CORIMON ANNOUNCES THIRD-QUARTER NET INCOME OF US$10.3 MILLION; Quarterly Results Among the Best in the Company's History.CARACAS Caracas (kəră`kəs, kərä`–, Span. kärä`käs), city (1990 pop. 1,824,892), Federal Dist., N Venezuela, the capital and largest city of the country, near the Caribbean Sea. Its port is La Guaira. , Venezuela--(BUSINESS WIRE)--Feb. 1, 1995--Corimon, S.A.C a.c., adv the abbreviation for ante cibum, a Latin phrase meaning “before eating.” .A. (NYSE NYSE See: New York Stock Exchange :CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. ), a multinational company headquartered in Venezuela Venezuela (vĕnəzwā`lə, Span. vānāswā`lä), officially the Bolivarian Republic of Venezuela, republic (2005 est. pop. 25,375,000), 352,143 sq mi (912,050 sq km), N South America. , today announced net income of Bs. 1.751 million (US$ 10.3 million) for the third quarter ended December December: see month. 31, 1994, compared with net income of Bs. 395 million (US$ 2.3 million) for the comparable 1993 quarter. Net income for the second quarter ended September 30, 1994 was Bs. 801 million (US$ 4.71 million). 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 third quarter was Bs. 861 million (US$ 5 million), an increase from Bs. 674 million (US$ 4 million) registered in the 1993 third quarter and an increase from Bs. 14 million during the second quarter of 1994. Sales for the 1994 third quarter were Bs. 12,709 million (US$ 74.8 million), an increase in constant bolivars of 20% compared with Bs. 10,582 million (US$ 62.2 million) registered during the same period last year. Sales for the nine-month period were Bs. 35,866 million (US$ 211 million), an increase of 25 percent compared with Bs. 28,762 million (US$ 169.2 million) recorded in the comparable nine-month period last year. In line with the company's strategy to focus its business on core operations, paint, in December, Olin Corporation executed its right to purchase Etoxyl, a petrochemical petrochemical, any one of a large group of chemicals derived from a component of petroleum or natural gas. The cracking processes for manufacturing gasoline produce vast quantities of gaseous hydrocarbons. company, from Corimon and negotiations commenced to sell its participation in Gerber de Venezuela, a baby food company, to Gerber Products. In addition, Corimon signed a letter of intent to acquire 70% of Standard Brands Paint. Standard Brands (NYSE:SBP SBP Spontaneous bacterial peritonitis, see there ), with a broad distribution network located primarily in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, , has estimated 1994 sales of US$ 155 million. On the commercial side of the business, Corimon plans to soon open its second Construcentro home improvement center in Venezuela. Additionally, in Argentina, the company successfully penetrated the auto refinishes market with the 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 franchise. Thus far, 450 color systems to Corimon's distributors in Argentina have been sold. Philippe Erard, Chairman of the Board of Directors and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Corimon, said: "I am very satisfied with this quarter's results. Within a difficult economic environment in Venezuela, net income increased substantially compared with the previous quarter. We continue to work to reduce selling and administrative expenses to further improve the company's operating income." -0- CORIMON, S.A.C.A. CONSOLIDATED STATEMENT OF INCOME ADJUSTED BY INFLATION (In millions of constant bolivars of December 31, 1994 purchasing power) (Unaudited)
For the three months ended
December 31,
1994 1993
$(a) Bs. Bs.
Net sales 74.8 12,709 10,582 Cost of sales 46.5 7,909 6,475 Gross profit 28.3 4,800 4,107 Selling and distribution expenses 17.3 2,938 2,583 General and administrative expenses 5.9 1,001 850 Operating income 5.1 861 674 Comprehensive financial expense 3.6 619 (444) Other income, (expense) net 1.0 172 399 Income (loss) before income taxes, income from affiliates and minority interest 9.7 1,652 629 Income taxes 0.3 51 64 Income (loss) before income from affiliates and minority interests 9.4 1,601 565 Income (loss) from participation in affiliate companies (0.1) (25) 178 Income (loss) from participation of minority interests (0.5) (85) 337 Income (loss) from discontinued operations, net of taxes 1.5 260 (685) Net income (loss) 10.3 1,751 395 (a) Convenience translation at the Exchange Rate on December 31, 1994 of Bs. 170 per US$1. CONTACT: Corimon Ludgate Communications Gaby Planchart Kathy Liebmann or Liann Schottenstein (011 582) 203 5568 (212) 688 5144 |
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