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THE WEST COMPANY REPORTS 1991 RESULTS

 THE WEST COMPANY REPORTS 1991 RESULTS
 PHOENIXVILLE, Pa., Feb. 19 /PRNewswire/ -- The West Company, Inc.


(NYSE: WST) today reported sales for the full year 1991 of $329.6 million, a 2 percent increase from 1990 sales of $323.2 million.
 Sales increases in United States, European and Asian markets were offset in part by lower sales in Brazil. The net loss for 1991 totalled $14.7 million, or $.95 per share, compared with 1990's net income of $4.3 million, or $.27 per share. Sales for the fourth quarter of 1992 were $82.2 million, compared with $80.5 million in the 1990 period. The company reported a net loss for the quarter of $18.1 million, or $1.16 per share, compared with a net loss of $5.9 million, or $.38 per share, for the fourth quarter of 1990.
 The net loss for 1991 was caused in part by the previously announced tax restructuring charge of $21.2 million, or $1.37 per share. This charge provided for the estimated losses resulting from the closure of non-strategic manufacturing sites and the disposal of obsolete assets. Additionally, the company adopted the new accounting standard governing non-pension retirement benefits and elected to recognize immediately the accumulated obligation for these costs related to employee service through Jan. 1, 1991. This resulted in a net charge for 1991 of $6.3 million or $.40 per share. The accounting standard requires that the adoption take effect as of the beginning of the year and the first three quarters have been restated to reflect the change in accounting method.
 In reporting the results for the year, William G. Little, president and chief executive officer stated, "The global restructuring that was announced in 1991 will position The West Company for success in 1992 and beyond. Our long-term business plan has confirmed the company's fundamental strengths. By centering our manufacturing on key sites and creating a strategic marketing alliance with our Japanese and European partners, we have enhanced these strengths, These decisions, together with our recently announced joint venture with the Schott Corporation, a leading European glass manufacturer, will provide immediate and long- term benefits. We believe that we are now positioned for success."
 The West Company is a premier supplier of products the satisfy the unique filling, sealing and dispensing needs of the health care and consumer products industries. More than 85 percent of West's revenue is generated by the health care markets. Products include stoppers, closures, containers, medical device components and assemblies made from elastomers, metal, plastic and glass. West also manufacturers related packaging machinery.
 THE WEST COMPANY, INC.
 Consolidated Statement of Operations
 (In thousands, except per-share data)
 Periods ended Quarters 12 months
 Dec. 31 1991 1990 1991 1990
 Net sales $82,168 $80,460 $329,608 $323,218
 Cost of goods sold 62,302 60,664 245,846 244,265
 Gross profit 19,866 19,796 83,762 78,953
 Selling, general and
 administrative
 expenses 14,914 15,920 55,444 54,385
 Restructuring
 charges 28,826 9,918 29,516 10,930
 Other (income)
 expense, net 74 503 437 (1,920)
 Operating
 profit (loss) (23,948) (6,545) (1,635) 15,558
 Interest expense 1,278 1,522 6,032 5,927
 Income (loss) before
 income taxes and
 minority interests (25,226) (8,067) (7,667) 9,631
 Provision for income
 taxes (recovery) (4,412) (1,611) 4,734 6,404
 Minority interests (2,554) (205) (2,389) 322
 Income (loss) from
 consolidated
 operations (18,260) (6,251) (10,012) 2,905
 Equity in net income
 of affiliated
 companies 207 376 1,556 1,374
 Income (loss before
 cumulative effect of
 change in accounting
 method (18,053) (5,875) (8,456) 4,279
 Cumulative effect to
 Jan. 1, 1991, of the
 change in accounting
 for non-pension
 retirement benefits --- --- 6,254 ---
 Net income (loss) (18,053) (5,875) (14,710) 4,279
 Net income (loss)
 per share:
 Income (loss) before
 cumulative effect of
 change in
 accounting method $(.16) $(.38) $(.55) $.27
 Cumulative effect of
 change in
 accounting method --- --- $(.40) ---
 Total $(.16) $(.38) $(.95) $.27
 Average shares
 outstanding 15,555 15,538 15,527 15,793
 Notes: The first nine months of 1991 have been restated to reflect the adoption of Financial Accounting Standards No. 106 (FAS 106), Employer's Accounting for Post-retirement Benefits Other than Pensions.
 1990 has been reclassified to conform to 1991 classifications.
 /delval/
 -0- 2/19/92
 /CONTACT: Stephen M. Heumann, treasurer of The West Company, 215-935-4640/
 (WST) CO: The West Company, Incorporated ST: Pennsylvania IN: MAC SU: ERN


JS-MP -- PH016 -- 0419 02/19/92 11:35 EST
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Date:Feb 19, 1992
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