CORIMON ANNOUNCES FOURTH QUARTER NET INCOME OF US$3.64 MILLION.CARACAS, Venezuela--(BUSINESS WIRE)--May 12, 1995--Corimon, S.A.C.A. (NYSE NYSE See: New York Stock Exchange : CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. ), a multinational company headquartered in Venezuela, today announced net income of Bs. 618 million (US$ 3.64 million) for the fourth quarter ended March 31, 1995, compared with a loss in constant bolivars of Bs. 506 million (US$2.98 million) for the comparable 1994 quarter. Net income for fiscal year 1995 totaled Bs. 96 million, due to strong performance from the second quarter on, which compensated the loss during the first quarter as a result of the devaluation devaluation, decreasing the value of one nation's currency relative to gold or the currencies of other nations. It is usually undertaken as a means of correcting a deficit in the balance of payments. of the Bolivar. Sales for the fourth quarter totaled Bs. 10.539 million (US$61.99 million), an increase of 18% in constant bolivars. Sales for the year were Bs. 41.4 billion (US$243.6 million), an increase of 23% in constant bolivars compared with the previous year. Paint sales, Corimon's core business, contributed 81% to total sales for fiscal 1995. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the year was Bs. 525 million (US$3.1 million), due to a reduction in operating costs operating costs npl → gastos mpl operacionales . Cost of sales for the six months ended March 31 fell to 63% versus 71% for the previous year. For the same period, operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. decreased to 32% of sales versus 37% during the previous year. At the company's Venezuelan operations, both accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying and inventory levels have been reduced significantly. Other events characterizing the past year include the acquisitions of General Paint in Mexico, Pinco in Venezuela and most recently, Standard Brands Paint in the U.S., adding 58 stores to bring our total retail network to 161 stores. This year also included the opening of a second Construcentro, increasing Corimon's chain of home improvement centers to 300,000 square feet. Additionally, the company sold its participation in Gerber and Etoxyl, and signed an agreement to sell Frica, as well as Corimon's stake in Grow Group. Finally, Corimon has strengthened its technology through agreements with ICI (language) ICI - An extensible, interpretated language by Tim Long with syntax similar to C. ICI adds high-level garbage-collected associative data structures, exception handling, sets, regular expressions, and dynamic arrays. Autocolor and Huls colorant col·or·ant n. Something, especially a dye, pigment, ink, or paint, that colors or modifies the hue of something else. adj. Of or being a subtractive primary color. systems, targeting the auto refinish re·fin·ish tr.v. re·fin·ished, re·fin·ish·ing, re·fin·ish·es To put a new finish on (furniture). re·fin and architectural markets respectively. Philippe Erard, Chairman of the Board of Directors of Corimon, stated: "We are pleased with our fourth quarter results, which reflect the strong performance of our paint business from the second quarter on, despite operating within a very difficult environment. As we have significant operations throughout Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. , it was inevitable that our results for fiscal 1995 would be impacted by the Venezuelan and Mexican financial crises. The latter has affected all regional markets, specifically Argentina. Although we faced challenges during this past year, including our loss in the first quarter, we have produced positive results for the year. Although modest, this demonstrates that as a company we are in the process of recuperating and are on an upward trend." -0-
CORIMON, S.A.C.A.
CONSOLIDATED STATEMENT OF INCOME
(In millions of constant bolivars of March 31, 1995 purchasing power)
(Audited)
For the twelve months ended
March 31,
1995 1994
$(a) Bs. Bs.
Net sales 243.6 41,409 33,560
Cost of sales 160.5 27,281 24,036
Gross income 83.1 14,128 9,524
Operating expenses 80.0 13,603 10,005 Operating income (loss) 3.1 525 (481) Comprehensive financial expense 2.8 473 1,024 Other income, (expense) net (5.6) (945) 2,016 Income (loss) before income taxes, income from affiliates and minority interest 0.3 53 2,559 Income taxes (3.8) (643) (21) Income (loss) before income from affiliates and minority interests (3.5) (590) 2,538 Income from participation in affiliate companies 1.9 323 952 Income from participation of minority interests 3.4 572 562 Income from continuing operations 1.8 305 4,052 Income (loss) from discontinued operations, net of taxes (1.2) (209) (3,189) Net income 0.6 96 863 Net income(loss) per ADR From continuing operations 0.06 10.5 142.5 From discontinued operations (0.04) (7.4) (112.0)
Net 0.02 3.2 30.5
(a) Convenience translation at the exchange rate on March 31, 1995
of Bs. 170 per US$.
CONTACT: Corimon, S.A.C.A., Caracas Gaby Planchart, 011-582-203 5568 or Ludgate Communications, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Erin Burke The name Burke (from Irish Gaelic de Burca, of Norman origin). In English the meaning of the name Burke is "fortified hill." See also Berkley. Places Australia
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