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MAGNETEK ANNOUNCES FISCAL 1992 RESULTS

 MAGNETEK ANNOUNCES FISCAL 1992 RESULTS
 LOS ANGELES, Aug. 17 /PRNewswire/ -- MagneTek Inc. (NYSE: MAG)


today announced its operating results for the fourth quarter and fiscal year ended June 30, 1992.
 Revenues for the fiscal 1992 fourth quarter totaled $342,912,000, compared with $300,488,000 in the same period of fiscal 1991. Income before extraordinary items and the cumulative effect of a change in accounting for long-term contracts was $9,449,000, or 35 cents per share, on a fully diluted basis, vs. $9,782,000, or 41 cents per share in the fiscal 1991 fourth quarter. Fourth fiscal quarter net income was $5,190,000, or 20 cents per share after a $4,259,000 charge to income reflecting a change in the company's accounting for long-term contracts. This change conforms the recognition of revenue and income under long-term government contracts to methods similar to those used for substantially all of the company's other business.
 Revenues for the full year advanced to $1,229,811,000, compared with $1,134,321,000 in fiscal 1991. Income before extraordinary items and the cumulative effect of an accounting change amounted to $29,302,000, or $1.15 per share, fully diluted, compared with $34,647,000, or $1.47 per share, in the prior year. Net income in fiscal 1992, after the accounting change discussed above and an extraordinary charge related to early retirement of debt, was $22,186,000, or 90 cents per share.
 MagneTek President and Chief Executive Officer Frank Perna Jr. noted that the revenue increase in the fourth quarter was primarily attributable to growth in the company's European businesses, as well as MagneTek's March acquisition of May & Christe GmbH, a major German manufacturer of lighting ballasts, power transformers and other electrical equipment. "These European operations," he said, "currently operate at lower margins than those of our U.S. businesses, resulting in reduced overall margins for the year.
 "MagneTek's fiscal 1992 results also reflect the fact that the company's 'late-cycle businesses' -- especially electrical repair services, industrial controls, large motors and drives -- are historically its most profitable. As these businesses respond to increasing industrial activity, our overall margins should see corresponding improvement," Perna said.
 Based in Los Angeles, MagneTek Inc. manufacturers and markets a broad line of Energy Engineered(TM) electrical equipment, including lighting ballasts, transformers, power supplies, drives and controls. MagneTek operates 50 factories and service centers in North America and 10 overseas. Listed on the New York Stock Exchange (symbol MAG), MagneTek reported sales of $1.1 billion for its fiscal year ended June 30, 1991.
 MAGNETEK INC.
 Consolidated Results
 (In thousands except per share data)
 Three months ended Fiscal year ended
 June 30, June 30,
 1992 1991 1992 1991
 Net sales $342,912 $300,488 $1,229,811 $1,134,321
 Operating income 30,694 33,066 105,837 115,590
 Interest expense 11,066 9,875 43,023 41,924
 Other expense(a) 2,755 5,746 10,412 11,819
 Income before income
 taxes extra-
 ordinary item and
 cumulative effect
 of a change in
 accounting for
 long-term
 contracts 16,873 17,445 52,402 61,847
 Income before
 extraordinary
 item and cumulative
 effect of a change
 in accounting for
 long-term contracts 9,449 9,782 29,302 34,647
 Net Income(b) $5,190 $9,782 $22,186 $34,647
 Earnings per
 common share:
 Primary
 Income before extra-
 ordinary item and
 cumulative effect of
 accounting change $0.38 $0.41 $1.22 $1.47
 Extraordinary item --- --- 0.12 ---
 Cumulative effect of
 accounting change 0.17 --- 0.18 ---
 Net income $0.21 $0.41 $0.92 $1.47
 Fully diluted
 Income before extra-
 ordinary item and
 cumulative effect of
 accounting change $0.35 $0.41 $1.15 $1.47
 Extraordinary item --- --- 0.10 ---
 Cumulative effect of
 accounting change 0.15 --- 0.15 ---
 Net Income $0.20 $0.41 $0.90 $1.47
 Weighted average
 shares outstanding
 Primary 24,494 23,808 23,950 23,618
 Fully diluted 29,207 23,808 27,711 23,618
 (a) Includes $2,900 of expenses in the three months and fiscal year ended June 30, 1991, from terminated equity transaction.
 (b) Extraordinary item of $2,857 relates to early retirement of debt in the second quarter of fiscal 1992. Cumulative effect of accounting change of $4,259 in the three months and fiscal year ended June 30, 1992, reflects a change in accounting for long-term contracts to the units of delivery method.
 -0- 8/13/92
 /CONTACT: Otto G. Stoll of MagneTek Inc., 310-473-6681/
 (MAG) CO: MagneTek Inc. ST: California IN: CPR SU: ERN


SD-KJ -- LA014 -- 0720 08/17/92 18:29 EDT
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