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ALLIANT TECHSYSTEMS REPORTS STRONG GROWTH IN INCOME FOR FISCAL YEAR 1992

ALLIANT TECHSYSTEMS REPORTS STRONG GROWTH IN INCOME FOR FISCAL YEAR 1992
 MINNEAPOLIS, May 12 /PRNewswire/ -- Alliant Techsystems (NYSE: ATK) today reported strong income growth for its fiscal year 1992, which ended March 31, 1992.
 Income from continuing operations was $45.7 million in fiscal year 1992, an increase of 117 percent over $21.1 million for the year ended Dec. 31, 1990. Earnings per share were $4.57.
 Sales from continuing operations were $1.19 billion, compared with $1.15 billion in 1990.
 Results from Metrum Information Storage, Alliant Techsystems' information storage segment, are reported as discontinued operations. In March, the company's board of directors authorized a plan to divest the segment. Discussions with potential buyers are under way.
 During 1991, Alliant Techsystems changed its fiscal year end from Dec. 31 to March 31.
 Toby G. Warson, president and chief executive officer, said the results for 1992, Alliant Techsystems' first full year as an independent corporation, have gotten the company off to a strong start.
 "Our performance in this first year of operations has established Alliant Techsystems as a successful U.S. defense contractor," Warson said. "It provides us with a solid base to build upon as we compete in the defense marketplace in the coming years."
 Operating profit in 1992 rose 12 percent to $90.5 million, up from $81.1 million in the previous fiscal year, reflecting improved results from both defense systems and marine systems. (Operating profit is gross margin less operating expenses, exclusive of restructuring costs.)
 Sales from defense systems were $755.8 million, approximately the same as last year. Marine systems reported sales of $431.1 million, up 11 percent over 1990.
 Warson noted that the year ended on a very positive note, with strong fourth-quarter sales and cash flow.
 Results for the fourth quarter of fiscal year 1992 are compared to the quarter ended March 31, 1991, which was reported as a transition quarter as a result of the change in the company's fiscally year end.
 Sales from continuing operations in the fourth quarter were $498.7 million, an increase of 82 percent over sales of $274.3 million in the transition quarter. The growth reflects in part the resolution of technical and contractual issues with vendors and customers that delayed sales on key programs in the third quarter.
 Fourth-quarter income from continuing operations rose 76 percent to $11.6 million from $6.6 million last year. Earnings per share from continuing operations were $1.16 vs. 68 cents.
 Cash generated during the fourth quarter totaled $85 million, resulting in a cash balance at the end of the year of approximately $75 million. Total debt at the end of the year was $130.5 million, down from $153.5 million a year ago. The debt-to-total capitalization ratio fell from 54.7 percent a year ago to 42.3 percent at the end of the year.
 Defense systems reported fourth-quarter sales of $337.6 million, compared with $187.9 million last year. Sales from marine systems were $161.1 million vs. $86.4 million a year ago.
 Operating profit in the fourth quarter was $25.5 million, an increase of 14 percent over $22.3 million in the transition quarter. Both defense systems and marine systems reported improved operating profit for the quarter.
 Fourth-quarter earnings include restructuring charges of $2.8 million which principally reflect costs associated with workforce reductions. Restructuring charges in the comparable period a year ago totaled $4.9 million.
 Alliant Techsystems supplies defense and marine systems to the U.S. government and its allies. The company is headquartered in Edina, Minn., and employs 6,700 people throughout the United States.
 ALLIANT TECHSYSTEMS INC.
 Income Statements
 (In thousands, except per-share amounts)
 Periods ended Quarter Fiscal Year
 3/31/92 3/31/91 3/31/92 12/31/90
 Sales $498,741 $274,291 $1,186,939 $1,147,899
 Cost of sales 416,481 226,272 971,940 945,025
 Gross margin 82,260 48,019 214,999 202,874
 Operating expenses:
 Research & development 11,762 4,451 24,542 26,240
 Selling 26,015 11,837 57,620 50,111
 General & admin. 19,017 9,458 42,309 45,380
 Restructuring charges 2,819 4,942 2,819 20,505
 Total oper. expenses 59,613 30,688 128,290 140,272
 Income from operations 22,647 17,331 87,709 60,638
 Other income (expense):
 Interest expense (3,675) (4,324) (16,203) (11,424)
 Interest income 237 479 700 648
 Costs associated with
 spin-off -- (1,710) -- (13,736)
 Miscellaneous income
 (expense) (197) -- 2,020 (131)
 Total other income
 (expense) (3,635) (5,555) (13,483) (26,592)
 Inc. from cont. opers.
 before income taxes 19,012 11,776 74,226 36,010
 Prov. for inc. taxes 7,453 5,189 28,530 14,867
 Inc. from cont. opers. 11,559 6,587 45,696 21,143
 Income (loss) from
 discontinued. opers.
 net of income taxes (1,190) (1,818) (6,901) 3,257
 Net income 10,369 4,769 38,795 24,400
 Earnings per common &
 common equivalent share:
 Continuing operations $1.16 $.68 $4.57
 Discontinued operations (.12) (.19) (.69)
 Net income 1.04 .49 3.88
 Average number of common
 & com. equiv. shares 9,997 9,748 9,987
 Balance Sheets
 (Dollars in thousands)
 March 31 1992 1991
 Assets
 Current assets:
 Cash and cash equivalents $74,451 $22,658
 Receivables 150,753 137,298
 Net inventory 106,400 112,088
 Deferred income taxes 8,101 12,064
 Other current assets 4,997 5,233
 Total current assets 344,702 289,341
 Net property, plant and equipment 121,832 133,048
 Goodwill and other long-term assets 18,644 17,018
 Net assets of discontinued operations 36,599 33,247
 Total assets 521,777 472,654
 Liabilities and stockholders' equity
 Current liabilities:
 Current portion of long-term debt 23,000 23,000
 Accounts payable 75,631 61,906
 Advance payments from customers 32,144 23,583
 Accrued compensation 21,054 18,338
 Accrued income taxes 7,600 4,056
 Other accrued liabilities 49,115 53,873
 Total current liabilities 208,544 184,756
 Long-term debt 107,500 130,500
 Deferred income tax liability 12,606 4,881
 Other long-term liabilities 14,972 15,304
 Total liabilities 343,622 335,441
 Contingencies
 Stockholders' equity:
 Common stock - 1 cent par value
 Authorized - 20 million shares
 Issued and outstanding 9,625,173 shares
 at March 31, 1992, and 9,468,010 at
 March 31, 1991 96 95
 Additional paid-in capital 125,606 123,645
 Retained earnings 53,232 14,437
 Unearned compensation (779) (964)
 Total stockholders' equity 178,155 137,213
 Total liabilities & stockholders' equity 521,777 472,654
 Statements of Cash Flows
 (Dollars in thousands, except per-share data)
 Years ended 3/31/92 12/31/90 12/31/89
 Operating activities:
 Net income $38,795 $24,400 $42,294
 Adjustments to net income to arrive
 at cash (used) provided by opers.:
 Depreciation 27,600 28,657 26,702
 Amortization of intangible assets 1,595 3,949 274
 Losses on disposition of property 2,728 1,927 743
 Deferred income taxes 11,688 (3,379) --
 Changes in assets and liabilities:
 Receivables (13,455) (109,651) 2,792
 Inventories 5,688 48,646 (30,461)
 Accounts payable 13,725 23,112 542
 Advance payments from customers 8,561 (7,178) (6,470)
 Accrued compensation 2,716 (4,308) 1,624
 Accrued income taxes 3,544 5,228 --
 Other assets and liabilities (4,522) 15,040 3,532
 Cash provided by operations 98,663 26,443 41,572
 Investing activities:
 Property additions (19,482) (25,463) (31,642)
 Proceeds from the disposition of
 property 370 842 880
 Change in net assets of discontinued
 operations (3,352) 1,548 2,262
 Cash used for investing activities (22,464) (23,073) (28,500)
 Financing activities:
 Net settlements with Honeywell -- (56,742) (5,205)
 Net change in allocated portion of
 Honeywell debt -- (111,381) (15,282)
 Proceeds from long-term borrowings -- 165,000 --
 Proceeds from exercised stock options 1,839 -- --
 Other (3,245) 16,615 7,333
 Payments made on long-term debt (23,000) (5,750) --
 Cash used for financing activities (24,406) 7,742 (13,154)
 Incr. (decr.) in cash & cash equivs. 51,793 11,112 (82)
 Cash and cash equivalents at
 beginning of year 22,658 2,411 2,493
 Cash and cash equivs. at end of year 74,451 13,523 2,411
 -0- 5/12/92
 /CONTACT: Rod Bitz, 612-939-2646, or Coleen Southwell, 612-939-2709, or (investors) Richard N. Jowett, 612-939-2777, all of Alliant Techsystems/
 (ATK) CO: Alliant Techsystems Inc. ST: Minnesota IN: ARO SU: ERN


CK -- NY007 -- 8920 05/12/92 08:02 EDT
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