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HUFFY CORPORATION ANNOUNCES RECORD SALES AND EARNINGS FOR 1991; DIRECTORS DECLARE COMMON DIVIDEND

 HUFFY CORPORATION ANNOUNCES RECORD SALES AND EARNINGS FOR 1991;
 DIRECTORS DECLARE COMMON DIVIDEND
 DAYTON, Ohio, Feb. 14 /PRNewswire/ -- Huffy Corporation (NYSE: HUF) today announced record sales and earnings for the year ended Dec. 31, 1991. In addition, the board of directors declared a regular quarterly dividend on its common stock of $.075 per share, payable May 1, 1992, to shareholders of record April 15, 1992.
 Net earnings for the year ended Dec. 31, 1991, were $19,827,000, or $1.41 per common share, as compared to $18,007,000, or $1.28 per common share, reported in 1990, an increase of 10 percent. Net sales for the year were $678,936,000, 31 percent greater than the $516,744,000 reported for 1991.
 Fourth quarter net sales were $161,647,000, 33 percent greater than 1990 fourth quarter net sales of $121,389,000. Net earnings for this same period were $3,832,000, or $.27 per common share, as compared to $1,014,000, or $.08 per common share, reported for the fourth quarter of 1990. The majority of the increase over 1990 fourth quarter results is due to strong performance by the Recreation and Leisure Time products companies and the 1990 fourth quarter results included an unfavorable adjustment of $.08 per common share to increase the allowance for doubtful accounts.
 Harry A. Shaw III, chairman and chief executive officer, said, "We are particularly proud of our record results, considering the depressed economic environment. Both net earnings and net sales met or exceeded our objective of at least 10 percent average annual growth. Return on shareholders' equity was maintained at an outstanding 18.8 percent."
 Commenting on operational achievements during 1991, Richard L. Molen, president and chief operating officer, stated, "In the Recreation and Leisure Time Products segment, Huffy Bicycle Company experienced continued strong demand for mountain bikes throughout the year. By year end, mountain bikes accounted for over 50 percent of the bicycle product mix. This increased demand strained capacity and created a substantial service challenge. We were also successful with our new product introductions. Particularly, the Street Rocker(R) bicycle, a 20-inch children's bicycle with a detachable AM/FM radio introduced at the 1991 Toy Fair, enjoyed strong sales during the second half of the year. Huffy Sports Company built aggressively on the success of its latest product, the InstaH2oop(R) backboard system. A new, more flexible and mobile unit was introduced during 1991. True Temper Hardware Company, in addition to achieving integration into the Huffy organization, produced close to break even performance levels. Major organizational changes in the sales force and modifications to operations were made to increase market coverage and operating efficiency. The fall season was highlighted by the introduction of newly tooled products, such as pruning and cutting tools, with highly informative graphics and merchandise displays.
 "Our Juvenile Products companies again turned in record results. Twenty-six new products were introduced during the year including a new convertible infant seat; a two-way baby monitoring system and innovative soft baby carriers. New products continue to be the lifeblood of this business.
 "In the Services for Retail segment, Huffy Service first reported continued sales growth and reamined profitable while investing heavily in expansion of a growing merchandising business. During 1991, Washington Inventory Service experienced discouraging first half results. However, a management change was made late in the first quarter. The new team capitalized on operational restructuring in the field and employee training methods. Great progress was made throughout the year and resulted in improved earnings performance by year end."
 Shaw concluded, "During 1991, we also invested in the future. Capital expenditures were approximately $25 million, over twice the level of 1990. These funds were expended primarily for cost reduction, profit improvement, and other projects that generate a return in excess of our cost of capital.
 "As we enter 1992, we are encouraged by the strong level of demand for our products and services. We believe inventory levels at retail are in reasonably good shape, which should translate into a solid spring season. We continue to monitor the economic environment and are cautiously optimistic that 1992 can be another year of outstanding performance by Huffy Corporation."
 Huffy is a major supplier of bicycles, basketball, hardware and juvenile products, and a nationwide supplier of assembly, merchandising and inventory services to high volume retailers.
 CONSOLIDATED STATEMENTS OF EARNINGS
 (Dollars in thousands, except per share data)
 Twelve Months Ended
 December 31 Percent
 1991 1990 Change
 Net Sales $678,936 $516,744 31
 Gross Profit 132,485 102,545
 Percent to Net Sales 19.5 pct. 19.8 pct.
 Selling, general and
 administrative expenses 92,499 69,957
 Other income (expenses) (482) 370
 Earnings before interest
 and Taxes 39,504 32,958 20
 Interest expense, net 8,047 4,390
 Earnings before income taxes 31,457 28,568 10
 Income taxes 11,630 10,561
 Net earnings 19,827 18,007 10
 Earnings Per Common Share:
 Primary $ 1.52 $ 1.37 11
 Fully Diluted $ 1.41 $ 1.28 10
 Fully Diluted Common Shares 15,113,734 15,178,538
 Fourth Quarter Ended
 December 31 Percent
 1991 1990 Change
 Net Sales $161,647 $121,389 33
 Gross Profit 30,793 20,528
 Percent to Net Sales 19.0 pct. 16.9 pct.
 Selling, general and
 administrative expenses 23,008 17,356
 Other income (expenses) (294) (3)
 Earnings before interest
 and taxes 7,491 3,169 136
 Interest expense, net 1,865 1,415
 Earnings before income taxes 5,626 1,754 221
 Income taxes 1,794 740
 Net earnings 3,832 1,014 278
 Earnings Per Common Share:
 Primary $ 0.29 $ 0.08 263
 Fully Diluted $ 0.27 $ 0.08 238
 Fully Diluted Common Shares 15,225,712 12,929,172(A)
 (A) The fully diluted earnings per share calculation for the fourth quarter of 1990 was anti-dilutive. In this situation, primary earnings per share are reported in place of fully diluted earings per share. In addition, 1990 fourth quarter shares outstanding reflect the company's repurchase of common stock.
 -0- 2/14/92
 /CONTACT: Pamela J. Whipps, assistant treasurer and manager, investor relations of Huffy Corporation, 513-866-6251/
 (HUF) CO: Huffy Corporation ST: Ohio IN: LEI SU: ERN


LC -- CL021 -- 0322 02/14/92 15:47 EST
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