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DIBRELL BROTHERS REPORTS RESULTS

 DANVILLE, Va., Feb. 10 /PRNewswire/ -- Dibrell Brothers, Incorporated (NASDAQ-NMS: DBRL) today reported record net income for its quarter and six-month period ended Dec. 31, 1992. For the quarter, Dibrell reported a 32.5 percent increase in net income to $9,505,146 or $.71 per share ($.63 fully diluted) from the previous year's second quarter net income of $7,173,129 or $.54 per share ($.49 fully diluted). For the six-month period, net income before the cumulative effect of two accounting changes increased by 34.9 percent to $18,046,947 or $1.35 per share ($1.20 fully diluted) from $13,379,085 or $1.01 per share ($.92 fully diluted) in last year's six-month period. With the net benefit of two accounting changes, net income for the six-month period totaled $19,116,342 or $1.43 per share ($1.27 fully diluted).
 For the second quarter, net sales declined by 3.4 percent to $289.6 million from $299.9 million, while for the six-month period net sales increased by 5.2 percent to a record $545.9 million from $519.1 million in the same period last year.
 Claude B. Owen, Jr., Dibrell's Chairman and Chief Executive Officer, said sales of Dibrell's tobacco business declined by 2.8 percent to $189.4 million in this year's December quarter as sales of foreign tobacco accelerated into this year's first quarter negatively impacted volumes available for sale in the second quarter. For the six-month period, net sales by tobacco operations increased 4.5 percent to $368.8 million. The volume of tobacco sold for the first six months as measured in pounds increased 10.0 percent.
 Net sales for Dibrell's flower operations decreased 4.6 percent to $100.2 million in the second quarter reflecting the continuing recession in Europe. For the six-month period, sales increased 6.6 percent to $177.1 million.
 Owen said that Dibrell's tobacco operations, both domestic and foreign, continue to be the major source of earnings for the Company. Operating profit from tobacco operations, including foreign exchange gains, increased by 34.4 percent for the quarter and 16.9 percent for the six-month period. The flower operations' gross margin percentage has improved but the ongoing slowdown in the world economy along with higher personnel costs continue to negatively impact its contribution versus last year. The Company's reduced interest expense (both lower average balances outstanding and and lower interest rates) also favorably affected results for both the quarter and the six-month period.
 The six-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. No. 109 produces a cumulative positive impact on earnings of $8,785,000 with a negative impact from No. 106 of $7,715,605 for a net positive impact.
 Owen also commented that he expects earnings for the second six months to compare favorably with last year's results. Due to the historical importance of U.S. tobacco operations which have declined in volume on third quarter results and to the increased impact of foreign tobacco operations on the fourth quarter, earnings are expected to be significantly lower in this year's third quarter and correspondingly higher in the fourth quarter than last year.
 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 America 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- 2/10/93
 /CONTACT: John Hunnicutt of Dibrell Brothers, Incorporated, 804-791-0151/
 (DBRL)


CO: Dibrell Brothers, Incorporated ST: Virginia IN: TOB SU: ERN

SB -- CH005 -- 5105 02/10/93 11:23 EST
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Publication:PR Newswire
Date:Feb 10, 1993
Words:676
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