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KERR REPORTS THIRD QUARTER 1992 RESULTS

 KERR REPORTS THIRD QUARTER 1992 RESULTS
 LOS ANGELES, Oct. 28 /PRNewswire/ -- Kerr Group Inc. (NYSE: KGM)


today reported earnings from continuing operations applicable to common stockholders (after deduction for preferred stock dividends) of $687,000, or 19 cents per common share (primary and fully diluted) for the third quarter of 1992, compared to a loss from continuing operations applicable to common stockholders of $83,000, or 2 cents per common share (primary and fully diluted) for the third quarter of 1991.
 Roger W. Norian, chairman, president and chief executive officer, said the increase in earnings from continuing operations in the third quarter of 1992, as compared to the same period in 1991, was due primarily to higher sales and earnings in the consumer products business. Earnings of the plastic products business and the loss in the metal crown business were essentially unchanged in the third quarter of 1992, compared to the same period in 1991.
 Net sales from continuing operations for the three months ended Sept. 30, 1992, were $40,825,000, compared to $41,324,000 in the year-ago period. The decrease in net sales for the three months was because of lower sales of metal crowns.
 The company has restated its 1991 results to present as discontinued operations the company's commercial glass container business, which was sold on Feb. 28, 1992.
 Earnings from continuing operations applicable to common stockholders (after deduction for preferred stock dividends) for the nine months ended Sept. 30, 1992, were $88,000, or 2 cents per common share (primary and fully diluted), compared to a loss from continuing operations applicable to common stockholders (after deduction for preferred stock dividends) of $1,435,000, or 39 cents per common share (primary and fully diluted), for the nine months ended Sept. 30, 1991.
 Net sales from continuing operations for the nine months ended Sept. 30, 1992, were $113,171,000, compared to $117,760,000 a year ago. The decrease in net sales for the nine months was due to lower sales of metal crowns and plastic products.
 Kerr, headquartered in Los Angeles, is a major producer of plastic packaging products, home-canning supplies and metal crowns.
 KERR GROUP INC.


Results of Operations for the Three Months and Nine Months Ended
 Sept. 30, 1992 and 1991
 (Unaudited)
 (In Thousands Except Per Share Amounts)
 Three months Nine months
 Ended Sept. 30, Ended Sept. 30,
 1992 1991 1992 1991
 Net sales $40,825 $41,324 $113,171 $117,760
 Earnings (loss)
 from continuing
 operations before
 income taxes 1,596 333 1,393 (1,062)
 Provision (benefit)
 for income taxes 702 209 684 (248)
 Earnings (loss) from
 continuing
 operations 894 124 709 (814)
 Discontinued operations:
 Earnings from
 discontinued
 operations --- 862 --- 1,451
 Cumulative effect of
 change in accounting
 related to
 discontinued
 operations (a) --- --- --- 886
 Total earnings
 related to
 discontinued
 operations --- 862 --- 2,337
 Net earnings (loss) 894 986 709 1,523
 Preferred stock
 dividends 207 207 621 621
 Net earnings
 applicable to common
 stockholders $687 $779 $88 $902
 Net earnings (loss)
 per common share,
 primary and fully
 diluted (b)
 Earnings (loss) per
 common share from
 continuing
 operations $0.19 ($0.02) $0.02 ($0.39)
 Discontinued
 operations:
 Earnings per common
 share from
 discontinued
 operations --- 0.23 --- 0.40
 Cumulative effect per
 common share of
 change in
 accounting (a) --- --- --- 0.24
 Total earnings per
 common share related
 to discontinued
 operations --- 0.23 --- 0.64
 Net earnings per
 common share $0.19 $0.21 $0.02 $0.25
 Weighted average number
 of common shares
 outstanding 3,675 3,675 3,675 3,675
 Common shares
 outstanding at end of
 period 3,675 3,675 --- ---
 NOTE: The company sold its commercial glass container business on Feb. 28, 1992, and accordingly, has reflected the results of the discontinued commercial glass container business separately from continuing operations in the above table.
 (a) Effective Jan. 1, 1991, the company changed its method of accounting to include substantially all new machine repair parts related to discontinued operations in other assets. The purchase cost of certain new machine repair parts was previously charged directly to expense. The cumulative effect of this change (as of Jan. 1, 1991) relating to the new repair parts previously expensed, was to increase pre-tax earnings of the discontinued operations during the nine months ended Sept. 30, 1991, by $1,438,000 ($886,000 after-tax or 24 cents per common share). The period-to- period pro forma effect on prior years' financial statements was not material. The company believed this change was preferable because it provided a better matching of costs with related revenues and more accurately reflected the value of machine repair parts.
 (b) Fully diluted net earnings (loss) per common share reflect when dilutive:
 -- the incremental common shares issuable upon the assumed exercise of outstanding stock options, and
 -- the assumed conversion of the preferred stock and the elimination of the related preferred stock dividends. Antidilution occurred in the three and nine months ended Sept. 30, 1992 and 1991.
 -0- 10/28/92
 /CONTACT: D. Gordon Strickland, senior VP-finance and CFO of Kerr Group, 310-284-2585/
 (KGM) CO: Kerr Group Inc. ST: California IN: SU: ERN


BP-KJ -- LA035 -- 6204 10/28/92 16:14 EST
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