ACME-CLEVELAND CORPORATION REPORTS FISCAL 1991 RESULTS
ACME-CLEVELAND CORPORATION REPORTS FISCAL 1991 RESULTS CLEVELAND, Nov. 21 /PRNewswire/ -- Acme-Cleveland Corporation
(NYSE: AMT) today reported earnings from continuing operations of $3.1 million, or $.44 a common share, for the fiscal year ended Sept. 30, 1991, comparable to earnings of $3.1 million, or $.44 a common share, from continuing operations before an extraordinary tax credit for the fiscal year ended Sept. 30, 1990.
Because of a second quarter charge to previously discontinued operations for the cost of the litigation settlement with Vickers Incorporated, the corporation reported a net loss for fiscal 1991 of $3.0 million, or $.52 a common share, compared to net earnings of $5.1 million, or $.77 a common share for fiscal 1990. Earnings for fiscal 1990 included expense of $3.4 million, or $.54 a common share, from charges to write down the corporation's interest in a minority equity investment and an extraordinary tax benefit of $2.0 million, or $.33 a common share, from the utilization of net operating loss carryforwards to reduce federal income taxes. For the fourth quarter, the corporation reported net earnings of $.7 million, or $.09 a common share. Net earnings for the fourth quarter of fiscal 1990 were $.4 million, or $.06 a common share, which included expense of $1.8 million, or $.28 a common share, from charges to write down the minority equity investment. Sales in 1991 were $183.9 million for the fiscal year and $43.7 million for the fourth quarter, compared to $199.5 million and $47.9 million for the corresponding periods in 1990. Consolidated orders booked for fiscal 1991 were $177.7 million compared to $197.1 million in fiscal 1990. Fourth quarter consolidated orders booked were $41.4 million versus $47.1 million for the fourth quarter in fiscal 1990. The order backlog was $21.0 million at Sept. 30, 1991 compared to $30.0 million at Sept. 30, 1990. In commenting on results, David L. Swift, president and chief executive officer, said, "Economic recessions in the United States and Europe, and net loss of market share, accounted for the year-over-year decrease of 8 percent in the corporation's total sales volume. Nonetheless, the corporation continued to be profitable mainly because of cost containment efforts at all operating units. "The earnings generated from continuing operations were insufficient, however, to cover the cost of settling the litigation with Vickers Incorporated. With the uncertainties of this action now behind us, management energies can be totally focused on pulling the corporation through the remainder of the recession, further improving operating performance and planning for growth as economic conditions improve. Acme-Cleveland's excellent cash position and new three-year banking agreement provide it the financial muscle to weather the current recession and to emerge from it well positioned to resume sales growth in the coming years." Acme-Cleveland Corporation, through its subsidiary companies, manufactures and sells telecommunications products, sensor devices and controls, cutting tools, multiple spindle machine tools, quality assurance products and systems, and related parts and services. STATEMENT OF CONSOLIDATED OPERATIONS ACME-CLEVELAND CORPORATION AND SUBSIDIARIES (Unaudited) (In thousands, except per share data) Three Months Ended September 30 1991 1990 Net Sales $43,744 $47,948 Earnings from Continuing Operations Before Taxes and Extraordinary Item 906 376 Income Taxes 365 275 Earnings from Continuing Operations Before Extraordinary Item 541 101 Discontinued Operations - Net of Tax 165 0 Extraordinary Tax Benefit from Loss Carryforward 0 320 Net Earnings $706 $421 Earnings per Common Share: Continuing Operations Before Extraordinary Item .07 0 Discontinued Operations .02 0 Extraordinary Tax Benefit 0 .06 Net Earnings per Common Share $.09 $.06 Number of Shares Used in Computation of Net Earnings per Common Share 6,291 6,291 Twelve Months Ended September 30 1991 1990 Net Sales $183,940 $199,493 Earnings from Continuing Operations Before Taxes and Extraordinary Item 5,537 6,893 Income Taxes 2,465 3,830 Earnings from Continuing Operations Before Extraordinary Item 3,072 3,063 Discontinued Operations - Net of Tax (6,035) 0 Extraordinary Tax Benefit from Loss Carryforward 0 2,050 Net (Loss) Earnings $(2,963) $5,113 (Loss) Earnings per Common Share: Continuing Operations Before Extraordinary Item $.44 $.44 Discontinued Operations (.96) 0 Extraordinary Tax Benefit 0 .33 Net (Loss) Earnings per Common Share ($.52) $.77 Number of Shares Used in Computation of Net (Loss) Earnings per Common Share 6,291 6,291 -0- 11/21/91 /CONTACT: Francis R. Appeldorn, vice president-finance of Acme-Cleveland Corporation, 216-292-2100/ (AMT) CO: Acme-Cleveland Corporation ST: Ohio IN: MAC SU: ERN KK -- CL011 -- 5998 11/21/91 14:57 EST
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|Date:||Nov 21, 1991|
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