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ACX TECHNOLOGIES FIRST QUARTER OPERATING RESULTS SHOW STRONG PERFORMANCE IN CERAMICS AND PACKAGING BUSINESSES

 GOLDEN, Colo., April 28 /PRNewswire/ -- ACX Technologies, Inc. -- a newly formed industrial products company spun-off from Adolph Coors Company on Dec. 27, 1992 -- today announced gains in operating income and net income on a 6.0 percent increase in net sales for the first quarter ended March 31, 1993. The nearly four-fold increase in operating income came from notable improvement in the ceramics business and continued strong performance for the packaging business.
 For the first quarter, the company reported net income of $2.0 million, or 16 cents per share, up from a loss before the cumulative effect of accounting changes of $1.1 million a year earlier. After consideration for the one-time net effect of accounting changes of $12.4 million, ACX Technologies reported a net loss of $13.5 million for the first quarter of 1992. Earnings per share information for 1992 is not applicable because the company's capital structure prior to its spin-off from Adolph Coors Company is not indicative of the current capital structure. The 1992 financial information has been restated to reflect the company's adoption of a calendar year.
 Net sales for the 1993 first quarter were $156.7 million, up 6.0 percent from net sales of $147.8 million for the year earlier period. In the comparable quarters, operating income increased to $4.2 million for 1993 from $1.1 million in 1992.
 The company also announced that Graphic Packaging Corp. and Coors Ceramics Company reached an agreement in principal with the city and county of Denver, Waste Management of Colorado, Inc. and Chemical Waste Management, Inc. for the resolution of certain remediation and other liabilities relating to the Lowry Landfill Superfund site. As a result, the company recorded an additional charge of approximately $0.6 million on a pretax basis, $0.4 million, or 3 cents per share on an after-tax basis.
 "We are pleased with the strong first quarter performances by Coors Ceramics and Graphic Packaging and the agreement reached with parties involved in the Lowry Landfill Superfund site", stated Harold Smethills, office of the president. "Continuation of the qualification process for Golden Aluminum's
San Antonio mini-mill continues to impact 1993 results. However we anticipate that the mill will be qualified with certain customers in the second or third quarter of 1993," Smethills added.
 Graphic Packaging net sales for first quarter were $54.1 million, up 2.7 percent from $52.6 million from the first quarter of 1992. Sales growth was the result of increased volume to the flexible packaging market -- specifically specialty bag and laminated roll stock. First quarter 1993 operating margin (operating income as a percent of net sales) was 10.9 percent which exceeded 1992 annual operating margin of 9.9 percent. First quarter operating income was $5.9 million, $0.6 million lower than 1992 operating income of $6.5 million. The difference in operating income is principally attributable to three factors: (1) a strong first quarter in 1992 which grew out of significant volume increases in packaging used by concentrated detergent manufacturers for new product introductions; (2) higher marketing, general and administrative expenses in the first quarter of 1993 primarily related to the relocation of its corporate headquarters; and, (3) settlement of the Lowry litigation.
 Operating income for Coors Ceramics for the first quarter was $6.8 million, up from an operating loss of $0.9 million for the same period of 1992. Net sales rose 8.9 percent to $49.6 million for the first quarter from $45.6 million for the year earlier period. The strong operating performance is attributable to restructuring, cost containment efforts initiated in 1992, and growth in the sale of advanced electronic packages and in the structural and electronic ceramic markets -- all reflections of an upturn in the U.S. economy and the cyclical nature of Coors Ceramics' customer base. Operating results for the remainder of 1993 are largely dependent on continued economic growth in the market segments in which its customers participate. In addition, the first quarter is typically the strongest quarter for the structural ceramic market.
 Golden Aluminum continues to experience start-up expenses as it works towards qualification of its new mini-mill in San Antonio. The company anticipates that the mill will be qualified with certain customers in the second or third quarter of 1993. Net sales were $27.5 million, up 5.9 percent from net sales of $26.0 million for the year earlier period, as a result of higher sales volume from its Ft. Lupton, Colo., mill. Golden Aluminum reported an operating loss of $2.6 million for the first quarter of 1993. Start-up expenses at the San Antonio mill were $5.3 million, up $1.3 million from first quarter 1992, relating to increased production activities. In addition, operating results were negatively affected by Lauener Engineering A.G., a subsidiary that provides engineering services.
 ACX Technologies continues to invest in new technologies through its research and developmental businesses at Golden Technologies Company, Inc. Because of the nature of this operation, Golden Technologies reported an operating loss of $3.8 million, an increase from an operating loss of $3.0 million in the year earlier period.
 Corporate expenses increased $1.4 million to $2.1 million. This increase is attributable to higher corporate costs associated with being a separate public company.
 ACX Technologies applies innovative technology to manufacture value- added industrial products. Its core businesses produce high performance consumer and industrial packaging, advanced technical ceramic products and aluminum rigid container sheet. These businesses have developed a prestigious customer base through adherence to quality manufacturing principles and a partnership approach. ACX Technologies is poised to capitalize on over $400 million of recent capital investments which have extended the capabilities of its core businesses. The company's goal is to achieve double digit growth in earnings per share over the long term. ACX Technologies is traded on the NASDAQ National Market System under the symbol ACXT.
 ACX TECHNOLOGIES, INC.
 (In thousands, except per share data)
 Three months ended
 March 31,
 1992 1993
 Net sales $147,821 $156,719
 Operating income $ 1,102 $ 4,219
 Income (loss) before income taxes and
 cumulative effect of accounting changes ($ 1,692) $ 3,115
 Income tax expense (benefit) (600) 1,100
 Income (loss) before cumulative effect
 of accounting changes (1,092) 2,015
 Cumulative effect of accounting changes (12,454) --
 Net income (loss) ($13,546) $ 2,015
 Net income per share of common stock N/A $ 0.16
 Weighted average number of
 outstanding shares of common stock N/A 12,649
 N/A - Earnings per share information for 1992 is not applicable because the company's historical capital structure was not indicative of its current capital structure.
 SEGMENT INFORMATION
 First Quarter
 Net Sales Operating Income
 1992 1993 1992 1993
 Packaging business $52,613 $54,056 $ 6,454 $ 5,908
 Ceramics business 45,589 49,631 (901) 6,830
 Aluminum business 26,007 27,540 (715) (2,597)
 Research & Developmental
 businesses 23,612 25,492 (2,980) (3,816)
 Corporate -- -- (756) (2,106)
 Total $147,821 $156,719 $ 1,102 $ 4,219
 For additional information on ACX Technologies, Inc. by FAX, No cost, Dial 1-800-PRO-INFO, code No. 203
 -0- 4/28/93
 /CONTACT: Karen Breen, manager investors relations, 303-271-7001; or Gail Constancio, manager investors relations, 303-271-7001, both of ACX Technologies, Inc.; or at The Financial Relations Board, Gary Strong or Nick Farina, 312-266-7800/
 (ACXT)


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

LR -- NY053 -- 1958 04/28/93 11:29 EDT
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