Coltec Industries' Third Quarter Earnings Increase 17% On 11% Higher Sales.CHARLOTTE, N.C.--(BUSINESS WIRE)--Oct.ar-ago period. Earnings per share also increased 17% to 41 cents, and sales were up 11% to $360.4 milliofirst six months of 1998. In commenting on the results, John W. Guffey, Jr., chairman and chief executivment achieved outstanding results, including significant profit gains in all businesses. Sales and profits in the Industrial Segment also increased after adjusting for the divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of the Holley Performance Products Holley Performance Products is an automotive performance company based out of Bowling Green, Kentucky. They produce mostly engine modification product, and among the company's owned divisions are popular brand names such as NOS, FlowTech, and Hooker. Division earlier thven by higher shipments of fully integrated lanat the Walbar unit, and strong sales and margin improvement in the crew seat business also contributed to th improvement reflects the contribution of severefining, and steel. In addition, the strong U.S.998, net earnings from operations excluding themonths of 1998, excluding the one-time gain and iod. This press release contains various fos 1997 Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. as well as Coltec's 1998 filings with the Securities and Exchange Commission. Coltec Industries is a leading producer of landing gear systems, industrial sealing products, and other highly engineered products for aerospace and industrial applicat Three Months Ended Nine Months End142,876 Gain on sale of business - - 56,194 - Interest expe - Earnings before extraordinary item (2) 27,398 23,321 92,277 68,621 Extraordinary item (4) - - (4,326) - Net earnings $ 27,398 $ 23,321 $ 87,951 $ 68,621 - - (0.39) - ary item (4) - - (0.06) - Net earnings $ 0.41 $ 0.35 $ 1.30 $ 1.03 Diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. weighted average common and common stock equivalents 70,419 66,596 69,620 these charges totaling $42.0 million, operating le of Holley Performance Products (Holley Hol·ley , Robert William 1922-1993. American biochemist. He shared a 1968 Nobel Prize for the study of genetic codes. ) of $56.2 million was $82.9 million for the nine months ended Septhe gain on the sale of Holley. Such one-time items net to $14.1 million of pretax income pretax income Reported income before the deduction of income taxes. Pretax income is sometimes considered a better measure of a firm's performance than aftertax income because taxes in one period may be influenced by activities in earlier periods. ($9.3 million afte3 million (net of income taxes of $2.2 million) in connection with early repayment of debt in the nine month Information (in millions) Three Months Ended 997 1998 1997 Sales: Aeros (0.2) (1.1) (0.6) Total $ 360.4 $ 324.5 $1,129.6 955.9 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. : Aerospace (1) $ 29.9 2 $ 128.2 142.9 (1) Operating income in the Aerospace Segment for the nine moe Boeing 777 program and a $2.0 million expense for training costs and year 2000 compliance for new computer1998. (2) Operating income in the Industrial Segment for the nine months ended September 27, 1998 includosts and year 2000 compliance for new computer systems. Excluding these one-time charges, Industrial Segment STRIES 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 Summary Consolidated Balance Sheets consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. 1998 1997 Current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. C 237,638 256,736 Defassets 468,319 427,443 Pro 101,863 60,221 --------------- -------------- $ 1,085,807 $ 933,034 138,969 Liabilities of discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. 4,999 4,999 of discontinued operations 146,671 (110,101) (79,553) --------------- -------------- --------- by operating activities Gain on divestiture (56,194) - Extraordinary item 6,554 - Depreciation and amortization 36,948 28,327 Deferred income taxes 8,781 10,209 Payment of liabilities of discontinued operations (8,247) (19,196) Foreign currency tr (4,062) Other operating items (12,453) (30,825) Changes in assets and liab ----------- ---------- Cash flows from investing activities: Proceeds from divestitures (93,842) (23,778) ----------- ---------- ----------- ---------- Cash flows - Repayment of long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. ,000 Payments for unclaimed stock (3,871) - Purchase of treasury stock financing activities $ 18,032 $ 11,769 ----------- ---------- |
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