Printer Friendly

AMERICAN PACIFIC REPORTS 45 PERCENT INCREASE IN FIRST QUARTER NET INCOME

 AMERICAN PACIFIC REPORTS 45 PERCENT INCREASE
 IN FIRST QUARTER NET INCOME
 LAS VEGAS, Jan. 22 /PRNewswire/ -- American Pacific Corp. (NASDAQ: APFC) posted increased revenues, net income and net income per share in the first quarter of its fiscal year, compared with the corresponding period a year ago, Fred D. Gibson Jr., chairman, president and chief executive officer announced today.
 For the three months ended Dec. 31, 1991, net income totaled $2,767,000, equal to 44 cents per share, up from $1,905,000, or 37 cents per share, in the prior year. Average shares outstanding for the period were 6,336,000, an increase of 24 percent from 5,115,000 in the year-earlier quarter. The increase reflects the company's 1 million share common stock offering in April 1991.
 First quarter revenues rose 8 percent to $16,581,000 from $15,331,000 in the same months of the previous fiscal year.
 Gibs on said: "The company's operations continue to be strong and stable. While shipments of ammonium perchlorate, our core business, were less than in the prior year, our long-term contract with a major customer resulted in product prices that enabled us to maintain our performance and our profitability.
 "Revenues from pollution abatement increased by approximately $600,000 from last year's first quarter. The increase reflected additional revenues from the company's installation of an odor control system at a composting facility in Akron, Ohio, under a contract valued at $5.8 million. In addition, as previously indicated, the company completed an exchange of land and sale of surplus related property rights in the first quarter, resulting in cash of $764,000. The current quarter benefited from an after-tax gain, equal to 8 cents per share, as a result of this transaction.
 "The company continues to focus on the diversification of its specialty chemical business. In December, we broke ground for our $40 million sodium azide manufacturing plant in Iron County, Utah. It is our expectation that construction on the project will resume when weather permits in February or early March. Our goal is to have this plant with its planned 2,000 metric ton capacity in initial production this summer and then to be selling commercial quantities of ammonium perchlorate later this year.
 "Sodium azide is the principal chemical used to inflate automotive airbag systems, and the rapid growth of the market for such systems presents American Pacific with a substantial business opportunity. We are currently in the process of closing the financing for this major project and believe that the transaction will be completed in the near future.
 "At the same time, we are also working on a high priority basis to realize the great commercial potential of Halotron under our agreement for that product. Halotron has been developed as a safe, effective replacement for ozone-depleting halon in fire extinguishment systems worldwide.
 "American Pacific looks to the future with confidence. Our strong position as one of two qualified U.S. suppliers for ammonium perchlorate provides a solid base from which we are pursuing our attractive, high potential diversification opportunities in sodium azide and Halotron."
 American Pacific's principal business activities consist of the production of ammonium perchlorate, the oxidizer utilized in composite solid rocket propellants employed by a large number of space and military systems. Through direct and indirect subsidiaries, the company is engaged in the manufacture of perchlorate chemicals, design and manufacture of electrolytic systems and electrodes, the design and manufacture of pollution control systems, and industrial real estate development. It will also be engaged in the manufacture of sodium azide, and intends to manufacture Halotron, a fire extinguishing agent expected to replace ozone-depleting halons.
 AMERICAN PACIFIC CORP.
 Condensed Financial Information
 (In thousands, except per share data)
 (Unaudited)
 Three Months Ended
 Dec. 31,
 1991 1990
 Revenues $16,581 $15,331
 Operating profit $6,190 $5,704
 Net income $2,767 $1,905
 Net income per
 common share $0.44 $0.37
 Average shares
 outstanding 6,336,000 5,115,000
 AMERICAN PACIFIC CORP.
 Condensed Consolidated Balance Sheets
 (Unaudited)
 Dec. 31, 1991 Sept. 30, 1991
 Assets $147,993,000 $147,356,000
 Shareholders' Equity $47,630,000 $43,818,000
 -0- 1/22/92
 /CONTACT: C. Keith Rooker, executive VP of American Pacific, 702-735-2200/
 (APFC) CO: American Pacific Corp. ST: Nevada IN: CHM SU: ERN


KJ-CH -- LA026 -- 2380 01/22/92 14:10 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 22, 1992
Words:726
Previous Article:E-SYSTEMS UNIT AWARDED $5.5 MILLION CONTRACT
Next Article:TENNECO UNIT ANNOUNCES MAJOR RESTRUCTURING
Topics:


Related Articles
ROHM AND HAAS REPORTS FIRST QUARTER EARNINGS OF $59 MILLION
NALCO REPORTS HIGHER SECOND QUARTER SALES/EARNINGS
ROHM AND HAAS COMPANY REPORTS FIRST QUARTER EARNINGS OF $77 MILLION
PACIFIC SUNWEAR REPORTS RECORD FOURTH QUARTER RESULTS; FEBRUARY SALES INCREASE 32 PERCENT
UNION PACIFIC CORPORATION INCREASES SECOND QUARTER EARNINGS
Union Pacific Announces First Quarter Earnings
The Timber Company Reports Strong Third Quarter Results Despite Impact of Florida Fires.
Millennium Chemicals Reports Improved First Quarter Operating Results.
Millennium Chemicals Reports Improved Second Quarter Operating Results; Second Quarter EPS of $0.75 Second Quarter Pro Forma EBITDA $159 Million.
MILLENNIUM CHEMICALS REPORTS IMPROVED SECOND QUARTER OPERATING RESULTS.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters