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A. P. GREEN ANNOUNCES SECOND QUARTER RESULTS

 MEXICO, Mo., July 21 /PRNewswire/ -- A. P. Green Industries, Inc. (NASDAQ: APGI) today announced its results for the second quarter and first six months of 1993.
 The company's second quarter 1993 net earnings of $1,776,000, or $0.66 per share, were substantially higher than the $329,000, or $0.12, reported for the second quarter of 1992. Net sales for the three months ended June 30 were $41,053,000 a slight decrease from the $41,434,000 posted in the second quarter of 1992.
 For the first six months of 1993, net sales of $80,558,000 were 2.3 percent lower than the net sales of $82,441,000 reported for the first six months of 1992. For the first six months of 1993, the Company reported net earnings of $3,110,000 or $1.16 per share compared to a net loss of $5,875,000, or $2.20 per share for the first six months of 1992. Results for the first six months of 1992 included a pre-tax provision of $2.4 million for litigation and claims settlement costs and a net charge of $4.1 million as a cumulative effect of accounting changes for income taxes and post-retirement benefits other than pensions.
 Paul F. Hummer, chairman of the board and chief executive officer said, "We continue to improve our results. This was the best quarter since the second quarter of 1990. Our Lime sales continue to reflect strong demand in the Southeast and strengthening demand in the Southwest. Sales by our Lime subsidiary for the first six months of this year are up $1.8 million or nearly 12 percent over the first six months of last year. This increase in sales led to excellent operating profit contribution from our Lime group.
 "Sales in our refractory segment fell $3.8 million, or 5.7 percent in the first six months. This was primarily due to lower sales reported by both our Canadian and United Kingdom subsidiaries reflecting continuing economic difficulties in those countries and our decision to sell our Canadian construction business late last year. Earnings in those subsidiaries continue to suffer from the lower sales levels. Sales from our U. S. Refractory group were essentially flat compared to the first six months last year. However, despite lower sales, refractory margins showed significant improvement during the first six months. This improvement was attributable to favorable changes in the mix of products sold, some increases in selling prices from depressed levels of the past several years, and our efforts to reduce manufacturing costs and overhead expenses.
 "We remain cautiously optimistic for the balance of the year. The economies of Canada and the United Kingdom are showing signs of having reached the bottom while the recovery in the United States economy is still proceeding slowly. We believe that if we continue to improve our operations and control our costs we can remain profitable at these lower sales levels and significantly improve our profitability when economic activity picks up."
 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 both the United States and international markets. The company operates 13 plants in the United States, Canada and the United Kingdom.
 A.P GREEN INDUSTRIES, INC.
 Consolidated Statements of Earnings
 (Unaudited, dollars in thousands, except per share data)
 Three Months
 Period Ended June 30 1993 1992
 Net sales $ 41,053 $ 41,434
 Cost of sales 32,241 34,748
 Gross profit 8,812 6,686
 Expenses and other income
 Selling & administrative expenses 6,355 6,298
 Interest expense 267 410
 Interest Income (279) (304)
 Other income, net (266) (218)
 Provision for litigation & claim
 settlement --- ---
 Earnings (loss) before income
 taxes and cumulative effect
 of accounting changes 2,735 500
 Income tax expense (benefit) 959 171
 Earnings (loss) before cumulative
 effect of accounting changes 1,776 329
 Cumulative effect of accounting changes
 Income taxes --- ---
 Postretirement benefits other than
 pensions, net of tax --- ---
 Net earnings (loss) $ 1,776 $ 329
 Earnings (loss) per common share
 before cumulative effect of
 accounting changes $ 0.66 $ 0.12
 Cumulative effect of accounting changes
 Income taxes --- ---
 Postretirement benefits other than
 pensions, net of tax --- ---
 Earnings (loss) per common share $ 0.66 $ 0.12
 Six Months
 Period Ended June 30 1993 1992
 Net sales $ 80,558 $ 82,441
 Cost of sales 63,907 70,585
 Gross profit 16,651 11,856
 Expenses and other income
 Selling & administrative expenses 12,372 12,599
 Interest expense 533 757
 Interest Income (567) (765)
 Other income, net (529) (371)
 Provision for litigation & claim
 settlement --- 2,427
 Earnings (loss) before income
 taxes and cumulative effect
 of accounting changes 4,842 (2,791)
 Income tax expense (benefit) 1,732 (1,050)
 Earnings (loss) before cumulative
 effect of accounting changes 3,110 (1,741)
 Cumulative effect of accounting changes
 Income taxes --- 3,848
 Postretirement benefits other than
 pensions, net of tax --- (7,982)
 Net earnings (loss) $ 3,110 $ (5,875)
 Earnings (loss) per common share
 before cumulative effect of
 accounting changes $ 1.16 $ (0.65)
 Cumulative effect of accounting changes
 Income taxes --- 1.44
 Postretirement benefits other than
 pensions, net of tax --- (2.99)
 Earnings (loss) per common share $ 1.16 $ (2.20)
 Condensed Consolidated Statements Of Financial Position
 (Unaudited, dollars in thousands)
 As of June 30, 1993 1992
 Assets
 Current assets $ 75,166 $ 72,588
 Property, plant and
 equipment, net 81,449 85,823
 Other assets 9,933 8,593
 Total $ 166,548 $ 167,104
 Liabilities and
 Stockholders' Equity
 Current liabilities $ 25,283 $ 21,888
 Deferred Income taxes 14,140 15,098
 Postretirement benefits
 other than pensions 13,834 13,311
 Long-term debt 12,224 20,147
 Other long-term liabilities 3,283 ---
 Stockholders' equity 97,784 96,660
 Total $ 166,548 $ 167,104
 -0- 7/21/93
 /CONTACT: Gary L. Roberts, vice president, chief financial officer and treasurer of A. P. Green Industries, Inc., 314-473-3626/
 (APGI)


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

MP -- NY072 -- 4000 07/21/93 13:33 EDT
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Date:Jul 21, 1993
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