Printer Friendly

UNITED CAPITAL REPORTS 1991 RESULTS

 UNITED CAPITAL REPORTS 1991 RESULTS
 NEW YORK, Feb. 18 /PRNewswire/ -- United Capital Corp. (AMEX: ICU)


today reported results for 1991. Total revenues for 1991 were $62,857,000, versus $65,929,000 in 1990. Net income for 1991 was $3,481,000 or $.40 per share as compared to a net loss of ($4,161,000) or ($.39) per share in 1990.
 Total revenues for the fourth quarter of 1991 were $15,821,000, resulting in net income of $985,000 or $.14 per share. Comparable results for the same period in 1990 reflect net income of $343,000 or $.03 per share, on total revenues of $17,836,000.
 In commenting on these results, A. F. Petrocelli, chairman of United Capital Corp., noted that by implementing cost containment measures, product enhancements and diversification at all operations early in 1991, the company minimized the effects of lower revenues generated during the year. The decrease in revenues resulted from decreases at the company's antenna system segment, while sales by the knitted wire products business and rental revenues from real estate operations increased from a year earlier. Net income for 1991 increased $7,642,000 from a net loss of ($4,161,000) in 1990. The 1990 loss primarily resulted from the company's write-down of a long-term investment.
 United Capital Corp. owns and manages real estate assets and through its subsidiary, Metex Corporation, provides engineered products to aviation, industrial and automotive markets worldwide.
 UNITED CAPITAL CORP. AND SUBSIDIARIES
 Consolidated Financial Highlights Unaudited
 (000's omitted except per share data)
 Period ended Three months Year
 Dec. 31 1991 1990(A) 1991 1990(A)
 Revenues $15,821 $17,836 $62,857 $65,929
 Income (loss) before
 income taxes 1,747 1,422 6,313 (5,077)
 Provision (benefit)
 for income taxes 762 1,079 2,832 (916)
 Net income (loss) 985 343 3,481 (4,161)
 Net income (loss)
 per common share $.14 $.03 $.40 $(.39)
 Weighted average
 number of common
 shares outstanding 6,797,198 10,605,021 8,645,416 10,744,477
 (A) 1990 revenues have been restated to the 1991 presentation in which gains on sales of real estate assets are included in other income.
 -0- 2/18/92
 /CONTACT: Dennis S. Rosatelli, chief financial officer of United Capital, 212-371-1781/
 (ICU) CO: United Capital Corp.; Metex Corporation ST: New York, New Jersey IN: SU: ERN


SH-OS -- NY037 -- 9874 02/18/92 11:13 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 18, 1992
Words:403
Previous Article:MEDAMICUS ANNOUNCES 1991 RESULTS, 510(K) SUBMISSION AND FACULTY EXPANSION
Next Article:VF ANNOUNCES RECORD RESULTS FOR 1991; DECLARES DIVIDEND
Topics:


Related Articles
Capital expenditures by majority-owned foreign affiliates of U.S. companies, revised estimates for 1991.
UNITED STATIONERS REPORTS FIRST QUARTER RESULTS
UNOCAL ANNOUNCES EARNINGS
CU BANCORP REPORTS 1991 FOURTH QUARTER AND YEAR END RESULTS
INTERPROVINCIAL PIPE LINE INC. REPORTS 1991 FINANCIAL RESULTS
RANGER OIL REPORTS 1991 YEAR END RESULTS AND COMMON SHARE DIVIDEND
UNITED CAPITAL REPORTS FIRST QUARTER RESULTS
UNITED CAPITAL REPORTS SECOND QUARTER RESULTS
UNITED CAPITAL REPORTS THIRD QUARTER RESULTS
UNITED CAPITAL REPORTS 1992 RESULTS

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