Corimon reports strong second quarter results; net income of Bs. 826 million (US$4.9 million).CARACAS Caracas (kəră`kəs, kərä`–, Span. kärä`käs), city (1990 pop. 1,824,892), Federal Dist., N Venezuela, the capital and largest city of the country, near the Caribbean Sea. Its port is La Guaira. , Venezuela--(BUSINESS WIRE)--Nov. 1, 1995--Corimon, S.A.C a.c., adv the abbreviation for ante cibum, a Latin phrase meaning “before eating.” .A. (NYSE NYSE See: New York Stock Exchange :CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. ), today announced results for the period ended September September: see month. 30, 1995. Net income for the second quarter of fiscal year 1996 was Bs. 826 million (US$4.9 million). For the six month period the Company reported net income of Bs. 964 million (US$5.7 million) compared with a net loss of Bs. 2,978 million (US$ 17.5 million) in the previous year. Net earnings per ordinary share were Bs. 0.93 compared with a net loss per share of Bs. 2.96 in the first six months of last year. Net earnings per ADR ADR - Astra Digital Radio were US$0.19. Sales in the second quarter increased 45% to Bs. 18,521 million (US$108.9 million). Sales for the six month period totaled Bs. 31,544 million (US$185.6 million), a 35% increase. Gross profit for the second quarter increased to Bs. 7,090 million (US$41.7 million) from Bs. 4,232 million in the second quarter of last year. Gross profit for the six months improved by 51% to Bs. 11,176 million (US$65.7 million). 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. improved to Bs. 577 million (US$3.4 million) compared with an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of Bs. 2,054 million in the second quarter of last year. For the six month period the Company reported an operating loss of Bs. 1,477 million (US$8.7 million) compared with an operating loss of Bs. 282 million during the first six months of fiscal 1995. During the second quarter, Corimon canceled the last capital share--approximately US$2.5 million--plus the corresponding interests of a Eurobond Eurobond A bond that is denominated in a different currency than the one of the country in which the bond is issued. Notes: A eurobond is usually categorized by the currency in which it is denominated, and is usually issued by an international syndicate. issuance by Corimon International Finance Ltd. The US$40 million issuance commenced in 1990, with a 10.25% coupon and quarterly maturities starting in 1992. The Company's Eurocommercial papers Eurocommercial Paper An unsecured, short-term loan issued by a bank or corporation in the international money market, denominated in a currency that differs from the corporation's domestic currency. Notes: For example, if a U.S. and bond issues for the Venezuelan market are traded on the Bolsa Bolsa Spanish for stock exchange. Electronica  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. de Valores de Venezuela Venezuela (vĕnəzwā`lə, Span. vānāswā`lä), officially the Bolivarian Republic of Venezuela, republic (2005 est. pop. 25,375,000), 352,143 sq mi (912,050 sq km), N South America. . "The significant increase in sales is due primarily to contributions from Construcentro, Montana Montana (mŏntăn`ə), Rocky Mt. state in the NW United States. It is bounded by North Dakota and South Dakota (E), Wyoming (S), Idaho (W), and the Canadian provinces of British Columbia, Alberta, and Saskatchewan (N). and Pinco in Venezuela and to the successful incorporation of Standard Brands Paint (NYSE: SBP SBP Spontaneous bacterial peritonitis, see there ) of Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , which we acquired a majority interest in May of this year. Our expansion throughout the Western Hemisphere Western Hemisphere Part of Earth comprising North and South America and the surrounding waters. Longitudes 20° W and 160° E are often considered its boundaries. continues to progress nicely with approximately 45% of sales coming from outside Venezuela. Twenty-nine percent of the international sales come from the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , 11% from Argentina and the remaining 60% from the Caribbean and Mexico," said Philippe Erard, Chairman of the Board of Directors. Mr. Erard continued, "Our accomplishments during the first half of our fiscal year are exceptional when you consider the difficult economic condition in many of our large markets, particularly Venezuela, Argentina and Mexico. While this environment affects our performance, we continue to work toward accomplishing our long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. objective to become a hemispheric hem·i·sphere n. 1. a. A half of a sphere bounded by a great circle. b. A half of a symmetrical, approximately spherical object as divided by a plane of symmetry. 2. leader in the production and sale of paint and paint-related products. In accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with our efforts to broaden our reach, we have successfully introduced new products, such as Cubremax and Rindemax economic paint lines, in response to market demands. Each of our subsidiary's operations are demonstrating positive progress." -0-
CORIMON S.A.C.A
CONSOLIDATED BALANCE SHEET ADJUSTED BY INFLATION
(In Millions of Constant Bolivars as of September 30, 1995)
(Unaudited)
As of September 30,
1995 1994
ASSETS $ (1) Bs. Bs.
Cash 28.0 4,760 15,205
Fixed-term deposits 38.9 6,615 ---
Notes and accounts receivable 58.1 9,881 20,694
Inventories 95.6 16,259 16,706
Deposits and prepaid expenses 11.4 1,940 1,092
Total current assets 232.0 39,455 53,697
Investments 32.2 5,468 24,246 Property, plant and equipment 381.1 64,766 53,705 Long-term account receivable 30.2 5,126 3,108 Other assets 87.1 14,803 11,469 Total assets 762.5 129,618 146,225 LIABILITIES AND STOCKHOLDERS EQUITY Bank loans and current debt 144.3 24,526 36,979 Notes and accounts payable to suppliers 67.0 11,387 12,549 Other accruals 52.8 8,982 10,850 Accruals for personnel 7.6 1,288 1,128 Total current liabilities 217.7 46,183 61,506 Long-term debt 124.5 21,172 27,797 Accrued employee termination benefits, net of advances 17.9 3,049 3,027 Other liabilities and accruals 33.0 5,602 413 Total liabilities 447.1 76,006 92,743
Minority interests in subsidiaries 24.9 4,232 10,273
Stockholders equity 290.5 49,380 43,209
315.4 53,612 53,482
Total liabilities and stockholders' equity 762.5 129,618 146,225
(1) Amounts in millions, convenience translation at the official exchange rate on September 30, 1995 of Bs. 170 US$1
CORIMON S.A.C.A
CONSOLIDATED STATEMENT OF INCOME ADJUSTED BY INFLATION
(In Millions of Constant Bolivars as of September 30, 1995)
(Unaudited)
Three months ended
September 30,
1995 1994
$ (1) Bs. Bs.
Net sales 108.9 18,521 12,803
Cost of sales 67.2 11,431 8,571
Gross profit 41.7 7,090 4,232 Selling and distribution expenses 24.7 4,195 1,788 General and administrative expenses 13.6 2,318 1,772 Operating income 3.4 577 672 Comprehensive financial income (expense), net 10.8 1,829 (460) Other income (expense), net (12.6) (2,150) (87) Income before the following items 1.6 256 125 Taxes 0.2 39 (154) Participation in affiliates (0.2) (29) 163 Participation of minority interests 3.5 600 281 Income (loss) from continuing operations, net of taxes 5.1 866 415 Income (loss) from discontinued operations, net of taxes (0.2) (40) 655 Net income 4.9 826 1,070 (1) Amounts in millions, convenience translation at the official exchange rate on September 30, 1995 of Bs. 170 US$1
CORIMON S.A.C.A
CONSOLIDATED STATEMENT OF INCOME ADJUSTED BY INFLATION
(In Millions of Constant Bolivars of September 30, 1995)
(Unaudited)
Six months ended
September 30,
1995 1994
$(1) Bs. Bs.
Net sales 185.6 31,544 23,368 Cost of sales 119.8 20,368 15,972 Gross profit 65.7 11,176 7,396 Selling and distribution expenses 51.0 8,667 3,969 General and administrative expenses 23.4 3,986 3,709 Operating loss (8.7) (1,477) (282) Comprehensive Financial Income (expense), net 9.7 1,641 (2,645) Other income (expense), net (2.5) (424) (438) Income (loss) before the following items (1.5) (260) (3,365) Taxes (10.5) (1,784) (525) Participation in affiliates (0.2) (29) 548 Participation of minority interests 16.8 2,854 369
Income (loss) from continuing operations,
net taxes 4.6 781 (2,973)
Income (loss) from discontinued operations,
net of taxes 1.1 183 (5)
Net income (loss) 5.7 964 (2,978) (1) Amounts in millions, convenience translation at the official exchange rate on September 30, 1995 of Bs. 170 to US$1 CONTACT: Corimon Gaby Planchart, (011 582) 203-5568 or Ludgate Communications Erin Burke/Kristin Anderson Anderson, river, Canada Anderson, river, c.465 mi (750 km) long, rising in several lakes in N central Northwest Territories, Canada. It meanders north and west before receiving the Carnwath River and flowing north to Liverpool Bay, an arm of the Arctic , 212/688-5144 |
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