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VALMONT REPORTS 1992 EARNINGS GAINS

 VALLEY, Neb., Feb. 2 /PRNewswire/ -- Valmont Industries Inc. (NASDAQ: VALM) reported net earnings for the year 1992 of $13.2 million, or $1.14 per share. This compares to a 1991 loss of $8.0 million, or 69 cents per share, which included a $10 million restructuring charge taken in the fourth quarter. Sales for 1992 were $425 million compared to $430 million for the previous year.
 For the fourth quarter, Valmont reported improved sales and earnings versus one year earlier. Earnings for the quarter totaled $4.8 million, or 41 cents per share versus a loss before restructuring charge in 1991 of $2.3 million, or 20 cents per share. Sales for the quarter were $104 million, up from $97 million for 1991's fourth quarter.
 "We are pleased with our performance in 1992," said William F. Welsh II, Valmont's president and chief executive officer. "Throughout the year our businesses focused on lowering costs and improving productivity. The earnings gains are a result of this focus as market demand for our products was basically flat for much of the year. We are encouraged by the fourth quarter uptick in sales of light poles and energy-efficient lighting ballasts."
 Sales in the Irrigation Products segment increased slightly in the fourth quarter compared to one year ago. Domestic sales were higher and international sales declined. European markets remained depressed and the Middle East market was down in the fourth quarter after being strong during the first three quarters of the year. For the year, irrigation sales were about equal to 1991. Operating profits rose in both the quarter and year, as the result of productivity gains achieved throughout the year.
 The Industrial Products segment reported higher sales for the fourth quarter versus 1991. Light pole sales were up as the number of projects to improve and rebuild the nation's streets and highways increased. Demand for electronic lighting ballasts was stimulated by utility rebate programs to conserve energy. Operating profits for the quarter increased substantially from productivity gains as well as the volume increase. Restructuring of the ballast business is basically complete and its operating cost structure has been substantially reduced. As a result, positive operating profits were reported by the ballast business from late in the third quarter through the end of the year. For the year, Industrial Products reported sales about equal to 1991 and considerable higher operating profits from lower cost structures and enhanced operational efficiencies.
 InaCom Corp. (NASDAQ: INAC), a major marketer of computer systems and services and 38 percent-owned by Valmont, earlier reported earnings of $3.9 million for the fourth quarter and $10.7 million for the year. This compares with last year's earnings of $2.3 million for the quarter and $3.4 million for the year. InaCom's improved performance was due largely to an increase in customer demand for products from major manufacturers. InaCom's sales grew to over $1 billion for 1992. On Jan. 13, 1993, InaCom announced an agreement to purchase Sears Business Centers from Sears, Roebuck & Co.
 "We are optimistic as we enter 1993," Welsh continued, "our backlog is solid and we are pleased with the improving order flow. Restructuring is basically complete and our commitment to continuous improvement will further reduce costs to be more competitive. Our strong balance sheet improved, as the ratio of long-term debt to total capitalization is down to about 38 percent, which is within our financial objective range of 32 percent to 40 percent. We believe that the long-term prospects for our products and the markets we serve are promising and the actions we have taken in 1992 will improve our future competitiveness and profitability."
 Valmont Industries manufactures steel and aluminum poles for lighting, utility and communication markets, steel tubing for specialty industrial applications and ballasts and controls for the lighting industry; is the leading producer of mechanized irrigation systems for worldwide agricultural markets; and has an investment in InaCom, a major distributor of microcomputer products and services.
 VALMONT INDUSTRIES INC. AND SUBSIDIARIES
 CONDENSED STATEMENTS OF OPERATIONS
 (Dollars in thousands, except per share amounts)
 Fourth Quarter Year-To-Date
 13 Weeks Ended 52 Weeks Ended
 Dec. 26, Dec. 28 Dec. 26, Dec. 28,
 1992 1991 1992 1991
 Net sales $103,627 $97,333 424,685 $429,718
 Cost of sales 77,100 80,645 327,359 340,178
 Gross profit 26,527 16,688 97,326 89,540
 Selling, general and
 administrative expenses 19,463 21,547 76,336 80,560
 Restructuring charge --- 15,005 --- 15,005
 Operating income 7,064 (19,864) 20,990 (6,025)
 Other income
 (deductions) (1,169) (336) (6,229) (7,538)
 Earnings before income
 taxes and equity in
 net earnings of
 nonconsolidated
 affiliates 5,895 (20,200) 14,761 (13,563)
 Income taxes 2,381 (7,060) 5,134 (4,713)
 Earnings before equity
 in net earnings of
 nonconsolidated
 affiliates 3,514 (13,140) 9,627 (8,850)
 Equity in net earnings
 of nonconsolidated
 affiliates 1,268 837 3,585 840
 Net earnings $4,782 ($12,303) $13,212 ($8,010)
 Earnings per common
 share $0.41 ($1.07) $1.14 ($0.69)
 Cash dividends
 per share $0.065 $0.065 $0.260 $0.260
 Weighted average
 number of shares
 of common stock
 (000) 11,659 11,475 11,583 11,527
 -0- 2/2/93
 /CONTACT: Brian C. Stanley of Valmont, 402-359-2201/
 (VALM INAC)


CO: Valmont Industries Inc. ST: Nebraska IN: SU: ERN

MC-BB -- DV001 -- 1636 02/02/93 07:31 EST
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Date:Feb 2, 1993
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