Printer Friendly

RAYTECH CORPORATION ANNOUNCES FULL-YEAR RESULTS FOR 1991

 RAYTECH CORPORATION ANNOUNCES FULL-YEAR RESULTS FOR 1991
 SHELTON, Conn., April 3 /PRNewswire/ -- Raytech Corporation


(NYSE: RAY) today announced net sales of $103.3 million for the full year 1991, a decrease of $17 million or 14 percent as compared to the 1990 results.
 Net income for the full year 1991 was $1.1 million or $.36 per share compared to $9.1 million or $2.99 per share in 1990.
 The major factors which account for the reduced level of profitability in 1991 vs. 1990 are the adverse effects of worldwide recessionary economies for the construction, agricultural and automotive markets, coupled with reduced market share associated with the original equipment automotive product market segment.
 It should also be noted that, in 1990, an extraordinary net gain of $2.6 million was recognized as a result of prepayment of certain notes at a discount. This item was not repeated for 1991.
 Craig Smith, president and chief executive officer, said, "Yet, in spite of the unusually sluggish market conditions and market share loss, Raytech managed to remain profitable."
 Raytech Corporation is headquartered in Shelton, with operations serving world markets for energy absorption and power transmission products, as well as custom-engineered components.
 RAYTECH CORPORATION
 Consolidated Statements of Operations
 (Audited; 000s omitted, except share data)
 For the 52 weeks ended Dec. 29, 1991 Dec. 30, 1990
 Net sales $103,310 $120,291
 Net income 1,124 9,088
 Earnings per share $.36 $2.99
 Average shares outstanding 3,139,403 3,041,564
 -0- 4/3/92
 /CONTACT: A.A. Canosa, chief financial officer of Raytech, 203-925-8000/
 (RAY) CO: Raytech Corporation ST: Connecticut IN: SU: ERN


KA-LJ -- PH018 -- 4803 04/03/92 11:28 EST
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:Apr 3, 1992
Words:281
Previous Article:STANDARD BRANDS PAINT CO. ELECTS NEW PRESIDENT; MARKETING V.P. APPOINTED
Next Article:ULTIMAP ANNOUNCES STOCK SPLIT


Related Articles
RAYTECH CORPORATION ANNOUNCES THIRD QUARTER AND YEAR-TO-DATE RESULTS
RAYTECH ANNOUNCES FIRST QUARTER PROFITS
RAYTECH CORPORATION ANNOUNCES SECOND QUARTER AND YEAR-TO-DATE RESULTS
RAYTECH CORPORATION ANNOUNCES THIRD QUARTER RESULTS
RAYTECH CORPORATION ANNOUNCES FIRST QUARTER RESULTS FOR 1993
RAYTECH CORPORATION ANNOUNCES SECOND QUARTER RESULTS
RAYTECH CORPORATION ANNOUNCES THIRD QUARTER RESULTS
RAYTECH CORPORATION ANNOUNCES FULL YEAR RESULTS FOR 1993
RAYTECH CORPORATION ANNOUNCES FIRST QUARTER RESULTS FOR 1994
RAYTECH CORPORATION ANNOUNCES SECOND QUARTER RESULTS FOR 1994

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