PRATT & LAMBERT REPORTS FIRST QUARTER RESULTS
PRATT & LAMBERT REPORTS FIRST QUARTER RESULTS BUFFALO, N.Y., May 7 /PRNewswire/ -- Pratt & Lambert, Inc.
(AMEX: PM), today reported first quarter net sales of $56,830,000, up from 6.9 percent from $53,143,000 for the same period in 1991. Net income was $407,000, or 7 cents per share, compared with a loss of $831,000 or 15 cents per share a year ago. It was the company's fourth consecutive quarterly earnings improvement.
Addressing shareholders at Pratt & Lambert's 107th annual meeting today, R. D. Stevens, Jr., chairman, said "the positive swing in earnings of more than $1.2 million, or 22 cents per share, suggests, in part, firmer business conditions and a degree of confidence among some customers that has been notably lacking for many months." He also noted that the comparison reflected an unusually weak first quarter in 1991. J.J. Castiglia, president and CEO of the paint, coatings and adhesives manufacturer, said that, over the past twelve months the company's net income has increased by 46 percent. "We attribute much of the gain to moderating raw material costs, lower interest rates and certain restructuring economies that are now beginning to fulfill expectations," he added. Castiglia also announced plans to increase efficiency at the company's paint-making facility in Buffalo and powder coatings unit in Cheektowaga, N.Y. at a combined expenditure approaching $2 million by year's end. In his remarks, Stevens pointed out that Pratt & Lambert's present and future growth will be largely fueled by the transition to environmentally acceptable formulations. "By offering cost effective solutions to our customers' need for compliant technologies, we achieve our business objectives and, concurrently, contribute to the realization of the nation's clean air goals." Castiglia said that the company entered 1992 with a more positive outlook than would have been appropriate several months ago. "We do not expect an abrupt upturn, but one that nonetheless is in the right direction," he added. Pratt & Lambert, Inc. is a paint, coatings and adhesives manufacturer for both consumer and industrial markets. The company's common stock is the longest-listed security on the American Stock Exchange and it has paid dividends annually since 1905. PRATT & LAMBERT, INC. Consolidated Income Statement (Unaudited, in thousands of dollars, except per share amounts) Three months ended March 31 1992 1991 Net sales $56,830 $53,143 Cost of sales 38,681 37,808 Gross profit 18,149 15,335 Selling, administrative and general expenses 17,116 16,015 Income (loss) from operations 1,033 (680) Interest expense 570 859 Interest income 25 50 Other income - net 190 110 Income (loss) before taxes on income 678 (1,379) Taxes on income 271 (548) Net income (loss) 407 (831) Per common share earnings (loss) $.07 ($.15) Per common share earnings (loss) assuming full dilution $.07 ($.15) Cash dividends per common share $.14 $.13 Average common shares outstanding 5,531,901 5,518,723 -0- 5/7/92 /CONTACT: Joseph J. Castiglia, president of Pratt & Lambert, 716-873-6000/ (PM) CO: Pratt & Lambert, Inc. ST: New York IN: SU: ERN
TQ-TS -- NY048 -- 7585 05/07/92 11:31 EDT
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|Date:||May 7, 1992|
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