WOLVERINE WORLD WIDE REPORTS HIGHER EARNINGS AND SALES FOR YEAR AND FOURTH QUARTER
ROCKFORD, Mich., Feb. 24 /PRNewswire/ -- Wolverine World Wide, Inc. (NYSE: WWW) today reported the best fourth quarter and annual results in more than a decade. Net earnings for the 16 weeks ended January 1, 1994 increased to $7.7 million, or $1.08 per share, compared to a loss of $571,000, or $0.08 per share, for the respective quarter of 1992. The 1992 results included a charge of $6.9 million, or $1.04 per share, relating to the disposal and discontinued operations of the Brooks athletic shoe business. Net sales from continuing operations for the 1993 fourth quarter were $120.1 million, a 13 percent increase over the $106.3 million reported for the final quarter of 1992. "All four wholesale footwear divisions contributed to the fourth quarter sales gain," said Geoffrey B. Bloom, Wolverine President and CEO. "This Hush Puppies Division reported significantly higher earnings, and record sales and earnings were reported by our Wolverine Work and Outdoor Footwear Group, Tru-Stitch Footwear Division and the Bates Uniform Footwear Division." Net earnings for the current year totaled $11.5 million, or $1.65 per share, versus a loss of $10.9 million, or $1.65 per share, for all of 1992. The 1992 results included charges of $14.8 million, or $2.24 per share, for the disposal and operating loss related to Brooks, and $750,000, or $0.11 per share for accounting changes. After adjusting for these charges, earnings from continuing operations reflect a 149 percent increase. Net sales from continuing operations for 1993 rose 14 percent to $333.1 million compared with $293.1 million for the prior year. "The strategic focus of our Company is reflected in the 1993 results. The repositioning of our Hush Puppies brand and maximizing the continuing growth of our Wolverine Work and Outdoor Group will continue to lead the Company's earnings growth during 1994," Bloom said. "Additionally, our well-balanced mix of domestic manufacturing and offshore sourcing will continue to ensure the supply of high-quality, market-right footwear at competitive prices for our brands." "The turnaround is behind us. Our challenge for 1994 and beyond is to achieve consistent levels of sales and earnings growth which will maximize long-term shareholder value, and we are optimistic that we will meet this challenge in 1994," Bloom concluded. Wolverine World Wide, Inc. manufactures and markets a wide variety of branded footwear and pigskin leather. Major branded products of the Company are: Hush Puppies(R) shoes, Wolverine(R) Work and Outdoor footwear, Wolverine Wilderness(R) footgear, apparel and accessories, Coleman(R) footgear, Bates(R) uniform footwear and Bates Floaters(R), Tru-Stitch(R) slippers, Sioux-Mox(R) moccasins, Wimzees(R) casual footwear, Kroupana(R) sueded pigskin and Breathin' Brushed Pigskin(R) leather. WOLVERINE WORLD WIDE, INC. CONDENSED BALANCE SHEET (Unaudited; $000's) Jan. 1, Jan. 2, 1994 1993 ASSETS: Cash & Securities $3,730 $2,375 Receivables 62,362 51,510 Inventories 70,556 64,264 Net current assets, discontinued operations --- 10,994 Other current assets 12,864 19,070 Total current assets 149,512 148,213 Plant & equipment, net 31,623 30,507 Net noncurrent assets, discontinued operations --- 8,200 Other assets 24,581 17,576 Total Assets $205,716 $204,496 LIABILITIES & EQUITY: Notes payable $1,948 $16,377 Current maturities on long-term debt 4,732 5,766 Accounts payable and other accrued liabilities 31,626 30,213 Total current liabilities 38,306 52,356 Long-term debt 44,913 42,656 Other noncurrent liabilities 9,747 9,356 Stockholders' equity 112,750 100,128 Total Liabilities & Equity $205,716 $204,496 WOLVERINE WORLD WIDE, INC. CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) ($000's, except share and per share data) 16 Weeks Ended(A) 52 Weeks Ended(A) Jan. 1, Jan. 2, Jan. 1, Jan. 2, 1994 1993 1994 1993 Net sales and other operating income $120,070 $106,300 $333,143 $293,136 Earnings from continuing operations before income taxes $10,368 $8,912 $15,932 $6,478 Income tax (credit) 2,706 2,556 4,440 1,858 Earnings continuing operations $7,662 $6,356 $11,492 $4,620 (Loss) from discontinued operations, net of income taxes --- (6,927) --- (14,811) Cumulative effect of accounting changes --- --- --- (750) Net earnings (loss) $7,662 $(571) $11,492 $(10,941) Primary earnings (loss) per share: Continuing operations $1.08 $0.96 $1.65 $0.70 Discontinued operations --- (1.04) --- (2.24) Cumulative effect of accounting changes --- --- --- (0.11) Net earnings (loss) $1.08 $(0.08) $1.65 $(1.65) Shares used for computing earnings per share 7,083,224 6,653,611 6,985,216 6,627,436 (A) NOTE: Fiscal year represents 53 weeks for period ended January 2, 1993. Fourth quarter represents 17 weeks for quarter ended January 2, 1993. -0- 2/24/94 /CONTACT: Jim Lovejoy of Wolverine World Wide, 616-866-5539/ (WWW)
CO: Wolverine World Wide Wolverine World Wide NYSE: WWW is a footwear manufacturer. They have their own brand, Wolverine Boots and Shoes, and also make footwear for other companies, such as Caterpillar and Harley-Davidson. Wolverine also makes shoes and boots for the military. , Inc. ST: Michigan Michigan (mĭsh`ĭgən), upper midwestern state of the United States. It consists of two peninsulas thrusting into the Great Lakes and has borders with Ohio and Indiana (S), Wisconsin (W), and the Canadian province of Ontario (N,E). IN: SU: ERN
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