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KERR REPORTS 1992 RESULTS

    LOS ANGELES, Feb. 22 /PRNewswire/ -- Kerr Group Inc. (NYSE: KGM), today reported earnings from continuing operations applicable to common stockholders (after deduction for preferred stock dividends) of $1,758,000, or 48 cents per common share (primary and fully diluted) for the year ended Dec. 31, 1992, compared to a loss from continuing operations applicable to common stockholders of $435,000, or 12 cents per common share (primary and fully diluted) for the year ended Dec. 31, 1991.  The company has restated its results to present as discontinued operations the company's Metal Crown Business, which was sold on Dec. 11, 1992.
    Roger W. Norian, chairman, president and chief executive officer, said the increase in earnings from continuing operations in 1992, as compared to 1991, was due primarily to higher sales and earnings in the Consumer Products Business.  Earnings of the Plastic Products Business were essentially unchanged in 1992 compared to 1991.
    Net sales from continuing operations increased to $126,610,000 in 1992, from $125,598,000 in 1991.
    Total loss from discontinued operations (including both the Metal Crown Business and the Commercial Glass Container Business) increased in 1992 to $5,284,000 compared to the loss from discontinued operations in 1991 of $2,973,000.  The loss from discontinued operations in 1992 included a $2,600,000 after-tax loss on the sale of the Metal Crown Business and the loss from discontinued operations in 1991 included a $2,982,000 after-tax loss on the sale of the Commercial Glass Container Business.
    The loss from continuing operations applicable to common stockholders (after deduction for preferred stock dividends) for the three months ended Dec. 31, 1992, declined to $285,000, or 8 cents per common share (primary and fully diluted) from $439,000, or 12 cents per common share (primary and fully diluted) in the year-ago period.
    Net sales from continuing operations for the three months ended Dec. 31, 1992 increased to $26,240,000, compared to $24,264,000 in the year-ago period.  The increase in net sales for the three months was because of higher sales of consumer products and plastic products.
    Kerr, headquartered in Los Angeles, is a major producer of plastic packaging products and home canning supplies.
                           KERR GROUP INC.
                    Results of Operations for the
          12 and Three Months Ended Dec. 31, 1992 and 1991
                           (In Thousands)
                                   12 Months         Three Months
                               Ended December 31,  Ended December 31,
                                 1992      1991     1992      1991
                                    (Audited)        (Unaudited)
    Net sales                $126,610  $125,598  $26,240   $24,264
    Earnings (loss)
     from continuing
     operations before
     income taxes               4,413     1,094     (164)     (187)
      Provision (benefit) for
       income taxes             1,826       700      (87)       44
    Earnings (loss) from
     continuing operations      2,587       394      (77)     (231)
      Total loss from
       discontinued
       operations(b)           (5,284)   (2,973)  (3,329)   (3,871)
    Net loss                   (2,697)   (2,579)  (3,406)   (4,102)
     Preferred stock dividends    829       829      208       208
    Net loss applicable to
     common stockholders      ($3,526)  ($3,408) ($3,614)  ($4,310)
    Net earnings (loss) per
     common share, primary and
     fully diluted (c):
      From continuing
       operations (a)           $0.48    ($0.12)  ($0.08)   ($0.12)
      From discontinued
       operations (b)           (1.44)    (0.81)   (0.90)    (1.05)
      Net loss per common
       share                   ($0.96)   ($0.93)   ($0.98)  ($1.17)
    (a) Net earnings (loss) from continuing operations per common share is calculated by subtracting preferred stock dividends from earnings (loss) from continuing operations and dividing the result by the applicable weighted average number of common shares outstanding.
    (b) The company sold its Metal Crown Business on Dec. 11, 1992 and its Commercial Glass Container Business on Feb. 28, 1992, and, accordingly, has reflected the results of these discontinued businesses separately from continuing operations in the above table. The presentation of these businesses as discontinued operations had no effect on net loss, net loss applicable to common stockholders and net loss per common share from the amounts previously reported.
    Total losses from discontinued operations consist of the following:
                           KERR GROUP INC.
                                 12 Months           Three Months
                               Ended Dec. 31,        Ended Dec. 31,
                                1992      1991      1992      1991
                                  (Audited)          (Unaudited)
    Metal Crown Business -
     Loss from discontinued
      operation               ($2,684) ($2,540)   ($729)   ($1,101)
     Loss on sale of Metal
      Crown Business           (2,600)       0   (2,600)         0
     Loss related to
      discontinued Metal Crown
      Business                 (5,284)  (2,540)  (3,329)    (1,101)
    Commercial Glass Container Business -
     Earnings from discontinued
      operation                     0    1,663        0        212
    Loss on sale of Commercial
     Glass Container Business       0   (2,982)       0     (2,982)
    Cumulative effect of change
     in accounting                  0      886        0          0
      Loss related to discontinued
       Commercial Glass Container
       Business                     0     (433)       0     (2,770)
    Total loss from discontinued
     operations               ($5,284) ($2,973) ($3,329)   ($3,871)
    Net loss per common share:
     Metal Crown Business      ($1.44)  ($0.69)  ($0.90)    ($0.30)
     Commercial Glass
      Container Business         0.00    (0.12)    0.00      (0.75)
     From discontinued
      operations               ($1.44)   ($0.81) ($0.90)    ($1.05)
    Effective Jan. 1, 1991, the company changed its method of accounting for new machine repair parts related to the discontinued Commercial Glass Container Business.  The cumulative effect of this change increased pre-tax earnings of the discontinued operations during the year ended Dec. 31, 1991 by $1,438,000 ($886,000 after-tax or 24 cents per common share).
    (c) Weighted average number of common shares outstanding for the three months and 12 months ended Dec. 31, 1992 and 1991 were 3,675,000.  Fully diluted net earnings per common share reflect when dilutive, 1) the incremental common shares issuable upon the assumed exercise of outstanding stock options, and 2) the assumed conversion of the preferred stock and the elimination of the related preferred stock dividends.  Antidilution occurred in the three and 12 months ended Dec. 31, 1992 and 1991.
    -0-             02/22/93
    CONTACT:  D. Gordon Strickland, senior VP-Finance and CFO of Kerr Group, 310-284-2585
    (KGM) CO:  KERR GROUP INC. SU:  ERN ST:  CA


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Date:Feb 22, 1993
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