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PENN CENTRAL CORPORATION REPORTS SECOND QUARTER RESULTS

 PENN CENTRAL CORPORATION REPORTS SECOND QUARTER RESULTS
 CINCINNATI, July 30 /PRNewswire/ -- The Penn Central Corporation (NYSE: PC) today reported 1992 second quarter income from continuing operations of $14.2 million, or $.30 per share, compared with 1991 second quarter income from continuing operations of $20.6 million, or $.43 per share. The company's insurance operations reported higher operating income for the 1992 second quarter as compared with the prior year, largely due to investment gains and higher portfolio income. The company's defense services businesses also reported slightly improved operating results. However, results for the 1992 second quarter were adversely affected by lower operating income at the company's retained Diversified Products and Services businesses. Net revenues from continuing operations for the 1992 second quarter increased to $449.5 million from $414.5 million in the 1991 second quarter.
 On a combined basis including the company's discontinued operations, net income for the 1992 second quarter was $11.0 million, or $.23 per share, compared with second quarter 1991 net income of $19.9 million, or $.42 per share. Net income was lower than income from continuing operations because of losses from discontinued operations that were spun-off to the company's shareholders on July 1, 1992.
 Income from continuing operations for the first six months of 1992 was $158.0 million, or $3.33 per share. During the second quarter the company elected to adopt Statement of Financial Accounting Standards ("SFAS") No. 109, "Accounting for Income Taxes,", effective Jan. 1, 1992. The cumulative effect of this adoption was income of $130.3 million, or $2.75 per share, for continuing operations. For the first half of 1992 and 1991, income from continuing operations before the cumulative effect of this accounting change was $27.7 million, or $.58 per share, and $44.7 million, or $.89 per share, respectively.
 The company's discontinued operations consisted of its principal manufacturing operations which are now owned by General Cable Corporation. Substantially all of General Cable's shares were distributed to the company's shareholders on July 1, 1992. For the 1992 second quarter, discontinued operations reported a net loss of $3.2 million, or $.07 per share, as compared with a net loss of $.7 million, or $.01 per share, for the 1991 second quarter. For the six months ended June 30, 1992, discontinued operations reported a net loss of $2.0 million, or $.04 per share, which includes income of $7.5 million, or $.16 per share, attributable to the cumulative effect from the adoption of SFAS No. 109, and includes net tax benefits of $10.0 million. Net revenues from discontinued operations totaled $255.0 million for the 1992 second quarter and $263.8 million for the second quarter of 1991. Net revenues from discontinued operations for the first half of 1992 and 1991 were $469.3 million and $520.9 million, respectively.
 Penn Central ended the 1992 second quarter with shareholders' equity of $1,399.2 million, or $29.62 per share, which includes the effects of the General Cable distribution and the adoption of SFAS No. 109.
 Penn Central operates businesses primarily in the areas of specialty property and casualty insurance, and defense services.
 THE PENN CENTRAL CORPORATION AND CONSOLIDATED SUBSIDIARIES
 (In Millions, Except Per Share Amounts)
 FINANCIAL HIGHLIGHTS
 Three Months Ended
 June 30
 1992 1991
 Net revenues $449.5 $414.5
 Income from continuing
 operations before cumulative
 effect of accounting change $ 14.2 $ 20.6
 Income from continuing operations $ 14.2 $ 20.6
 Net income $ 11.0 $ 19.9
 Income per share from continuing
 operations before cumulative effect
 of accounting change $.30 $.43
 Income per share from continuing
 operations $.30 $.43
 Net income per share of Common Stock $.23 $.42
 Weighted average number of
 common shares 47.5 47.7
 Six Months Ended
 June 30
 1992 1991
 Net revenues $881.2 $821.1
 Income from continuing
 operations before cumulative
 effect of accounting change $ 27.7 $ 44.7
 Income from continuing operations $158.0 $ 44.7
 Net income $156.0 $ 43.0
 Income per share from continuing
 operations before cumulative effect
 of accounting change $.58 $.89
 Income per share from continuing
 operations $3.33 $.89
 Net income per share of Common Stock $3.29 $.86
 Weighted average number of
 common shares 47.4 49.8
 -0- 7/30/92 R
 /CONTACT: Philip A. Hagel, vice president-treasurer of The Penn Central Corporation, 513-579-6600/
 (PC) CO: The Penn Central Corporation ST: Ohio IN: INS ARO SU: ERN


KD-BM -- CL024 -- 5341 07/30/92 17:45 EDT
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Publication:PR Newswire
Date:Jul 30, 1992
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