Crompton & Knowles Expects to Achieve Second Quarter Consensus Earnings Estimate.STAMFORD Stamford, town, England Stamford, town (1991 pop. 18,127), in the Parts of Kesteven, Lincolnshire, E central England, on the Welland River. It is a market town. Products include diesel engines, electrical equipment, bricks, and tiles. , Conn.--(BUSINESS WIRE)--July 1, 1998--Crompton & Knowles Corporation stated today that it expects to achieve consensus earnings per share from operations of $.52 for the second quarter of 1998 despite lower sales of approximately four percent versus the second quarter of 1997. The earnings per share from operations excludes an extraordinary charge of $.18 per share relating principally to the redemption of the 11% and 12% Notes on May 8, 1998. "As a result of lower raw material and other costs we expect to achieve consensus earnings per share in the second quarter of 1998" said Vincent A. Calarco, the company's Chairman, President and Chief Executive Officer. "The sales shortfall Shortfall The amount by which the capital required to fulfill a financial obligation exceeds available capital. Notes: Shortfall risk is often combated with an efficient hedging strategy created by a fund, group, institution, or individual. versus 1997 results significantly from the Crop Protection business which experienced poor weather conditions for its miticide miticide /mi·ti·cide/ (mi´ti-sid) an agent destructive to mites. mi·ti·cide n. An agent that kills mites. products in 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). . Given normal weather conditions, much of the Crop shortfall is expected to be recovered in the third quarter of 1998, reflecting the reverse of 1997 when second quarter sales were unusually strong and the third quarter was weak," he said. Crompton & Knowles is a worldwide producer and marketer of specialty chemicals A Specialty chemical is a chemical produced for a specialized use. They are produced in lower volume than bulk chemicals, of which petrochemicals, made from oil feedstocks, are the most common. However, both are produced in a chemical plant. and equipment. CONTACT: Peter Barna Vice President-Finance 203/353-5432 |
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