Cooper Tire reports first quarter results.FINDLAY Findlay (fĭn`lē, fĭnd`lē), city (1990 pop. 35,703), seat of Hancock co., NW Ohio, on the Blanchard River; inc. 1887. Petroleum products, tires, washing machines, heavy machinery, and plastic goods are among its many manufactures. , Ohio--(BUSINESS WIRE)--April 16, 1996--Cooper Tire & Rubber Company announced increased sales and lower earnings for the first quarter of 1996 which ended March 31. Sales for the first quarter increased 4 percent to $381 million compared with $365.4 million in sales generated during the first quarter of 1995. Earnings for the period were $23.1 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. , versus $27.2 million, or 33 cents per share, a reduction of 15 percent on a year-to-year comparison. In announcing the results, Cooper Cooper may refer to:
"Our new plant, being built in Mt. Sterling, Kentucky Kentucky, state, United States Kentucky (kəntŭk`ē, kĭn–), one of the so-called border states of the S central United States. It is bordered by West Virginia and Virginia (E); Tennessee (S); the Mississippi R. , remains on schedule and on budget. We expect this plant to initiate INITIATE. A right which is incomplete. By the birth of a child, the husband becomes tenant by the curtesy initiate, but his estate is not consummate until the death of the wife. 2 Bouv. Inst. n. 1725. production of hose products in the third quarter. Placement of the initial production has been made," he said. "Tire shipments in the industry were irregular HEIR, IRREGULAR. In Louisiana, irregular heirs are those who are neither testamentary nor legal, and who have been established by law to take the succession. See Civ. Code of Lo. art. 874. during the quarter, although preliminary industry shipment estimates for the quarter indicate a year-over-year gain in the marketplace. Cooper's volume in tires was up reflecting strong demand from our new customers," Rooney said. "As anticipated, our quarterly earnings were negatively affected by the continued high costs of raw materials, and an inability to achieve a price increase on tires in the current market environment. We expect raw material costs to be somewhat level in the second quarter and begin to moderate in the third quarter," Rooney stated. "The current competitive environment for tires is not new. There has always been vigorous competition in our business and the industry has experienced extreme pricing pressures before. We are meeting these challenges, as we have done in the past, and we expect to grow in both volume and financial strength," Mr. Rooney concluded. -0-
COOPER TIRE & RUBBER COMPANY
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
(Amounts in thousands; March 31
per share amounts in dollars) __________________________
1996 1995
__________ __________
Revenues:
Net sales $ 381,038 $ 365,353
Other income 276 1,513
__________ __________
381,314 366,866
Costs and expenses:
Cost of products sold 324,333 303,931
Selling, general, administrative 19,848 18,238
Interest, net of amounts capitalized 4 570
__________ __________
344,185 322,739
__________ __________
Income before income taxes 37,129 44,127 Provision for income taxes 14,020 16,910
Net income $ 23,109 $ 27,217
__________ __________
__________ __________
Net income per share $ .28 $ .33 Weighted average shares outstanding 83,666 83,638 Depreciation and amortization $ 17,801 $ 15,804 Capital expenditures $ 65,642 $ 29,892
CONSOLIDATED BALANCE SHEETS
March 31
__________________________
Assets 1996 1995
______ __________ __________
Current assets:
Cash, including short-term
investments $ 5,420 $ 110,633
Accounts receivable 278,530 228,505
Inventories 158,810 122,386
Prepaid expenses and deferred
income taxes 14,179 12,795
__________ __________
Total current assets 456,939 474,319
Property, plant and
equipment - net 726,627 563,651
Other assets 33,076 34,825
__________ __________
$1,216,642 $1,072,795
__________ __________
__________ __________
Liabilities and Stockholders' Equity
____________________________________
Current liabilities:
Trade payables and accrued
liabilities $ 146,963 $ 137,499
Income taxes 11,673 16,509
Current portion of debt 50,046 5,034
__________ __________
Total current liabilities 208,682 159,042
Long-term debt 28,445 33,494
Postretirement benefits other
than pensions 135,101 128,687
Other long-term liabilities 38,429 35,253
Deferred income taxes 40,259 31,956
Stockholders' equity 765,726 684,363
__________ __________
$1,216,642 $1,072,795
__________ __________
__________ __________
These interim statements are unaudited subject to year-end adjustments. CONTACT: Cooper Tire & Rubber Company, Findlay J. Alec ALEC - A Language with an Extensible Compiler Reinhardt Rein·hardt , Jean Baptiste Known as "Django." 1910-1953. Belgian-born French jazz guitarist noted for his improvisational skills. Despite losing the use of two fingers in an injury to his left hand in 1928, he remained an influential , 419/423-1321 |
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