Printer Friendly

MOHAWK INDUSTRIES INC. ANNOUNCES RECORD EARNINGS FOR 1992

 ATLANTA, Feb. 22 /PRNewswire/ -- Mohawk Industries, Inc. (NASDAQ: MOHK) today announced that it achieved all-time record highs in both net sales and net earnings for the fourth quarter and total year ended Dec. 31, 1992.
 This was the fourth consecutive year of record net earnings and the seventh consecutive quarter of improvement in earnings before extraordinary charge compared to the corresponding quarter of the prior year.
 Net earnings for the fourth quarter of $5,505,000 were the highest of any quarter in the history of the company and were 94 percent ahead of last year's earnings of $2,833,000. Earnings per common share were $.47 compared to $.38 last year despite an increase of 4.4 million (59 percent) in weighted average shares of common stock from 1991 to 1992. Net sales for the quarter of $132.7 million was 82 percent ahead of last year's $73.1 million for the comparable quarter. Results for the 1992 quarter included the operations of Horizon Industries, Inc. from the date of its acquisition on Oct. 23, 1992.
 For the fiscal year 1992, net earnings before a one-time extraordinary charge of $3,473,000 related to the company's initial public offering in April 1992, but after preferred stock dividends, were $12,955,000 or $1.29 per common share, which compares to $5,793,000 or $.77 per common share last year. After the extraordinary charge, net earnings for the year were $9,387,000 or $.94 per common share. Net sales for the year were $352.5 million vs. $278.9 million, an increase of 26 percent.
 On Oct. 23, 1992, Mohawk completed the acquisition of Horizon Industries, Inc. Pursuant to the terms of the agreement, each holder of an outstanding share of Horizon common stock received $15.00 in value through a combination of $11.095 in cash and .309 shares of Mohawk common stock. As a result of the merger, the number of Mohawk common shares on a fully diluted basis were increased from 10.5 million shares to 12.3 million shares outstanding.
 Mohawk Industries, Inc. is a leading producer of both woven and tufted broadloom carpeting for residential and commercial applications. With the acquisition of Horizon, Mohawk is the third-largest carpet manufacturer in the world. Its production facilities are fully integrated from yarn preparation through finished goods. The company markets a wide variety of styles, primarily in the medium to high price points under its brand names: Mohawk, Alexander Smith, Horizon, Harbinger and Helios.
 In commenting on the acquisition of Horizon and the company's fourth quarter performance, David L. Kolb, chairman and CEO, stated: "We are very excited about the addition of Horizon to Mohawk Industries and very pleased with our financial results for the quarter and year. The integration of Horizon is progressing ahead of schedule. Horizon's results for the period of October 23, 1992, through year-end contributed positively to our earnings. We anticipate that the acquisition will be very successful."
 MOHAWK INDUSTRIES, INC.
 Statement of Operations Data
 (Amounts in thousands)
 3 mos. ended 12 mos. ended
 (Unaudited) 12/31/92 12/31/91 12/31/92 12/31/91
 Net sales $132,693 $ 73,106 $352,512 $278,924
 Costs and expenses 123,550 68,280 330,891 268,381
 Earnings before income taxes and
 extraordinary charge 9,143 4,826 21,621 10,543
 Net earnings before extraordinary
 charge 5,600 2,963 13,087 6,392
 Extraordinary charge, net of
 taxes of $39(qtr), $1,486(yr) 95 --- 3,568 ---
 Net earnings $ 5,505 $ 2,963 $ 9,519 $ 6,392
 Preferred stock dividends --- 130 132 599
 Net earnings after preferred
 stock dividends $ 5,505 $ 2,833 $ 9,387 $ 5,793
 Earnings per share data adjusted
 for dividends on preferred stock;
 net earnings before extraordinary
 charge $ 0.47 $ 0.38 $ 1.29 $ 0.77
 Net earnings $ 0.47 $ 0.38 $ 0.94 $ 0.77
 Weighted average shares of
 common stock (fully diluted) 11,811 7,450 10,030 7,477
 Condensed Consolidated Balance Sheets
 (Amounts in thousands)
 (Unaudited)
 Years ended Dec. 31 1992 1991
 ASSETS
 Total current assets $166,067 $ 77,877
 Net property, plant and equipment 90,007 34,790
 Other assets 21,728 3,440
 Total assets $277,802 $118,107
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Total current liabilities $ 68,133 $ 33,405
 Long-term debt 113,576 58,590
 Deferred income taxes and other long-term
 liabilities 6,746 5,039
 Total liabilities 188,455 97,034
 Redeemable preferred stock --- 3,157
 Total common stockholders' equity 89,347 15,916
 Total liabilities and common
 stockholders' equity $277,802 $116,107
 -0- 2/22/93
 /CONTACT: John D. Swift, vice president - Finance of Mohawk Industries, 404-951-6000/
 (MOHK)


CO: Mohawk Industries, Inc. ST: Georgia IN: TEX SU: ERN

BN-CF -- AT008 -- 8806 02/22/93 08:58 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 22, 1993
Words:802
Previous Article:PUGET SOUND REGIONAL COUNCIL: WORK UNDERWAY ON EFFORT TO HELP EASE REGION'S DEPENDENCE ON BOEING
Next Article:QUEENS MOAT HOUSES PLC AND HOLIDAY INN WORLDWIDE TO EXPAND FRANCHISE RELATIONSHIP
Topics:


Related Articles
MOHAWK INDUSTRIES ANNOUNCES RECORD SALES AND OPERATING RESULTS
MOHAWK INDUSTRIES ANNOUNCES RECORD THIRD QUARTER EARNINGS UP 83 PERCENT
MOHAWK INDUSTRIES ANNOUNCES RECORD FIRST QUARTER EARNINGS
MOHAWK INDUSTRIES ANNOUNCES RECORD THIRD QUARTER AND NINE MONTHS EARNINGS
MOHAWK INDUSTRIES, INC. ANNOUNCES RECORD EARNINGS FOR 1993
MOHAWK INDUSTRIES, INC. ANNOUNCES FIRST QUARTER RESULTS
MOHAWK INDUSTRIES, INC. ANNOUNCES FIRST QUARTER RESULTS
MOHAWK INDUSTRIES, INC. ANNOUNCES RECORD THIRD QUARTER 1994 RESULTS
MOHAWK INDUSTRIES, INC. COMMENTS ON FOURTH QUARTER EARNINGS
MOHAWK INDUSTRIES, INC. ANNOUNCES SECOND QUARTER AND FIRST SIX MONTHS RESULTS

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