Printer Friendly

ALLEGHENY LUDLUM CORPORATION REPORTS EARNINGS

 ALLEGHENY LUDLUM CORPORATION REPORTS EARNINGS
 PITTSBURGH, April 21 /PRNewswire/ -- Allegheny Ludlum Corporation


(NYSE: ALS) today reported 1992 first quarter earnings ahead of last year's results for the same period.
 In the first quarter ending March 29, 1992, Allegheny Ludlum reported sales of $264,397,000 and earnings of $13,226,000 or $.40 per share, based on 32,909,940 weighted average common shares outstanding.
 In the 1991 first quarter, Allegheny Ludlum reported sales of $266,546,000 and earnings of $12,509,000, or $.38 per share of common stock, based on 32,889,000 weighted average shares outstanding.
 "Orders and tonnage shipments recently have been and continue to be quite strong except for the automotive sector. However, despite this more encouraging business environment, very competitive pricing has prevailed across most markets," Robert P. Bozzone, president and chief executive officer, said. "Customers are keeping their inventories at very lean levels," he said, noting that the company now offers the most reliable and shortest lead times in its history, including many shipments within one week.
 "We continue to be optimistic about strong growth opportunities in markets for specialty materials, particularly for stainless steel which enhances the value and service life of so many products," Bozzone said. At the same time, he expressed disappointment that the Bush administration allowed the Voluntary Restraint Agreements (VRAs ) limiting specialty steel imports to expire March 31. Allegheny Ludlum is urging the president to re-evaluate this decision and extend the VRAs for specialty steel. "While we believe our company is competitive on a cost basis with specialty steel producers throughout the world, the administration must address the fundamental issue of the subsidization of foreign steel production and imports," Bozzone concluded.
 Allegheny Ludlum is a leading producer of a wide range of specialty materials, including stainless steels, electrical steels and high technology alloys. The company's common stock trades on the New York Stock Exchange (symbol: ALS).
 ALLEGHENY LUDLUM CORPORATION
 Statement of Income
 (Unaudited)
 (000's except per share amounts and tons shipped)
 Fiscal Quarter Ended March 29, 1992 March 31, 1991
 Net sales $264,397 $266,546
 Cost and expenses:
 Cost of products sold 214,618 219,308
 Research, development & technology 9,167 9,014
 Commercial and administrative 10,067 9,802
 Depreciation and amortization 6,890 6,508
 240,742 244,632
 Income from operations 23,655 21,914
 Other expense (income):
 Interest expense 1,259 1,610
 Other -- net 132 (130)
 1,391 1,480
 Income before income taxes 22,264 20,434
 Income taxes 9,038 7,925
 Net income 13,226 12,509
 Net income per common share $.40 $.38
 Dividends declared per common share $.22 $.22
 Tons shipped 120,716 122,588
 Summarized Balance Sheet Data
 (Unaudited)
 March 29, 1992 Dec. 29, 1991
 Net working capital $291,596 $192,933
 Properties - net 362,977 364,766
 Other assets 20,084 14,851
 674,657 572,550
 Long-term debt 147,156 48,524
 Other long-term obligations 155,747 159,537
 Shareholders' equity 371,754 364,489
 -0- 4/21/92
 /CONTACT: Bert Delano of Allegheny Ludlum, 412-394-2813/
 (ALS) CO: Allegheny Ludlum Corporation ST: Pennsylvania IN: MNG SU: ERN


DM-JS -- PG009 -- 0548 04/21/92 11:03 EDT
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:Apr 21, 1992
Words:533
Previous Article:BENCHMARK ELECTRONICS REPORTS RECORD FIRST QUARTER SALES AND EARNINGS
Next Article:VESTRO FOODS INC. ANNOUNCES RESULTS


Related Articles
ALLEGHENY LUDLUM: FINAL QUARTER LOOKING STRONGER THAN ANTICIPATED
ALLEGHENY LUDLUM CEO FORECASTS EARNINGS
EARNINGS UP AT ALLEGHENY LUDLUM
EARNINGS UP AT ALLEGHENY LUDLUM
ALLEGHENY LUDLUM CORPORATION PROJECTS EARNINGS
ATHLONE INDUSTRIES SIGNS LETTER OF INTENT FOR ACQUISITION
ALLEGHENY LUDLUM TO ACQUIRE ATHLONE INDUSTRIES
STRONG FIRST QUARTER ANTICIPATED BY ALLEGHENY LUDLUM
EARNINGS UP SHARPLY AT ALLEGHENY LUDLUM
ALLEGHENY LUDLUM EXPECTS HIGH SALES REVENUE, FAVORABLE EARNINGS

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