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ALLEN GROUP ANNOUNCES THIRD QUARTER EARNINGS

 BEACHWOOD, Ohio, Oct. 27 /PRNewswire/ -- The Allen Group Inc. (NYSE: ALN) reported income from continuing operations for the third quarter 1993 of $7.6 million, compared to $6.5 million for the same quarter in 1992, an increase of 16 percent on a sales increase of 11 percent. The sales increase for the quarter was due primarily to increased sales of the company's mobile communications products, particularly site management products and microcells.
 Earnings per common share from continuing operations for the third quarter 1993 was $.30 compared to $.28 in the third quarter 1992, while net income per common share was $.30 and $.23, respectively.
 Earnings per common share have been restated to reflect the two-for-one stock split paid on Oct. 18, 1993 to stockholders of record on Sept. 30, 1993. The earnings per common share for the third quarter of 1992 have been restated to reflect the net loss of the Allen Testproducts Division and its related lease finance operations as discontinued operations due to the sale of these businesses on June 11, 1993. The earnings per share calculation also includes the conversion of the company's 2.3 million shares of $1.75 Convertible Exchangeable Preferred Stock in July, 1993 and the conversion, during the quarter, of a substantial portion of the company's convertible subordinated debentures issued in July 1992 in connection with the acquisition of Alliance Telecommunications Corporation.
 Commenting on the results for the third quarter, Robert G. Paul, president and chief executive officer, stated: "We continue to build the base for our growing telecommunications and centralized automotive emission testing businesses. We also have made many strategic investments this year because of the substantial opportunities present in these industries. These investments will increase in the near-term, but are expected to pay off handsomely as we approach the launch of new wireless communications technologies and the next generation of centralized automotive emission testing programs during the next couple of years. Our investments in the development of these businesses, as well as the expansion of our international sales and marketing efforts, bodes well for the long-term growth of The Allen Group. We are also pleased with the continued progress and profit contribution of our truck products segment and our GO/DAN joint venture which enhance Allen's ability to make the aggressive investments in our other two segments while continuing to improve Allen's current earnings."
 The Allen Group Inc. (NYSE: ALN) manufactures and markets electronic and other mobile communications products for the wireless telecommunications industry, produces and sells truck components and operates centralized automotive emissions inspection programs.
 The Allen Group Inc.
 CONSOLIDATED STATEMENTS OF INCOME
 (Amounts in thousands) (Unaudited)
 Three Months Ended Nine Months Ended
 September 30, September 30,
 1993 1992 1993 1992
 SALES $65,595 $59,024 $201,032 $147,517
 COSTS AND EXPENSES:
 Cost of Sales (45,305) (40,348) (137,991) (100,611)
 Selling, General and
 Administrative
 Expense (11,817) (10,795) (35,867) (27,328)
 EQUITY IN EARNINGS (LOSS)
 OF JOINT VENTURES 1,033 30 434 (1,672)
 INTEREST AND FINANCE
 EXPENSE (497) (595) (2,615) (941)
 INCOME BEFORE TAXES 9,009 7,316 24,993 16,965
 PROVISION FOR INCOME
 TAXES (1,450) (790) (3,720) (2,080)
 INCOME FROM CONTINUING
 OPERATIONS 7,559 6,526 21,273 14,885
 DISCONTINUED OPERATIONS (A):
 Loss from Discontinued
 Operations - (993) (4,563) (1,187)
 Loss on Sale of
 Discontinued
 Operations - - (2,936) -
 CUMULATIVE EFFECT OF CHANGES
 IN ACCOUNTING PRINCIPLES:
 Postretirement Benefits
 Other Than Pensions - - - (4,599)
 Income Taxes - - 2,102 -
 NET INCOME $ 7,559 $ 5,533 $ 15,876 $ 9,099
 Net Income Applicable to
 Common Stock $ 7,391 $ 4,527 $ 13,696 $ 6,080
 EARNINGS PER COMMON SHARE (B):
 Primary and Fully Diluted:
 Income from Continuing
 Operations $.30 $.28 $ .87 $.61
 Discontinued Operations:
 Loss from Discontinued
 Operations - (.05) (.21) (.06)
 Loss on Sale of
 Discontinued
 Operations - - (.13) -
 Cumulative Effect of
 Changes In Accounting
 Principles:
 Postretirement Benefits
 Other Than Pensions - - - (.24)
 Income Taxes - - .09 -
 Net Income $.30 $.23 $.62 $.31
 (A) -- On June 11, 1993, the company completed the sale of its Allen Testproducts Division and related Lease Finance operations. The results of operations for 1992 have been restated to reflect these product lines as discontinued operations.
 (B) -- Earnings per common share data has been restated to reflect the two for one stock split declared on Sept. 9, 1993 and paid on Oct. 18, 1993.
 -0- 10/27/93
 /CONTACT: Robert A. Youdelman of The Allen Group, 216-765-5822/
 (ALN)


CO: The Allen Group ST: Ohio IN: AUT TLS SU: ERN

BM -- CL010 -- 7236 10/27/93 11:29 EDT
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Date:Oct 27, 1993
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