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STANDARD COMMERCIAL CORPORATION REPORTS QUARTERLY SALES AND EARNINGS DIP

 WILSON, N.C., Feb. 9 /PRNewswire/ -- Standard Commerical (NYSE: STW) reported today sales and earnings for its third quarter ended Dec. 31, 1992. Sales for the period of $272.9 million were down by 8.6 percent from the comparable 1991 quarter, and income from continuing operations decreased by 6.6 percent, from $4.8 million to $4.5 million. Net income for the 1992 quarter totaled $4.5 million compared to $5.0 million a year earlier. Primary earnings per share from continuing operations were down from $0.58 to $0.52, and fully diluted earnings declined from $0.56 to $0.48 taking into account a 16 percent increase in the average number of shares outstanding.
 Sales for the first nine months of 1992 totaled $867.2 million, up 2.6 percent over the same period in 1991. Income from continuing operations of $15.9 million was 13.7 percent higher than the $14.0 million achieved in 1991. Net earnings after extraordinary items showed a 9.7 percent increase from $14.7 million in 1991 to $16.1 million. Primary earnings per share from continuing operations were up from $1.70 in 1991, to $1.86, and fully diluted earnings improved from $1.67 to $1.70 after factoring in a 24 percent increase in the average number of shares outstanding.
 J. Alec G. Murray, Vice Chairman and CEO commented that the quarterly results had been affected by continuing deep recessionary conditions in Europe where most of the Company's wool products are marketed, and a lag in tobacco shipments. He indicated that operating income after interest for the wool division in the most recent nine months was approximately $1 million below the comparable prior period figure, and for the 1993 fiscal year would be likely to be in the range of $2 million below the $6.2 million reported in fiscal 1992.
 He referred to tobacco as being generally on course but behind schedule. Shipments to fulfill orders from countries in the former Eastern Bloc, which had been expected to commence earlier this fiscal year, have only started to move since the end of the December quarter due to logistical problems in those countries. Similarly some customers in the Far East have requested that certain shipments previously anticipated to move prior to the March 31 end of fiscal 1993 be delivered in the first quarter of fiscal 1994. Lastly, shipments of Turkish oriental tobacco have been held up awaiting a decision by the Turkish authorities as to the applicable level of export rebates. The rebates were set in January at levels considerably less than expected. Thus, not only have Turkish oriental shipments been delayed, but the return on this business will be less than anticipated.
 Murray remarked that, taking these factors into account, earnings from continuing operations for fiscal 1993 as a whole should be up approximately 10 percent from the previous year, but that any increase in fully diluted earnings per share would be marginal at best because of a projected 20 percent increase in the average number of shares outstanding.
 Due to the nature of the Company's businesses, fluctuations in results for interim periods are not necessarily indicative of actual business trends or results to be expected for the full year.
 Financial Highlights
 (In thousands, except per share amounts; unaudited)
 Third quarter ended Nine Months Ended
 December 31 December 31
 1992 1991 1992 1991
 Sales - tobacco $194,656 $207,393 $162,624 $593,155
 - wool 73,781 88,991 239,545 240,821
 - other 4,417 2,089 15,026 11,015
 Total sales 272,854 298,473 867,195 844,991
 Cost of sales 248,309 270,552 793,819 772,623
 Selling, general and
 administrative expenses 17,385 18,310 53,157 48,961
 Other income (expense) - net 304 (1,253) 731 (1,767)
 Income before taxes 7,464 8,358 20,950 21,640
 Income taxes (2,770) (2,015) (5,554) (6,114)
 Minority interests (233) (1,819) (530) (2,433)
 Equity in earnings of affiliates 47 300 1,047 900
 Income from continuing operations 4,508 4,824 15,913 13,993
 Benefit of tax-loss carryforwards 1 144 166 667
 Net income 4,509 4,968 16,079 14,660
 ESOP preferred stock dividends
 net of tax (121) - (242) -
 Net income applicable to
 common stock $4,388 $4,968 $15,837 $14,660
 Primary
 EPS - from continuing operations $0.52 $0.58 $1.86 $1.70
 EPS - net $0.52 $0.60 $1.88 $1.78
 Average shares outstanding 8,513 8,247 8,425 8,244
 Fully diluted
 EPS - from continuing operations $0.48 $0.56 $1.70 $1.67
 EPS - net $0.48 $0.58 $1.71 $1.75
 Average shares outstanding 10,902 9,379 10,727 8,623
 STANDARD COMMERCIAL is the world's second largest leaf tobacco dealer and among the top international wool trading companies. It operates in virtually every tobacco and wool producing country and sells worldwide to tobacco manufacturers and wool users.
 -0- 2/9/93
 /CONTACT: Guy M. Ross, Standard Commercial Corporation, 919-291-5507
 (STW)


CO: Standard Commercial Corporation ST: North Carolina IN: TOB SU: ERN

MM-DF -- CH010 -- 4881 02/09/93 17:36 EST
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Date:Feb 9, 1993
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