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ALCO STANDARD REPORTS FISCAL YEAR RESULTS

 ALCO STANDARD REPORTS FISCAL YEAR RESULTS
 VALLEY FORGE, Pa., Nov. 7 /PRNewswire/ -- Alco Standard Corporation


(NYSE: ASN) reported today that for its fiscal year ended Sept. 30, 1991, key financial measurements, including revenues, operating income and earnings per share, were ahead of last year.
 Prior-year results have been restated to reflect the acquisition of 18 office products companies in May 1991, which has been accounted for on a pooling-of-interests basis.
 Revenues for the year were $4,758,212,000, up 4.4 percent from fiscal 1990. Operating income was $214,972,000 slightly ahead of last year. Earnings per share from continuing operations were $1.95, up 10.8 percent from fiscal 1990.
 For the three months ended Sept. 30, 1991, revenues increased 4.4 percent to $1,247,153,000 and operating income increased 3.3 percent to $62,682,000. Earnings per share from continuing operations were $.60, compared with $.29 for the last quarter of fiscal 1990. The fourth quarter of fiscal 1990 included a $10,323,000 unusual charge incurred prior to acquisition for the write-down of certain intangible assets of the pooled companies.
 Commenting on the company's performance, Ray B. Mundt, chairman and chief executive officer, said, "Fiscal 1991 was a year of accomplishment for Alco Standard, even though external factors -- the recession and difficult conditions in the paper industry -- prevented us from achieving year-to-year increases in financial results on a scale that we and our shareholders ordinarily expect.
 "Paper Corporation of America, Alco largest business group, was adversely impacted by flat demand and expanded industry paper-making capacity, which together caused a sharp decline in prices of many paper grades. Paper Corporation of America responded to these challenging conditions with aggressive marketing and cost reduction programs. The resulting gains in market share and productivity will make a significant contribution to Alco's financial performance as the economy recovers and paper prices return to a more typical level.
 "Alco Office Products had another outstanding year, as operating income grew more than 35 percent. Revenues exceeded $1 billion for the first time, an increase of 10 percent over the prior year. Notably, the profitability of Alco Office Products also increased with operating income rising from 6.2 percent to 7.6 percent of sales. With its focused acquisition activity and innovative management programs structured to aggressively build profitable market share, we anticipate that AOP's impressive growth will continue in fiscal 1992 and the years ahead.
 "The Triumph Group achieved its operating goals for the year despite the recession and a weak air transport industry. Operating income was up moderately with strong performance in the group's aviation services companies enhanced by a $4 million federal government award for contract savings generated by engineering improvements. Revenues for the year were $153 million, down 5.8 percent from the prior year primarily because of decreases in construction and government contracts.
 "Our company remains in solid financial health with excellent asset management and strong cash flow. During fiscal 1991, we made significant progress in implementing our strategic plan. We are in an excellent position to attain record levels of performance in fiscal 1992."
 Alco Standard Corporation, headquartered in Valley Forge, is a publicly held distribution and services company.
 ALCO STANDARD CORPORATION
 (In thousands, except per-share data)
 Fiscal year ended Percent
 Sept. 30 1991 1990(A) Change
 Revenues:
 Paper Corporation of America $3,556,276 $3,421,752 3.9
 Alco Office Products 1,047,093 951,737 10.0
 The Triumph Group 153,122 162,573 (5.8)
 Operating revenues 4,756,491 4,536,062 4.9
 Other businesses 11,555 12,230 ---
 Corporate and eliminations (9,834) 7,326 ---
 Total 4,758,212 4,555,618 4.4
 Income:
 Paper Corporation of America 114,677 134,846 (15.0)
 Alco Office Products 79,572 58,849 35.2
 The Triumph Group 20,723 20,442 1.4
 Operating income 214,972 214,137 .4
 Other businesses (1,715) (3,243) ---
 Unusual charges --- (10,323) ---
 Interest and non-allocated items (69,055) (66,220) ---
 Income before taxes from
 continuing operations 144,202 134,351 7.3
 Less taxes on income 56,336 56,087 ---
 Income from continuing operations 87,866 78,264 12.3
 Income from discontinued
 operations 29,715 15,268 ---
 Net income 117,581 93,532 25.7
 Earnings per share:
 From continuing operations $1.95 $1.76 10.8
 From discontinued operations .66 .34 ---
 Total 2.61 2.10 24.3
 Average shares outstanding 45,054 44,574 1.1
 (A) Restated to reflect the acquisition of 18 office products companies in May 1991 which has been accounted for on a pooling-of- interest basis.
 Financial Summary
 (In thousands, except per-share data)
 Three months ended Percent
 Sept. 30 1991 1990(A) Change
 Revenues:
 Paper Corporation of America $932,263 $901,672 3.4
 Alco Office Products 269,265 243,445 10.6
 The Triumph Group 42,369 43,568 (2.8)
 Operating revenues 1,243,897 1,188,685 4.6
 Other businesses 2,562 3,471 ---
 Corporate and eliminations 694 2,651 ---
 Total 1,247,153 1,194,807 4.4
 Income:
 Paper Corporation of America 34,691 39,875 (13.0)
 Alco Office Products 19,235 15,094 27.4
 The Triumph Group 8,756 5,735 52.7
 Operating income 62,682 60,704 3.3
 Other businesses (1,120) (174) ---
 Unusual charges --- (10,323) ---
 Interest and non-llocated items (17,264) (21,887) ---
 Income before taxes
 from continuing operations 44,298 28,320 56.4
 Less taxes on income 17,374 15,679 ---
 Income from continuing
 operations 26,924 12,641 113.0
 Income from discontinued
 operations (7,945) 4,308 ---
 Net income $18,979 $16,949 12.0
 Earnings per share:
 From continuing operations $.60 $.29 106.9
 From discontinued operations (.18) .09 ---
 Total $.42 $.38 10.5
 (A) Restated to reflect the acquisition of 18 office products companies in May 1991 which has been accounted for on a pooling-of- interest basis.
 /delval/
 -0- 11/7/91
 /CONTACT: David B. Kirkland of Alco Standard, 215-296-8000, or at home, 215-542-9025/
 (ASN) CO: Alco Standard Corporation ST: Pennsylvania IN: SU: ERN MP-KA -- PH007 -- 2111 11/07/91 10:13 EST
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Date:Nov 7, 1991
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