BRAND REPORTS SECOND QUARTER RESULTS
BRAND REPORTS SECOND QUARTER RESULTS WESTCHESTER, Ill., July 14 /PRNewswire/ -- The Brand Companies, Inc.
(NASDAQ: BRAN), today reported second quarter net income of $6.2 million, up 12.9 percent from $5.5 million in the same quarter of 1991. Earnings per share increased to $.27 per share, compared with $.25 per share in the year-ago period. Revenue increased to $103.5 million compared with $102.7 in the last year's second quarter.
For the six months ended June 30, 1992, Brand earned $11.9 million, an increase of 21.5 percent over the $9.8 million earned in the first six months of 1991. Earnings per share increased to $.52 per share, up from $.45 in the same period of 1991. Revenue increased to $212.9 million from $199.2 million in the first six months of 1991. Victor J. Barnhart, president and CEO of the company, commented, "The continuing weak economy is having an adverse impact on the Company's revenue as customers defer large projects. However, we are pleased with our overall improvement in profitability and expect that as the economy recovers we will see expansion in all of our business groups." Barnhart added, "We are also pleased with the performance of our recent acquisitions as we complete the process of integrating them into the company. We will continue to pursue additional opportunities to expand our businesses using our present locations as a base to support our growth." The Brand Companies, Inc. is one of the nation's leading suppliers of industrial services. THE BRAND COMPANIES, INC. Consolidated Statements of Income (Dollars in thousands except per share data) Periods ended: Three months Six months June 30 1992 1991 1992 1991 Revenue $103,539 $102,697 $212,922 $199,189 Costs & expenses: Cost of operations $ 76,191 $ 78,705 $158,570 $154,246 SG&A 16,888 14,291 34,074 27,547 Interest expense, net 544 693 1,397 1,500 Sundry income, net (158) (95) (510) (385) Inc. bef. income taxes 10,074 9,103 19,391 16,281 Prov. for income taxes 3,909 3,641 7,524 6,512 Net income 6,165 5,462 11,867 9,769 Average shares & equiv. shares outstanding 23,003 22,090 23,010 21,685 Earnings per common and common equivalent share $.27 $.25 $.52 $.45 -0- 7/14/92 /CONTACT: Harold W. Ingalls, CFO of Brand, 708-947-3502/ (BRAN) CO: Brand Companies, Inc. ST: Illinois IN: SU: ERN
TS -- NY021 -- 9008 07/14/92 10:14 EDT
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|Date:||Jul 14, 1992|
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