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SPRINGS INDUSTRIES REPORTS INCREASED SALES AND EARNINGS

 FORT MILL, S.C., Feb. 2 /PRNewswire/ -- Springs Industries (NYSE: SMI) today reported increased sales and earnings for the fourth quarter of 1992 and for the full year.
 In the fourth quarter, sales increased 6 percent to $531.8 million, compared with $501.2 million a year ago. Net income increased 23 percent to $14.6 million, versus the prior year's $11.9 million, while earnings per share of 82 cents were twenty-two percent above the 1991 fourth quarter amount of 67 cents.
 For the full year 1992, Springs' sales revenues were $1,976 million, a gain of 5 percent from the 1991 amount of $1,890 million. Net income for the year 1992 advanced to $44.5 million or $2.50 per share, a sixty-four percent increase over 1991 net income of $27.1 million or $1.53 per share.
 Fourth quarter operating profits increased by $5.5 million, or 17 percent, primarily as a result of improved operating performance in the home furnishings segment. Sales of home furnishings rose 12 percent in the fourth quarter, reflecting strong marketing programs in bed and bath businesses and benefits from two recent Canadian acquisitions. Without the effect of the Canadian acquisitions, home furnishings sales would have increased five percent in the quarter. Consolidation of Springs' window fashions business and related fixed cost reductions contributed significantly to the improvement in fourth quarter home furnishings results. For the full year, the home furnishings segment's sales increased sixteen percent to $1,278 million from the 1991 level of $1,101 million, and the segment produced a record operating profit of $100 million.
 The finished fabrics segment reported fourth-quarter sales eight percent below last year, and its sales for the full year declined thirteen percent to $378 million, which was in line with Springs' restructuring plan. Despite lower sales, the segment's operating profit improved for the quarter and for the full year rose nineteen percent to $17 million.
 Industrial segment sales increased one percent in the fourth quarter. This increase reflects some improvement in the domestic electronics market. Full-year sales decreased ten percent to $319 million because of low demand for defense-related products and softness in electronics markets worldwide. The segment reported an operating loss of $4 million for the year.
 Walter Y. Elisha, chairman and chief executive officer, said, "We believe 1993 will be marked by the company's further expansion into other North American markets, continued improvement from our restructured operations in Window Fashions and Finished Fabrics, and strengthening of the operating performance of our industrial businesses. Our agreement with Interglas, A.G. of Ulm, Germany, subject to confirmation at the Interglas shareholder meeting on Februaru 26 and satisfaction of certain closing conditions, should contribute to improving financial performance this year.
 "We maintain aggressive earnings goals for 1993, while recognizing that the U.S. economy is improving slowly and that economic conditions in our European markets represent a challenge. We believe we are positioned well for this environment and should continue on an excellent earnings track."
 Springs Industries is a major manufacturer and marketer of home furnishings, finished fabrics, and industrial products with headquarters in Fort Mill, S.C. The company employs about 20,000 people in the United States, Belgium, England and Canada with a minority interest in a joint venture in Japan.
 Springs Industries, Inc.
 Consolidated Statements of Income
 and Retained Earnings
 (In thousands except per share data)
 Quarter Ended Year Ended
 January 2, December 28, January 2, December 28,
 1993(a) 1991 1993(a) 1991
 INCOME
 Net sales $531,836 $501,245 $1,975,692 $1,890,406
 Cost and expenses:
 Cost of goods
 sold 417,334 400,463 1,585,357 1,543,025
 Selling, general
 and administrative
 expenses 76,310 68,128 277,174 267,943
 Interest expense 8,232 8,051 31,418 32,281
 Interest income (48) (249) (387) (879)
 Other (income)
 expense 3,522 1,542 2,135 (1,637)
 Total 505,350 477,935 1,895,697 1,840,733
 Income before
 income taxes 26,486 23,310 79,995 49,673
 Income taxes 11,842 11,442 35,465 22,576
 Net income $ 14,644 $ 11,868 $ 44,530 $ 27,097
 Per share:
 Net income $ .82 $ .67 $ 2.50 $ 1.53
 Cash dividends-
 Class A $ .30 $ .30 $ 1.20 $ 1.20
 Cash dividends-
 Class B $ .27 $ .27 $ 1.08 $ 1.08
 Weighted average
 shares of common
 stock 17,805 17,710
 RETAINED EARNINGS
 Retained earnings
 at beginning of
 period $ 562,254 $540,625 $547,463 $540,448
 Net income 14,644 11,868 44,530 27,097
 Cash dividends (5,034) (5,030) (20,129) (20,082)
 Retained earnings
 at end of period $571,864 $547,463 $571,864 $547,463
 (a) 14 weeks for the quarter and 53 weeks for the year.
 Note: Certain previously reported amounts have been reclassified to conform with year end 1992 presentations.
 SPRINGS INDUSTRIES, INC.
 CONSOLIDATED BALANCE SHEET
 (In thousands except share data)
 January 2, 1993 and December 28, 1991
 1992 1991
 ASSETS
 Current Assets:
 Cash and cash equivalents $ 4,033 $ 5,754
 Accounts receivable 298,807 302,685
 Inventories 263,041 237,638
 Other 37,122 49,864
 Total current assets 603,003 595,941
 Property (at cost):
 Land and improvements 16,546 16,086
 Buildings 205,190 200,393
 Machinery, equipment, etc. 946,692 907,164
 Total 1,168,428 1,123,643
 Accumulated depreciation (609,123) (551,515)
 Property, net 559,305 572,128
 Other assets and deferred charges 87,995 83,229
 Total $1,250,303 $1,251,298
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current Liabilities:
 Short-term borrowings $ 46,014 $ 29,200
 Current maturities of long-term debt 20,943 25,265
 Accounts payable 79,164 81,543
 Accrued retirement and incentive pay 24,224 21,925
 Accrued restructuring costs 13,743 26,480
 Other accrued liabilities 90,726 81,828
 Total current liabilities 274,814 266,241
 Noncurrent Liabilities:
 Long-term debt 273,551 287,837
 Accrued restructuring costs 6,069 20,505
 Deferred income taxes 34,264 44,952
 Deferred compensation 45,929 43,014
 Deferred credits and other liabilities 27,618 19,899
 Total noncurrent liabilities 387,431 416,207
 Shareholders' Equity:
 Class A common stock- $.25 par value
 (9,801,590 and 9,735,160 shares
 issued in 1992 and 1991, respectively) 2,450 2,434
 Class B common stock- $.25 per value
 (7,907,591 and 7,971,480 shares
 issued in 1992 and 1991, respectively) 1,977 1,993
 Additional paid-in capital 10,887 10,661
 Retained earnings 571,864 547,463
 Cost of Class A shares in treasury
 (1992-138,322 shares; 1991-142,272
 shares) (2,954) (3,053)
 Currency translation adjustment 3,834 9,352
 Total shareholders' equity 588,058 568,850
 Total $1,250,303 $1,251,298
 -0- 2/2/93
 /CONTACT: Robert E. Slough, Director of Public Relations, Springs Industries, Inc., 803-547-3738, or home, 803-366-6646/
 (SMI)


CO: Springs Industries, Inc. ST: South Carolina IN: TEX SU: ERN

JM -- CH002 -- 1672 02/02/93 08:42 EST
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