Printer Friendly

ALCOA TO TAKE CHARGE AGAINST FOURTH QUARTER EARNINGS

 ALCOA TO TAKE CHARGE AGAINST FOURTH QUARTER EARNINGS
 PITTSBURGH, Jan. 7 /PRNewswire/ -- Alcoa's (NYSE: AA) 1991 fourth


quarter results will include an after-tax charge of $217 million, or $2.55 a common share, it was announced today.
 Alcoa reported that $160 million of the charge is for costs associated with environmental matters at several operating locations worldwide. The largest single provision is for the company's smelting and fabricating plant at Massena, N.Y.
 The company noted that this provision, plus prior accruals, brings Alcoa's total environmental reserve to approximately $500 million before taxes and reflects its most probable cost to remediate identified environmental conditions. The expenditures will be made over the next 10 years.
 The remaining $57 million of the charge is associated with restructuring costs in several business units, including the withdrawal from the manufacture of memory disks for computers by Stolle Corporation, a wholly owned subsidiary in Sidney, Ohio.
 -0- 1/7/92 R
 /CONTACT: A.T. Posti of Alcoa, 412-553-4465/
 (AA) CO: Alcoa ST: Pennsylvania IN: MNG SU: ERN


CD -- PG001R -- 7460 01/07/92 16:33 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 7, 1992
Words:181
Previous Article:NEW CHRYSLER SEDANS COMPETE HEAD-TO-HEAD AGAINST JAPANESE MANUFACTURERS (Product Announcement)
Next Article:BF GOODRICH EXPECTS FOURTH QUARTER LOSS FROM OPERATIONS
Topics:


Related Articles
ALCOA TO TAKE CHARGE AGAINST FOURTH QUARTER EARNINGS
ALCOA FOURTH QUARTER EARNINGS $25.6 MILLION BEFORE CHARGE OF $217 MILLION
ALCOA FOURTH QUARTER EARNINGS $25.6 MILLION BEFORE CHARGE OF $217 MILLION
ALCOA ISSUES EARNINGS
ALCOA SETS CHARGES AGAINST 1992 EARNINGS
ALCOA SETS CHARGES AGAINST 1992 EARNINGS
ALCOA FOURTH QUARTER EARNINGS $49 MILLION BEFORE CHARGES OF $129 MILLION
ALCOA EARNS $79 MILLION FOR THE YEAR BEFORE NET CHARGES OF $75 MILLION
IMPROVED COST PERFORMANCE PUTS ALCOA IN THE BLACK
ALCOA REPORTS IMPROVED FOURTH-QUARTER AND YEAR-END EARNINGS FOR 1994

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters