Printer Friendly


 MEXICO, Mo., Oct. 20 /PRNewswire/ -- A.P. Green Industries Inc. (NASDAQ: APGI) today announced its results for the third quarter and first nine months of 1993.
 The company's third quarter 1993 net earnings of $1,770,000, or 66 cents per share, were substantially higher than the $546,000, or 20 cents per share, reported for the third quarter of 1992.
 Net sales for the three months ended Sept. 30, 1993 were $40,723,000 a 4.6 percent decrease from the $42,669,000 posted in the third quarter of 1992.
 For the first nine months of 1993, net sales of $121,281,000 were 3.1 percent lower than the net sales of $125,110,000 reported for the first nine months of 1992. For the first nine months of 1993, the company reported net earnings of $4,880,000 or $1.82 per share, compared to a net loss of
$5,329,000, or $1.99 per share, for the first nine months of 1992. Results for the first nine 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 have once again had a profitable quarter. Our earnings were virtually the same as those reported for our second quarter of this year.
 "Our Lime group posted another good quarter equalling the results of the third quarter a year ago as sales of lime products continued to be strong. We are particularly pleased with the continuing improvement at our Texas facility.
 "Refractory sales from our United States plants continue to lag last year reflecting the fact that our primary markets remain flat. However, third quarter earnings from our domestic refractory operations improved significantly over a year ago. Both our Canadian and United Kingdom subsidiaries showed significant earnings improvement compared to a year ago. Our Canadian operation posted a profit for the quarter and our United Kingdom subsidiary showed substantially improved earnings driven, in part, by a strong increase in sales. Although we anticipate continuing economic difficulties in those countries, we expect to solidify our performance. Our export sales were excellent in the quarter. We remain convinced that the efforts we are expending in the international arena will pay off. Domestically, we have continued to be successful in improving our refractory margins in the face of flat sales.
 "In August, we reached agreement on a creative five-year labor contract covering our employees at our Fulton and Mexico, Mo., plants. This agreement provides for a measure of job security for our workforce and permits flexibility in operation of our plants. We commend those who sat at the bargaining table and worked out this agreement.
 "We expect to remain profitable the balance of this year by continuing to control our costs and improve our operations in a still difficult business environment. However, in the long term, prospects for significant improvement in our performance will depend on our ability to achieve meaningful sales growth without allowing margins to deteriorate. We have doubts that United States refractory demand will substantially increase in the next year. However, we do anticipate growth in demand in international refractory markets, particularly in the Far East. We also look for the economies of Canada and the United Kingdom to continue to show signs of improvement. We are committed to improving our results and believe that we have the plans and the people in place to achieve that goal."
 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.
 Period Ended September 30
 (Dollars in thousands Three Months Nine Months
 except per share data) 1993 1992 1993 1992
 Net sales $ 40,723 $ 42,669 $121,281 $125,110
 Cost of sales 32,831 35,922 96,738 106,507
 Gross profit 7,892 6,747 24,543 18,603
 Expenses and other income
 Selling & administrative
 expenses 5,832 6,285 18,204 18,884
 Interest expense 262 261 795 1,018
 Interest income (443) (323) (1,011) (1,088)
 Other income, net (394) (292) (922) (663)
 Provision for litigation &
 claim settlement -- -- -- 2,427
 Earnings (Loss) before income
 taxes and cumulative effect
 of accounting changes 2,635 816 7,477 (1,975)
 Income tax expense (benefit) 865 270 2,597 (780)
 Earnings (Loss) before
 cumulative effect of
 accounting changes 1,770 546 4,880 (1,195)
 Cumulative effect of accounting
 Income taxes -- -- -- 3,848
 Postretirement benefits other
 than pensions, net of tax -- -- -- (7,982)
 Net earnings (loss) $ 1,770 $ 546 $ 4,880 $(5,329)
 Earnings (Loss) per common share
 before cumulative effect of
 accounting changes $ 0.66 $ 0.20 $ 1.82 (0.44)
 Cumulative effect of accounting
 Income taxes -- -- -- $ 1.44
 Postretirement benefits other
 than pensions, net of tax -- -- -- (2.99)
 Earnings (Loss) per
 common share $ 0.66 $ 0.20 $ 1.82 $ (1.99)
 As of September 30,
 (Dollars in thousands) 1993 1992
 Current assets $ 79,242 $ 71,167
 Property, plant and equipment, net 80,412 84,678
 Other assets 10,384 8,965
 Total $170,038 $164,810
 Liabilities and Stockholders' Equity
 Current liabilities $ 26,707 $ 21,833
 Deferred income taxes 14,353 15,101
 Postretirement benefits
 other than pensions 14,000 13,456
 Long-term debt 12,193 16,825
 Other long-term liabilities 3,283 --
 Stockholders' equity 99,502 97,595
 Total $170,038 $164,810
 -0- 10/20/93
 /CONTACT: Gary L. Roberts, vice president, chief financial officer and treasurer, A.P. Green Industries, 314-473-3626/

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

PK -- SF009 -- 4596 10/20/93 12:47 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 20, 1993

Terms of use | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters