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ADT REPORTS SALES AND OPERATING INCOME INCREASES FOR FIRST QUARTER

 BOCA RATON, Fla., May 17 /PRNewswire/ -- ADT Limited (NYSE: ADT) the leading electronic security services and vehicle auction services company, announced today that operating income for the first quarter of 1993 increased by 11 percent to $45.9 million, compared with $41.5 million for the first quarter of 1992, on net sales of $330.4 million (1992 - $318.9 million). Net income was $26.2 million, resulting in earnings per common share of $0.20, compared with $42.4 million and $0.34, respectively, for the first quarter of 1992. In the first quarter of 1992, unusual items and other non- recurring net gains amounted to $23.3 million (1993 - $0.8 million) without which earnings per common share in the first quarter of 1992 would have been $0.12.
 Commenting on the company's results, Mr. Michael A. Ashcroft, chairman and chief executive officer, said, "The results for the first quarter of 1993 show that the year has started according to plan with the electronic security services and vehicle auction businesses performing in line with expectations. An improved underlying performance from the security and auction businesses in the United Kingdom and continental Europe has however been hidden by the relative strength of the U.S. dollar during the period."
 Refinancing
 The company is at an advanced stage of discussions with its financial advisors regarding the implementation of the refinancing plan to address its syndicated bank debt facilities and the redemption of its 6 percent convertible redeemable preference shares, which are expected to be presented for redemption by the holders in the second half of 1994. Accordingly, the company expects to make an announcement regarding the refinancing plan during the second quarter of 1993.
 Electronic Security Services
 Net sales and operating income before goodwill amortization from the electronic security services division for the first quarter of 1993, amounted to $225.4 million and $32.1 million, respectively, compared with $219.4 million and $29.8 million, respectively, for the first quarter of 1992.
 Margin improvements were achieved partly due to increased utilization of the North American monitoring network. The high volume residential program in North America continued successfully with the company contracting to install and monitor 35,000 new residential systems compared with 25,000 systems in the first quarter of 1992. The commercial market in the midwest and southeast is continuing to strengthen and the northeast and Mid-Atlantic regions are also showing some signs of improvement but Canada remains weak. Significant new commercial contracts in the first quarter included the installation of a new closed circuit television system to increase security at the World Trade Center in New York and a contract to protect over 550 locations of The Gap, an apparel retailer.
 In Europe there were some early signs of recovery. In the United Kingdom, where improved margins were achieved on slightly lower revenues, there was an increase in tendering activity for integrated systems which it is hoped will translate into orders in the second and third quarters. Important new business in the first quarter was obtained from the U.S. Army and from British Petroleum.
 Vehicle Auction Services
 Net sales and operating income before goodwill amortization from the vehicle auction division for the first quarter of 1993, amounted to $92.2 million and $22.1 million, respectively, compared with $89.8 million and $20.4 million, respectively, for the first quarter of 1992.
 Increases in the number of vehicles sold in the United States and the United Kingdom both contributed to overall margin improvements.
 The acquisition of four auctions in the United States, two of which are in the northeast, was the most significant event during the quarter, providing ADT Auctions with representation in the important northeast market. In January a new vehicle auction center was opened in San Diego, replacing an existing facility, and in the United Kingdom the newly constructed auction center in Bridgwater was opened and is performing up to expectations.
 In the United States, ADT Auctions increased its sales of dealer consignment vehicles by 18 percent compared with the first quarter of 1992 and sales of manufacturers' vehicles were also ahead of budget, although 5 percent lower than for 1992 due to planned reductions.
 In the United Kingdom, the total number of cars sold at ADT Auctions increased overall despite a drop in the number of vehicles from finance houses, reflecting fewer repossessions taking place.
 It is important to emphasize that trends in the vehicle auction market should however be viewed over periods of longer than any one quarter.
 Background
 ADT is a leading provider of electronic security services and vehicle auction services with operations in North America, the United Kingdom and continental Europe. ADT is the largest single provider of electronic security services in North America and the second largest provider of electronic security services in the United Kingdom. ADT Security Systems provides continuous monitoring of commercial and residential security systems to over 740,000 customers of which over 350,000 are residential customers.
 ADT is the largest provider of vehicle auction services in the United Kingdom and the second largest provider of vehicle auction services in the United States operating a network of 56 vehicle auction centers in the United States, the United Kingdom and continental Europe, providing a comprehensive range of vehicle remarketing services to vehicle dealers and owners and operators of vehicle fleets.
 ADT LIMITED
 Consolidated Statements of Income
 (Unaudited, in millions, except per share data)
 Three Months Ended March 31 1993 1992
 Net sales:
 Electronic security services $225.4 $219.4
 Vehicle auction services 92.2 89.8
 Non-core businesses 12.8 9.7
 Net sales 330.4 318.9
 Operating income:
 Electronic security services 32.1 29.8
 Vehicle auction services 22.1 20.4
 Non-core businesses (1.8) (2.3)
 Goodwill amortization (6.5) (6.4)
 Operating income 45.9 41.5
 Other expenses less income (5.5) (0.3)
 Interest income 2.7 2.9
 Interest expense (12.7) (18.5)
 Associates -- 1.0
 Unusual items -- 16.4
 Income before income taxes 30.4 43.0
 Income taxes (4.2) (0.6)
 Net income 26.2 42.4
 Dividends on preference shares (5.0) (6.0)
 Net income available to common
 shareholders 21.2 36.4
 Per common share data:
 Net income before goodwill amortization
 and deferred taxes $0.29 $0.24
 Goodwill amortization and deferred
 income taxes (0.09) (0.05)
 Unusual items -- 0.15
 Primary earnings per common share 0.20 0.34
 ADT LIMITED
 Consolidated Balance Sheets
 (In millions)
 3/31/93 12/31/92
 (Unaudited) (Audited)
 ASSETS
 Current assets:
 Cash and cash equivalents $166.4 $161.8
 Short-term investments 15.1 16.5
 Accounts receivable - net 191.8 126.2
 Inventories 40.1 40.3
 Prepaid expenses & other current assets 83.6 71.1
 Total current assets 497.0 415.9
 Investment in associates 45.0 45.0
 Other long-term investments 28.3 29.9
 Property, plant & equipment - net 1,212.8 1,187.4
 Goodwill - net 918.0 898.2
 Other long-term assets 99.2 105.0
 Total assets 2,800.3 2,681.4
 LIABILITIES & SHAREHOLDERS' EQUITY
 Current liabilities:
 Short-term debt 68.7 79.2
 Accounts payable 156.6 84.8
 Other current liabilities 214.9 208.1
 Total current liabilities 440.2 372.1
 Long-term debt 853.1 844.4
 Deferred revenue 100.2 83.9
 Deferred income taxes 58.7 55.7
 Other long-term liabilities 142.9 133.1
 Total liabilities 1,595.1 1,489.2
 Convertible redeemable preference
 shares 427.2 434.6
 Exchangeable redeemable preference
 shares 19.3 21.0
 Non-voting exchangeable shares 15.1 15.1
 Shareholders' equity 743.6 721.5
 Total liabilities and shareholders'
 equity 2,800.3 2,681.4
 ADT LIMITED
 Consolidated Statements of Cash Flows
 (Unaudited, in millions)
 Three Months Ended March 31 1993 1992
 Cash flows from operating activities
 Net income $26.2 $42.4
 Adjustments to reconcile net income to
 net cash provided by operating activities:
 Depreciation 28.6 27.0
 Goodwill amortization 6.5 6.4
 Deferred income taxes 2.8 --
 Unusual items -- (17.0)
 Other (0.9) (8.8)
 Changes in assets and liabilities 6.8 13.1
 Net cash provided by operating activities 70.0 63.1
 Cash flows from investing activities
 Purchase of property, plant &
 equipment - net (49.2) (41.0)
 Acquisition of businesses (17.1) --
 Collateralized loan notes -- 99.7
 Other -- 3.9
 Net cash (utilized) provided by
 investing activities (66.3) 62.6
 Cash flows from financing activities
 Net receipt (repayment) of short-term
 debt 5.2 (27.8)
 Purchase of convertible redeemable
 preference shares (6.6) (9.2)
 Dividends paid (1.6) (3.4)
 Other 2.8 4.9
 Net cash utilized by financing activities (0.2) (35.5)
 Effect of currency translation on
 cash and cash equivalents 1.1 (2.4)
 Net increase in cash and cash equivalents 4.6 87.8
 Cash & cash equivalents at beginning
 of period 161.8 162.3
 Cash & cash equivalents at end of
 period 166.4 250.1
 ADT LIMITED
 Business Segment Information
 (Unaudited, in millions)
 Three Months Ended March 31 1993 1992
 Electronic Security Services
 Net sales:
 North America $177.8 $169.5
 Europe 40.7 43.2
 Australia/New Zealand 6.9 6.7
 Total 225.4 219.4
 Operating income:
 North America 30.4 28.6
 Europe 1.6 1.2
 Australia/New Zealand 0.1 --
 Operating income before goodwill
 amortization 32.1 29.8
 Goodwill amortization (4.7) (4.7)
 Operating income 27.4 25.1
 Capital expenditures 44.2 38.0
 Depreciation 24.5 22.6
 Vehicle Auction Services
 Net sales:
 United States 65.7 61.4
 Europe 26.5 28.4
 Total 92.2 89.8
 Operating income:
 United States 13.5 11.1
 Europe 8.6 9.3
 Operating income before goodwill
 amortization 22.1 20.4
 Goodwill amortization (1.6) (1.6)
 Operating income 20.5 18.8
 Capital expenditures 7.0 6.1
 Depreciation 3.8 3.8
 -0- 5/17/93
 /CONTACT: ADT public relations, 407-997-8406, or Johnnie D. Johnson & Co., Inc., 212-425-4848, for ADT/
 (ADT)


CO: ADT Limited ST: Florida IN: SU: ERN

TS-PS -- NY015 -- 9037 05/17/93 09:08 EDT
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Date:May 17, 1993
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