Printer Friendly

MILACRON REPORTS FIRST-QUARTER PROFIT DESPITE LOWER SALES

 MILACRON REPORTS FIRST-QUARTER PROFIT DESPITE LOWER SALES
 CINCINNATI, April 28 /PRNewswire/ -- At the annual meeting of


shareholders today Cincinnati Milacron Inc. (NYSE: CMZ) reported a profit in the first quarter of 1992 despite a decline in sales compared to the first quarter a year ago. New orders declined from the year-ago quarter but showed some strength toward the end of the period. The backlog rose.
 Sales and Earnings
 Sales in the first quarter of 1992 were $160 million, down from $173 million in the first quarter of 1991.
 The company earned a net $1.3 million, or 5 cents per share, in the first quarter, compared to a net loss of $5.9 million, or 22 cents per share, in the first quarter of 1991. The company's net earnings for this year's quarter included an extraordinary tax credit of $0.2 million, or 1 cent per share, from the utilization of a net operating loss carryforward.
 "Posting positive earnings on relatively low levels of sales shows that we have lowered our fixed costs and our break-even point," according to Daniel J. Meyer, chairman and chief executive officer. "It's a credit to our people, whose innovation and hard work are helping Milacron turn a profit during these difficult times," Meyer said.
 New Orders and Backlog
 New orders for the first 12 weeks of 1992 were $170 million, an improvement over $166 million in new orders in the fourth quarter of 1991 but a decline from the year-ago level of $196 million. "We continue to experience soft demand in the markets for standard machine tools and plastics machinery," said Raymond E. Ross, president and chief operating officer. "New business did improve over the course of the quarter, however, and our backlog grew," Ross said.
 With new business exceeding shipments, the backlog of unfilled orders rose to $287 million, $10 million higher than at the beginning of the quarter.
 Outlook
 "We're pleased that our first-quarter results show we're on plan for our return to profitability, but we're not out of the recession yet," Meyer said. "We can sense a recovery coming, but we feel it's likely to be very gradual.
 "We're moving ahead with our Wolfpack program to introduce several new products and expand our distribution channels. We expect a better second quarter and good improvement in our results in the second half of the year," Meyer concluded.
 Directors Elected
 At the annual meeting of shareholders held today, four directors were re-elected to three-year terms: Clark Daugherty, Gilbert Geier McCurdy, Joseph A. Steger and Daniel J. Meyer.
 CINCINNATI MILACRON INC.
 12 weeks ended First Quarter
 3/21/92 3/23/91
 Sales $160,012,000 $172,629,000
 Earnings (loss)
 from continuing operations
 before extraordinary item 1,119,000 (5,477,000)
 Per share $.04 ($.20)
 Extraordinary tax credit 200,000 --
 Per share $.01 __
 Loss from discontinued
 operations -- ($435,000)
 Per share -- ($.02)
 Net earnings (loss) $1,319,000 ($5,912,000)
 Per share $.05 ($.22)
 Average weighted common
 shares outstanding 27,568,000 27,328,000
 -0- 4/28/92
 /CONTACT: Albert Beaupre of Cincinnati Milacron, 513-841-7241/
 (CMZ) CO: Cincinnati Milacron Inc. ST: Ohio IN: MAC SU: ERN


CK -- NY038 -- 3657 04/28/92 10:13 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 28, 1992
Words:535
Previous Article:REXENE CORPORATION ANNOUNCES REVISED PLAN OF REORGANIZATION
Next Article:BELMAC COMMENTS ON RECENT STOCK PRICE


Related Articles
MILACRON'S SALES, ORDERS AND OPERATING EARNINGS JUMP IN FIRST QUARTER
MILACRON TO CONSOLIDATE U.S. MACHINE TOOL OPERATIONS IN OHIO; $47-MILLION CHARGE RESULTS IN NET LOSS FOR FOURTH QUARTER
MILACRON'S SALES, EARNINGS AND NEW ORDERS RISE IN FIRST QUARTER
MILACRON REPORTS RECORD-HIGH NEW ORDERS IN 2ND QUARTER Sales and Earnings Also Up Over First and Year-Ago Quarters
MILACRON POSTS HIGHEST QUARTERLY EARNINGS PER SHARE IN FIVE YEARS; 1994 SALES AND NEW ORDERS RECORD HIGHS
MILACRON REPORTS RECORD SALES AND ORDERS IN 3RD QUARTER; EARNINGS UP 30% OVER LAST YEAR
MILACRON POSTS RECORD FIRST-QUARTER RESULT; COMPANY BOOSTS EARNINGS 40% ON 7% SALES INCREASE
Milacron Earns $.40 Per Share in First Quarter.
Milacron Lowers Second Quarter and Full Year 1999 Earnings Expectations; Cites Softness in Key Industrial Markets.
Milacron's 3rd Quarter Earnings Up 13% to $.53 Per Share On 4% Sales Growth from Ongoing Businesses.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters