Printer Friendly

PITTWAY'S FIRST QUARTER NET INCOME UP 52 PERCENT ON 7 PERCENT SALES INCREASE

 PITTWAY'S FIRST QUARTER NET INCOME UP 52 PERCENT
 ON 7 PERCENT SALES INCREASE
 CHICAGO, May 5 /PRNewswire/ -- Pittway Corp. (AMEX: PRY) sales for the first quarter ended March 31, 1992, amounted to $257,491,000 as compared to $240,596,000 for 1991, an increase of 7 percent, the company announced today. Net income for the quarter increased 52 percent to $7,943,000 ($.57 per share) from $5,214,000 ($.38 per share) for 1991.
 The announcement was made today by Neison Harris, chairman, and King Harris, president of the diversified company based in Chicago.
 Commenting on first quarter results, King Harris said, "Operating income improved by 41 percent over last year as sales and profits increased in all of our major operating groups except Penton Publishing. Cost control programs increased our overall gross margin and lowered selling, general and administrative expenses as a percentage of sales. Reduced interest charges included in other income (expense) resulting from a lower debt level compared with a year ago also contributed to increased first quarter earnings.
 "The Seaquist Group's major operations enjoyed double-digit gains in both sales and profits. These gains were the result of rebounding cosmetic and perfumery markets in Europe and growth in the dispensing closure and pump markets in the U.S.
 "Penton's profits were down as a weak economic recovery domestically produced a continued reduction in advertising page sales. We do not expect to see much improvement until the economy demonstrates that the recent modest upturn can be sustained.
 "Both of Ademco's main operating units recorded higher sales and profits. Ademco Distribution continued to increase its market share in the face of weak demand in the security industry. Ademco Manufacturing's profit picture improved due to the continued success of its VISTA product line and its reputation as the premier manufacturer of control panels.
 "Sales and profits for the BRK Fire Safety Group increased primarily due to gains in the commercial fire protection business. Despite the recession, both System Sensor and Notifier/Fire-Lite posted higher sales and profits reflecting continued market acceptance of their newer commercial fire alarm products. Sales and profits in the residential markets were up slightly when compared with last year in the traditionally slow first quarter, notwithstanding a low level of housing starts and weak retail/home improvement markets.
 "As previously announced, we are continuing to explore a number of divestiture options for our First Alert and BRK Electronics Divisions as well as the spin off of our Seaquist Group. These moves will allow us to focus our resources on building our other operations, principally our alarm systems businesses and our publishing business."
 Pittway is a manufacturer and distributor of professional burglar and fire alarm equipment; a manufacturer of retail small appliance items including smoke detectors, rechargeable lights and fire extinguishers; a publisher of trade magazines and directories; a producer of dispensing closures, pumps and aerosol valves; a contract packager of aerosol and liquid household products; a real estate developer, and a participant in joint venture real estate developments.
 PITTWAY CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF INCOME
 (Dollars in thousands, except per share data)
 Quarters ended March 31 1992 1991(A)
 Net sales $257,491 $240,596
 Operating expenses:
 Cost of sales 163,676 154,527
 Selling, general and
 administrative 66,924 63,259
 Depreciation and amortization 11,920 12,159
 Total $242,520 $229,945
 Operating income 14,971 10,651
 Other income (expense), net (1,606) (2,137)
 Income before income taxes 13,365 8,514
 Provision for income taxes 5,422 3,300
 Net income $ 7,943 $ 5,214
 Net income per share of common
 and Class A stock $.57 $.38
 Average number of shares
 outstanding (in thousands) 13,843 13,812
 (A) -- Certain amounts have been reclassified to conform to 1992 presentation.
 -0- 5/5/92
 /CONTACT: Marti Dee of Edelman, 312-280-7000, for Pittway/
 (PRY) CO: Pittway Corp. ST: Illinois IN: HOU SU: ERN


TS -- NY057 -- 6535 05/05/92 11:47 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 5, 1992
Words:662
Previous Article:WILLIAM E. SIMON ELECTED TO BROAD INC. BOARD OF DIRECTORS
Next Article:MORRISON KNUDSEN CORP. FOUNDATION PLEDGES $100,000 TO NEEDY IN LOS ANGELES


Related Articles
PITTWAY'S 1991 NET INCOME UP 6 PERCENT FOR YEAR AND 75 PERCENT FOR QUARTER ON 4 PERCENT SALES INCREASE
PITTWAY'S SECOND QUARTER NET INCOME DOUBLES ON 12 PERCENT SALES INCREASE; SALE OF FIRST ALERT/BRK OPERATIONS COMPLETED
PITTWAY'S THIRD QUARTER SALES, OPERATING INCOME FROM ONGOING OPERATIONS SHARPLY UP
PITTWAY'S 1992 INCOME FROM CONTINUING OPERATIONS REBOUNDS SHARPLY ON 10 PERCENT SALES INCREASE
PITTWAY'S FIRST QUARTER INCOME FROM CONTINUING OPERATIONS UP 313 PERCENT ON 14 PERCENT SALES INCREASE
APTARGROUP, INC. REPORTS INCREASE IN FIRST QUARTER EARNINGS
PITTWAY'S SECOND QUARTER INCOME FROM CONTINUING OPERATIONS UP 33 PERCENT ON 13 PERCENT SALES INCREASE
PITTWAY'S THIRD QUARTER INCOME FROM CONTINUING OPERATIONS UP 44 PERCENT ON 15 PERCENT SALES INCREASE
PITTWAY'S 1993 INCOME FROM CONTINUING OPERATIONS UP 70 PERCENT ON 14 PERCENT SALES INCREASE
PITTWAY'S THIRD QUARTER INCOME INCREASES 61 PERCENT ON 22 PERCENT SALES GAIN

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