Printer Friendly

FULL YEAR AND FOURTH QUARTER 1991 RESULTS ANNOUNCED BY HANDY & HARMAN

FULL YEAR AND FOURTH QUARTER 1991 RESULTS ANNOUNCED BY HANDY & HARMAN
 NEW YORK, Feb. 12 /PRNewswire/ -- Handy & Harman (NYSE: HNH) today reported results for both the fourth quarter and full year ended Dec. 31, 1991.
 Net income for the fourth quarter of 1991 amounted to $2,422,000, or $.17 per share, an 8 percent increase over the $2,241,000, or $.16 per share, reported in the comparable period in 1990. The company noted that in the same 1990 quarter net income included $5,430,000, or $.39 per share, from reductions in the quantities of the precious metal inventories valued under the LIFO method of accounting. Partially offsetting the 1990 LIFO gain was an after-tax charge of $3,000,000, or $.21 per share, representing anticipated costs involving the shutdown of the platinum group metals (PGM) refinery. Fourth quarter 1991 sales from continuing operations were $117,401,000 compared to $110,247,000 in the same period of 1990.
 The year 1991 resulted in an after-tax loss of $34,509,000, or $2.47 per share. This amount included a second quarter charge for restructuring, non-recurring and unusual items amounting to $38,130,000, or $2.73 per share. For the year 1990, net income was $9,726,000, or $.70 per share, including the fourth quarter increase in net income from the LIFO inventory reduction and the partial offset of the charge for the PGM refinery shutdown. Sales from continuing operations in 1991 were $462,452,000 versus $471,846,000 in 1990.
 Richard N. Daniel, chairman and chief executive officer commented, "Actions contemplated by the restructuring announced this past June have proceeded at a satisfactory rate. Additionally, we are pleased and encouraged by the results of the third and fourth quarters which reflect continuing improvement of earnings despite a difficult economic environment."
 Continuing, Daniel added, "At this time, we are virtually forced to dampen our growing optimism with the stark reality that Handy & Harman is not insensitive to the overall health of the economy. However, we feel positive about our current competitive position."
 Handy & Harman, a leading fabricator, processor and refiner of precious metals, also produces a variety of specialty metal products for industrial uses through over thirty subsidiaries here and abroad. Founded in 1867, Handy & Harman is headquartered in New York.
 The annual meeting of Handy & Harman shareholders will take place at 11 a.m. on Tuesday, May, 12, 1992, at Chemical Banking Corporation, 270 Park Avenue, (Room 7 - 11th Floor), New York, N.Y.
 HANDY & HARMAN AND SUBSIDIARIES
 Period ended Quarter
 Dec. 31 1991 1990
 Net sales $117,401,000 $110,247,000
 Income (loss) from
 cont. opers. before
 income taxes 4,172,000 10,79nued operations:
 Loss from operations net
 of income taxes -- (2,627,000)
 Provision for loss
 on disposal of
 discont. operations
 net of income taxes -- (3,000,000)(C)
 Total -- (5,627,000)
 Net income (loss) 2,422,000 2,241,000
 Earnings (loss) per share:
 Continuing operations $.17 $.56(B)
 Discontinued operations -- (.40)(C)
 Net income (loss) $.17 $.16
 Average number of
 shares outstanding 13,985,000 13,984,000
 Twelve months
 Dec. 31 1991(A) 1990
 Net sales $462,452,000 $471,846,000
 Income (loss) from
 cont. opers. before
 income taxes (11,153,000) 27,253,000(B)
 Income (loss) from
 cont. opers., net
 of income taxes (8,653,000) 17,490,000(B)
 Discontinued operations:
 Loss from operations net
 of income taxes (1,465,000) (4,764,000)
 Provision for loss
 on disposal of
 discont. operations,
 net of income taxes (24,391,000) (3,000,000)(C)
 Total (25,856,000) (7,764,000)
 Net income (loss) (34,509,000) 9,726,000
 Earnings (loss) per share:
 Continuing operations ($.62) 1.25(B)
 Discontinued operations (1.85) (.55)(C)
 Net income (loss) ($2.47) .70
 Average number of
 shares outstanding 13,985,000 13,973,000
 (A) Twelve months 1991 figures include restructuring, non-recurring and unusual charges of $20,339,000 ($13,739,000 after tax, or $.98 per share) to continuing operations, and $33,991,000 ($24,391,000 after tax, or $1.75 per share) to discontinued operations. Results for the 1990 periods have been restated to reflect reclassification of discontinued operations.
 (B) As a result of reductions in the quantities of precious metal inventories valued under the LIFO method of accounting, earnings before taxes for both the quarter and the year ended Dec. 31, 1990 increased $9,050,000 and net income increased $5,430,000, or $.39 per share.
 (C) During the fourth quarter of 1990 there was a pretax charge of $5,000,000 representing anticipated costs involving the shutdown of the platinum group metals (PGM) refinery which reduced net income by $3,000,000, or $.21 per share. During 1991 the company decided to discontinue the line of business which included the (PGM) refinery.
 -0- 2/12/92
 /CONTACT: Stephen B. Mudd, vice president and treasurer of Handy & Harman, 212-752-3400 or 212-207-2673/
 (HNH) CO: Handy & Harman ST: New York IN: MNG SU: ERN SM-OS -- NY057 -- 9275 02/12/92 13:11 EST
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:Feb 12, 1992
Words:852
Previous Article:UNION CARBIDE REPORTS AUDITED 1991 RESULTS; NO CHANGE FROM PRELIMINARY RESULTS ANNOUNCED ON JAN. 27
Next Article:SHERATON MANHATTAN PREMIERES AFTER $47 MILLION RE-DO
Topics:


Related Articles
NUCLEAR METALS ANNOUNCES FISCAL 1991 RESULTS
HANDY & HARMAN ELECTS NEW DIRECTOR
HANDY & HARMAN ELECTS NEW DIRECTOR
FULL YEAR AND FOURTH QUARTER 1992 RESULTS ANNOUNCED BY HANDY & HARMAN
HANDY & HARMAN ANNOUNCES THIRD QUARTER RESULTS
FOURTH QUARTER AND FULL YEAR 1993 RESULTS ANNOUNCED BY HANDY & HARMAN
HANDY & HARMAN ANNOUNCES SECOND QUARTER RESULTS
FOURTH QUARTER AND FULL YEAR 1994 RESULTS ANNOUNCED BY HANDY & HARMAN
FOURTH QUARTER AND FULL YEAR 1995 RESULTS ANNOUNCED BY HANDY & HARMAN
WHX Announces 1999 Fourth Quarter, Year End Financial Results.

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