Printer Friendly

A. P. GREEN ANNOUNCES SECOND QUARTER RESULTS

 A. P. GREEN ANNOUNCES SECOND QUARTER RESULTS
 MEXICO, Mo., July 23 /PRNewswire/ -- A. P. Green Industries Inc.


(NASDAQ: APGI) today announced its results for the second quarter and first six months of 1992.
 Net sales for the three months ended June 30 were $41,434,000 an 8.1 percent decrease from the $45,083,000 posted in the second quarter of 1991. The company's second quarter 1992 net earnings of $484,000, or $0.18 per share, were 22.8% higher than the $394,000, or $0.15, reported for the second quarter of 1991.
 For the first six months of 1992, net sales of $82,441,000 were 5.5 percent lower than the net sales of $87,232,000 reported for the first six months of 1991. For the first six months of 1992, the company reported a net loss of $1,735,000 or $0.65 per share compared to net earnings of $451,000, or $0.17 per share for the first six months of 1991.
 The company had previously reported that the results for the first quarter of 1992 included costs related to a settlement of litigation which reduced net earnings for that quarter by approximately $1,600,000, or $0.60 per share.
 Harry M. Stover, chairman of the board and chief executive officer said, "We are pleased to report a profitable quarter, our first since the second quarter of 1991. This return to profitability was lead by our U. S. refractory group which posted increased gross earnings despite lower sales. The U. S. refractory group operating margins have continued to improve. This is reflective of both the steps we have taken to reduce manufacturing costs and the implementation of higher selling prices for our refractory products. We also continue to incur lower selling and administrative expense as a result of the personnel reductions and reorganization of our sales staff we undertook last year. Earnings from our international refractory operations continue to be adversely affecue to be strong."
 Stover went on to say: "Our Lime subsidiary continues to perform well with both sales and operating income for the quarter and the first six months higher than the corresponding periods a year ago. The Kimballton, Virginia plant continues to produce and ship product at near capacity levels and the demand for lime products produced at our New Braunfels, Texas plant has increased significantly.
 "We remain cautiously optimistic for the remainder of the year. We continue to see improvements in some of our major markets and believe that those improvements will continue through the balance of this year, leading to improve operating results."
 A. P. Green Industries Inc., headquartered in Mexico, Mo., is a leading manufacturer and distributor of refractory products in both the United States and international markets. The company also manufactures industrial lime products used in the production of steel, aluminum and paper, and for road stabilization and water purification. The company operates 13 plants in the United States, Canada and the United Kingdom.
 CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
 Period Ended June 30
 (Dollars in thousands Three Months Six Months
 except per share data) 1992 1991 1992 1991
 Net sales $ 41,434 $ 45,083 $ 82,441 $ 87,232
 Cost of sales 34,551 38,704 70,441 74,879
 Gross profit 6,883 6,379 12,000 12,353
 Expenses and other income
 Selling & administrative
 expenses 6,253 6,631 12,594 13,672
 Interest expense 410 362 757 695
 Interest income (304) (517) (765) (915)
 Other (income) expense, net (218) (608) 2,056 (948)
 Earnings (loss) before
 income taxes 742 511 (2,642) (151)
 Income taxes (credits) 258 117 (907) (602)
 Net Earnings (Loss) $ 484 $ 394 $ (1,735) $ 451
 Earnings (Loss) Per Common
 Share $ 0.18 $ 0.15 $ (0.65) 0.17
 -0- 7/23/92
 /CONTACT: Gary L. Roberts of A. P. Green Industries Inc., 314-473-3626/ CO: A.P. Green Industries ST: Missouri IN: MNG SU: ERN


RM -- SF008 -- 2580 07/23/92 13:36 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:Jul 23, 1992
Words:665
Previous Article:WEDCO TECHNOLOGY REPORTS 111 PERCENT INCREASE IN FIRST QUARTER OPERATING RESULTS
Next Article:MIRROR TECHNOLOGIES REPORTS FIRST QUARTER EARNINGS


Related Articles
A. P. GREEN ANNOUNCES FOURTH QUARTER RESULTS
A. P. GREEN ANNOUNCES FOURTH QUARTER RESULTS
A. P. GREEN ANNOUNCES ADOPTION OF ACCOUNTING CHANGES; TAKES CHARGES IN 1992
A. P. GREEN ANNOUNCES 1992 RESULTS; ELECTION OF NEW DIRECTOR; AND ELECTION OF HUMMER CHAIRMAN
A. P. GREEN ANNOUNCES SECOND QUARTER RESULTS
A. P. GREEN ANNOUNCES SECOND QUARTER RESULTS
A. P. GREEN ANNOUNCES RECORD SECOND QUARTER EARNINGS
A. P. GREEN ANNOUNCES FIRST QUARTER RECORD
A. P. GREEN ANNOUNCES RECORD QUARTERLY SALES AND EARNINGS
A.P. Green Announces First Six Months' Sales And Earnings

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters