Printer Friendly

ACTON CORPORATION ANNOUNCES EARNINGS

 RALEIGH, N.C., May 24 /PRNewswire/ -- Acton Corporation (AMEX: ATN), $3.75 Cumulative Preferred Stock (ATNPR), today announced a net loss of $253,068 in the three months ended March 31, 1993, for a loss of $.24 per primary and fully diluted share on net revenues of $54,060,437, compared to income of $2,216,127 or $.73 per primary ($.56 fully diluted) share on net revenues of $64,006,316 in 1992. All per share amounts are after considering preferred stock dividend requirements for the applicable periods.
 The 1992 earnings were primarily attributable to the performance of the insurance subsidiary's investment portfolio, wherein net gains of approximately $5,070,000 were realized during the quarter.
 Although net gains of $6,301,275 were realized from the insurance subsidiary's investment portfolio during the 1993 quarter, higher underwriting losses offset much of these gains. Also included in the 1993 results is $260,000 of income reported in connection with a mandated change in the method of accounting for income taxes.
 Stockholders' equity increased $1,909,852 during the three months of 1993 primarily due to a $2,500,444 increase in the unrealized gains in the company's equity securities portfolio partially offset by the reported net loss of $253,068.
 Acton Corporation is primarily engaged in specialized automobile insurance underwriting, manufacturing, real estate development and the operation of a cable television system.
 ACTON CORPORATION
 FINANCIAL SUMMARY
 (Amounts in Thousands, except per share data)
 (Unaudited)
 Quarter Ended
 March 31,
 1993 1992
 Net revenues $ 54,060 64,006
 Income (loss) before
 items shown below (513) 1,535
 Extraordinary item for utilization
 of net operating loss carryforwards -- 681
 Cumulative effect on prior years of a
 change in accounting for income taxes 260 --
 Net income (loss) (253) 2,216
 Per share data:
 Primary:
 Income (loss) before items shown below (.34) .46
 Extraordinary item -- .27
 Cumulative effect of change
 in accounting method .10 --
 Net income (loss) (.24) .73
 Fully diluted:
 Income (loss) before items shown below (.34) .35
 Extraordinary item -- .21
 Cumulative effect of change in
 accounting method .10 --
 Net income (loss) (.24) .56
 Assets 260,603 300,933
 Stockholders' Equity 2,486 37,472
 -0- 5/24/93
 /CONTACT: Glenn J. Kennedy, Chief Financial Officer, Acton Corporation, 919-781-5611/
 (ATN)


CO: Acton Corporation ST: North Carolina IN: TLS INS SU: ERN

CM-MM -- CH002 -- 1533 05/24/93 08:51 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:May 24, 1993
Words:395
Previous Article:SONY ELECTRONIC PUBLISHING COMPANY ACQUIRES PSYGNOSIS, COMPUTER AND VIDEO GAME DEVELOPER AND PUBLISHER
Next Article:SEIKOSHA BOOSTS SUPPORT SERVICES THROUGH OPEN DIAL-UP BBS
Topics:


Related Articles
ACTON CORPORATION ANNOUNCES RETIREMENT OF 6.75 PERCENT SUBORDINATED DEBENTURES AND REFINANCING OF CABLE TELEVISION OPERATIONS
ACTON CORPORATION ANNOUNCES POSTPONEMENT OF DECLARATION OF SEMI-ANNUAL DIVIDEND OF $3.75 CUMULATIVE PREFERRED STOCK
ACTON CORPORATION ANNOUNCES UNAUDITED RESULTS OF OPERATIONS
ACTON CORPORATION ANNOUNCES RESULTS OF OPERATIONS
ACTON CORPORATION ANNOUNCES RESULTS OF OPERATIONS
ACTON CORPORATION ANNOUNCES POSTPONEMENT OF DECLARATION OF DIVIDEND
ACTON CORPORATION ANNOUNCES RESULTS OF OPERATIONS
ACTON CORPORATION ANNOUNCES COMPLETION OF SALE OF CABLE SYSTEM
ACTON CORPORATION ANNOUNCES CORPORATE NAME CHANGE
ACTON CORPORATION ANNOUNCES SALE OF MARYLAND CABLE SYSTEM

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters