Printer Friendly

FIBREBOARD REPORTS STRONG THIRD QUARTER EARNINGS

 FIBREBOARD REPORTS STRONG THIRD QUARTER EARNINGS
 CONCORD, Calif., Oct. 14 /PRNewswire/ -- Fibreboard Corp. (AMEX:FBD)


continues its favorable earnings trend and today reported the results of the
third quarter operations. Net income was $1.2 million, or 28 cents per share for the quarter ended Sept. 30, 1992, on sales of $54.5 million. This compares with net income of $173,000, or 4 cents per share on sales of $61.9 million for the third quarter of 1991.
 For the first nine months of 1992, Fibreboard reported net income of $9.3 million, or $2.28 per share on sales of $185.3 million. This compares with nine-month 1991 income from continuing operations of $788,000, or 20 cents per share on sales of $174.1 million. For the first nine months of 1991, Fibreboard incurred a net loss of $14.7 million, or $3.70 per share, which included a loss from discontinued operations of $13.5 million, or $3.41 per share, and the impact of an accounting change for post-employment benefits other than pensions of $2.0 million or 49 cents per share.
 Wood Products Group operating profit was $2.7 million on sales of $40.0 million for the quarter ended Sept. 30, 1992, compared with $4.5 million on sales of $47.9 million for the 1991 period. Wood product prices at the close of the quarter showed signs of overall price stability with modest recovery in selected products from lower prices experienced earlier in the quarter.
 The Industrial Insulation Products Group achieved improved operating profits for the quarter. This group contributed operating profits of $1.9 million on sales of $12.1 million for the quarter ended Sept. 30, 1992, compared with $540,000 on sales of $11.9 million for the third quarter of 1991. This significant operating performance improvement over the third quarter of 1991 occurred in spite of continuing soft demand for molded industrial insulation in the power generation and petrochemical markets.
 Resort Operations experienced a seasonal operating loss of $497,000 on sales of $2.4 million for the quarter ended Sept. 30, 1992, compared with a loss of $372,000 on sales of $2.1 million for the third quarter of 1991. The resort's 18-hole golf course produced a record number of golf rounds stimulated by significant course upgrades initiated during the second quarter. Construction of additional snow-making facilities began during the quarter in preparation for the approaching ski season. The $2.0 million capital expenditure project should improve the prospects for an early opening of the ski season which is scheduled for Nov. 20. The 80-acre expansion will extend the total snow-making coverage to nearly 200 acres on 25 ski runs.
 John D. Roach, Fibreboard's chairman and chief executive officer, said, "We are extremely pleased to report that our results for the first nine months of 1992 indicate that Fibreboard is well on track in achieving the threshold level of the earnings potential we had hoped to attain within a three-year period. While we will continue to strive for excellence in our operating performance in the fourth quarter and beyond, we should remind those who follow the company that our businesses are both seasonal and cyclical in nature."
 Roach added, "The recent devastating forest fires in California inflicted a tremendous toll on life and property of the residents of the state's forested areas. Fibreboard continues to express our sincere concern and support of the fire victims and their families who suffered losses. Fibreboard was very fortunate as our timberlands were only minimally impacted by the fires in our region which were concentrated on federal timberlands. As a result, an additional volume of salvage timber should become available in the short term. We believe we will have an adequate supply of timber to maintain full operations of our primary conversion facilities through the coming winter months and well into 1993. We will aggressively continue to seek purchases of additional federal timber."
 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 Nine Months
 Ended Sept. 30 Ended Sept. 30
 1992 1991 1992 1991
 Net sales $54,497 $ 61,921 $185,301 $174,089
 Income from cont-
 inuing operations (a) 1,168 173 9,347 788
 Income per share from
 continuing operations(a) 0.28 0.04 2.28 0.20
 SUMMARY OF CONTINUING OPERATIONS SALES AND EARNINGS
 Sales by Quarter 1st 2nd 3rd Year-to-Date
 1992 $70,860 $59,944 $54,497 $185,301
 1991 54,889 57,279 61,921 174,089
 Earnings by Quarter (a)
 1992 $ 5,487 $ 2,692 $ 1,168 $ 9,347
 1991 (574) 1,189 173 788
 Earnings Per Share by Quarter (a)
 1992 $ 1.35 $ 0.66 0.28 2.28
 1991 (0.14) 0.30 0.04 0.20
 (a) Before impact of a change in accounting principle and discontinued operations
 SALES AND OPERATING PROFIT BY MAJOR PRODUCT GROUPS (UNAUDITED)
 Quarter Nine Months
 Ended Sept. 30 Ended Sept. 30
 1992 1991 1992 1991
 Outside sales
 Wood products $39,994 $47,878 $132,761 $121,392
 Insulation products 12,081 11,910 35,799 39,079
 Resort operations 2,422 2,133 16,741 13,618
 Total $54,497 $61,921 $185,301 $174,089
 Segment profit (loss)
 Wood products
 operations $ 2,675 $ 4,516 $ 15,605 $ 6,985
 Insulation products
 operations 1,878 540 4,335 3,455
 Resort operations (497) (372) 3,242 1,156
 Unallocated unusual
 items -- (927) -- (927)
 Unallocated expense,
 net (2,023) (2,419) (7,336) (7,145)
 Interest and other
 income (expense), net 409 (734) 698 (1,555)
 Income (loss) from
 continuing operations
 before taxes $ 2,442 $ 604 $ 16,544 $ 1,969
 FIBREBOARD CORP. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
 (DOLLAR AMOUNTS IN THOUSANDS EXCEPT PER SHARE)
 Quarter Nine Months
 Ended Sept. 30 Ended Sept. 30
 1992 1991 1992 1991
 Net sales $54,497 $61,921 $185,301 $174,089
 Cost of sales 48,100 54,886 154,431 154,391
 Gross margin 6,397 7,035 30,870 19,698
 Selling and
 administrative 4,364 4,770 15,024 15,247
 Unusual items -- 927 -- 927
 Income from operations 2,033 1,338 15,846 3,524
 Interest expense (884) (1,358) (3,260) (4,128)
 Interest and other
 income 1,293 624 3,958 2,573
 Income from continuing
 operations before
 income taxes 2,442 604 16,544 1,969
 Income taxes related to
 continuing operations (1,274) (431) (7,197) (1,181)
 Income from continuing
 operations before
 cumulative effect of
 a change in accounting
 principle 1,168 173 9,347 788
 Cumulative effect of
 change in accounting
 for post employment
 benefits other than
 pensions -- -- -- (1,954)
 Discontinued operations:
 Loss from operations,
 net of tax -- -- -- (3,227)
 Anticipated loss on
 disposal -- -- -- (10,338)
 Net income (loss) $ 1,168 $ 173 $ 9,347 $(14,731)
 Earnings per share
 Income from continuing
 operations $ 0.28 $ 0.04 $ 2.28 $ 0.20
 Cumulative effect of
 accounting change -- -- -- (0.49)
 Income from discontinued
 operations net of
 income taxes -- -- -- (3.41)
 Net income (loss) per
 share $ 0.28 $ 0.04 $ 2.28 $ (3.70)
 Weighted average shares
 outstanding
 (thousands) 4,127 4,026 4,092 3,978
 -0- 10/14/92
 /CONTACT: Stephen L. DeMaria of Fibreboard, 510-686-0700
 (FBD) CO: Fibreboard Corp. ST: California IN: CST LEI SU: ERN


TM -- SF002 -- 9671 10/14/92 08:05 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 14, 1992
Words:1274
Previous Article:GEODYNAMICS CORP. ANNOUNCES FIRST QUARTER OPERATING RESULTS
Next Article:AMSCO INTERNATIONAL ANNOUNCES INCREASED THIRD QUARTER AND NINE MONTH EARNINGS
Topics:


Related Articles
FIBREBOARD STOCKHOLDERS APPROVE THREE PROPOSALS AT 1992 ANNUAL MEETING
FIBREBOARD REPORTS SECOND QUARTER EARNINGS UP 127 PERCENT FROM PRIOR YEAR
FIBREBOARD ANNOUNCES RECORD 1992 EARNINGS FROM OPERATIONS
FIBREBOARD REPORTS STRONG THIRD QUARTER EARNINGS
FIBREBOARD ANNOUNCES GLOBAL ASBESTOS SETTLEMENT
FIBREBOARD POSTS RECORD FIRST QUARTER EARNINGS FOR THIRD STRAIGHT YEAR
FIBREBOARD SHAREHOLDERS HEAR EXPANSION GOALS; THREE DIRECTORS RE-ELECTED AT ANNUAL MEETING
FIBREBOARD ANNOUNCES SHARE REPURCHASE PROGRAM AND EXPLORES THE SALE OF WOOD PRODUCTS GROUP
FIBREBOARD SIGNS LETTER OF INTENT TO SELL WOOD PRODUCTS GROUP
FIBREBOARD REPORTS RECORD SALES AND OPERATING EARNINGS FOR SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 1995

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters