Coltec Industries' Earnings Per Share Increase 46% to 35 Cents.CHARLOTTE, N.C.--(BUSINESS WIRE)--Oct. 9, 1997--Coltec Industries' (NYSE NYSE See: New York Stock Exchange :COT) earnings from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the in the 1997 third quarter increased 46% to 35 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. from 24 cents per share in the comparable quarter last year. Third quarter results included AMI Aircraft Seating Systems, which was acquired at the end of the second quarter. Six other acquisitions either have closed or are expected to close in the 1997 fourth quarter and will contribute to Coltec Coltec a fictional character from , portrayed by Byron Chief-Moon. He is an Immortal. History 1150-1190 Coltec is a Native American who was born in 1150, Mississippi. Coltec grew up in the Cahokia Indian tribe. sales and earnings for that period. Sales for the 1997 third quarter rose 13% to $324.5 million from $287.2 million in the 1996 third quarter, and 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. from continuing operations increased 41% to $35.3 million from $25.1 million. The earnings increase resulted from improved operating performance and lower interest expense. Operating income increased 15% in the Aerospace Segment in the 1997 third quarter on a 28% sales increase due to rising commercial aircraft production. The strongest improvements were recorded at Menasco Aerospace, Chandler Chandler, city (1990 pop. 90,533), Maricopa co., S central Ariz., in the Salt River valley; inc. 1920. It is both a residential community and a center for research and technology. Tourism is also important, and the San Marcos Golf Resort is in Chandler. Evans Ev·ans , Herbert McLean 1882-1971. American anatomist who isolated four pituitary hormones and discovered vitamin E (1922). Control Systems and Walbar. John W. Guffey, Jr., chairman, president and chief executive officer, noted, "In the 1997 third quarter, our Aerospace Segment benefited from the inclusion of AMI Aircraft Seating Systems, which posted strong results. Deliveries of landing gear systems continued to increase sequentially on a quarterly basis as we met the accelerating delivery schedules of the commercial aircraft producers. In the engine components operations, Chandler Evans Control Systems and Walbar reported improved earnings and sales as a result of strong performances in all of their markets." In the Industrial Segment, operating income in the 1997 third quarter rose 11% on a 3% sales increase. Mr. Guffey noted, "Strong results were reported by Stemco, which is beginning to benefit from its new product introductions as well as Quincy Compressor compressor, machine that decreases the volume of air or other gas by the application of pressure. Compressor types range from the simple hand pump and the piston-equipped compressor used to inflate tires to machines that use a rotating, bladed element to achieve and the Fairbanks Morse Engine Division, which was affected by a strike in the 1996 third quarter." For the first nine months of 1997, earnings from continuing operations increased 62% to $68.6 million, or $1.03 per share, from $42.3 million, or 60 cents per share (excluding the $14.2 million charge equal to $9.4 million after tax, or 13 cents per share, related to the bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most of Fokker, a major customer), in the comparable 1996 period. Operating income for the first three quarters of 1997 was $142.9 million and sales were $955.9 million. This compared with operating income of $122.6 million, excluding the Fokker charge, and sales of $861.4 million in the 1996 first nine months. The extraordinary charge for the first nine months of 1996 resulted from early extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of debt. Coltec Industries is a diversified diversified (di·verˑ·s manufacturing company serving primarily aerospace and general industrial markets. Summary Consolidated Statement of Earnings is attached. Industry Segment Information is attached. -0- COLTEC INDUSTRIES AND SUBSIDIARIES Summary Consolidated Statements of Earnings (Unaudited) Three Months Ended Nine Months Ended Sept. 28, Sept. 29, Sept. 28, Sept. 29, 1997 1996 1997 1996 (In thousands, except per share data) Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight $324,453 $287,216 $955,852 $861,429 Costs and expenses 275,259 245,076 812,976 753,070 Special charges -- -- -- -- Operating income 49,194 42,140 142,876 108,359(a) Interest expense, net 13,859 17,045 38,905 58,503 Earnings from continuing operations before income taxes and extraordinary item 35,335 25,095 103,971 49,856 Provision for income taxes 12,014 8,533 35,350 16,950 Earnings from continuing operations before extraordinary items 23,321 16,562 68,621 32,906 Discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. -- 1,509 -- 52,665 Extraordinary item -- (59) -- (1,881) Net earnings $23,321 $18,012 $68,621 $83,690 Earnings per common share data Before extraordinary item $ 0.35 $ 0.24 $ 1.03 $ 0.47 Discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: operations -- 0.02 -- 0.76 Extraordinary item -- -- -- (0.03) Net earnings $ 0.35 $ 0.26 $ 1.03 $ 1.20 Weighted average number of common and common stock equivalents 66,596 68,997 67,007 69,835 (a) Operating income for the nine months ended Sept. 28, 1996 included a charge of $14.2 million ($9.4 million after tax or $.13 per share) related to the bankruptcy of a major aerospace customer. -0- COLTEC INDUSTRIES INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . AND SUBSIDIARIES Industry Segment Information (Unaudited) Three Months Ended Nine Months Ended Sept. 28, Sept. 29, Sept. 28, Sept. 29, 1997 1996 1997 1996 (In thousands) Sales: Aerospace $142,775 $111,590 $390,532 $308,781 Industrial 181,923 176,045 565,940 553,862 Intersegment elimination (245) (419) (620) (1,214) Total $324,453 $287,216 $955,852 $861,429 Operating income: Aerospace $ 22,077 $ 19,226 $ 60,974 $ 28,452 Industrial 36,619 33,125 112,054 110,636 Total segments 58,696 52,351 173,028 139,088 Corporate unallocated (9,502) (10,211) (30,152) (30,729) Operating income $ 49,194 $ 42,140 $142,876 $108,359 Operating income for the first quarter 1996 included a charge of $14.2 million related to the bankruptcy of a major aerospace customer. Excluding this charge, nine months ended 1996 operating income for the Aerospace Segment and the Company would have been $42.7 and $122.6 million, respectively. CONTACT: Coltec Industries Michael Dunn Michael Dunn (born Gary Neil Miller, reportedly on February 7, 1934 in Shattuck, Oklahoma; died August 30, 1973 in London) was a successful "little person" American actor. , 704/423-7060 http://www.coltecindustries.com |
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