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FISCHER & PORTER REPORTS THIRD QUARTER EARNINGS

 FISCHER & PORTER REPORTS THIRD QUARTER EARNINGS
 WARMINSTER, Pa., Oct. 22 /PRNewswire/ -- Fischer & Porter Company


(AMEX: FP) today reported earnings per share of $.11 for the three months ended Sept. 30, 1992, on net income of $611,000 compared to a $.45 loss per share on a net loss of $2,274,000 for the same period in 1991.
 Sales were $64,663,000 in the current quarter, an increase of $9,188,000 or 16.6 percent compared to the prior year quarter. The increase in reported sales was partly due to differences in currency exchange rates for international sales and partly due to higher volume on a worldwide basis. Foreign currency losses of $286,000 were reported in 1992 whereas, in 1991, there were foreign currency gains of $111,000.
 Net income for the first nine months of 1992 was $1,267,000 or $.22 per share. In the same period of 1991, there was a net loss of $1,987,000 or $.41 per share (before accounting change). Sales in the first three quarters of the current year were $174,452,000 compared to sales of $174,940,000 for the same period in 1991. A European manufacturing subsidiary which is being restructured in 1992, incurred a net loss of $3,100,000 through September 1991, whereas in the current year a net loss of $400,000 has been incurred.
 Because the company adopted FASB No. 106 in 1991, which governs the accounting for non-pension postretirement benefits, the previously reported net loss of $1,987,000 for the first nine months of 1991 has been restated. A charge of $2,821,000, which represents the cumulative effect of the change in accounting principle as of Jan. 1, 1991, has been reflected in the first quarter of 1991, resulting in a restated net loss of $4,808,000 or a $.95 loss per share for the first nine months of 1991.
 The company is continuing to manage for cash and reduce costs during this prolonged, worldwide recession. Personnel levels throughout the company have been reduced approximately 5 percent from a year ago and approximately 14 percent since December of 1990. Debt obligations in the United States have been reduced $3,600,000 since the beginning of 1992. Interest expense in the United States is $500,000 less than in 1991. Medical costs in the United States have been reduced through managed care and employee cost sharing. At the same time, the company has been aggressively marketing new products with some measure of success.
 Orders received for the first nine months of 1992 totaled $181,500,000 as compared to $167,500,000 for the same period in 1991. This increase of $14,000,000 is due to higher international orders, approximately $9,600,000 of which was due to changes in currency exchange rates. The orders for the third quarter of 1992 totaled $60,500,000 as compared to $51,500,000 in the third quarter of 1991 and $61,500,000 in the second quarter of 1992.
 Fischer & Porter Company is a world leader in measurement and control technologies. The company's products include flowmeters, transmitters, process controllers, microcomputers, distributed control systems, analytical instruments and various types of disinfection equipment. Throughout the world, Fischer & Porter instruments and systems are an integral part of such varied enterprises as chemical plants, pharmaceutical plants, food and beverage processing facilities, pulp and paper mills, mines, metal refineries and municipal and industrial water and wastewater treatment plants.
 FISCHER & PORTER COMPANY
 Consolidated Statements of Income
 (Unaudited; 000s omitted)
 Periods ended Three months Nine months
 Sept. 30 1992 1991 1992 1991(A)
 Net sales $64,663 $55,475 $174,452 $174,940
 Costs and expenses:
 Cost of sales 41,361 36,757 107,940 111,818
 Research & development 3,233 3,132 9,306 9,730
 Selling, general &
 administrative expenses 17,207 15,995 50,562 49,202
 Total 61,801 55,884 167,808 170,750
 Income (loss) from operations 2,862 (409) 6,644 4,190
 Interest expense 770 907 2,171 2,424
 Foreign exchange losses
 (gains) 286 (111) (23) 202
 Income (loss) before provision
 for income taxes and
 accounting change 1,806 (1,205) 4,496 1,564
 Provision for income taxes 1,195 1,069 3,229 3,551
 Income (loss) before
 accounting change 611 (2,274) 1,267 (1,987)
 Accounting change --- --- --- (2,821)
 Net income (loss) 611 (2,274) 1,267 (4,808)
 Income (loss) per share:
 Income before accounting
 change $.11 ($.45) $.22 ($.41)
 Accounting change --- --- --- (.54)
 Income (loss) per share .11 (.45) .22 (.95)
 Average shares 5,222 5,222 5,222 5,215
 Orders received and backlog:
 Orders received $60,500 $51,500 $181,500 $167,500
 Backlog of unfilled orders 67,000 64,500 67,000 64,500
 (A) The nine months ended Sept. 30, 1991, have been restated for the cumulative effect of adoption of FASB No. 106 in 1991.
 Consolidated Balance Sheets
 (000s omitted)
 Sept. 30, 1992 Dec. 31, 1991
 (Unaudited)
 Assets:
 Cash $5,346 $12,585
 Receivables 47,576 51,543
 Inventories 44,223 41,186
 Prepaid expenses 1,857 2,015
 Total current assets 99,002 107,329
 Property, plant & equipment, net 43,587 42,039
 Other assets 5,040 4,533
 Total 147,629 153,901
 Liabilities and shareholders' equity:
 Current portion of long-term debt 5,061 1,345
 Notes payable 6,201 17,092
 Accounts payable and accrued expenses 40,764 45,231
 Total current liabilities 52,026 63,668
 Long-term debt 15,587 12,297
 Other noncurrent liabilities 32,279 31,152
 Preferred stock 1,425 1,425
 Shareholders' equity:
 Common stock 4,657 4,657
 Class B Capital stock 564 564
 Paid-in surplus 61,233 61,233
 Accumulated deficit (24,703) (25,874)
 Cumulative translation adjustments 4,561 4,779
 Total shareholders' equity 46,312 45,359
 Total 147,629 153,901
 /delval/
 -0- 10/22/92
 /CONTACT: Laurence P. Finnegan Jr. of Fischer & Porter, 215-674-6102/
 (FP) CO: Fischer & Porter Company ST: Pennsylvania IN: SU: ERN


LJ-MK -- PH038 -- 3770 10/22/92 15:23 EDT
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Date:Oct 22, 1992
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