Coltec Industries reports third quarter results.NEW YORK--(BUSINESS WIRE)--Oct. 11, 1995--Coltec Industries Inc (NYSE NYSE See: New York Stock Exchange :COT) today reported earnings before extraordinary item in the third quarter of 1995 were $19.4 million, or 28 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. , excluding the previously announced special charge. This compared with $23.0 million and 33 cents per share last year. The special charge of $27.0 million ($17.6 million after taxes or 25 cents per share) recorded in the third quarter 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 quarter ended October October: see month. 1, 1995, increased 5% to $332.1 million from $317.5 million in the like quarter last year. Excluding the special charge, 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. was $52.1 million and the operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: was 15.7%. This compared with operating income of $57.8 million and an operating margin of 18.2% in the 1994 third quarter. The Aerospace/Government segment reported a 6% increase in operating income on a 15% sales increase, after excluding the special charge. Operating income in the Automotive segment was down 26% on a 7% sales decline, while both operating income and sales in the Industrial segment were up 9%. In the Aerospace/Government segment, divisions serving the aerospace market reported a 9% increase in operating income and a 10% increase in sales in the third quarter. 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 were impacted by the adverse pricing environment and decline in demand. Operating results in the Industrial segment continued to benefit from improved market conditions and new product introductions. John W. Guffey Guffey may refer to: People
Mr. Guffey said, "Results for 1996 are anticipated to be substantially unchanged from the 1995 level with the effects of continued competitive pricing pressures and sluggish demand in the automotive original equipment market offsetting continued strength in both in the Aerospace/Government and Industrial segments." The effective income tax rate in the third quarter of 1995 was 35% compared with 36% last year. Net interest expense increased 2% in the 1995 third quarter reflecting higher interest rates. For the nine months of 1995, earnings per share before extraordinary item were 96 cents, excluding the special charge. This compared with 98 cents per share in 1994. Operating income for the nine months of 1995 was $170.6 million, excluding the special charge, compared with $173.2 million in 1994. Sales for the nine months of 1995 were $1,050.0 million compared with $986.4 million a year ago. 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 Inc 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 follows. Industry Segment Information is follows. -0-
Coltec Industries Inc. and Subsidiaries
Summary Consolidated Statement of Earnings
(Unaudited)
Three Months Ended Nine Months Ended
Oct. 1, Oct. 2, Oct. 1, Oct. 1,
1995 1994 1995 1994
(In thousands, except per share data)
Net sales $332,134 $317,507 $1,050,025 $ 986,375 Costs and expenses 280,040 259,676 879,447 813,174 Special charge(a) 27,000 -- 27,000 -- Operating income 25,094 57,831 143,578 173,201 Interest, net 22,318 21,836 67,641 66,853 Earnings before income taxes and extraordinary item 2,776 35,995 75,937 106,348 Provision for income taxes 972 12,958 26,578 38,285 Earnings before extraordinary item 1,804 23,037 49,359 68,063 Extraordinary item -- (177) (82) (1,192) Net earnings $ 1,804 $22,860 $ 49,277 $ 66,871 Earnings per common share - Before extraordinary item $ .03 $ .33 $ .71 $ .98 Extraordinary item -- -- -- (.02) Net earnings $ .03 $ .33 $ .71 $ .96
Weighted average number of
common and common
equivalent shares 69,791 69,832 69,851 69,809
-0-
Notes:
(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
and writedowns of unutilized assets.
-0-
Coltec Industries Inc. and Subsidiaries
Industry Segment Information
(Unaudited)
Three Months Ended Nine Months Ended
Oct. 1, Oct. 2, Oct. 1, Oct. 2,
1995 1994 1995 1994
(in millions)
Sales: Aerospace/Government $115.8 $101.1 $356.4 $305.5 Automotive 110.7 119.5 368.2 381.5 Industrial 106.0 97.5 326.4 300.8 Intersegment elimination (.4) (.6) (1.0) (1.4) Total $332.1 $317.5 $1,050.0 $ 986.4 Operating income: Aerospace/Government $ (4.9) $ 17.5 $ 27.0 $ 47.6 Automotive 19.8 26.8 72.2 86.3 Industrial 22.7 20.8 74.5 65.7 Total Segments 37.6 65.1 173.7 199.6 Corporate unallocated (12.5) (7.3) (30.1) (26.4) Operating income $ 25.1 $ 57.8 $ 143.6 $ 173.2 -0-
Operating income for the third quarter of 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, third quarter and nine months
of 1995 operating income for the Aerospace/Government segment would
have been $18.5 million and $50.4 million, respectively;
and for the total company, $52.1 and $170.6 million, respectively.
Excluding the special charge, divisions in the Aerospace/
Government segment serving the aerospace market reported a
9% increase in operating income and a 10% 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 impacted by the adverse pricing
environment and decline in demand. Operating results in the
Industrial segment were higher on improved market conditions and new
product introductions. Third quarter sales and earnings gains were
reported by Quincy Compressor, Garlock Bearings, Garlock Mechanical
Packing, Delavan Commercial Products, France Compressor Products and
Garlock Valves & Industrial Plastics.
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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