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ACTON CORPORATION ANNOUNCES RESULTS OF OPERATIONS

 RALEIGH, N.C., Aug. 17 /PRNewswire/ -- Acton Corporation (AMEX: ATN), $3.75 Cumulative Preferred Stock (ATNPR), today announced a net loss of $739,013 for the three months ended June 30, 1993, or $.42 per primary and fully diluted share, on net revenues of $57,641,235. This compared to income of $281,455 or a loss of $.04 per primary and fully diluted share on net revenues of $62,200,987 in 1992. All per share computations are after consideration of the company's preferred stock dividend requirements.
 For the six months ended June 30, 1993, the company reported a net loss of $992,081 on net revenues of $111,701,672 or $.67 per primary and fully diluted share as compared to income of $2,497,582 or $.69 per primary share and $.54 per fully diluted share on revenues of $126,207,303 for the first six months of 1992.
 The 1992 earnings were primarily attributable to net gains of approximately $1,840,000 and $6,910,000 realized during the quarter and year-to-date periods, respectively, in the insurance subsidiary's investment portfolio. Although, net gains of $6,297,698 and $12,598,973 were realized from the insurance subsidiary's investment portfolio during the 1993 second quarter and year-to-date, respectively, higher underwriting losses offset much of these gains. Included in the first quarter of 1993 is $260,000 of income reported in connection with a mandated change in the method of accounting for income taxes.
 Stockholders' equity decreased $2,038,171 during the six months of 1993, from $575,735 to a deficit of $1,462,436.
 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 Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Net revenues $ 57,641 62,201 111,702 126,207
 Income (loss) before
 items shown below (739) 579 (1,252) 2,115
 Extraordinary item for
 (Reduction in) benefit from
 utilization of net operating
 loss carryforwards -- (298) -- 383
 Cumulative effect on prior years
 of a change in accounting for
 income taxes -- -- 260 --
 Net income (loss) (739) 281 (992) 2,498
 Per share data:
 Primary:
 Income (loss) before items
 shown below (.42) .08 (.77) .54
 -- Extraordinary item -- (.12) -- .15
 -- Cumulative effect of change
 in accounting method -- -- .10 --
 Net income (loss) (.42) (.04) (.67) .69
 Fully diluted:
 Income (loss) before items
 shown below (.42) .08 (.77) .42
 -- Extraordinary item -- (.12) -- .12
 -- Cumulative effect of change
 in accounting method -- -- .10 --
 Net income (loss) (.42) (.04) (.67) .54
 Assets 252,804 282,220
 Stockholders' Equity (Deficit) (1,462) 23,291
 -0- 8/17/93
 /CONTACT: Glenn J. Kennedy, Chief Financial Officer, Acton Corporation, 919-781-5611/
 (ATN)


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

MM -- CH002 -- 3423 08/17/93 09:14 EDT
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Publication:PR Newswire
Date:Aug 17, 1993
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