Printer Friendly

CROMPTON & KNOWLES EARNINGS RISE 21 PERCENT; SHARES SPLIT 2-FOR-1; DIVIDEND RAISED 23 PERCENT

 CROMPTON & KNOWLES EARNINGS RISE 21 PERCENT;
 SHARES SPLIT 2-FOR-1; DIVIDEND RAISED 23 PERCENT
 NEW YORK, April 14 /PRNewswire/ -- Crompton & Knowles Corporation, a producer and marketer of specialty chemicals and equipment, announced at its annual meeting of shareholders here today a 21 percent rise in its first quarter earnings, a two-for-one stock split and a 23 percent increase in its dividend. The company's year-to-year earnings have increased for 28 consecutive quarters, the stock has been split two-for-one four times since 1987 and the dividend has been raised for 16 consecutive years.
 First quarter earnings, ended March 28, 1992, were $9.9 million, or 20 cents a share, compared with $8.2 million, or 16 cents a share in 1991. On a pre-split basis, net earnings per share were 40 cents a share, compared with 33 cents a share last year. Sales increased seven percent to $113.6 million for the first quarter from $106.1 million in the same quarter last year.
 "Sales and order activity improved in all of our businesses as the quarter progressed," said Vincent A. Calarco, chairman, president and chief executive officer of Crompton & Knowles. "This trend is continuing in the second quarter and we expect 1992 to be another record year." In commenting on the dividend increase and the stock split, Calarco said that "the board's actions reflect their confidence in the company's ability to continue to grow both sales and earnings."
 Both the stock split, and the new quarterly dividend of eight cents a share on a post-split basis, are payable on May 22, 1992 to shareholders of record May 1, 1992. After the split the company will have 48.5 million shares of common stock outstanding.
 Crompton & Knowles' two business segments performed as follows in the first quarter:
 Specialty Chemicals
 The company's specialty chemicals segment increased sales by nine percent in the quarter due primarily to the strength of the company's domestic apparel and carpet dyes business. The European market for dyes remained sluggish but Crompton & Knowles' sales improved over the prior year. The company's specialty ingredients operations made significant sales and earnings gains in core flavored ingredients and additives products for the food and pharmaceutical industries.
 Specialty Process Equipment & Controls
 Sales for the specialty process equipment and controls segment were slightly higher than last year's record first quarter levels. Crompton & Knowles' order backlog for extrusion systems and industrial blow molding equipment for the plastics industry increased to $34 million at the end of the 1992 first quarter from $31 million in December 1991.
 CROMPTON & KNOWLES CORPORATION AND SUBSIDIARIES
 Condensed Statements of Consolidated Earnings
 (In thousands, except per share data, unaudited)
 First quarter ended
 3/28/92 3/30/91
 Net sales $113,641 $106,130
 Pretax earnings 15,674 12,949
 Income taxes 5,800 4,791
 Net earnings 9,874 8,158
 Net earnings per common share(A) .20 .16
 Dividends per common share(A) .065 .0525
 Average shares outstanding(A) 49,878 49,143
 (A) Adjusted to reflect the 2 for 1 stock split that will be payable on May 22, 1992, to stockholders of record on May 1, 1992. On a pre- split basis, the comparative information is as follows:
 Net earnings per common share $.40 $ .33
 Dividends per common share .13 .105
 Average shares outstanding $24,939 $24,571
 -0- 4/14/92
 /CONTACT: Yanis Bibelnieks of Bibelnieks Associates, 212-949-2295, for Crompton & Knowles/
 (CNK) CO: Crompton & Knowles Corporation ST: New York IN: CHM SU: ERN


AH-OS -- NY024 -- 8216 04/14/92 11:15 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 14, 1992
Words:585
Previous Article:HEALTH MANAGEMENT ASSOCIATES REPORTS 71 PERCENT INCREASE IN NET EARNINGS FOR THE SECOND QUARTER ENDED MARCH, 31, 1992
Next Article:LUKENS ORDERS REBOUND FOLLOWING STRIKE


Related Articles
UST INC. POSTS 20 PERCENT INCREASE IN 1991 EARNINGS PER SHARE
CROMPTON & KNOWLES DECLARES REGULAR DIVIDEND
CROMPTON & KNOWLES SALES AND EARNINGS ADVANCE IN QUARTER AND YEAR
GREAT LAKES ANNOUNCES INCREASED DIVIDEND
WILMINGTON TRUST ANNOUNCES FIRST QUARTER EARNINGS, DIVIDEND INCREASE, STOCK SPLIT AND STOCK BUYBACK PROGRAM
CROMPTON & KNOWLES REPORTS RESULTS
CROMPTON & KNOWLES POSTS RECORD QUARTER AS EARNINGS RISE 20 PERCENT ON 13 PERCENT SALES GAIN
REGULAR CROMPTON & KNOWLES DIVIDEND DECLARED
CROMPTON & KNOWLES NET UP 20 PERCENT ON 15 PERCENT SALES GAIN

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