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ACME-CLEVELAND REPORTS IMPROVED THIRD QUARTER RESULTS

 ACME-CLEVELAND REPORTS IMPROVED THIRD QUARTER RESULTS
 CLEVELAND, July 20 /PRNewswire/ -- Acme-Cleveland Corporation (NYSE: AMT) today reported earnings after taxes from continuing operations for the third quarter of fiscal 1992 of $1.4 million, or $.22 a common share, on sales of $46.4 million. Such earnings included income of $.8 million, or $.13 a common share, from the liquidation of LIFO inventories. Net earnings, which included income from the utilization of tax loss carryforwards, were $2.4 million, or $.37 a common share. For the comparable period in fiscal 1991, the corporation reported essentially breakeven results from continuing operations on sales of $43.8 million, and net earnings of $.2 million, or $.03 a common share.
 For the first nine months of fiscal 1992, the corporation reported earnings after taxes from continuing operations of $3.0 million, or $.44 a common share, on sales of $134.6 million, compared to $2.5 million, or $.37 a common share, on sales of $140.2 million for the first nine months for fiscal 1991. Such earnings included income of $1.1 million, or $.17 a common share, from the liquidation of LIFO inventories in fiscal 1992. There was no similar LIFO income in fiscal 1991. Net earnings for fiscal 1992 were $4.6 million, or $.69 a common share, compared to a net loss of $3.7 million, or $.62 a common share, for the comparable nine month period in fiscal 1991. Results for fiscal 1991 included a charge of $6.2 million, or $.99 a common share, that resulted from a litigation settlement for a previously discontinued operation.
 Third quarter consolidated orders booked were $47.0 million, up from $45.0 million booked during the second fiscal quarter, and from $44.3 million booked during the third quarter of fiscal 1991. The order backlog at June 30, 1992 was $23.7 million, equal to March 31, 1992 and comparable to the backlog of $24.2 million one year ago.
 In commenting on the third quarter, David L. Swift, president and chief executive officer, said, "The year-over-year increase in sales and earnings for the quarter reflected mainly better order demand and operating performance for our quality inspection, telecommunications and electronics products businesses. Incoming order and shipment rates for cutting tools and machine tools, on the other hand, were below prior quarter and prior year levels. Neither unit has yet benefited significantly from any economic recovery. Sustainable operating earnings for both units hinge on such a recovery.
 "The task before us remains as it has been throughout this recession, and that is to keep a tight control on expenses while maintaining momentum on manufacturing productivity programs to leverage yields as the economy recovers. Our objective for this fiscal year is to offset the earnings impact of a projected year-over- year decrease in volume, yet preserve essential support structures for expected volume and business opportunities likely to occur in fiscal 1993."
 Acme-Cleveland Corporation 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
 June 30
 1992 1991
 Net Sales $46,375 $43,786
 Earnings Before Income Taxes
 and Extraordinary Item $ 2,501 $ 418
 Income Taxes 1,075 350
 Earnings Before
 Extraordinary Item 1,426 68
 Discontinued Operations - Net of Tax -0- 165
 Extraordinary Item-Utilization of
 Net Operating Loss Carryforward 950 -0-
 Net Earnings $ 2,376 $ 233
 Earnings per Common Share:
 Continuing Operations $.22 $-0-
 Discontinued Operations -0- .03
 Extraordinary Item .15 -0-
 Net Earnings per Common Share $.37 $.03
 Number of Shares Used in Computation
 of Net Earnings per Common Share 6,329 6,315
 Nine Months Ended
 June 30
 1992 1991
 Net Sales $134,608 $140,196
 Earnings Before Income Taxes
 and Extraordinary Item $ 5,562 $ 4,631
 Income Taxes 2,600 2,100
 Earnings Before
 Extraordinary Item 2,962 2,531
 Discontinued Operations - Net of Tax -0- (6,200)
 Extraordinary Item-Utilization of
 Net Operating Loss Carryforward 1,600 -0-
 Net Earnings (Loss) $ 4,562 $ (3,669)
 Earnings (Loss) per Common Share:
 Continuing Operations $.44 $.37
 Discontinued Operations -0- (.99)
 Extraordinary Item .25 -0-
 Net Earnings (Loss) per
 Common Share $.69 $(.62)
 Number of Shares Used in Computation
 of Net Earnings (Loss) per
 Common Share 6,330 6,291
 -0- 7/20/92
 /CONTACT: Francis R. Appeldorn, vice president-finance of Acme-Cleveland Corporation, 216-432-5406/
 (AMT) CO: Acme-Cleveland Corporation ST: Ohio IN: MAC SU: ERN


BM -- CL016 -- 0786 07/20/92 13:26 EDT
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Date:Jul 20, 1992
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