Printer Friendly

VIATECH PROJECTS FIRST QUARTER RESULTS AND ANNOUNCES STOCK BUYBACK

 VIATECH PROJECTS FIRST QUARTER RESULTS AND ANNOUNCES STOCK BUYBACK
 SYOSSET, N.Y., April 27 /PRNewswire/ -- Viatech, Inc. (AMEX: VTX) Chairman and Chief Executive Officer, Donald J. Bainton, announced that sales and operating income for the first quarter of 1992 for Viatech's consolidated subsidiaries were approximately the same as in the first quarter of 1991 on a constant currency basis. After currency translation, sales and operating income will decrease slightly due to the appreciation of the dollar compared to foreign currencies.
 In Viatech's 50 percent owned non-consolidated subsidiary, Plastic Containers Inc., unit volume increased in the quarter as compared to 1991. However, due to non-cash depreciation and amortization charges incurred by P.C.I. as a result of the asset write-up at the time of the purchase in November 1991, plus an approximately $1,500,000 non-cash charge for Viatech's equity in certain costs related to the recent refinancing of P.C.I.'s debt, Viatech's net income for the first quarter will be negative. However, Viatech's income for the first quarter of 1992, before this extraordinary charge will be positive though lower than 1991 due to P.C.I.'s depreciation and amortization.
 Bainton also announced today that the Viatech board of directors had authorized the purchase, from time to time, of up to 5 percent of the company's outstanding common shares.
 -0- 4/27/92
 /CONTACT: Donald J. Bainton, CEO of Viatech, 516-822-4940/
 (VTK) CO: Viatech, Inc. ST: New York IN: SU: ERN


PS -- NY010 -- 2916 04/27/92 08:01 EDT
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:Apr 27, 1992
Words:253
Previous Article:ALMAC'S INC. EXTENDS EXCHANGE OFFER
Next Article:U.S. BIOSCIENCE NAMES RUSSELL MCLAUCHLAN PRESIDENT


Related Articles
VIATECH ANNOUNCES ACQUISITION
VIATECH REPORTS RECORD PROFITS
VIATECH FINALIZES ACQUISITION
VIATECH REPORTS RECORD NET INCOME
WILMINGTON TRUST ANNOUNCES FIRST QUARTER EARNINGS, DIVIDEND INCREASE, STOCK SPLIT AND STOCK BUYBACK PROGRAM
VIATECH REPORTS FIRST QUARTER RESULTS
VIATECH, INC. ANNOUNCES RESULTS
FAST-GROWING VIATECH TO BECOME CONTINENTAL CAN COMPANY;REVENUES EXPECTED TO SOAR PAST 500 MILLION WITH CONSOLIDATION, NYSE LISTING BEING SOUGHT
VIATECH PROJECTS RECORD SALES AND CASH FLOW, REDUCED EARNINGS
VIATECH, INC. ANNOUNCES NAME CHANGE

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