A.P. GREEN ANNOUNCES THIRD QUARTER RESULTS
A.P. GREEN ANNOUNCES THIRD QUARTER RESULTS MEXICO, Mo., Oct. 22 /PRNewswire/ -- A.P. Green Industries, Inc.
(NASDAQ: APGI) today announced its results for the third quarter and first nine months of 1992.
Net sales for the three months ended Sept. 30 were $42,669,000 an increase of 1.2 percent from the $42,175,000 posted in the third quarter of 1991. The company's third quarter 1992 net earnings of $676,000, or $0.25 per share, compared to a net loss of $1,361,000, or $0.51 per share reported for the third quarter of 1991. For the first nine months of 1992, net sales of $125,110,000 were 3.3 percent lower than the net sales of $129,407,000 reported for the first nine months of 1991. For the first nine months of 1992, the company reported a net loss of $1,059,000 or $0.40 per share compared to a net loss of $910,000, or $0.34 per share for the first nine 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 said, "We are pleased to report our second successive profitable quarter. For the quarter, our U.S. refractory group posted significantly increased operating earnings with only slightly increased sales compared to the third quarter of 1991. This was accomplished by effecting reductions in manufacturing costs and the implementing of higher selling prices for our refractory products. The personnel reductions and reorganization of our refractory sales staff we undertook last year continues to pay dividends. "On the international refractory side, our royalties from our foreign licensees showed modest improvement quarter-to-quarter but results for both our U.K. and Canadian subsidiaries continue to be disappointing." Paul F. Hummer, president and chief executive officer said: "Sales and operating income at our Lime subsidiary increased substantially over the third quarter of 1991. While the Kimballton, Va., lime plant continues to operate at near capacity, we are particularly encouraged by the significant increase in demand for our lime products in the Texas markets. "With two profitable quarters behind us, we firmly believe that the actions we have taken over the last several years to reduce our costs and increase our efficiency are taking hold. However, much still remains to be done before we can achieve the profitability levels we desire. We believe we can continue to increase our operating profits at the refractory and lime groups as business conditions improve." A.P. Green Industries, Inc., headquartered in Mexico, Mo., mines, processes, manufactures and distributes specialty minerals and mineral- based products, including refractories and industrial lime products 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) Periods Ended Three Months Nine Months September 30 1992 1991 1992 1991 Net sales $42,669 $42,175 $125,110 $129,407 Cost of sales 35,878 37,215 106,319 112,094 Gross profit 6,791 4,960 18,791 17,313 Expenses and other income Selling & administrative expenses 6,142 6,773 18,736 20,445 Interest expense 261 395 1,018 1,090 Interest income (323) (453) (1,088) (1,368) Other (income) expense, net (292) (347) 1,764 (1,295) Earnings (loss) before income taxes 1,003 (1,408) (1,639) (1,559) Income taxes (credits) 327 (47) (580) (649) Net Earnings (Loss) $ 676 $(1,361) $ (1,059) $ (910) Earnings (Loss) Per Common Share $ 0.25 $ (0.51) $ (0.40) $ (0.34) -0- 10/22/92 /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: SU: ERN
PS -- NY098 -- 3609 10/22/92 12:37 EDT
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|Date:||Oct 22, 1992|
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