VIATECH REPORTS RECORD PROFITS
VIATECH REPORTS RECORD PROFITS SYOSSET, N.Y., Nov. 8 /PRNewswire/ -- Viatech, Inc. (AMEX: VTK)
Chairman of the Board and Chief Executive Officer Donald J. Bainton today announced record profits for the third quarter and nine months ended Sept. 30, 1991.
Revenues for the third quarter of 1991 amounted to $89,216,000 compared with $95,397,000 in the third quarter of 1990. Bainton noted that reduced sales in the third quarter of 1991 resulted from foreign currency translation rate differences of approximately 10 percent over 1990 despite an increase in local currency sales at each of the company's European packaging subsidiaries. Net income for the quarter ended Sept. 30, 1991, increased significantly over the same prior year period, reaching $4,199,000, or $1.41 per share, vs. $1,875,000, or $1.07 per share. For the first nine months of 1991, revenues were $228,045,000 as compared to $215,871,000 in the same prior year period. Net income for the 1991 nine month period was a record $6,901,000, or $2.90 per share, compared to $3,736,000, or $2.16 per share. Bainton credited the record profits in each period to the improved utilization and cost reductions, lower net interest expense, and the acquisition of minority interests in Dixie Union and Ferembal during the third quarter of 1991. Bainton also noted that even with the dilution resulting from the sale of common stock in June 1991, third quarter 1991 earnings per share increased 33 percent over the same prior year period. Viatech, Inc., through its European subsidiaries, Ferembal S.A., Dixie Union Verpackungen GmbH and Onena Bolsas de Papel S.A., manufactures cans, film and equipment for the packaging industry, and prints and laminates packaging for the food and snack food industries. The company's U.S. subsidiary, Lockwood, Kessler and Bartlett, Inc., provides engineering services principally in the fields of mapping and survey, transportation, structures, site and landscape development, recreation and environmental studies, and mechanical and electrical engineering. VIATECH, INC. (Unaudited, 000's omitted, except earnings per share) Third Quarter Nine Months 1991 1990 1991 1990 Total revenue $89,216 $95,397 $228,045 $215,871 Gross profit 21,753 21,842 54,275 50,904 Operating income 10,989 9,102 23,227 19,740 Other expense, net (3,141) (4,526) (8,446) (10,356) Income from opers. before provision for income taxes and minority interest 7,848 4,576 14,781 9,384 Provision for income taxes 2,718 1,860 5,758 3,974 Income from opers. before minority interest 5,130 2,716 9,023 5,410 Minority interest 931 841 2,122 1,674 Net income $ 4,199 $ 1,875 $ 6,901 $ 3,736 Net earns. per com. share $ 1.41 $ 1.07 $ 2.90 $ 2.16 Net earns. per com. share, assuming full dilution $ 1.27 $ .88 $ 2.57 $ 1.79 Weighted average shares outstanding 2,987 1,776 2,381 1,732 -0- 11/8/91 /CONTACT: Donald J. Bainton, CEO of Viatech, 516-822-4940/ (VTK) CO: Viatech, Inc. ST: New York IN: SU: ERN TS-GK -- NY015 -- 2536 11/08/91 10:40 EST
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|Date:||Nov 8, 1991|
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