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FUQUA INDUSTRIES REPORTS 1992 RESULTS AND ANNOUNCES A CHANGE IN STRATEGIC DIRECTION

 ATLANTA, Feb. 22 /PRNewswire/ -- Fuqua Industries, Inc. (NYSE: FQA) today reported a net profit of $11.6 million, or $.70 per share, for the year ended Dec. 31, 1992, compared with a net loss of $50.8 million, or $3.08 per share in 1991.
 All three Fuqua business segments had increases in sales and operating income for 1992 in comparison with 1991. Sales for 1992 of $1.1 billion are an increase of 24 percent, when compared with sales of $925 million for 1991. The principal reasons for the increase in sales were the higher level of production and shipment to distributors at Snapper to meet anticipated 1992 retail demand and the impact of several Qualex acquisitions. Sales for 1991 were impacted by a decrease in shipments to Snapper distributors, in order to reduce retail inventory levels.
 The 1992 results include an after-tax and minority interest benefit of $1.0 million, or $.06 per share, for the cumulative effect of a change in the method of accounting for certain photofinishing advertisement costs. Results for 1991 included reserves of $10.9 million after tax and minority interest, primarily for photofinishing plant consolidations related to fourth quarter 1991 acquisitions at Qualex, and for costs anticipated in reducing the size of Fuqua's corporate staff.
 Fuqua's fourth quarter net profit of $5.0 million or $.31 per share, compares with a net loss of $26.8 million or $1.62 per share, for the same period of 1991. The fourth quarter of 1992 does not include the effect of the previously described cumulative change in a method of accounting. The 1991 fourth quarter included provisions for an after- tax benefit of $5.0 million, or $.30 per share, primarily for costs associated with the consolidation or relocation of plant facilities at Qualex. Sales for the quarter were $277 million in 1992 and $242 million in 1991.
 Charles R. Scott, president and chief executive officer, said, "Our mission in 1992 was to return the company to solid operating profits giving us a firm foundation to begin the transformation from what was once a conglomerate to a focused company with a dominant position in a clearly defined business."
 Scott continued: "With this mission accomplished, it is now time to unfold a strategic plan for the future. After a careful study of current consumer trends and demographics, plus the knowledge gained from years of involvement in the recreation, fitness and sports arena, we have decided to stake our claim in the growing $65 billion recreation and sports industry. Leisure plays a significant role in everyone's life and its importance is increasing. The so-called 'life-sports' areas of leisure hold great promise. These areas include such activities as cycling, camping, exercising, fishing, bowling and team sports. We intend to be a focused and major player in the 'life-sports' segment of the leisure industry."
 Fuqua Industries, Inc. currently provides high-quality, brand-name consumer products through distribution channels to retail markets across the United States. Fuqua presently operates in three distinct businesses: photofinishing, lawn and garden equipment, and sporting goods.
 FUQUA INDUSTRIES, INC.
 Summary of Earnings
 (In thousands except per share data)
 3 mos. ended 12/31/92 12/31/91
 Sales $ 276,626 $ 242,088
 Net income (loss) 5,027 (26,756)
 Income (loss) per common share $ 0.31 $ (1.62)
 Avg. common and common equiv. shares 16,544 16,544
 12 mos. ended 12/31/92 12/31/91
 Sales $1,148,743 $ 924,635
 Net income (loss) 11,599 (50,821)
 Income (loss) per common share $ 0.70 $ (3.08)
 Avg. common and common equiv. shares 16,544 16,527
 NOTE: The full year of 1992 includes an after-tax and minority interest benefit of $1.0 million ($0.06 per share), for the cumulative effect of a change in the method of accounting for certain photofinishing advertisement costs.
 The fourth quarter of 1991 included a provision after-tax benefit and minority interest of $5.0 million ($0.30 per share), primarily for the costs associates with the consolidation or relocation of plant facilities at Qualex, Inc.
 In addition to the above-noted fourth quarter provision 1991 included a provision after-tax benefit of $5.9 million for costs expected in reducing the size of the company's corporate staff, relocating corporate offices and consolidating the operating facilities at Hutch Sports USA, Inc. For the full year, 1991 included provisions after-tax benefit and minority interest for anticipated costs of $10.9 million ($0.66 per share).
 -0- 2/22/93
 /CONTACT: Frederick B. Beilstein III, senior vice president, treasurer and chief financial officer, or Bridget B. Sullivan, manager, Investor Relations of Fuqua Industries, 404-658-9000/
 (FQA)


CO: Fuqua Industries, Inc. ST: Georgia IN: HOU SU: ERN

BN-BR -- AT019 -- 8958 02/22/93 12:18 EST
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Date:Feb 22, 1993
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