Printer Friendly

TRANSTECHNOLOGY ANNOUNCES FOURTH QUARTER EARNINGS

 UNION, N.J., May 24 /PRNewswire/ -- TransTechnology Corporation (NYSE: TT) today reported a profit from continuing operations for the fourth quarter ending March 31, 1993 of $1,490,000 or $.29 per share, on revenues of $28,337,000, as compared to the fourth quarter of 1992 profit of $284,000 or $.06 per share on revenues of $32,153,000. Discontinued operations for the current fiscal year yielded a fourth quarter loss of $71,000 or $.01 per share versus $3,822,000 loss or $.75 per share reported for the same period last year. Total net profits for the fourth quarter amounted to $1,419,000 or $.28 per share compared to the prior year's fourth quarter loss of $3,538,000 or $.70 per share.
 For the fiscal year ended March 31, 1993, the company reported a profit from continuing operations of $5,204,000 or $1.02 per share on revenues of $103,123,000, while the prior year yielded a profit from continuing operations of $205,000 or $.04 per share on revenues of $102,122,000. Discontinued operations for the current fiscal year resulted in a loss of $71,000 or $.01 per share while the prior fiscal year showed a loss of $9,620,000 or $1.89 per share. Combined results for the 1993 fiscal year were a net profit of $5,133,000 or $1.01 per share compared to a net loss of $9,415,000 or $1.85 per share for the 1992 fiscal year.
 Earnings for the fiscal year 1993 were achieved notwithstanding a number of unusual expense items recognized during the year, including an expensive proxy contest, the settlement of several lawsuits and the establishment of a $4 million reserve for anticipated environmental cleanup costs at the company's Saltsburg, Pa. facilities. These charges, which aggregated $6 million, were significantly offset by the settlement of a contract termination claim in Europe and a reduction in federal and state income tax provisions.
 Michael J. Berthelot, chairman, president and chief executive officer, stated "We are very pleased to announce that each of our divisions reported an operating profit for the year and that the results for the fiscal year were consistent with our previously disclosed forecasts."
 Mr. Berthelot also stated "In addition to returning each division to profitability, during this fiscal year the company completed its four previously announced divestitures; established a new $25 million line of credit; paid a special dividend of $1.50 per share in December; reinstated the payment of regular dividends; and retired its high fixed rate debt. Financial and operating goals have been set for the next three years, including the current fiscal year which is expected to achieve a 15 percent increase in operating income. We are now positioned to move forward with our program to grow the company through aggressive marketing efforts in overseas markets, introduction of new and improved products and the acquisition of product lines complementary to our existing ones."
 TRANSTECHNOLOGY CORPORATION
 (In thousands of dollars, except share data)
 Period ended Fourth quarter Year
 March 31 1993 1992 1993 1992
 Revenues from continuing
 operations $ 28,337 $ 32,153 $103,123 $102,122
 Income from continuing
 operations before income
 taxes 905 170 6,532 56
 Provisions (credit) for
 income taxes (585) (114) 1,328 (149)
 Income from continuing
 operations 1,490 284 5,204 205
 Loss from discontinued
 operations(A) (71) (3,822) (71) (9,620)
 Net income (loss) 1,419 (3,538) 5,133 (9,415)
 Earnings (loss) per share:
 Income from cont. opers. $0.29 $0.06 $1.02 $0.04
 Loss from discont. opers. (0.01) (0.75) (0.01) (1.89)
 Net income (loss) 0.28 (0.70) 1.01 (1.85)
 Number of shares issued in
 computation of per share
 information 5,122,000 5,083,000 5,095,000 5,081,000
 (A) Loss from discontinued operations is net of a tax benefit of $1,336,000 and a tax provision of $641,000 for the quarter ended March 31, 1993 and 1992, respectively and tax benefits of $1,336,000 and $1,020,000 for the year ended in 1993 and 1992, respectively.
 -0- 5/24/93
 /CONTACT: Michael J. Berthelot, chairman, president and chief executive officer of TransTechnology Corporation, 908-964-5666/
 (TT)


CO: TransTechnology Corporation ST: New Jersey IN: ARO SU: ERN

WB-OS -- NY080 -- 1849 05/24/93 16:25 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:May 24, 1993
Words:736
Previous Article:MICEK ELECTED TO CARGILL BOARD OF DIRECTORS, SUCCEEDING PEARCE
Next Article:CITIBANK APPOINTS HEAD OF INTERNATIONAL CORPORATE FINANCE
Topics:


Related Articles
TRANSTECHNOLOGY ANNOUNCES DEFINITIVE AGREEMENT
TRANSTECHNOLOGY ANNOUNCES FOURTH QUARTER EARNINGS
TRANSTECHNOLOGY SENIOR MANAGERS SUPPORT OPPOSITION SLATE
TRANSTECHNOLOGY CORPORATION TO ACQUIRE PALNUT FASTENER OPERATION ON TRW INC.
TRANSTECHNOLOGY DECLARES DIVIDEND
TRANSTECHNOLOGY REPORTS EARNINGS INCREASE OF 23 PERCENT FOR SECOND QUARTER
TRANSTECHNOLOGY REPORTS EARNINGS INCREASE OF 23 PERCENT FOR SECOND QUARTER
TRANSTECHNOLOGY DECLARES REGULAR SIX-CENT QUARTERLY DIVIDEND
TRANSTECHNOLOGY CORPORATION COMPLETES THE SALE OF FEDERAL LABORATORIES DIVISION TO MACE SECURITY INTERNATIONAL, INC.
TRANSTECHNOLOGY DECLARES REGULAR SIX CENT QUARTERLY DIVIDEND

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