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DIBRELL BROTHERS REPORTS RECORD SALES AND NET INCOME

 DANVILLE, Va., May 13 /PRNewswire/ -- Dibrell Brothers, Incorporated (NASDAQ-NMS: DBRL) today reported record sales and net income for its nine-month period ended March 31, 1993. Net income increased 36.2 percent to $26,082,579, or $1.96 per share ($1.74 fully diluted), from last year's net income or $19,151,479, or $1.45 per share ($1.32 fully diluted). Net sales increased 2.8 percent to $805.4 million. Included in this year's net income is a net benefit of $1,069,395, or $.08 per share ($.07 fully diluted), resulting from the cumulative effect of accounting changes. Last year's net income included a reduction of $3,037,000, or $.23 per share ($.19 fully diluted), resulting from extraordinary items, primarily a reserve on the collection of accounts receivable from Iraq.
 For the quarter ended March 31, 1993, net income increased 20.7 percent to a record $6,966,237, or $.52 per share ($.47 fully diluted), from $5,772,394, or $.44 per share ($.40 fully diluted), in last year's March quarter. Net income for last year's third quarter included extraordinary items which had a net negative impact of $3,037,000, or $.22 per share ($.19 fully diluted), on net income. Net sales for the quarter decreased 1.9 percent to $259.5 million from $264.4 million in the previous year.
 Claude B. Owen, Jr., Dibrell's chairman and chief executive officer, said sales of Dibrell's tobacco business for the nine-month period increased 2.1 percent to $525.9 million on increased volume of 11.8 percent reflecting lower average prices while sales of its flower business increased by 4.1 percent to $279.5 million. As expected, the quarter's sales were negatively affected by increased volume of lower priced foreign tobacco in addition to a delay in shipments from Turkey. Flower sales were up slightly for the quarter.
 Owen said that operating profit for the corporation was up 17.1 percent for the nine months including an accrual for non-recurring expenses of $1.0 million, or after tax $.05 per share ($.04 fully diluted), for outside professional fees and expenses in connection with the canceled merger with Standard Commercial Corporation (NYSE: STW). The domestic and foreign tobacco operations continue to be the major source of earnings for the Company, as tobacco operations' operating profit rose 20.9 percent for the nine months. Flower operations' operating profit continues to be negatively impacted by the recession in Europe and higher personnel costs but still accounted for 12.9 percent of total operating profit for the nine-month period. The March quarter's operating profit, including the $1.0 million non-recurring expenses, was up 13 percent, as gross profit margin erosion in the Dutch flower export business and the decreased profits on tobacco operations in Turkey were more than offset by other foreign tobacco operations including the earnings of an investee company in Malawi which were included in "equity in net income of investee companies" last year. Flower operations' operating profit was 22.3 percent of total operating profit for the March quarter.
 Owen also commented that results for both the quarter ending March 31, 1993 and the nine-month period were favorably impacted by reduced interest expense (both lower average balances outstanding and lower interest rates) and negatively impacted by higher income tax rates.
 The nine-month period's non-recurring benefit of $1,069,395 results from the cumulative effect of two accounting changes. The company adopted in the first quarter the Statement of Financial Accounting Standards No. 109 "Accounting for Income Taxes" and in the second quarter, the Statement No. 106 "Employers' Accounting for Postretirement Benefits Other Than Pensions," both effective July 1, 1992. Adoption of SFAS No. 109 produces a cumulative positive impact on earnings of $8,785,000 with a negative impact from adoption of SFAS No. 106 of $7,715,605 for a net positive impact.
 Owen continues to expect fiscal year 1993 to compare favorably with fiscal year 1992 as the third quarter results were slightly better than anticipated with the expectation that foreign tobacco operations will have a postive impact on fourth quarter results.
 Dibrell is engaged in two international businesses. The primary business involves purchasing, processing and selling leaf tobacco worldwide. The other business involves the importation and distribution of fresh cut flowers in Europe, North American and Japan. As both of the company's lines of business are seasonal, the results of a single quarter are not necessarily indicative of the results to be expected for the full year.
 -0- 5/13/93
 /CONTACT: J.O. Hunnicutt of Dibrell Brothers Incorporated, 804-791-0151/
 (DBRL STW)


CO: Dibrell Brothers Incorporated; Standard Commercial Corporation ST: North Carolina IN: TOB SU: ERN

SB-MM -- CH003 -- 8013 05/13/93 10:29 EDT
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Date:May 13, 1993
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