Printer Friendly

CARAUSTAR INDUSTRIES REPORTS FIRST QUARTER RESULTS

 ATLANTA, April 30 /PRNewswire/ -- Caraustar Industries, Inc. (NASDAQ: CSAR) today reported that revenues for the first quarter of 1993 were $81.2 million, an increase of 8.3 percent over revenues of $75.0 million for the first quarter of 1992.
 Net income from continuing operations for the first quarter was $6.6 million or $0.26 per share, a decline of 8.3 percent from net income from continuing operations of $7.2 million or $0.40 per share for the first quarter of 1992. Net income for the quarter increased by 37 percent to $8.6 million or $0.34 per share, compared with $6.3 million or $0.35 per share for the first quarter of 1992. Net income figures for the first quarter of 1993 include a non-operating gain of $2.0 million, net of taxes, which was the result of the company's adoption of Financial Accounting Standards Nos. 106 and 109, "Employers' Accounting for Postretirement Benefits Other than Pensions" and "Accounting for Income Taxes," respectively. Net income figures for the first quarter of 1992 include losses from discontinued operations of $0.9 million, net of taxes.
 Management noted that results for the first quarter were lower than previously expected and were influenced by weak demand for folding carton grades of paperboard; lower than expected selling prices; and increased selling, general and administrative costs associated with higher freight expenses at several of the company's mills, as well as expenses incurred for the installation of the company's new centralized financial system.
 The company expects improved market conditions and firming selling prices in the folding carton market during the second half of 1993. Additionally, management noted that as the company expands its mill capacity, recent increased freight costs, which were the result of an oversold position, should decline.
 Caraustar's 11 recycling paperboard mills make it one of the largest and lowest cost producers of recycled paperboard in the United States. At its 33 converting facilities, the company manufactures a wide variety of paper tubes, cores, folding cartons, and industrial packaging. Caraustar also operates 25 recycling and waste collection facilities.
 CARAUSTAR INDUSTRIES, INC. AND SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 (In thousands, Except Per Share Data)
 3 mos. ended 3/31/93 3/31/92
 (Unaudited)
 Net sales $ 81,168 $ 74,969
 Cost of sales (52,732) (46,032)
 Gross profit 28,436 28,937
 Selling, general and administrative exp. (16,360) (13,909)
 Operating income 12,076 15,028
 Interest expense, net (1,448) (3,452)
 Income from continuing operations
 before income taxes 10,628 11,576
 Provision for income taxes (4,056) (4,357)
 Income from continuing operations 6,572 7,219
 Discontinued operations, net of taxes:
 Loss from operations --- (945)
 Cumulative effect of accounting changes
 on years prior to 1993, net of income
 taxes 1,985 ---
 Net income $ 8,557 $ 6,274
 Primary:
 Net income per common share
 Continuing operations $ 0.26 $ 0.40
 Discontinued operations $ 0.00 $ (0.05)
 Accounting changes $ 0.08 $ 0.00
 Total $ 0.34 $ 0.35
 Primary weighted average number
 of shares outstanding 25,333 18,041
 Fully diluted
 Net income per common share
 Continuing operations $ 0.26 $ 0.40
 Discontinued operations $ 0.00 $ (0.05)
 Accounting changes $ 0.08 $ 0.00
 Total $ 0.34 $ 0.35
 Fully diluted weighted average
 number of shares outstanding 25,333 18,041
 Year to date 3/31/93 3/31/92
 (Unaudited)
 Net sales $ 81,168 $ 74,969
 Cost of sales (52,732) (46,032)
 Gross profit 28,436 28,937
 Selling, general and administrative exp. (16,360) (13,909)
 Operating income 12,076 15,028
 Interest expense, net (1,448) (3,452)
 Income from continuing operations
 before income taxes 10,628 11,576
 Provision for income taxes (4,056) (4,357)
 Income from continuing operations 6,572 7,219
 Discontinued operations, net of taxes:
 Loss from operations --- (945)
 Cumulative effect of accounting changes
 on years prior to 1993, net of income
 taxes 1,985 ---
 Net income $ 8,557 $ 6,274
 Primary:
 Net income per common share
 Continuing operations $ 0.26 $ 0.40
 Discontinued operations $ 0.00 $ (0.05)
 Accounting changes $ 0.08 $ 0.00
 Total $ 0.34 $ 0.35
 Primary weighted average number
 of shares outstanding 25,333 18,041
 Fully diluted
 Net income per common share
 Continuing operations $ 0.26 $ 0.40
 Discontinued operations $ 0.00 $ (0.05)
 Accounting changes $ 0.08 $ 0.00
 Total $ 0.34 $ 0.35
 Fully diluted weighted average
 number of shares outstanding 25,333 18,041
 -0- 4/30/93
 /CONTACT: H. Lee Thrash III, chief financial officer of Caraustar Industries, 404-948-3101/
 (CSAR)


CO: Caraustar Industries, Inc. ST: Georgia IN: SU: ERN

BR-CF -- AT003 -- 3040 04/30/93 08:21 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 30, 1993
Words:784
Previous Article:HILLHAVEN ISSUES STATEMENT
Next Article:USLICO REPORTS FIRST QUARTER EARNINGS AND DIVIDEND
Topics:


Related Articles
CARAUSTAR INDUSTRIES, INC. RECORD 1992 RESULTS EXPECTED
CARAUSTAR INDUSTRIES, INC. REPORTS RECORD 1992 RESULTS
CARAUSTAR INDUSTRIES POSTS RECORD FIRST QUARTER REVENUES AND INCOME FROM OPERATIONS
CARAUSTAR INDUSTRIES, INC. INCREASES ITS REGULAR QUARTERLY DIVIDEND
CARAUSTAR INDUSTRIES, INC. REPORTS FIRST QUARTER 1995 RESULTS
CARAUSTAR INDUSTRIES, INC., REPORTS RECORD FIRST QUARTER 1996 SALES AND NET INCOME; DECLARES REGULAR SECOND QUARTER DIVIDEND
Caraustar Industries, Inc. Reports First Quarter 1997 Sales and Net Income; Declares Regular Second Quarter Dividend
Caraustar Reports First Quarter 2003 Results.
Caraustar Reports Fourth Quarter and Year-End 2002 Results.
Caraustar Comments On Pension Liability, Announces Completion of Its Northwest Converting Operation Acquisition, Announces Restructuring and...

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters