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HANDY & HARMAN ANNOUNCES SECOND QUARTER RESULTS

 HANDY & HARMAN ANNOUNCES SECOND QUARTER RESULTS
 NEW YORK, Aug. 10 /PRNewswire/ -- Handy & Harman (NYSE: HNH)


announced its second quarter results today which reflect continuing earnings improvement.
 Income from continuing operations for the second quarter amounted to $3,205,000 or $.23 per share, compared to a loss of $12,838,000 or $.92 per share for the comparable period in 1991. The 1991 results from continuing operations included charges for restructuring, non-recurring and unusual items equivalent to $13,739,000 or $.98 per share. The 1991 net results also reflect a loss from discontinued operations of $24,861,000 or $1.78 per share.
 Sales for the second quarter of 1992 increased to $147,822,000 compared to a restated amount of $132,281,000 in the same period of 1991.
 Income from continuing operations for the first half of 1992 amounted to $6,020,000 or $.43 per share, compared to a loss of $13,153,000 or $.94 per share for the first six months of 1991 which, was stated prior, included the restructuring charge of $13,739,000 or $.98 per share.
 Sales for the six months ended June 30, 1992, amounted to $286,168,000 or a 10 percent increase over the restated amount of $259,167,000 for the 1991 period.
 Richard N. Daniel, chairman and chief executive officer, commented: "This year's operating results to date have been positively affected by the improved level of economic activity. More specifically, our technical investment in recent years in capability and new product development has provided a solid basis to enhance profitability of each of our core businesses."
 Continuing, Daniel added: "Despite the fragile state of the general economy, confidence in our new product flow and our market position allows us to continue to believe that earnings will remain on target for the remainder of 1992."
 Handy & Harman, a leading fabricator, processor and refiner of precious metals, also produces a variety of specialty metals products for industrial uses through subsidiaries here and abroad. Founded in 1867, Handy & Harman is headquartered in New York.
 HANDY & HARMAN AND SUBSIDIARIES
 Period ended Quarter
 June 30 1992 1991(A)
 Net sales $147,822,000(B) $132,281,000(B)
 Income (loss) from
 continuing operations
 before income taxes 5,405,000 (18,341,000)
 Income (loss) from
 continuing operations,
 net of income taxes 3,205,000 (12,838,000)
 Discontinued Operations
 Loss from operations,
 net of income taxes -- (470,000)
 Provision for loss on
 disposal of discontinued
 operations, net of income
 taxes -- (24,391,000)
 Total -- (24,861,000)
 Net income (loss) 3,205,000 (37,699,000)
 Earnings (loss) per share:
 Continuing operations .23 (.92)
 Discontinued operations -- (1.78)
 Net income (loss) .23 (2.70)
 Average number of
 shares outstanding 13,997,000 13,985,000
 Period ended Six months
 June 30 1992 1991(A)
 Net sales $286,168,000(B) $259,167,000(B)
 Income (loss) from
 continuing operations
 before income taxes 10,150,000 (18,853,000)
 Income (loss) from
 continuing operations,
 net of income taxes 6,020,000 (13,153,000)
 Discontinued Operations
 Loss from operations,
 net of income taxes -- (1,465,000)
 Provision for loss on
 disposal of discontinued
 operations, net of income
 taxes -- (24,391,000)
 Total -- (25,856,000)
 Net income (loss) 6,020,000 (39,009,000)
 Earnings (loss) per share:
 Continuing operations .43 (.94)
 Discontinued operations -- (1.85)
 Net income (loss) .43 (2.79)
 Average number of
 shares outstanding 13,992,000 13,985,000
 (A) The 1991 second quarter and six month periods 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.
 (B) The company has changed its method of accounting for sales of precious metals which are sold to customers separately from the fabricated product. The effect of this change was to increase both sales and cost of sales by $21,104,000 for the second quarter and $38,044,000 for the first six months of 1992. For the 1991 periods the change was $11,957,000 for the second quarter and $26,996,000 for the six month period. The change has no effect on gross profit or net income, and more closely reflects the generally accepted industry practice.
 -0- 8/10/92
 /CONTACT: Stephen B. Mudd, vice president & treasurer of Handy & Harman, 212-661-2400, or Robert W. Bloch International, 212-755-8047, for Handy & Harman/
 (HNH) CO: Handy & Harman ST: New York IN: MNG SU: ERN


SM-OS -- NY037 -- 8497 08/10/92 11:57 EDT
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Date:Aug 10, 1992
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