Printer Friendly

MOOG RETURNS TO PROFITABILITY

 EAST AURORA, N.Y., Feb. 2 /PRNewswire/ -- Moog Inc. (AMEX: MOG) reported net earnings for its first quarter of 1993 of $544,000 or $.07 per share. Earnings were $901,000 or $.12 per share before an extraordinary charge for prepayment penalties on the early retirement of 12-7/8 percent interest debt totalling $10.2 million. In the first quarter a year ago, the company reported a $7.1 million loss ($.91 per share) which resulted from an after-tax charge of $7.2 million for restructuring.
 Consolidated net sales for the quarter of $68.1 million were down 7 percent from sales of $73.0 million in the similar quarter a year ago. Domestic sales declined 15 percent to $43.7 million in the quarter. International sales increased 15 percent to $24.4 million reflecting sales increases in Korea, Hong Kong, Japan and England.
 Backlog of new orders at Dec. 31, 1992 was $197 million, down 10 percent from $218 million a year ago. The backlog reduction was anticipated and reflects the decline of business activity in missile systems and engine controls. Backlog in the International segment held constant.
 In last year's fourth quarter, the company took a year-end charge of $2.6 million (after-tax) for restructuring European operations. The cost reduction only began in the first quarter of this year, however, and provided little benefit in the quarter. As a result, the company's $901,000 of ordinary income was the net of a $1.8 million profit in the U.S. and a $900,000 loss overseas.
 "It's important to recognize that our U.S. operations can be profitable at these reduced revenues," said R.T. Brady, Moog president, "and we expect continued profitability in the U.S. over the balance of the year. Our European cost reductions will kick in as the year goes by. The result should be improved profitability in upcoming quarters."
 Richard A. Aubrecht, chairman, observed, "Over the last twelve months, the company has made major adjustments dealing with reduced defense spending and industrial recessions. Our current performance suggests that we've gained our footing and can operate profitably in today's markets."
 Moog Inc. is a worldwide manufacturer of high performance controls used in commercial, industrial, aerospace and defense applications.
 Consolidated Statements of Earnings
 MOOG INC. AND SUBSIDIARIES
 (dollars in thousands except per share data)
 THREE MONTHS ENDED 12/31
 1992 1991
 NET SALES $ 68,118 $ 72,966
 OTHER INCOME 660 844
 68,778 73,810
 COSTS AND EXPENSES
 COST OF SALES 46,780 53,056
 R & D EXPENSES 4,126 4,459
 SELLING, GENERAL
 & ADMINISTRATIVE EXPENSE 13,157 12,422
 INTEREST EXPENSE 3,005 3,288
 FOREIGN CURRENCY EXCHANGE LOSS 291 170
 OTHER EXPENSES 217 171
 RESTRUCTURING EXPENSE 0 10,061
 67,576 83,627
 EARNINGS (LOSS) BEFORE INCOME TAXES 1,202 (9,817)
 INCOME TAXES
 CURRENT (93) (1,352)
 DEFERRED 394 (1,393)
 301 (2,745)
 EARNINGS (LOSS) BEFORE EXTRAORDINARY ITEM 901 (7,072)
 EXTRAORDINARY (ITEM), NET OF TAX (357) 0
 NET EARNINGS (LOSS) $ 544 $ (7,072)
 EARNINGS (LOSS) PER SHARE:
 BEFORE EXTRAORDINARY ITEM $.12 $(.91)
 - EXTRAORDINARY (ITEM) (.05) 0
 - NET EARNINGS (LOSS) $.07 $(.91)
 AVERAGE COMMON SHARES OUTSTANDING 7,713,465 7,730,676
 -0- 2/2/93
 /CONTACT: Susan Johnson of Moog Inc., 716-652-2000/
 (MOG)


CO: Moog Inc. ST: New York IN: SU: ERN

KK -- CL007 -- 1707 02/02/93 09:35 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 2, 1993
Words:561
Previous Article:CAPITOL AMERICAN ANNOUNCES NEW CEO
Next Article:GM ANNOUNCES EXECUTIVE APPOINTMENT
Topics:


Related Articles
MOOG AWARDED LARGE COMMERCIAL CONTRACT
MOOG AWARDED LARGE COMMERCIAL CONTRACT
MOOG TAKES RESTRUCTURING CHARGE
MOOG'S SECOND QUARTER PROFITS JUMP 197 PERCENT OVER FIRST QUARTER
MOOG'S THIRD QUARTER PROFITS UP 11 PERCENT
MOOG'S FIRST QUARTER PROFITS UP 29 PERCENT
MOOG'S EARNINGS RISE 68 PERCENT IN FIRST QUARTER
MOOG'S PROFITS INCREASE
Moog's First Quarter Earnings Per Share Increase 37%
Moog Receives Frost & Sullivan Customer Service & Value Leadership Award in Hydraulic Products Market for Aerospace Applications.

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