Crompton & Knowles reports fourth quarter and year-end earnings; regular dividend declared.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)--Jan. 25, 1995--Crompton & Knowles Knowles is a surname, and may refer to many people. : Top - 0–9 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z A
Sales for the quarter were $158.9 million compared with $142.9 million in the prior year's fourth quarter. The company's board of directors voted a regular quarterly dividend of 12 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. of common stock to be paid Feb. 24, 1995 to shareholders of record Feb. 10, 1995. For the full year, earnings per share were $1.00, unchanged from the prior year. Net earnings for the year were $50.9 million compared with $52.0 million in 1993. Sales for 1994 were $589.8 million, a six percent increase from sales of $558.3 million in the prior year. The number of average common shares outstanding was 51.2 million in 1994 compared with 52.2 million in the prior year. The company repurchased approximately 3.0 million common shares in 1994. "Sluggish apparel sales throughout the year depressed demand in certain key domestic dyes markets. In addition, international dyes sales suffered as a result of lower demand under an existing supply agreement. We were unable to completely overcome these weaknesses despite an outstanding year in our specialty equipment business," stated Vincent A. Calarco, the company's chairman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "While it's it's 1. Contraction of it is. 2. Contraction of it has. See Usage Note at its. it's it is or it has it's be ~have too early to declare a trend, we are encouraged by the quality of business in the new year," he said. For the full year, Crompton Cromp·ton , Samuel 1753-1827. British inventor of the spinning mule (1779). & Knowles' operating results from its two business segments were as follows: SPECIALTY CHEMICALS Sales in the specialty chemicals segment declined three percent to $393.5 million in 1994 from $407.3 million the prior year. Operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. declined 11 percent to $60.8 million from $68.0 million. Domestic dyes sales declined six percent as demand for apparel dyes remained weak throughout the year. International dyes sales declined five percent from the prior year, primarily due to lower demand under an existing supply agreement. Specialty ingredients sales increased five percent in 1994. SPECIALTY PROCESS EQUIPMENT & CONTROLS Sales for the specialty process equipment and controls segment rose 30 percent during the year to $196.2 million. Operating profit increased 20 percent to $31.2 million from $26.0 in 1993. The single largest contributor to the segment's sales gain was the Egan Machinery business, acquired in May 1994. However, most key market sectors of the company's existing specialty equipment business also recorded improved results. The company's equipment backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. at the end of the year was $66 million compared to $38 million at the end of 1993. -0- CROMPTON & KNOWLES CORP, AND SUBSIDIARIES 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: Statements of earnings Quarters and years ended Dec. 31, 1994 and Dec. 25, 1993 (In thousands, except per share data) Quarters ended Years ended Dec. 31, Dec.25, Dec. 31, Dec. 25, 1994 1993 1994 1993 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 $158,890 $142,897 $589,757 $558,348 Cost of products sold 110,578 99,807 403,784 380,941 Selling, general and administrative 25,182 21,098 91,581 82,970 Depreciation and amortization 3,303 2,623 13,298 12,076 Interest 1,205 127 2,167 1,093 Other income 17 (83) (1,042) (1,205) Total costs and expenses 140,285 123,572 509,788 475,875 Earnings before income taxes 18,605 19,325 79,969 82,473 Income taxes 6,778 6,821 29,053 30,515 Net earnings $11,827 $12,504 $50,916 $51,958 Net earnings per common share $.24 $0.24 $1.00 $1.00 Dividends per common share $.12 $.10 $.46 $0.38 Average shares outstanding 49,518 51,945 51,152 52,176 -0- CONTACT: Bibelnieks Associates, Inc., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Yanis Bibelnieks, 212/949-2295 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion