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
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|Date:||Jul 23, 1992|
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