PRATT & LAMBERT REPORTS 1991 RESULTS
PRATT & LAMBERT REPORTS 1991 RESULTS BUFFALO, N.Y., Feb. 20 /PRNewswire/ -- Pratt & Lambert, Inc.
(AMEX: PM), today reported consolidated net sales in 1991 of $238,953,000, a decline of 1.7 percent from $243,098,000 a year earlier. Net income was $4,756,000, down 15.4 percent from $5,619,000 in 1990. Earnings per share were 85 cents, versus 98 cents a year ago. Average shares outstanding were 5,519,670, 2.9 percent fewer than in 1990.
In the fourth quarter of 1991, net sales were $54,988,000, off from $55,730,000 in the previous year. Net income, however, rose 45.2 percent to $498,000 from $343,000 in the same 1990 period. Earnings per share were 9 cents compared with 6 cents in 1990. R. D. Stevens Jr., chairman of the paint, coatings and adhesives manufacturer, said that after a disappointing first quarter, earnings exceeded those of 1990 for the balance of the year. "New product introductions and cost containment measures contributed to a 13.5 percent increase in net income during the year's remaining three quarters," he added. Pratt & Lambert's president and CEO, J. J. Castiglia, noted that sales and earnings generated by the company's national line of architectural finishes reached record levels in 1991. "The introduction of Calibrated Colors System IV and expansion of our Accolade line were very successful and well received by our dealers throughout the country," he said. Castiglia noted that the company's industrial products group had mixed results in 1991, but in the aggregate, fulfilled expectations. Sales of powder coatings continued to grow as their environmental benefits attracted wider usage. Elsewhere, shipments of corrosion control systems increased due to several large construction projects that will also favorably affect 1992 operations. "Our main sources of disappointment in 1991 originated from product lines associated with a depressed housing industry and weak demand for consumer durables," Castiglia added. Commenting on the company's outlook, Stevens said that while timing of an economic recovery was uncertain, there seems to be a consensus that by midyear, conditions will improve. He noted that the company entered 1992 with the advantage of lower raw material costs, a leaner organization and technologies that conform with changing market requirements. At its meeting today, the firm's board of directors declared a first quarter dividend on its common stock of 14 cents, payable April 1 to holders of record March 18, 1992. It was the company's 350th consecutive quarterly declaration. PRATT & LAMBERT, INC. Consolidated Income Statement (Unaudited) (Thousands of dollars, except per share amounts) Periods ended Three Months Twelve Months Dec. 31 1991 1990 1991 1990 Net sales $54,988 $55,730 $238,953 $243,098 Cost of sales 36,996 38,577 160,034 163,434 Gross profit 17,992 17,153 78,919 79,664 Selling, administrative and general expenses 16,611 16,069 68,617 67,562 Income from operations 1,381 1,084 10,302 12,102 Interest income 14 39 175 243 Other income - net 75 262 359 514 Interest expense 584 819 2,889 3,538 Income before taxes on income 886 566 7,947 9,321 Taxes on income 388 223 3,191 3,702 Net income $ 498 $ 343 $ 4,756 $ 5,619 Per common share earnings $.09 $.06 $.85 $.98 Per common share earnings assuming full dilution $.09 $.06 $.85 $.98 Cash divs. per common share $.14 $.13 $.54 $.52 Average common shares outstanding 5,522,440 5,528,240 5,519,670 5,687,404 -0- 2/20/92 /CONTACT: Joseph J. Castiglia of Pratt & Lambert, 716-873-6000/ (PM) CO: Pratt & Lambert, Inc. ST: New York IN: CHM SU: ERN
GK-OS -- NY025 -- 0862 02/20/92 10:55 EST
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|Date:||Feb 20, 1992|
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