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A. P. GREEN ANNOUNCES 1992 RESULTS; ELECTION OF NEW DIRECTOR; AND ELECTION OF HUMMER CHAIRMAN

 MEXICO, Mo., Feb. 19 /PRNewswire/ -- A. P. Green Industries, Inc. (NASDAQ: APGI), today announced its results for the fourth quarter and year ended Dec. 31, 1992. Losses for the year were $7.3 million, or $2.73 per share of common stock compared to last year's loss of $5.0 million, or $1.86 per share of common stock. Total annual revenues were $168.3 million for 1992 compared to $170.3 million the prior year.
 The fourth quarter loss of $2.0 million, or $.73 per share of common stock, was substantially less than the $4.1 million, or $1.52 per share loss incurred in the fourth quarter of 1991. The 1992 fourth quarter loss resulted from the previously announced establishment of a $4.0 million pre-tax reserve relating to asbestos-related personal injury claims and the proposed class action settlement previously announced. The after-tax effect of this charge was a reduction in earnings for the quarter of $2.6 million or $.95 per share. Absent this action, the fourth quarter would have shown a net profit of approximately $600,000, or $.22 per share.
 As was previously announced in the fourth quarter, the company adopted FAS 106, relating to postretirement benefits other than pensions, and FAS 109, relating to accounting for income taxes, retroactively to Jan. 1, 1992. The cumulative after-tax effect of these adoptions for the year ended Dec. 31, 1992, was to increase the net loss by $4.1 million, or $1.55 per share of common stock.
 In action taken by its board of directors, Paul F. Hummer, president and chief executive officer, was elected chairman of the board replacing Harry M. Stover, who had in August 1992 announced his intention to retire in early 1993. Mr. Stover resigned as chairman and from the board of directors on Feb. 2, 1993. The board elected William F. Morrison as a director replacing Mr. Stover. Mr. Morrison was formerly a member of the senior management council of United Technologies Corporation and executive vice president of its Essex Wire Division.
 In other action, the board of directors approved a $3.5 million capital project for the company's lime facility in New Braunfels, Texas.
 Mr. Hummer said, "Our adoption of the new accounting standards and our participation in the proposed settlement of asbestos claims were positive steps taken by the company. With these matters behind us, we are confident that we can build on the positive results of this past year to make us profitable. Sales increased each quarter in 1992. We showed earnings in the second and third quarters of 1992 and would have shown earnings in the fourth quarter absent the reserve for asbestos claims. The cost reduction and reorganization plans we implemented over the past year and a half are improving our earnings.
 "Our lime operations continue to be profitable, and with the approval of our capital project at New Braunfels we will increase our capacity while lowering our costs. We remain committed to the lime business and will continue to look for ways to expand further into that business.
 "Despite the continued sluggish demand for refractory products, sales of those products also increased each quarter reversing the steep decline in those sales in previous years. While the refractory business in the United States remains very difficult, we continue to do well exporting products, particularly to the Far East."
 Hummer went on to say: "I want to personally thank Harry Stover not only for his 38 years of service to the company, but particularly for his efforts since spin-off. At the same time, I want to welcome Bill Morrison to the board and look forward to his participation in the many strategic decisions we will be making in the future."
 A. P. Green Industries, Inc., headquartered in Mexico, Mo., mines, processes, manufactures and distributes specialty minerals and mineral- based products, including industrial lime products and refractories in the United States and international markets. The company operates 13 plants in the United States, Canada, and the United Kindgom.
 A. P. GREEN INDUSTRIES, INC.
 Consolidated Statements of Earnings (Unaudited)
 (Dollars in thousands, except per share data)
 Periods ended Three Months 12 Months
 Dec. 31 1992 1991 1992 1991
 Net sales $43,199 $40,891 $168,309 $170,298
 Cost of sales 37,585 40,442 144,092 152,536
 Gross profit 5,614 449 24,217 17,762
 Expenses and other income:
 Selling & admin. expenses 5,551 6,816 24,435 27,261
 Interest expense 237 388 1,255 1,478
 Interest income (305) (312) (1,393) (1,680)
 Other income, net (656) (169) (1,319) (1,464)
 Provision for litigation
 and claims settlement 4,000 -- 6,427 --
 Loss before income taxes
 and cumulative effect
 of accounting changes (3,213) (6,274) (5,188) (7,833)
 Income tax benefit (1,241) (2,221) (2,021) (2,870)
 Net loss before cum. effect
 of accounting changes (1,972) (4,053) (3,167) (4,963)
 Cumulative effect of
 accounting changes:
 Income taxes -- -- 3,848 --
 Postretirement benefits
 other than pensions,
 net of tax -- -- (7,982) --
 Net loss $(1,972) $(4,053) $ (7,301) $ (4,963)
 Loss per common share
 before cum. effect of
 accounting changes $(0.73) $(1.52) $(1.18) $(1.86)
 Cumulative effect of
 accounting changes:
 Income taxes -- -- 1.44 --
 Postretirement benefits
 other than pensions,
 net of tax -- -- (2.99) --
 Loss per common share $(0.73) $(1.52) $(2.73) $(1.86)
 Weighted average number
 of common shares 2,674,340 2,674,340 2,674,340 2,674,009
 Dividends per common
 share -- -- -- $0.45
 -0- 2/19/93
 /CONTACT: Gary L. Roberts, vice president, chief financial officer and treasurer of A. P. Green Industries, 314-473-3626/
 (APGI)


CO: A.P. Green Industries, Inc. ST: Missouri IN: MNG SU: ERN

GK -- NY045 -- 8444 02/19/93 14:12 EST
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Date:Feb 19, 1993
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