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A.P. GREEN ANNOUNCES FIRST QUARTER RESULTS AND SETTLEMENT OF LITIGATION

 A.P. GREEN ANNOUNCES FIRST QUARTER RESULTS
 AND SETTLEMENT OF LITIGATION
 MEXICO, Mo., April 27 /PRNewswire/ -- A.P. Green Industries Inc. (NASDAQ: APGI) today announced its results for the first quarter of 1992 including the impact of the recent settlement of litigation.
 Net sales for the three months ended March 31 were $41,007,000 a modest decrease from the $42,149,000 posted in the first quarter of 1991. The company incurred a net loss of $2,219,000, or $.83 per common share, during the first quarter of 1992 compared to net earnings of $57,000, or $.02 per common share, for the first quarter of 1991.
 The results for the first quarter of 1992 include costs related to a recent settlement of litigation arising out of the sale by the company of its former subsidiary, the E.J. Bartells Co., in 1986. While the company declined to provide details of the settlement, a spokesman stated that these costs reduced net earnings for the quarter by approximately $1,600,000, or $.60 per share. In its financial statements for the year ended Dec. 31, 1991, the company had previously disclosed that it could not estimate its ultimate liability arising out of this litigation. In commenting on this settlement, Harry M. Stover, chairman of the board and chief executive officer said, "We are pleased to have resolved this litigation. Continuing to litigate issues that for the most part arose more than six years ago, while A.P. Green was a wholly-owned subsidiary of USG Corp., was not productive. This settlement removes the uncertainty regarding our financial statements; avoids the risks and expense of further litigation; and permits our management to devote full time to continuing to improve our operations."
 Stover also noted that despite the continuing low level of economic activity in the United States, there were positive signs for the company in the first quarter, particularly increases in selling prices of some refractory products, increases in refractory sales through company-owned distribution centers, and substantial reductions in refractory overhead costs all of which were directly attributable to steps the company took in 1991 to improve performance in those areas.
 Stover added that sales and earnings from international refractory activities were lower during the first quarter of 1992 than in 1991. This reduction was primarily attributable to reduced sales and earnings at the company's Canadian subsidiary, which is still suffering from the effects of the deep economic recession in that country.
 The company's lime subsidiary, APG Lime Corp., had an excellent first quarter with sales up 18.4 percent to $7,968,000 and operating profits up 119 percent to $1,309,000. Higher sales in both the Virginia and Texas markets contributed to increased volumes through both lime plants, increasing margins for lime products.
 Stover went on to say: "We are beginning to see improvements in some of our major markets and we expect those improvements to continue into the second quarter, leading to improved operating results at our major operating units."
 A.P. Green Industries Inc., headquartered in Mexico, Mo. is a leading manufacturer and distributor of refractory products in both the United Sates 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 March 31
 (Dollars in thousands Three Months
 except per share data) 1992 1991
 Net sales $ 41,007 $ 42,149
 Cost of sales 35,890 36,175
 Gross profit 5,117 5,974
 Expenses and other income
 Selling & administrative expenses 6,341 7,041
 Interest expense 347 333
 Interest income (461) (398)
 Other (income) expense, net 2,274 (340)
 Earnings (loss) before income taxes (3,384) (662)
 Income taxes (credits) (1,165) (719)
 Net Earnings (Loss) $ (2,219) $ 57
 Earnings (Loss) Per Common Share $ (0.83) $ 0.02
 -0- 4/27/92
 /CONTACT: Michael B. Cooney of A.P. Green Industries Inc., 314-473-3626/
 (APGI) CO: A.P. Green Industries Inc. ST: Missouri IN: SU: ERN


MM -- SF014 -- 3402 04/27/92 17:16 EDT
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Publication:PR Newswire
Date:Apr 27, 1992
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