CARTER-WALLACE ANNOUNCES OPERATING RESULTS FOR THE FIRST QUARTER ENDED JUNE 30, 1995.NEW YORK--(BUSINESS WIRE)--July 27, 1995--Carter-Wallace, Inc. (NYSE NYSE See: New York Stock Exchange : CAR) today announced operating results for the first quarter ended June 30, 1995. -0- SUMMARY OF OPERATING RESULTS THREE MONTHS ENDED June 30, 1995 June 30, 1994 Sales $177,037,000 $183,304,000 Earnings Before One-Time Charges and Taxes 21,560,000 18,139,000 One-time Charges 20,100,000 (a) 17,500,000(b) Earnings Before Taxes 1,460,000 639,000 Income Taxes 599,000 198,000 Net Earnings $ 861,000 $ 441,000 Earnings Per Share $.02 $.01 Average Shares Outstanding 46,146,000 46,067,000 (a) As previously announced, the Company decided in mid-May, 1995 to close its condom manufacturing plant in Trenton, New Jersey over a projected period of eighteen to twenty-four months. The condom production currently performed at Trenton will be transferred to the Company's recently acquired facility in Colonial Heights Colonial Heights, city (1990 pop. 16,064), in, but independent of, Chesterfield co., SE Va.; inc. as a city 1948. Chemicals, metal products, and whiskey are manufactured and peanuts, grain, soybeans, and tobacco are grown. , VA. The decision to close the Trenton plant resulted in a one-time charge to pre-tax earnings in the quarter ended June 30, 1995 of $20,100,000 ($11,860,000 after taxes or $.26 per share), consisting of plant closing costs Closing Costs The numerous expenses (over and above the price of the property) that buyers and sellers normally incur to complete a real estate transaction. Costs incurred include loan origination fee, discount points, appraisal fee, title search, title insurance, survey, taxes, includ- ing equipment write-offs and employee termination costs. Additional pre-tax charg- es of approximately $2,000,000 related to the Trenton closing are expected to be incurred in fiscal year 1997. (b) In June, 1994 the Company and the Food and Drug Administration reached an agreement to discontinue the manufacture and shipment of its Organidin (iodinated glycerol glycerol, glycerin, glycerine, or 1,2,3-propanetriol (prō`pāntrī'ŏl), CH2OHCHOHCH2OH, colorless, odorless, sweet-tasting, syrupy liquid. ) line of products. As a result of this agreement, the Company incurred in the quarter ended June 30, 1994 a one-time charge to pre-tax earnings of $17,500,000 ($11,600,000 after taxes or $.25 per share) primarily related to a provision for any product returns and for inventory write-offs. Sales and pre-tax operating profits Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of the Organidin (iodinated glycerol) line significantly favorably impacted the quarter ended June 30, 1994. Carter-Wallace, Inc. markets toiletries toi·let·ry n. pl. toi·let·ries An article, such as toothpaste or a hairbrush, used in personal grooming or dressing. toiletries npl → artículos mpl de aseo (= , proprietary drugs, pharmaceuticals, diagnostic specialties and pet products. CONTACT: Peter Kohn Ruder Finn Ruder Finn is an United States public relations firm founded in 1948 by David Finn and William Ruder. Ruder Finn is a privately held, family-owned company that employs more than 450 people. , Inc. 212/593-6321 |
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