LINDBERG CORP. FIRST HALF RESULTS ANNOUNCED
LINDBERG CORP. FIRST HALF RESULTS ANNOUNCED ROSEMONT, Ill., July 24 /PRNewswire/ -- Lindberg Corp.
(NASDAQ: LIND) operating results for the quarter and six months ended June 30, 1992, were announced today by Leo G. Thompson, president and chief executive officer.
Second quarter sales and net earnings in 1992 were $18,322,350 and $328,271, as compared to $19,750,185 and $731,205 in the second quarter 1991. Earnings per share of 7 cents for the second quarter of 1992 compared to 16 cents for the same period of 1991. Sales and net earnings for the first six months of 1992 were $36,914,272 and $690,211, as compared to $39,079,212 and $781,626 for the same period in 1991. Earnings per share for the first half of 1992 were 15 cents as compared to 17 cents for the first six months of 1991. Thompson indicated that the company's sales, in general, continued to be disappointing. Second quarter sales were reflective of the weak U.S. economy generally, with declines from defense and oilfield equipment related customers specifically. As part of ongoing cost reduction efforts, the company also announced that its senior management has voluntarily reduced its pay 5 to 10 percent. At its quarterly meeting today, the board of directors declared a quarterly dividend of 5 cents per common share. This is a reduction from the prior 7 cents dividend per share, and was decided due to the current and short term earnings outlook for the company. The dividend is payable Sept. 1, 1992, to shareholders of record on Aug. 10, 1992. The company has 4,692,541 common shares outstanding. LINDBERG CORP. FIRST HALF OPERATING RESULTS Quarter Ended June 30, Six Months Ended June 30, 1992 1991 1992 1991 Net sales $18,322,350 $19,750,185 $36,914,272 $39,079,212 Net earnings 328,271 731,205 690,211 781,626 Net earnings per share $.07 $.16 $.15 $.17 Average number of shares outstanding 4,692,541 4,682,541 4,691,277 4,680,847 NOTE: These figures are unaudited and subject to adjustment. -0- 7/24/92 /CONTACT: S.S. Penley of Lindberg Corp. 708-823-2021/ (LIND) CO: Lindberg Corp. ST: Illinois IN: SU: ERN
PS -- NY053 -- 3103 07/24/92 14:55 EDT
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|Date:||Jul 24, 1992|
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