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MOORE MEDICAL REPORTS PROFITS FOR 1991 FOURTH QUARTER AND YEAR

 MOORE MEDICAL REPORTS PROFITS FOR 1991 FOURTH QUARTER AND YEAR
 NEW BRITAIN, Conn., Feb. 18 /PRNewswire/ -- Moore Medical Corp. (AMEX: MMD) today reported profits for the fourth quarter and year ending Dec. 28, 1991.
 Net income for the year was $827,000 ($.29 per share) and for the fourth quarter was $187,000 ($.07 per share) compared with significant losses in the 1990 fourth quarter and year.
 Fourth quarter 1991 sales of $68,756,000 were 10 percent below sales of last year's fourth quarter. This decrease was the anticipated result of pricing programs for brand name pharmaceuticals, which were revised starting in mid-1991. Gross profit in the fourth quarter improved 15 percent, or more than $1 million, primarily due to greater gross profits on sales of generic pharmaceuticals and medical and surgical supplies. As a result of the higher gross profit and lower operating expenses, income from continuing operations in the 1991 quarter was $146,000 compared with a loss from continuing operations of $945,000 in the comparable 1990 quarter. Losses of $8,612,000, related to a discontinued manufacturing operation, were also recorded in the fourth quarter of 1990.
 Sales for the year 1991 were $311,254,000, slightly higher than in 1990. Sales of generic drugs and sales of medical and surgical supplies increased while sales of brand name pharmaceuticals were below the 1990 level. As planned, the change in sales mix toward higher margin products resulted in greater gross profit in 1991 and a higher gross profit margin rate of 10.6 percent in 1991 compared with 10.1 percent in 1990. All of the improvement in the gross margin rate occurred in the second half of 1991, during which an 11.2 percent margin rate was achieved and maintained. The 1990 operating income benefited by $915,000 from an "unusual item" related to latex gloves. Excluding this item for comparability, 1991 operating income increased 19 percent over 1990. The 1990 year also included losses of $9,503,000 related to the discontinued manufacturing operation.
 Commenting on the results, Mark E. Karp, president and chief executive officer, stated: "We achieved our primary objective for 1991 of returning the company to profitability after three years of losses. We sold our losing manufacturing subsidiary and pursued actions to improve operating margins in our core distribution business. We have improved our product mix through marketing and sales initiatives. Personnel and operating expenses were cut in nonessential areas, while at the same time we stepped up expenditures which improved our customer service. Unfortunately, expenses in response to a proxy contest and in defense of a class action suit cost the company $500,000 in 1991 (reducing income from continuing operations by $.12 per share). We will continue to further implement our plans to build our generic pharmaceutical and medical and surgical supply product lines. We firmly believe the changes we are making, and plan to make, will benefit our shareholders."
 Moore Medical Corp. is a national wholesale distributor of brand name and generic pharmaceuticals and medical and surgical supplies. Its annual shareholders' meeting is scheduled for May 20.
 MOORE MEDICAL CORP.
 Comparative Results of Operations
 For the Years Ended December 1991 and 1990
 (In thousands, except per share data)
 Pct. Percentage of Sales
 1991 1990 Chg. 1991 1990
 Net sales $311,254 $306,213 2 100.0 100.0
 Cost of products
 sold 278,154 275,157 1 89.4 89.9
 Gross profit 33,100 31,056 7 10.6 10.1
 Selling, general &
 admin. expenses 27,715 26,514 5 8.9 8.6
 Unusual item (income) --- (915) --- --- (.3)
 Operating income 5,385 5,457 (1) 1.7 1.8
 Interest expense, net 4,468 4,182 7 1.4 1.4
 Income from cont. opers.
 bef. inc. taxes and
 extraord. item 917 1,275 (28) .3 .4
 Income tax provision 371 630 (41) .1 .2
 Income from cont. opers.
 bef. extraord. item 546 645 (15) .2 .2
 Loss from discont.
 operation(a) --- (2,903) --- --- (1.0)
 Loss on disposition of
 discont. operation(a) --- (6,600) --- --- (2.1)
 Income (loss) before
 extraord. item 546 (8,858) --- .2 (2.9)
 Extraord. item(b) 281 --- --- .1 ---
 Net income (loss) $ 827 $ (8,858) --- .3 (2.9)
 Income (loss) per share:
 Cont. operations $ .19 $ .23
 Income (loss) bef.
 extraord. item $ .19 $ (3.13)
 Net income (loss) $ .29 $ (3.13)
 Average shares
 outstanding 2,844 2,830
 Comparative Results of Operations
 For the Fourth Quarters Ended December 1991 and 1990
 (In thousands, except per share data)
 Pct. Percentage of Sales
 1991 1990 Chg. 1991 1990
 Net sales $ 68,756 $ 76,667 (10) 100.0 100.0
 Cost of products
 sold 61,023 69,966 (13) 88.8 91.3
 Gross profit 7,733 6,701 15 11.2 8.7
 Selling, general &
 admin. expenses 6,668 7,214 (8) 9.7 9.3
 Unusual item (income) --- (166) --- --- (.2)
 Operating inc. (loss) 1,065 (347) --- 1.5 (.4)
 Interest expense, net 855 821 4 1.2 1.1
 Income (loss) from cont. opers.
 bef. inc. taxes and
 extraord. item 210 (1,168) --- .3 (1.5)
 Inc. tax prov. (benefit) 64 (223) --- .1 (.3)
 Inc. (loss) from cont. opers.
 bef. extraord. item 146 (945) --- .2 (1.2)
 Loss from discont.
 operation(a) --- (2,012) --- --- (2.6)
 Loss on disposition of
 discont. operation(a) --- (6,600) --- --- (8.6)
 Income (loss) before
 extraord. item 146 (9,557) --- .2 (12.4)
 Extraord. item(b) 41 --- --- .1 ---
 Net income (loss) $ 187 $ (9,557) --- .3 (12.4)
 Income (loss) per share:
 Cont. operations $ .05 $ (.33)
 Income (loss) bef.
 extraord. item $ .05 $ (3.38)
 Net income (loss) $ .07 $ (3.38)
 Average shares
 outstanding 2,832 2,831
 (a) West-ward Pharmaceutical Corp., a manufacturer of generic pharmaceuticals, has been treated as a discontinued operation.
 (b) Extraordinary item reflects tax benefits from utilization of net operating loss carryforwards.
 -0- 2/18/92
 /CONTACT: John A. Murray of Moore Medical Corp., 203-826-3677/
 (MMD) CO: Moore Medical Corporation ST: Connecticut IN: MTC SU: ERN


BR-BN -- NE004 -- 9798 02/18/92 09:41 EST
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