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/END OF FIRST AND FINAL ADD -- MANVILLE TABULAR MATERIAL/

 MANVILLE CORPORATION
 CONDENSED CONSOLIDATED STATEMENT OF INCOME (LOSS)
 (Thousands of dollars except per share amounts)
 Three Months Percentage
 Ended December 31, Increase
 INCOME (LOSS) 1992 1991 (Decrease)
 Net Sales $578,853 $505,569 14.5
 Cost of Sales 458,251 413,424 10.8
 Selling, General and
 Administrative Expense 66,092 56,218 17.6
 Research, Development and
 Engineering Expense 7,621 8,714 (12.5)
 Restructuring of Operations
 Gain (Loss) 49 (28,005) ---
 Other (Loss), net (2,743) (10,365) (73.5)
 Income (Loss) from Operations 44,195 (11,157) ---
 Interest Income 6,890 3,079 123.8
 Interest Expense 39,889 28,960 37.7
 Profit Sharing Expense (Credit) 4,639 (4,068) ---
 Income (Loss) before Income Taxes,
 Minority Interest and
 Extraordinary Item 6,557 (32,970) ---
 Income Taxes (11,960) (903) 1,224.5
 Income (Loss) before Minority
 Interest and Extraordinary Item 18,517 (32,067) ---
 Minority Interest in Consolidated
 Subsidiary (1,586) --- ---
 Income (Loss) before
 Extraordinary Item 16,931 (32,067) ---
 Extraordinary Loss on Early
 Extinguishment of Debt,
 net of tax (2,131) --- ---
 Net Income (Loss) 14,800 (32,067) ---
 Preference Stock Accretion (5,255) (4,582) 14.7
 Net Income (Loss) Applicable to
 Common Stock $ 9,545 $(36,649) ---
 EARNINGS (LOSS) PER COMMON SHARE
 (AFTER PREFERENCE STOCK ACCRETION)
 Primary and Fully Diluted:
 Income (Loss) before
 Minority Interest
 and Extraordinary Item $ .11 $(.30) ---
 Minority Interest in Consolidated
 Subsidiary (.01) --- ---
 Income (Loss) Before
 Extraordinary Item .10 (.30) ---
 Extraordinary Loss on Early
 Extinguishment of Debt,
 net of tax (.02) --- ---
 Net Income (Loss) $ .08 $(.30) ---
 MANVILLE CORPORATION
 CONDENSED CONSOLIDATED STATEMENT OF INCOME
 (Thousands of dollars except per share amounts)
 Year Percentage
 Ended December 31, Increase
 INCOME 1992 1991 (Decrease)
 Net Sales $2,223,766 $2,025,368 9.8
 Cost of Sales 1,742,575 1,640,199 6.2
 Selling, General and
 Administrative Expense 237,505 219,602 8.2
 Research, Development and
 Engineering Expense 34,563 35,988 (4.0)
 Restructuring of Operations
 Gain (Loss) 746 (64,148) ---
 Other (Loss) Income, net (2,572) 10,253 ---
 Income from Operations 207,297 75,684 173.9
 Interest Income 17,766 38,523 (53.9)
 Interest Expense 135,135 112,117 20.5
 Profit Sharing Expense 12,123 10,282 17.9
 Income (Loss) from Continuing
 Operations Before Income Taxes 77,805 (8,192) ---
 Income Taxes 27,226 22,307 22.1
 Income (Loss) from
 Continuing Operations 50,579 (30,499) ---
 Income from Discontinued
 Operations, net of tax --- 4,290 ---
 Gain on Disposal of Discontinued
 Operations, net of tax --- 13,512 ---
 Income (Loss) before Minority
 Interest, Extraordinary Item
 and Cumulative Effect of
 Accounting Changes 50,579 (12,697) ---
 Minority Interest in Consolidated
 Subsidiary (3,114) --- ---
 Income (Loss) Before Extraordinary
 Item and Cumulative Effect of
 Accounting Changes 47,465 (12,697) ---
 Extraordinary Loss on Early
 Extinguishment of Debt,
 net of tax (11,516) --- ---
 Cumulative Effect of a Change in
 Accounting for Postretirement
 Benefits Other Than Pensions,
 net of tax --- (173,398) ---
 Cumulative Effect of a Change in
 Accounting for Income Taxes --- 220,795 ---
 Net Income 35,949 34,700 3.6
 Preference Stock Accretion (19,982) (17,099) 16.9
 Net Income Applicable to
 Common Stock $ 15,967 $ 17,601 (9.3)
 MANVILLE CORPORATION
 CONDENSED CONSOLIDATED STATEMENT OF INCOME (Cont'd)
 Year
 EARNINGS (LOSS) PER COMMON SHARE Ended December 31,
 (AFTER PREFERENCE STOCK ACCRETION) 1992 1991
 Primary and Fully Diluted:
 Income (Loss) from Continuing Operations $ .25 $ (.39)
 Income from Discontinued Operations,
 net of tax --- .04
 Gain on Disposal of Discontinued
 Operations, net of tax --- .11
 Income (Loss) before Minority Interest,
 Extraordinary Item and Cumulative
 Effect of Accounting Changes .25 (.24)
 Minority Interest in Consolidated
 Subsidiary (.03) ---
 Income (Loss) Before Extraordinary Item
 and Cumulative Effect of
 Accounting Changes .22 (.24)
 Extraordinary Loss on Early
 Extinguishment of Debt,
 net of tax (.09) ---
 Cumulative Effect of a Change in
 Accounting for Postretirement
 Benefits Other Than Pensions,
 net of tax --- (1.44)
 Cumulative Effect of a Change in
 Accounting for Income Taxes --- 1.83
 Net Income $ .13 $ .15
 MANVILLE CORPORATION
 CONDENSED CONSOLIDATED BUSINESS SEGMENTS
 (Thousands of dollars)
 Three Months Percentage
 Ended December 31, Increase
 NET SALES 1992 1991 (Decrease)
 Riverwood International
 Paperboard/Packaging $305,320 $265,628 14.9
 Schuller Operating Segments

 Engineered Products 122,276 111,656 9.5
 Building Products 161,130 132,592 21.5
 Total 283,406 244,248 16.0
 Corporate & Eliminations (9,873) (4,307) 129.2
 Total Company Net Sales $578,853 $505,569 14.5
 INCOME (LOSS) FROM OPERATIONS
 Riverwood International
 Paperboard/Packaging $ 35,309 $ 27,006 30.7
 Schuller Operating Segments
 Engineered Products 14,221 (3,517) ---
 Building Products 6,300 (39,275) ---
 Total 20,521 (42,792) ---
 Corporate & Eliminations (11,635) 4,629 ---
 Total Company Income (Loss)
 from Operations $ 44,195 $(11,157) ---
 MANVILLE CORPORATION
 CONDENSED CONSOLIDATED BUSINESS SEGMENTS
 (Thousands of Dollars)
 Year Percentage
 Ended December 31, Increase
 1992 1991 (Decrease)
 NET SALES
 Riverwood International
 Paperboard/Packaging $1,138,040 $1,008,700 12.8
 Schuller Operating Segments
 Engineered Products 511,968 476,046 7.5
 Building Products 608,140 564,741 7.7
 Total 1,120,108 1,040,787 7.6
 Corporate & Eliminations (34,382) (24,119) 42.6
 Total Company Net Sales $2,223,766 $2,025,368 9.8
 INCOME (LOSS) FROM OPERATIONS
 Riverwood International
 Paperboard/Packaging $ 146,091 $ 127,630 14.5
 Schuller Operating Segments
 Engineered Products 56,141 29,584 89.8
 Building Products 32,382 (46,189) ---
 Total 88,523 (16,605) ---
 Corporate & Eliminations (27,317) (35,341) (22.7)
 Total Company Income (Loss)
 from Operations $ 207,297 $ 75,684 173.9
 Appendix
 Manville Corporation Unusual Items
 For the Year Ended 12/31/92:
 -- a $33.9 million income tax benefit for payment of the
 dividend to the Manville Personal Injury Settlement
 Trust, partially offset by a $16.3 million increase in the
 deferred tax asset valuation allowance
 -- an $11.5 million extraordinary loss, net of tax, on early
 extinguishment of debt payable to the Manville Personal
 Injury Settlement Trust
 For the Year Ended 12/31/91:
 -- One-time pretax charges of $31.5 million for environmental
 cleanup costs and increases in reserves
 -- a pretax charge of $64.1 million for restructuring of
 operations
 -- a favorable patent infringement judgment of approximately
 $38.6 million before tax
 -- $17.8 million, net of taxes, related to the gain on the sale
 of the company's Celite business and its partial year
 earnings
 -- a gain of $47.4 million, net of tax, for the cumulative
 effect of accounting changes
 For the Quarter Ended 12/31/92:
 -- a $33.9 million income tax benefit for payment of the
 dividend to the Manville Personal Injury Settlement
 Trust, partially offset by a $16.3 million increase in the
 deferred tax asset valuation allowance as described above
 -- an increase of $2.1 million, net of tax, to the estimate of
 the extraordinary loss on early extinguishment of debt
 recorded earlier in 1992
 For the Quarter Ended 12/31/91:
 -- One-time pretax charges of $25.7 million for environmental
 cleanup costs and increases in reserves
 -- a pretax charge of $28 million for restructuring of
 operations
 MANVILLE CORPORATION
 Notes to Condensed Consolidated Statements of Income (Loss)
 -- Manville Corporation ("Manville" or "the Company") and its principal subsidiaries filed for reorganization under Chapter 11 in 1982 because of actual and contingent liabilities associated with the Company's previous asbestos-related business operations. The plan of reorganization, finalized in 1988, included an injunction prohibiting the filing of asbestos claims against Manville. Personal injury claims must be filed against the Manville Personal Injury Settlement Trust (the Trust). A separate plan of reorganization for Riverwood International Corporation, the Company's packaging systems and paper products business, which was not involved in the asbestos business, was confirmed in 1984. The Trust received 50 percent of the Company's common stock and the right to acquire an additional 30 percent by converting 7.2 million shares of Series A Preferred Stock to 72 million shares of Common Stock. The Trust exercised this right on December 9, 1992 and now owns approximately 80 percent of Manville's common stock. In addition, Manville is obligated to fund the Trust via a profit sharing arrangement and bond payments of $75 million per year. Under the profit sharing arrangement, the Company is obligated to pay the Trust 20 percent of profits (as defined in the glossary to the plan of reorganization) for as long as the Trust has claims to resolve.
 -- The Company and the Trust have entered into a set of agreements which would have revised in certain respects the way the Trust is funded and the relationship of the Company to the Trust. The agreements provided for, among other things, the payment of special dividends on the Company's common stock of which the Trust owns approximately 80 percent. The first four annual dividends were to be $1.04 per share in each of the first two years and $.42 per share in each of the next two years. Additional dividends would have been paid in the third through sixth years after the first dividend depending on the Company's annual performance. These agreements were subject to definitive resolution of a class action lawsuit against the Trust brought to restructure the method by which the Trust would pay claims. Manville was not a party to the class action lawsuit.
 On December 4, 1992, the United States Court of Appeals for the Second Circuit vacated and remanded for further proceedings an earlier decision of the courts which had approved the settlement of the class action lawsuit. The Court of Appeals found, among other reasons, that the representatives of the class may not have fairly represented the interests of all parties who were part of the class action lawsuit. On December 18, 1992, the plaintiffs to the class action lawsuit filed a Petition for Rehearing. The Company believes that a decision on the Petition for Rehearing and any subsequent rehearing before the Court of Appeals may not be resolved before the end of the second quarter of 1993. The agreements with the Trust which were conditioned upon the final resolution of the class action lawsuit will terminate when the Court of Appeals' remand becomes final. The Company and the Trust may enter into a new set of agreements to replace those which are expected to terminate.
 -- After obtaining the approval of the Trust, the board of directors on December 9, 1992, declared a cash dividend of $1.04 per share of Common Stock which was paid on December 28, 1992 to shareholders of record at the close of business on December 18, 1992. Prior to the dividend declaration, the Trust converted all of its 7.2 million shares of Series A Convertible Preferred Stock into 72 million shares of Common Stock.
 -- The 1992 restructuring of operations gain of $0.7 million includes a pre-tax gain of $7.8 million on the sale of an investment in a joint venture, offset by a $7.0 million pre-tax loss on the disposal of certain oil and gas properties. The 1991 restructuring of operations loss of $64 million includes a $61 million charge for the write-down of assets and provisions for severance and costs related to the rationalization of operations and overhead levels primarily in the Building Products and Engineered Products segments, a $3 million provision to increase a reserve for asbestos-related workers' compensation claims and a net provision for environmental clean up costs of $1 million. These charges were offset in part by an overall gain on the sales of folding carton plants and a small railroad company in the Paperboard and Packaging Products segment.
 -- In the first quarter of 1991, Manville received approximately $15 million in a patent infringement judgment against Guardian Industries Corporation of Northville, Michigan. That amount, net of approximately $2 million of deferred litigation costs, was reflected in other income in the Company's first quarter 1991 financial statements. In addition, about $25 million of accrued interest income was received, and is reflected in interest income in the first quarter of 1991.
 -- The 1992 effective tax rate on income from continuing operations of 35 percent was higher than the U.S. federal statutory tax rate primarily resulting from earnings derived from overseas operations taxed at higher effective rates plus an increase in the deferred tax asset valuation allowance, offset in part by an income tax benefit for payment of the dividend to the Trust.
 Manville's 1991 effective tax rate on income from continuing operations was unusually high primarily due to the geographic mix of earnings. A U.S. loss from continuing operations generated tax benefits at relatively low rates while foreign income from continuing operations generated taxes at higher foreign rates.
 -- On July 31, 1991, the Company sold its worldwide filtration and industrial minerals businesses known as Celite Corporation for cash and the assumption of certain liabilities. A gain on the sale of $13.5 million, net of income tax expense of $8.8 million, was recorded in the third quarter of 1991. Accordingly, the operating results of the discontinued operations were excluded from the determination of income from continuing operations for all periods presented.
 -- During the second quarter of 1992, Riverwood completed an initial public offering of 12.1 million common shares or 19.5 percent of Riverwood's common stock. As a result, the Condensed Consolidated Statement of Income reflects the minority shareholders' interest of $3.1 million in Riverwood International's 1992 earnings. Manville intends to maintain ownership of at least 80 percent of Riverwood International's common stock for the foreseeable future.
 -- Manville and the Trust have negotiated an agreement by which Manville will prepay $150 million of bonds held by the Trust when the agreement is signed and which grants the Trust a two year option to exchange an additional $100 million of Trust bonds for notes owed by Riverwood International to Manville. In June 1992, the Company recorded an estimated extraordinary loss of $9.4 million, net of related income tax benefit of $5.8 million, in anticipation of this prepayment and possible exchange. The estimated extraordinary loss was increased by $2.1 million, net of $113 thousand of related income tax benefit, during the fourth quarter of 1992 to reflect management's best estimate of the actual date of the prepayment and exchange.
 -- Effective January 1, 1991, the Company adopted Statement of Financial Accounting Standards No. 106, "Employers' Accounting for Postretirement Benefits Other Than Pensions" and recognized a liability for $173.4 million, net of tax of $91.4 million.
 -- Also, effective January 1, 1991, the Company adopted Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes", and recorded a $220.8 million credit to net income.
 -- Dividends on Manville's Cumulative Preference Stock, Series B, are payable beginning in 1994 at an annual rate of $2.70 per share. The amounts on the balance sheet associated with this stock are being accreted until the date cash payments begin. No preference stock dividends have been declared by the Company's board of directors.
 -- The earnings (loss) per share calculations assume conversion of the Company's Series A Convertible Preferred Stock, as of the beginning of the earliest period presented. Accordingly, the calculation assumes 123 million common equivalent shares outstanding during 1992 and 120.7 million during 1991.
 -- On July 1, 1992, Riverwood completed the acquisition of substantially all of the assets of Macon Kraft, Inc., a linerboard mill located in Macon, Georgia. The 1992 statements of income and the segment data reported for the Paperboard and Packaging Products segment include the results of the Macon Kraft mill for the six months ended December 31, 1992.
 -- Manville reports results for three business segments. The Paperboard and Packaging Products segment is Riverwood International Corporation and includes Riverwood's Coated Board System segment, Containerboard segment and Wood Products segment. The Engineered Products segment and the Building Products segment represent the primary operations of Schuller International, Inc., although certain items related to Schuller operations are included in Corporate and Eliminations. The Engineered Products segment includes continuous filament fiber glass products and specialty fiber glass insulations. The Building Products segment combines the Company's building insulations, roofing and mechanical insulations businesses. Net sales included in Corporate and Eliminations relate principally to the elimination of intersegment sales, primarily from the Engineered Products segment to the Building Products segment.
 Refer to the Company's 1991 Form 10-K for additional information relative to its accounting policies, operations and financial position.
 -0- 2/11/93
 /END OF FIRST AND FINAL ADD -- MANVILLE TABULAR MATERIAL/
 /PRNewswire -- Feb. 11/


CO: Manville Corporation; Riverwood International Corporation; Schuller
 International, Inc. ST: Colorado IN: PAP CST SU: ERN


BB -- DV002A -- 5462 02/11/93 06:04 EST
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