Correcting figures in Minerals Technologies Earnings Release issued 10/15.--(BUSINESS WIRE)-- In BW1575, 10/15, Minerals Technologies Reports 15-Percent Growth in Earnings Per Share for the Third Quarter, in the 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 Income, the minority interests figure for the Third Quarter 1997 should read (518) sted 32,250. The minority interests figure for the Nine Months 1997 should read (162) sted 32,606. The corrected table follows: -0-
CONSOLIDATED STATEMENT OF INCOME
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
(thousands of dollars, except per share data)
(unaudited)
Third Quarter %
1998 1997 Growth
Net sales $ 154,119 $ 155,012 (1)
Operating costs
and expenses:
Cost of goods sold 104,670 108,588 (4)
Marketing, distribution
and administrative
expenses 19,513 19,488 0
Research and
development expenses 5,143 4,974 3
Income from operations 24,793 21,962 13
Non-operating
deductions - net 1,289 2,560 (50)
Income before provision
for taxes on income
and minority interests 23,504 19,402 21
Provision for taxes on
income 7,270 6,207 17
Minority interests 783 (518) -
Net income $ 15,451 $ 13,713 13
Weighted average
number of common
shares outstanding:
Basic 22,211 22,545
Diluted 22,814 23,134
Basic earnings
per share $ 0.70 $ 0.61 15
Diluted earnings
per share $ 0.68 $ 0.59 15
Cash dividends
declared per
common share $ 0.025 $ 0.025
Nine months %
1998 1997 Growth
Net sales $ 453,973 $ 444,403 2
Operating costs
and expenses:
Cost of goods sold 311,199 313,089 (1)
Marketing, distribution
and administrative
expenses 58,196 56,823 2
Research and
development expenses 15,302 15,199 1
Income from operations 69,276 59,292 17
Non-operating
deductions - net 5,115 5,648 (9)
Income before provision
for taxes on income
and minority interests 64,161 53,644 20
Provision for taxes on
income 20,518 17,164 20
Minority interests 734 (162) -
Net income $ 42,909 $ 36,642 17
Weighted average
number of common
shares outstanding:
Basic 22,406 22,565
Diluted 23,076 23,093
Basic earnings
per share $ 1.92 $ 1.62 19
Diluted earnings
per share $ 1.86 $ 1.59 17
Cash dividends
declared per
common share $ 0.075 $ 0.075
1) For the periods ended September September: see month. 27, 1998 and September 28, 1997. 2) Sales growth from ongoing operations in 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. was approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 5% for the nine months and also 5% in the third quarter of 1998. Foreign sales increased approximately 6% for the nine months and also 6% in the third quarter of 1998. 3) In April 1998, the Company divested its Midwest Midwest or Middle West, region of the United States centered on the western Great Lakes and the upper-middle Mississippi valley. It is a somewhat imprecise term that has been applied to the northern section of the land between the Appalachians limestone limestone, sedimentary rock wholly or in large part composed of calcium carbonate. It is ordinarily white but may be colored by impurities, iron oxide making it brown, yellow, or red and carbon making it blue, black, or gray. The texture varies from coarse to fine. business in Port Inland INLAND. Within the same country. 2. It seems not to be agreed whether the term inland applies to all the United States or only to one state. It has been holden in Now York that a bill of exchange by one person in one state, on another person in another, is an , Michigan Michigan (mĭsh`ĭgən), upper midwestern state of the United States. It consists of two peninsulas thrusting into the Great Lakes and has borders with Ohio and Indiana (S), Wisconsin (W), and the Canadian province of Ontario (N,E). . References to ongoing operations exclude the results from this facility. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight in the Midwest limestone business in the third quarter of 1997 were $8.3 million. 4) In April 1998, the Company acquired a PCC PCC prothrombin complex concentrate. business in the United Kingdom. Net sales from this operation in the third quarter of 1998 were $3.5 million. 5) The results of operations for the interim periods ended September 27, 1998 are not necessarily indicative indicative: see mood. of the results which ultimately might be achieved for the current year. |
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