Geon Vinyl Products 224.6 248.8
 $605.3 $577.7
 Segment Operating Income:
 Aerospace Products & Services $ 23.8 $ 15.6
 Specialty Chemicals 5.7 .1
 Geon Vinyl Products .1 .9
 $ 29.6 $ 16.6
 The weighted average number of shares outstanding was 25.4 million in both periods.
 -0- 4/14/92
 /CONTACT: Bev Pierce (media), 216-374-3411, or Tom Waltermire (investor), 216-374-2556, both of BFGoodrich/ CO: The BFGoodrich Company ST: Ohio IN: AUT SU: ERN


KK -- CL001 -- 8056 04/14/92 08:06 EDT
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Publication:PR Newswire
Date:Apr 14, 1992
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