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THE WEST COMPANY REPORTS THIRD QUARTER RESULTS

 THE WEST COMPANY REPORTS THIRD QUARTER RESULTS
 PHOENIXVILLE, Pa., Oct. 15 /PRNewswire/ -- The West Company,


Incorporated (NYSE: WST) today reported net income for the third quarter of 1992 of $4.1 million or $.26 per share, compared with net income of $2.2 million or $.14 per share, in the third quarter of 1991.
 The increase in net income is attributable to improved operating margins, lower interest expense and a lower tax rate. Net income for the first nine months of 1992 totalled $15.3 million or $.98 per share, compared with $3.3 million or $.21 per share, in 1991. Results for the first nine months of 1991 include a charge associated with the adoption of Financial Accounting Standards No. 106.
 Sales for the third quarter of 1992 were $81.3 million compared to third quarter 1991 sales of $79.6 million. The increase in sales reflects improved worldwide health care sales and favorable exchange rates. Sales increases were somewhat offset by the discontinuation of several unprofitable product lines, lower machinery sales and the divestiture earlier this year of a majority interest in the company's glass operations. Sales for the first nine months of 1992 totalled $249.8 million as compared with $247.4 million for the same period in 1991.
 In announcing the improved earnings, William G. Little, president and chief executive officer, stated, "We are pleased to see the ongoing positive impact of restructuring. We anticipate that the results for the rest of 1992 will continue to meet expectations."
 The West Company is a premier supplier of products that 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 manufactures related packaging machinery.
 THE WEST COMPANY, INCORPORATED
 Consolidated Statements of Income
 (In thousands, except per-share data)
 Quarter ended 9/27/92 Pct. 9/29/91(A) Pct.
 Net sales $81,342 100 $79,585 100
 Cost of goods sold 59,088 73 59,822 75
 Gross profit 22,254 27 19,763 25
 Selling, general and
 administrative
 expenses 14,275 17 12,514 16
 Restructuring charges --- --- (126) ---
 Other (income)
 expense, net (12) --- 633 1
 Operating profit 7,991 10 6,742 8
 Interest expense 915 1 1,499 2
 Income before income
 taxes and minority
 interests 7,076 9 5,243 6
 Provision for income
 taxes 2,873 4 3,475 4
 Minority interests 386 --- 84 ---
 Income from consolidated
 operations 3,817 5 1,684 2
 Equity in net income
 of affiliated
 companies 288 --- 556 ---
 Income before cumulative
 effect of change in
 accounting method 4,105 --- 2,240 ---
 Cumulative effect to
 Jan. 1, 1991, of the
 change in accounting
 for non-pension
 retirement benefits --- --- --- ---
 Net income $4,105 --- $2,240 ---
 Net income
 per share:
 Income before cumulative
 effect of change in
 accounting method $.26 --- $.14 ---
 Cumulative effect of
 change in accounting
 method --- --- --- ---
 Total .26 --- .14 ---
 Average shares
 outstanding 15,660 --- 15,541 ---
 Nine months ended 9/27/92 Pct. 9/29/91(A) Pct.
 Net sales $249,818 100 $247,440 100
 Cost of goods sold 177,167 71 183,544 74
 Gross profit 72,651 29 63,896 26
 Selling, general and
 administrative
 expenses 41,089 16 40,530 16
 Restructuring charges --- --- 690 1
 Other (income)
 expense, net 866 1 363 ---
 Operating profit 30,696 12 22,313 9
 Interest expense 3,120 1 4,754 2
 Income before income
 taxes and minority
 interests 27,576 11 17,559 7
 Provision for income
 taxes 12,061 5 9,146 4
 Minority interests 1,201 --- 165 ---
 Income from consolidated
 operations 14,314 6 8,248 3
 Equity in net income
 of affiliated
 companies 971 --- 1,349 ---
 Income before cumulative
 effect of change in
 accounting method 15,285 --- 9,597 ---
 Cumulative effect to
 Jan. 1, 1991, of the
 change in accounting
 for non-pension
 retirement benefits --- --- (6,254) ---
 Net income $15,285 --- $3,343 ---
 Net income
 per share:
 Income before cumulative
 effect of change in
 accounting method $.98 --- $.61 ---
 Cumulative effect of
 change in accounting
 method --- --- (.40) ---
 Total .98 --- .21 ---
 Average shares
 outstanding 15,615 --- 15,517 ---
 (A) The company adopted Financial Accounting Standards No. 106, Employer's Accounting for Postretirement Benefits Other Than Pensions, at year-end 1991 and restated the first nine months of 1991 to reflect the adoption effective Jan. 1, 1991. Other items have been reclassified for comparative purposes.
 /delval/
 -0- 10/15/92
 /CONTACT: Stephen M. Heumann, corporate treasurer of The West Company, 215-935-4640/
 (WST) CO: The West Company, Incorporated ST: Pennsylvania IN: SU: ERN


JS-MK -- PH022 -- 0444 10/15/92 12:48 EDT
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Date:Oct 15, 1992
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