MOOG FISCAL 1991 PROFIT UP 11 PERCENT
MOOG FISCAL 1991 PROFIT UP 11 PERCENT EAST AURORA, N.Y., Nov. 22 /PRNewswire/ -- Moog Inc. (AMEX: MOG)
announced today that earnings for fiscal 1991 were up 11 percent to $7.6 million, or $.97 per share compared with $6.9 million or $.86 per share in the prior year. The earnings improvement occurred on a 6 percent sales increase. Net sales for 1991 were $321 million compared with $304 million in 1990. Through repurchases, the company has reduced its average outstanding shares by 140,000, so earnings increased by 13 percent on a per-share basis.
Net earnings for the fourth fiscal quarter were $1.6 million or $.21 per share, up 35 percent from the $1.2 million or $.15 per share of the previous year. The fourth quarter results were achieved in spite of a $.6 million after-tax charge to fourth quarter earnings ($.08 per share) reflecting anticipated development costs for the spoiler servoactuators on Boeing's new 777 airplane. "There's no investment in our future that I'd rather make than in a new Boeing commercial airplane program," said R. T. Brady, Moog Inc. president." Fourth quarter net sales of $79.6 million were 3 percent above sales of $77.2 million for the fourth quarter of 1990. The sales increase reflects a $3.4 million increase in the Aircraft Controls Group, offset by a $1.3 million decline in International segment sales. The recessionary environment, which has dampened sales growth for the company's industrial products domestically and overseas, persisted in the fourth quarter. This was reflected in a decline in sales in the fourth quarter for the International segment, where sales are predominantly industrial. For the year, International segment sales were up by 4 percent to $102 million. Net sales within the U.S. increased by 7 percent to $219 million. Backlog of new orders on Sept. 30, 1991 was $231 million, up from backlog of $229 million a year ago. Fiscal 1990 backlog figures have been revised to reflect only that portion of the backlog scheduled to be delivered over the next 12 months. "We continue to be pleased with our year-to-year earnings improvement," Richard Aubrecht, Moog Inc. chairman, said. "Our net margins for this year were 2.38 percent on sales. As profitability improves in our international business, we anticipate continued margin improvement. Although the current softness in the worldwide capital goods and defense markets has affected our sales and margins," Dr. Aubrecht said, "we are making significant progress in the company's fundamentals. Our long-term efforts in new products, improved manufacturing capabilities and geographic diversity position the company for profitable growth." Moog Inc. manufactures precision controls for aerospace, defense and industrial applications. MOOG INC. AND SUBSIDIARIES Consolidated Statements of Earnings (Unaudited, in $000s except per share data) Years ended Sept. 30: 1991 1990 Net sales $321,283 $303,709 Other income 5,385 3,269 Total 326,668 306,978 Costs and expenses Cost of sales 230,692 219,038 R&D expenses 16,946 13,842 SG&A expenses 49,882 44,311 Interest expense 15,213 14,812 Foreign currency exchange loss 284 666 Other expenses 1,442 1,067 Total 314,459 293,736 Earnings before income taxes 12,209 13,242 Income taxes Current 7,477 7,012 Deferred (2,899) (656) Total 4,578 6,356 Net earnings 7,631 6,886 Net earnings per common share $0.97 $0.86 Avg. common shares outstanding 7,836,846 7,977,246 -0- 11/22/91 /CONTACT: G. V. Boyler of Moog, 716-652-2000/ (MOG) CO: Moog Inc. ST: New York IN: ARO SU: ERN TS -- NY011 -- 6238 11/22/91 08:36 EST
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|Date:||Nov 22, 1991|
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