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ACX TECHNOLOGIES ANNOUNCES 1992 FOURTH QUARTER RESULTS

 GOLDEN, Colo., Feb. 12 /PRNewswire/ -- ACX Technologies Inc. (NASDAQ: ACXT), recently spun off from Adolph Coors Co., announced higher net sales for fiscal 1992 but significantly lower earnings as compared with the same period of 1991. The 1992 financial results of ACX Technologies are compared against historical financial information assuming the company had existed in 1991.
 Net sales for fiscal 1992 were $570.8 million, a 5.0 percent increase over 1991 net sales of $543.5 million. Net sales for the fourth quarter were $122.3 million, relatively unchanged from 1991 fourth quarter net sales.
 The net loss for 1992 before the cumulative effect of accounting changes was $21.3 million, or $1.69 per share, as compared to net income of $1.3 million in 1991. As was anticipated, fourth quarter results for 1992 include an after-tax charge of $8.6 million, or approximately $0.68 per share, related to restructuring of operations primarily at Coors Ceramics Co. and Golden Technologies Co. and costs associated with the spin-off from Adolph Coors Co. ACX Technologies has offered for sale its biotechnology business, known as ZeaGen Inc., and two of its smaller ceramics operations in Ocean Springs, Miss., and Rio Claro, Brazil. The company has recorded the estimated losses associated with disposition of these businesses in 1992. ACX Technologies results for 1992 were also impacted by higher net interest expense of $14.9 million, an $8.8 million increase over 1991, and start-up costs at Golden Aluminum Co.'s San Antonio mill of $20.1 million, or approximately $1.02 per share, an $11.0 million increase over the prior year.
 Harold Smethills, office of the president, said, "As part of the spin-off of ACX Technologies, we announced plans for the disposition of businesses that did not fit our strategic direction, and we restructured our developmental businesses. With these decisions completed, we can now better focus on business opportunities where we have a technological or competitive advantage." Smethills went on to say, "While this business review has resulted in significant charges for 1992, we expect to begin realizing benefits from these restructuring efforts in 1993, in addition to incurring significantly lower interest costs as a part of the recapitalization of ACX Technologies that resulted from the spin-off."
 The net loss for 1992, after the cumulative effect of accounting changes, was $33.7 million, or $2.68 per share. The company recorded an after-tax charge of $13.3 million in connection with the adoption of a new accounting standard for postretirement benefits that is retroactive to the beginning of the company's fiscal year. This charge was offset in part by an after-tax gain of $0.8 million related to the adoption of a new accounting standard for income taxes. Taken together, the one-time charge for adoption of the new accounting standards is a charge of $12.5 million, or $0.99 per share. The 1992 annual expense associated with adoption of the new accounting standard for postretirement benefits was a pre-tax charge of approximately $2.2 million, or $0.11 per share, on an after-tax basis.
 Coors Ceramics Co. net sales rose 2.6 percent during the fourth quarter to $41.3 million. This increase is primarily attributable to growth within the electronic and structural market segments. The operating loss for the fourth quarter declined $0.3 million from a year earlier to a $1.2 million operating loss. For the year, operating income increased $1.0 million, or 52.7 percent, to $3.0 million. Overall, the ceramics business continues to benefit from improving economic conditions.
 Golden Aluminum's operating results declined from 1991 primarily because of start-up costs at its San Antonio mill. These expenses resulted in an operating loss of $6.7 million for the fourth quarter of 1992, an increase of $4.7 million over 1991. The operating loss for the full year was $10.1 million, as compared to 1991 operating income of $6.3 million. The San Antonio mill continues in the qualification process with Coors Brewing Co. and certain other customers.
 Graphic Packaging reported operating income of $2.6 million for the fourth quarter, down $1.3 million from the year-earlier period. During the fourth quarter of 1991, Graphic Packaging operating results were positively impacted by new product introductions in the concentrated detergent market. The financial performance of Graphic Packaging was strong for 1992, with net sales increasing to a record $202.4 million, a 7.6 percent increase over 1991 net sales of $188.1 million. Operating income for 1992 rose $2.9 million, or 17.2 percent, over 1991 to $20.1 million. This growth is attributable to volume gains in the bar soap and concentrated detergent markets.
 During January 1993, the company issued approximately 73,000 additional shares as a result of a management incentive plan that provided officers of ACX Technologies and presidents of the company's major subsidiaries the opportunity to purchase common stock of the company at market price on the date of purchase. As a result, the company received $2.1 million for the purchase of these shares.
 ACX Technologies Inc. is a diversified technology company with businesses in the aluminum rigid container sheet, ceramics, and folding and flexible packaging industries. ACX Technologies Inc. stock is listed on the NASDAQ national market system under the symbol ACXT.
 ACX TECHNOLOGIES INC. AND SUBSIDIARIES
 Summary of Operations
 (In thousands, except per share data)
 12 weeks ended 52 weeks ended
 Dec. 27, Dec. 29, Dec. 27, Dec. 29,
 1992 1991 1992 1991
 Net sales $122,252 $122,295 $570,801 $543,503
 Income (loss) before
 taxes ($30,035) ($7,235) ($32,795) $3,545
 Income taxes (benefit) (10,200) (4,400) (11,500) 2,200
 Net income (loss) before
 cum. effect of accounting
 changes (19,835) (2,835) (21,295) 1,345
 Cum. effect of accounting
 changes --- --- (12,454) ---
 Net income (loss) ($19,835) ($2,835) ($33,749) $1,345
 EPS before cumulative
 effect of accounting
 changes ($1.58) N/A ($1.69) N/A
 EPS after cumulative
 effect of accounting
 changes ($1.58) N/A ($2.68) N/A
 Outstanding shares of
 common stock 12,575 N/A 12,575 N/A
 ACX TECHNOLOGIES INC. AND SUBSIDIARIES
 Segment Information
 Operating
 Net Sales Income (Loss)
 1992 1991 1992 1991
 Fourth Quarter
 Ceramics business $41,346 $40,304 ($1,175) ($1,490)
 Packaging business 42,401 45,182 2,577 3,899
 Aluminum business 18,324 18,341 (6,708) (2,009)
 Developmental businesses 19,911 18,061 (2,008) (1,113)
 Corporate and R&D 270 407 (5,875) (4,534)
 Restructuring charges --- --- (13,720) ---
 Total $122,252 $122,295 ($26,909) ($5,247)
 Operating
 Net Sales Income (Loss)
 1992 1991 1992 1991
 Year-to-Date
 Ceramics business $185,450 $180,146 $3,028 $1,983
 Packaging business 202,449 188,141 20,133 17,185
 Aluminum business 96,778 95,996 (10,083) 6,346
 Developmental businesses 84,301 76,956 (4,856) (4,805)
 Corporate and R&D 1,823 2,264 (12,692) (11,812)
 Restructuring charges --- --- (13,720) ---
 Total $570,801 $543,503 ($18,190) $8,897
 -0- 2/12/93
 /CONTACT: Karen Breen of ACX Technologies, 303-271-7068/
 (ACXT)


CO: ACX Technologies Inc. ST: Colorado IN: SU: ERN

LS -- DV003 -- 6050 02/12/93 09:15 EST
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Date:Feb 12, 1993
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