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BLACK & DECKER REPORTS 1991 FINANCIAL RESULTS

 BLACK & DECKER REPORTS 1991 FINANCIAL RESULTS
 TOWSON, Md., Feb. 11 /PRNewswire/ -- The Black & Decker Corporation


(NYSE: BDK) today announced financial results for the fourth quarter and fiscal year ended Dec. 31, 1991.
 On revenues of $1.3 billion (essentially unchanged from the same period last year), net earnings for the fourth quarter of 1991 were $31.9 million or $.47 per common share, compared to $6.8 million or $.11 per share for the same quarter last year. The improvement in net earnings during the fourth quarter of 1991 reflected substantially lower interest expense as well as modest profitability in Brazil during the period compared to a significant net loss there in 1990.
 For the full year, net earnings were $53.0 million or $.81 per common share compared to $51.1 million or $.84 per common share for 1990. Revenues for 1991 were $4.6 billion, compared to $4.8 billion for the prior year.
 Commenting on the results, Nolan D. Archibald, chairman and chief executive officer, said, "Fourth quarter sales in the United States were somewhat stronger than we had anticipated, particularly in power tools, household products and Kwikset locks.
 "While it would be premature to cite a positive trend in the U.S. economy, it is encouraging that retail inventories of our consumer products are generally not overstocked and will need to be replenished when market conditions improve.
 "For the year as a whole, Black & Decker fared comparatively well in a difficult economic environment. Net earnings improved despite recessions in the U.S., United Kingdom and Australia, and continued weakness in the Brazilian market, and our revenues (adjusted for the sale of businesses and the fact that PRC and Dynapert were not fully consolidated into our financial statements until the second quarter of 1990) declined only 1 percent.
 "We achieved record sales and operating income in our European power tools and accessories businesses, and operating income was also higher in household products, Kwikset locks, plumbing products, glass container-making equipment, and information systems and services. In most of our major operations, we gained market share even where difficult market conditions resulted in sales declines.
 "We were very aggressive in controlling expenses during the year and also benefited from lower U.S. interest rates and from foreign tax strategies. The divestiture of non-strategic assets for approximately $150 million and the issuance of $150 million in convertible preferred stock contributed significantly to our debt reduction program.
 "We introduced nearly 90 new power tools and household products in 1991 and remained the new-product leader in other businesses as well. The recent introduction of the new DeWalt line of industrial-grade power tools for tradesmen and experienced do-it-yourselfers exemplifies our commitment to end user focus, new products, customer satisfaction and total quality. Retail support for the DeWalt program is unprecedented, and early reports from end users are very positive.
 "We expect DeWalt to contribute significantly to revenue and earnings growth over the next several years. Furthermore, by establishing DeWalt as the preferred brand among professional end users, we are in a stronger position to reinforce the Black & Decker consumer franchise that ranks among the ten most powerful brand names in the U.S. and among the top 20 in Europe.
 "Our outlook for 1992 is cautiously optimistic. We are anticipating gradual economic improvement in the U.S., particularly during the second half of the year. The U.K., our largest market outside the U.S., appears to be stabilizing, offsetting the tapering off of some European markets from 1991 levels. Our global organization, strong brand names, leading market shares, and low cost structure put us in an excellent position to benefit from an overall improvement in economic conditions."
 Black & Decker is a global marketer and manufacturer of quality products used in and around the home and for commercial applications and a major supplier of information systems and services to government and commercial clients.
 THE BLACK & DECKER CORPORATION AND SUBSIDIARIES
 Fourth Quarter Ended Dec. 31, 1991
 Summary of Consolidated Earnings
 (Unaudited; in millions, except per-share data)
 Three months ended Dec. 31, Dec. 31, Percent
 1991 1990 Change
 Product Sales $1,153.9 $1,165.2 -1
 Information Systems 191.6 165.0 +16
 and Services
 Total Revenues 1,345.5 1,330.2 +1
 Operating Income 134.0 136.8 -2
 Interest and Other Expense 67.9 93.9 -28
 Earnings Before Income Taxes 66.1 42.9 +54
 Income Taxes 34.2 36.1 -5
 Net Earnings 31.9 6.8 N/A
 Net Earnings Per Common Share .47 .11 N/A
 Average Shares Outstanding 61.8 61.6 -
 12 months ended Dec. 31, Dec. 31, Percent
 1991 1990 Change
 Product Sales $3,952.6 $4,313.2 -8
 Information Systems 684.4 519.1 +32
 and Services
 Total Revenues 4,637.0 4,832.3 -4
 Operating Income 401.4 486.4 -17
 Interest and Other Expense 293.9 362.9 -19
 Earnings Before Income Taxes 107.5 123.5 -13
 Income Taxes 54.5 72.4 -25
 Net Earnings 53.0 51.1 +4
 Net Earnings Per Common Share .81 .84 -4
 Average Shares Outstanding 61.7 61.1 -
 See Notes to Consolidated Financial Statements
 THE BLACK & DECKER CORPORATION AND SUBSIDIARIES
 Consolidated Balance Sheet
 ($ Millions)
 Dec. 31, 1991 Dec. 31, 1990
 ASSETS:
 Cash and Short-Term Investments $ 77 $ 89
 Trade Receivables 763 809
 Inventories 760 844
 Other Current Assets 130 192
 Total Current Assets 1,730 1,934
 Property, Plant and Equipment 731 827
 Goodwill 2,703 2,790
 Other Assets 369 339
 Total $5,533 $5,890
 LIABILITIES AND STOCKHOLDERS' EQUITY:
 Short-Term Borrowings $ 187 $ 121
 Current Maturity of Long-Term 57 392
 Debt
 Accounts Payable and Accrued 1,130 1,199
 Liabilities
 Total Current Liabilities 1,374 1,712
 Long-Term Debt 2,626 2,756
 Deferred Income Taxes 40 34
 Other Long-Term Liabilities 466 467
 Stockholders' Equity 1,027 921
 Total $5,533 $5,890
 See Notes to Consolidated Financial Statements
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 ACQUISITION OF EMHART:
 In connection with the 1989 acquisition of Emhart Corporation (Emhart) as more fully explained in the 1990 Annual Report to Stockholders, the corporation identified certain Emhart businesses that were expected to be sold within one year from the date of acquisition. During 1990, the corporation closed on the sale of three of these businesses and, subsequently, decided to retain PRC and Dynapert and consolidated these businesses effective April 2, 1990. The financial statements for the three-month and 12-month periods ended Dec. 31, 1991, include the operating results and cash flows of PRC and Dynapert. However, results for the 12-month period ended Dec. 31, 1990, include PRC and Dynapert effective from April 2, 1990. On a comparable basis (i.e., including PRC and Dynapert for the three-month period ended April 1, 1990) total consolidated revenues and net earnings for the 12- month period ended Dec. 31, 1990, would have been $5,016 million and $45 million, respectively.
 During 1990, the corporation announced that it had agreed to sell five additional Emhart businesses. The sales of three of these businesses were closed during 1990. During 1991, the corporation closed on the sale the Mallory Controls business in both North America and Brazil and the sale of GardenAmerica. Sales and operating income for these five businesses included in the Consolidated Statement of Earnings for the three-month and 12-month periods ended Dec. 31, 1990, were $43 million and $1 million and $324 million and $28 million, respectively. No gain or loss has been recognized on the sales of these businesses since the selling price approximated the net assets sold, including goodwill allocated to these businesses.
 /delval/
 -0- 2/11/92
 /CONTACT: Barbara B. Lucas, v.p.-public affairs, 410-583-2980, or B. Clyde Preslar, director-investor relations, 410-583-3979, both of Black & Decker/
 (BDK) CO: Black & Decker Corporation ST: Maryland IN: HOU SU: ERN


MK-MP -- PH022 -- 8893 02/11/92 14:53 EST
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