Printer Friendly

STONE & WEBSTER, INCORPORATED REPORTS RESULTS

 NEW YORK, Oct. 20 /PRNewswire/ -- Stone & Webster, Incorporated (NYSE: SW), today reported net income for the three months ended Sept. 30, 1993 of $1,213,000, or $.08 per share.
 These results include a charge of $1,131,000, or $.08 per share, for the effect of the change in the statutory federal income tax rate on the corporation's net deferred tax liabilities in accordance with FASB Statement No. 109, substantially offset by a pension credit of $1,072,000, or $.07 per share, resulting from a foreign subsidiary's significant reduction in defined benefit accruals for present employee's future services. This compares with net income for the three months ended Sept. 30, 1992 of $581,000, or $.04 pre share. The 1992 results include increased in net income of $349,000, or $.02 per share, as a result of an accounting change; and $191,000, or $.01 per share, resulting from the sale of investment securities. Gross earnings for the three months ended Sept. 30, 1993 were $65,439,000. This compares with gross earnings for the three months ended Sept. 30, 1992 of $68,783,000, including $290,000 of the profits on investment securities.
 Net income for the nine months ended Sept. 30, 1993 was $3,995,000, or $.27 per share. These results include a one time non-cash charge of $5,460,000, or $.36 per share, for the cost of the Incentive Retirement Program announced in March 1993: an increase in net income of $2,322,000, or $.16 pre share, for the cumulative effect of adopting FASB Statement No. 109 offset in part by a charge of $1,131,000, or $.08 per share, for the effect of the change in the statutory federal income tax rate on the corporation's net deferred tax liabilities; and a pension credit of $1,072,000, or $.07 per share, resulting from a foreign subsidiary's significant reduction in defined benefit accruals for present employees' future services. This compares with net income for the nine months ended Sept. 30, 1992 of $9,510,000, or $.63 per share. The 1992 results include increases in net income of $4,274,000, or $.28 per share, (cumulative effect of $3,229,000, or $.21 per share) as a result of an accounting change; and $2,555,000, or $.17 per share, resulting from the sale of investment securities. Gross earnings for the nine months ended Sept. 30, 1992 of $210,607,000, including $4,024,000 of profits on investment securities.
 The average number of shares outstanding for the three months ended Sept. 30, 1993 and Sept. 30, 1992 was 14,985,000 and 15,004,000, respectively; and for the nine months ended Sept. 30, 1993 and Sept. 30, 1992 was 14,978,000 and 15,008,000, respectively.
 STONE & WEBSTER, INCORPORATED
 Financial Highlights
 (Dollars in thousands, except per share data)
 Periods ended Three months Nine months
 Sept. 30, 1993 1992 1993 1992
 Gross earnings $65,439 $68,873(B) $216,494 $210,607(B)
 Inc. bef. extraord.
 item and cumulative
 effect of a change
 in accounting prin. 1,213(A) 642(C,D) 1,673(A,E) 6,025(C,D)
 Extraordinary item
 (utilization of foreign
 subsidiaries' tax loss
 carryforwards) -- (61) -- 256
 Cumulative effect of a
 change in accounting
 principle -- -- 2,322(F) 3,229(G)
 Net income 1,213(A) 581(C,D) 3,995(A,E) 9,510(C,D)
 Earnings per share $.08(A) $.04(C,D) $.27(A,E) $.63(C,D)
 Avg. no. of shares
 outstanding 14,985,000 15,004,000 14,978,000 15,008,000
 (A) Includes a charge of $1,131,000, or $.08 per share, resulting from an increase in the statutory federal income tax rate on the corporation's net deferred tax liabilities in accordance with FASB Statement No. 109, substantially offset by a pension credit of $1,072,000, or $.07 per share, resulting from a foreign subsidiary's significant reduction in defined benefit accruals for present employees future services.
 (B) Includes gross earnings of $290,000 and $4,024,000 for the three and nine months periods, respectively, resulting from the sale of investment securities.
 (C) Includes income of $191,000, or $.01 per share, and $2,555,000, or $.17 per share, for the three and nine months periods, respectively, resulting from the sale of investment securities.
 (D) Includes income of $349,000, or $.02 per share, and $1,045,000, or $.07 per share, for the three and nine months ended Sept. 30, 1992, respectively, resulting from the change in accounting principle as described in Note G below.
 (E) Includes a one time non-cash charge of $5,460,000, or $.36 per share, for the cost of the Incentive Retirement Program announced in March 1993.
 (F) Represents the corporation's adoption of FASB Statement No. 109, Accounting for Income Taxes, which changes the corporation's method of accounting for income taxes from the deferred method to an asset and liability approach. The results for the prior year have not been restated.
 (G) Represents the change in the method for determining the calculated value of the assets of the corporation's pension plan for purposes of calculating annual pension cost under FASB Statement No. 87.
 -0- 10/20/93
 /CONTACT: Mr. W.M. Eagan of Stone & Webster, 212-290-7490/
 (SW)


CO: Stone & Webster, Incorporated ST: New York IN: CST SU: ERN

WB-SH -- NY038 -- 4529 10/20/93 11:34 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 20, 1993
Words:908
Previous Article:UST POSTS 8 PERCENT INCREASE IN THIRD QUARTER EARNINGS PER SHARE
Next Article:SYSCO REPORTS FIRST QUARTER FISCAL 1994 EARNINGS

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