Coltec Industries reports 1995 results.NEW YORK--(BUSINESS WIRE)--Jan. 10, 1996--Coltec Industries Inc (NYSE NYSE See: New York Stock Exchange :COT) today reported 1995 earnings before extraordinary item of $88.7 million, or $1.27 per share, excluding the special charge recorded in the third quarter. This compared with $94.0 million, or $1.35 per share, in 1994. The special charge of $27.0 million ($17.6 million after tax or 25 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. ) primarily covers the cost of closing the Walbar 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 blade facility in Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of . Sales for the year ended Dec. 31, 1995, were $1,401.9 million compared with $1,326.8 million last year. 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 1995 was $224.7 million and the operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: was 16.0%, excluding the special charge. This compared with operating income of $236.3 million and an operating margin of 17.8% in 1994. For the 1995 fourth quarter, earnings before extraordinary item were $21.8 million, equal to 31 cents per share. This compared with $25.9 million, or 37 cents per share, in the 1994 fourth quarter. Sales for the quarter ended Dec. 31, 1995, were $351.9 million compared with $340.4 million in the comparable quarter last year. Operating income for the 1995 fourth quarter was $54.1 million, and the operating margin was 15.4% This compared with operating income of $63.1 million and an operating margin of 18.5% in the 1994 fourth quarter. For the year ended Dec. 31, 1995, operating income, excluding the special charge, in the Aerospace/Government segment increased 6% on a 15% sales increase. Operating income in the Automotive segment was down 19% on a 4% sales decline, while operating income in the Industrial segment was up 9% on an 8% increase in sales. In the Aerospace/Government segment, divisions serving the aerospace market reported a 9% increase in operating income and a 12% increase in sales. However, the segment's operating margin was impacted by continued start-up Start-up The earliest stage of a new business venture. costs on the Alco Al´co n. 1. A small South American dog, domesticated by the aborigines. engine product line at Fairbanks Fairbanks, city (1990 pop. 30,843), Fairbanks North Star Borough, E central Alaska, on the Chena River near its confluence with the Tanana; inc. 1903. Fairbanks is the only sizable urban center in the vast Alaskan interior. Morse. Operating results for the Automotive segment, after a strong first quarter, were affected by the industry pricing environment and the decline in industry vehicle sales. The Industrial segment benefited from a strong domestic industrial economy and new product introductions. John W. Guffey Guffey may refer to: People
[Listed in CACM 2(5):16, May 1959]. in the first half of 1996 as Boeing works off inventory received during its recent strike. These factors will result in a difficult first quarter comparison to 1995. Looking forward, we see growing demand for our aerospace products, consistent with our primary customers' order books and their forecasts for increased production and delivery rates. We also expect our industrial businesses to achieve improvements in sales and earnings similar to 1995, provided the industrial sector continues to grow at the 1995 rate." The effective income tax rate in 1995 was 34% compared with 36% last year. The extraordinary charge for 1995 and 1994 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 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. Industries is a New York-based manufacturing company serving aerospace, automotive and other industrial markets. Summary Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Statement of Earnings is attached. Industry Segment Information is attached. -0-
Coltec Industries Inc and Subsidiaries
Summary Consolidated Statement of Earnings
(Unaudited)
Three Months Ended
Dec. 31, Dec. 31,
1995 1994
(In thousands, except per share data)
Net sales $351,859 $340,386 Costs and expenses 297,733 277,257 Special charge (a) -- -- Operating income 54,126 63,129 Interest, net 22,245 22,619 Earnings before income taxes and extraordinary item 31,881 40,510 Provision for income taxes 10,080 14,584 Earnings before extraordinary item 21,801 25,926 Extraordinary item (172) (280) Net earnings $ 21,629 $ 25,646 Earnings per common share Before extraordinary item $ .31 $ .37 Extraordinary item -- -- Net earnings $ .31 $ .37 Weighted average number of common and common equivalent shares 69,804 69,832
Twelve Months Ended
Dec. 31, Dec. 31,
1995 1994
(In thousands, except per share data)
Net sales $1,401,884 $1,326,761 Costs and expenses 1,177,180 1,090,431 Special charge (a) 27,000 -- Operating income 197,704 236,330 Interest, net 89,886 89,472 Earnings before income taxes and extraordinary item 107,818 146,858 Provision for income taxes 36,658 52,869 Earnings before extraordinary item 71,160 93,989 Extraordinary item (254) (1,472) Net earnings $ 70,906 $ 92,517 Earnings per common share Before extraordinary item $ 1.02 $ 1.35 Extraordinary item -- (.02) Net earnings $ 1.02 $ 1.33 Weighted average number of common and common equivalent shares 69,839 69,815 -0-
Note:
(a) In the third quarter of 1995, Coltec recorded a special
charge of $27.0 million, ($17.6 million after taxes, or
25 cents per share) primarily to cover the costs of closing
the Walbar compressor blade facility in Canada. To a
lesser extent, the charge also covered selected work force
reductions throughout the company.
Coltec Industries Inc and Subsidiaries
Industry Segment Information
(Unaudited)
Three Months Ended Twelve Months Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1995 1994 1995 1994
(In millions) (In millions)
Sales: Aerospace/Government $ 130.2 $ 116.6 $486.5 $422.1 Automotive 119.5 127.2 487.8 508.7 Industrial 102.4 96.9 428.9 397.7 Intersegment elimination (.2) (.3) (1.3) (1.7) Total $ 351.9 $ 340.4 $1,401.9 $1,326.8
Operating income:
Aerospace/Government $ 21.1 $ 20.2 $ 48.1 $ 67.7
Automotive 20.6 27.9 92.8 114.2
Industrial 22.0 22.6 96.5 88.4
Total Segments 63.7 70.7 237.4 270.3
Corporate unallocated (9.6) (7.6) (39.7) (34.0)
---- ---- ----- -----
Total $ 54.1 $ 63.1 $197.7 $ 236.3
-0-
Operating income for 1995 included a special charge of
$27.0 million. This charge included $23.4 million in the
Aerospace/Government segment and $3.6 million in Corporate
Unallocated. Excluding this charge, 1995 operating income for the
Aerospace/Government segment would have been $71.5 million, and for
the total company, $224.7 million.
For 1995, excluding the special charge, divisions in the
Aerospace/Government segment serving the aerospace market reported a
9% increase in operating income and a 12% increase in sales.
However, the segment's operating margin was impacted by continued
start-up costs on the Alco engine product line at Fairbanks Morse
Engine. The Automotive segment was affected by the industry pricing
environment and the decline in industry vehicle sales. Higher
operating results in the Industrial segment were driven by a strong
domestic industrial economy and new product introductions. Sales and
earnings gains were reported in 1995 by Quincy Compressor, Garlock
Bearings, Garlock Mechanical Packing, France Compressor Products,
Garlock Valves & Industrial Plastics, Garlock Plastomer Products,
Ortman Fluid Power, Haber and Sterling.
CONTACT: COLTEC INDUSTRIES INC 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. 212/940-0523 |
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