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FIBREBOARD REPORTS SECOND QUARTER EARNINGS UP 127 PERCENT FROM PRIOR YEAR

 FIBREBOARD REPORTS SECOND QUARTER EARNINGS
 UP 127 PERCENT FROM PRIOR YEAR
 CONCORD, Calif., July 15 /PRNewswire/ -- Fibreboard Corp. (AMEX:FBD) today reported net income of $2.7 million, or $0.66 per share for the quarter ended June 30, 1992 on sales of $59.9 million. This compares with income from continuing operations of $1.2 million, or $.30 per share, on sales of $57.3 million in the second quarter of 1991. For the quarter ended June 30, 1991, Fibreboard reported a net loss of $10.8 million, or $2.72 per share, including a loss from discontinued operations of $12.0 million, or $3.02 per share.
 For the first six months of 1992, Fibreboard reported net income of $8.2 million, or $2.01 per share, on sales of $130.8 million. This compares with six-month 1991 income from continuing operations of $615,000, or $0.16 per share, on sales of $112.2 million. For the first six months of 1991, Fibreboard incurred a net loss of $14.9 million, or $3.76 per share, which included a loss from discontinued operations of $13.5 million, or $3.43 per share. Prior year six-month results have been restated to reflect the impact of an accounting change for post-employment benefits other than pensions. Wood Products Group Leads Operating Performance
 Pre-tax operating profit for the Wood Products Group was $7.6 million on sales of $47.2 million for the quarter ended June 30, 1992, compared with $3.8 million on sales of $42.4 million for the 1991 period. The increase was largely due to an improved product mix and favorable lumber pricing during April and May. Lumber prices fell during June and have continued to fall during July.
 The Industrial Insulation Products Group produced pre-tax operating profit of $1.3 million on sales of $11.7 million for the quarter ended June 30, 1992, compared with $828,000 on sales of $12.6 million for the second quarter of 1991. Insulation markets remain flat with demand for molded insulation continuing at depressed levels.
 The Resort Group, Northstar-at-Tahoe, experienced a seasonal operating loss of $1.3 million on sales of $1.1 million for the quarter ended June 30, 1992, with the ski season ending in March. In comparison the profit of $3,000 on sales of $2.3 million in the 1991 period was due to an unusually late ski season resulting from heavy snowfalls in March and April.
 John D. Roach, Fibreboard's chairman and chief executive officer, said, "We are pleased with the continuing improvement in Fibreboard's operating results, led by the strong performance of our Wood Products Group. However, future operating results will depend, among other things, on strong wood products prices and our ability to meet timber supply requirements. The availability of an adequate timber supply will be a major issue for most wood products companies, including Fibreboard, in the years ahead. Fibreboard's ability to reduce the potentially adverse effects of a timber supply shortage was enhanced by the reorganization of our Wood Products Group in late 1991, but we still have much more work to do."
 Roach added, "In the period ahead we will continue to focus our efforts on securing a long-term timber supply from federal lands to supplement internal sources from company-owned timberlands. We are also aggressively pursuing alternative sources of raw materials for our production facilities in order to assure an adequate supply is available to meet our requirements."
 "Although we enjoyed very good prices for our wood products early in the second quarter, prices for our finished goods fell during the latter part of the quarter as demand for products moderated. We believe price recovery will be dependent on demand, which has not shown any signs of improving recently. We will continue to manage our product mix to maximize the return on our raw materials," Roach concluded.
 Fibreboard Corp., headquartered in Concord, manufactures lumber, hardwood plywood, moulding and millwork, agricultural container components, precision molded industrial insulation and fireproofing materials. It also owns and operates Northstar-at-Tahoe, a ski resort and year-round vacation and conference center in California.
 FIBREBOARD CORP. AND SUBSIDIARIES
 SUMMARY OF SALES AND EARNINGS (Unaudited)
 (Dollar amounts in thousands except per share)
 Quarter Six Months
 Ended June 30 Ended June 30
 1992 1991 1992 1991
 Net sales $59,944 $57,279 $130,804 $112,168
 Income from continuing
 operations (A) 2,692 1,185 8,179 615
 Income per share from
 continuing operations (A) .66 .30 2.01 .16
 SUMMARY OF CONTINUING OPERATIONS
 SALES AND EARNINGS
 Sales by Quarter 1st 2nd Year to Date
 1992 $70,860 $59,944 $130,804
 1991 54,889 57,279 112,168
 Earnings by Quarter (A) 1st 2nd Year to Date
 1992 $ 5,487 $ 2,692 $ 8,179
 1991 (570) 1,185 615
 Earnings Per Share by Quarter (A) 1st 2nd Year to Date
 1992 $ 1.35 $ .66 $ 2.01
 1991 (.14) .30 .16
 1991 Adjustments
 (A) Before impact of a change in accounting principle and
 discontinued operations.
 SALES AND OPERATING PROFIT BY MAJOR PRODUCT GROUPS
 (Unaudited)
 Quarter Six Months
 Ended June 30 Ended June 30
 1992 1991 1992 1991
 Outside sales
 Wood Products $ 47,192 $ 42,356 $ 92,767 $ 73,514
 Insulation Products 11,673 12,587 23,718 27,169
 Resort Operations 1,079 2,336 14,319 11,485
 TOTAL OUTSIDE SALES $ 59,944 $ 57,279 $130,804 $112,168
 -------- -------- -------- -------
 Segment profit
 Wood products operations $ 7,642 $ 3,800 $ 12,930 $ 2,469
 Insulation products
 operations 1,308 828 2,457 2,915
 Resort Operations (1,263) 3 3,739 1,528
 Total Operations 7,687 4,631 19,126 6,912
 Unallocated expense, net (2,649) (2,479) (5,313) (4,726)
 Interest expense (1,074) (1,275) (2,376) (2,770)
 Interest and other income 677 829 2,665 1,949
 Income from continuing
 operations before taxes $ 4,641 $ 1,706 $ 14,102 $ 1,365
 -------- -------- -------- --------
 FIBREBOARD CORP. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
 (Dollar Amounts in Thousands Except Per Share)
 Quarter Six Months
 Ended June 30 Ended June 30
 1992 1991 1992 1991
 Net sales $ 59,944 $ 57,279 $130,804 $112,168
 Cost of sales 49,750 49,685 106,331 99,505
 Gross Margin 10,194 7,594 24,473 12,663
 Selling and administrative
 expenses 5,156 5,442 10,660 10,477
 Income from operations 5,038 2,152 13,813 2,186
 Interest expense (1,074) (1,275) (2,376) (2,770)
 Interest and other income 677 829 2,665 1,949
 Income from continuing
 operations before income
 taxes 4,641 1,706 14,102 1,365
 Income taxes relating to
 continuing operations (1,949) (521) (5,923) (750)
 Income from continuing
 operations before cumulative
 effect of a change in
 accounting principle 2,692 1,185 8,179 615
 Cumulative effect of change
 in accounting for post
 employment benefits other
 than pensions -- -- -- (1,954)
 Discontinued Operations:
 Loss from discontinued
 operations, net of tax -- (1,658) -- (3,227)
 Anticipated loss on disposal -- (10,338) -- (10,338)
 Net Income (loss) $ 2,692 $(10,811) $ 8,179 $(14,904)
 -------- -------- -------- --------
 Earnings per share:
 Income from continuing
 operations before
 accounting change $ .66 $ .30 $ 2.01 $ .16
 Cumulative effect of
 accounting change -- -- -- (.49)
 Income (loss) from discontinued
 operations net of income
 taxes -- (3.02) -- (3.43)
 Net Income (loss)
 per share $ .66 $ (2.72) $ 2.01 $ (3.76)
 -------- -------- -------- --------
 Weighted average shares
 outstanding (thousands) 4,088 3,969 4,074 3,954
 -0- 7/15/92
 /CONTACT: Stephen L. DeMaria of Fibreboard, 510-686-0700/
 (FBD) CO: Fibreboard Corp. ST: California IN: PAP SU: ERN


MC -- SF004 -- 9371 07/15/92 08:04 EDT
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