GENERAL SIGNAL NET RISES 23 PERCENT TO RECORD 58 CENTS.STAMFORD Stamford, town, England Stamford, town (1991 pop. 18,127), in the Parts of Kesteven, Lincolnshire, E central England, on the Welland River. It is a market town. Products include diesel engines, electrical equipment, bricks, and tiles. , Conn.--(BUSINESS WIRE)--April 18, 1995--General Signal Corporation reported record first quarter net earnings from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the of $27.3 million, up 23.0 percent from $22.2 million on the same basis a year ago. Earnings per share of 58 cents were also up 23.4 percent from last year's 47 cents. Sales of $411.0 million rose 20.0 percent from the $342.4 million recorded a year ago. All three sectors recorded sales and earnings improvements. Operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before for the Process Controls sector rose 22.1 percent to $22.1 million on a 23.9 percent gain in sales to $175.6 million as margins remained unchanged at 12.6 percent. Operating earnings for the Electrical Controls sector gained 30.2 percent to $12.5 million on a 19.0 percent increase in sales to $160.1 million with margins improving to 7.8 percent from 7.1 percent a year ago. The Industrial Technology sector saw margins expand to 19.8 percent from 17.4 percent as operating earnings climbed 29.6 percent to $14.9 million on a 13.7 percent gain in sales to $75.3 million. Businesses that were particularly robust during the quarter were the mixer mixer, either of two electronic devices in which two or more signals are combined. In the type of mixer used in radio receivers, radar receivers, and similar systems, a signal is translated upward or downward in frequency. , valve, lab freezer freezer the compartment in which meat and offal are stored at freezing temperatures of 10 to 16°F (-12 to -9°C) although there is a trend to lower temperatures of 0 to -22°F (-18 to -30°C). and oven  It has been suggested that , , , , and be merged into this article or section. , fire safety and
control equipment, small motor, antenna, and automotive operations.
Commenting on the company's performance for the quarter, Edmund Edmund, 921–46, king of Wessex (939–46), half brother and successor of Athelstan. Immediately after his accession he had to face an invasion of Irish vikings led by Olaf Guthfrithson. M. Carpenter, chairman and chief executive officer, stated: "Not only were sales and earnings strong but orders achieved record levels at $432.3 million, up 16.2 percent over last year, and backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. grew by $21.0 million. In fact, orders have increased now for six consecutive quarters and the company expects to see continuing order improvements for the balance of the year. "With renewed re·new v. re·newed, re·new·ing, re·news v.tr. 1. To make new or as if new again; restore: renewed the antique chair. 2. emphasis on productivity and margin improvement we look forward to ensuing en·sue intr.v. en·sued, en·su·ing, en·sues 1. To follow as a consequence or result. See Synonyms at follow. 2. To take place subsequently. quarters providing value enhancement for our shareholders. In the quarter we achieved sector operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: of 12.0 percent, which are now within our goal range of 12 to 16 percent set several years ago. Last year sector operating margins were at the 11.4 percent level for the period. "Other measurements we are pleased to post are working capital to sales of 14.8 percent compared with 18.3 percent; selling, general and administrative expenses to sales of 17.4 percent versus 18.2 percent; return on net operating assets Operating Assets Another term for working capital. of 22.9 percent from 20.6 percent and return on equity of 19.6 percent compared with 16.6 percent a year ago. These measurements are all at or near to Class 1 performance and are levels we will work feverishly fe·ver·ish adj. 1. a. Of, relating to, or resembling a fever. b. Having a fever or symptoms characteristic of a fever. c. Causing or tending to cause fever. 2. to improve. "We believe that our performance for the balance of the year will continue to reflect the benefit of current business trends and enable us to achieve the record earnings levels anticipated by the investment community," Mr. Carpenter concluded. -0- General Signal Corporation, with 1994 sales of $1.53 billion, is a leading equipment manufacturer for the process control, electrical, and industrial technology industries. -0- GENERAL SIGNAL CORPORATION CONSOLIDATED STATEMENT OF EARNINGS (Unaudited) (In millions except per-share data)
Three Months Ended
March 31,
1995 1994
Net sales $411.0 $342.4
Cost of sales 293.3 243.0
Selling, general and
administrative expenses 71.6 62.3
364.9 305.3
Operating earnings 46.1 37.1 Interest expense, net (4.1) (2.8)
Earnings from continuing operations
before income taxes 42.0 34.3
Income taxes 14.7 12.1 Earnings from continuing operations 27.3 22.2
Discontinued operations:
Operating earnings - - 2.4
Net earnings $27.3 $24.6
Earnings per share:
Continuing operations $0.58 $0.47
Discontinued operations - - 0.05
Net earnings $0.58 $0.52
Average common shares outstanding 47.2 47.4 -0- GENERAL SIGNAL CORPORATION SECTOR PERFORMANCE (Unaudited) (In millions)
Three Months Ended March 31
1995 1994
NET SALES:
Process Controls $175.6 $141.7 Electrical Controls 160.1 134.5 Industrial Technology 75.3 66.2
$411.0 $342.4
OPERATING EARNINGS: Process Controls $22.1 $18.1 Electrical Controls 12.5 9.6 Industrial Technology 14.9 11.5 Total operating earnings before unallocated expenses, equity income and interest $49.5 $39.2
-0-
GENERAL SIGNAL CORPORATION
CONSOLIDATED BALANCE SHEET
(Unaudited)
(In millions)
March 31, December 31,
1995 1994
ASSETS:
Current assets:
Cash and cash equivalents $5.0 $0.3
Accounts receivable 259.7 258.3
Inventories 217.2 213.3
Prepaid expenses and other
current assets 46.7 44.5
Assets held for sale at estimated
realizable value 160.0 153.6
Deferred income taxes 44.1 47.2
732.7 717.2
Property, plant and equipment 279.9 280.5 Intangibles 187.8 194.3 Other assets 144.3 134.5 Deferred income taxes 17.9 16.1
$1,362.6 $1,342.6
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term borrowings and current
maturities of long-term debt $3.9 $2.2
Accounts payable 136.6 152.9
Accrued expenses 151.7 183.1
Income taxes 26.9 18.9
319.1 357.1
Long-term debt, less current
maturities 308.1 269.1
Accrued postretirement and postemployment benefits 156.7 161.2 Other liabilities 12.2 7.3 Shareholders' equity 566.5 547.9
$1,362.6 $1,342.6
CONTACT: General Signal Nino Fernandez, (203) 329-4320 |
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