Printer Friendly

ANACOMP POSTS GAINS IN THIRD QUARTER REVENUES AND EARNINGS

 ANACOMP POSTS GAINS IN THIRD QUARTER REVENUES AND EARNINGS
 ATLANTA, Aug. 4 /PRNewswire/ -- Strong sales in its micrographics systems and international business segments enabled Anacomp Inc. (NYSE: AAC) to report gains in revenues and earnings for the third quarter of its fiscal year.
 Anacomp reported net income of $4.7 million, or 11 cents per common share, for the third quarter ended June 30, on revenues of $153.7 million, compared to net income of $4.5 million, or 10 cents per common share, on revenues of $150.2 million in the same period a year ago.
 "We are especially encouraged by improving sales of micrographics systems, which grew significantly during the quarter both domestically and internationally," commented Louis P. Ferrero, Anacomp chairman and chief executive officer. "We believe our latest results signal an improving economy and also validate Anacomp's recently completed restructuring and long-term strategic plan. We fully expect our fourth quarter to continue to demonstrate these strengths."
 Ferrero also indicated that Anacomp expects to return to a positive stockholders' equity during its fourth quarter and, bolstered by continuing strong cash flows, to easily meet its scheduled and accelerated debt payments.
 Ferrero noted that the company's third quarter results included one- time charges incurred in connection with the consolidation of Anacomp's Hartford, Wis., and San Diego manufacturing operations. The consolidation is expected to generate an immediate $5 million in annual savings and a total of $60 million in savings over a 10-year period.
 A Fortune 500 information and image management company, Anacomp is the world's largest provider of microfilm equipment, supplies and services. Anacomp serves clients in banking, insurance, manufacturing, health care, retailing and other businesses, as well as in government, the military and other information-intensive institutions.
 ANACOMP, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited)
 3 mos. ended 6/30/92 6/30/91
 (Dollars in thousands, except per share amounts)
 Revenues:
 Services provided $ 57,076 $ 54,984
 Equipment and supply sales 96,669 95,199
 Total 153,745 150,183
 Operating costs and expenses:
 Costs of services provided 36,314 35,380
 Costs of equipment sold 68,651 64,932
 Selling, general and administrative
 expenses 24,039 24,980
 Total 129,004 125,292
 Income from cont. opers. before
 interest, other income, income
 taxes and extraord. credit 24,741 24,891
 Interest income 976 1,151
 Interest expense (17,092) (18,865)
 Other income (expense), net (418) 323
 Total (16,534) (17,391)
 Income from cont. opers.
 before income taxes and
 extraord. credit 8,207 7,500
 Prov. for income taxes 4,600 4,100
 Income from cont. opers.
 before extraord. credit 3,607 3,400
 Loss from discont. opers., net
 of income tax benefits (382) (395)
 Income before extraord. credit 3,225 3,005
 Extraord. credit:
 Reduction of inc. taxes arising
 from utilization of tax loss
 carryforwards 2,000 2,000
 Net income 5,225 5,005
 Preferred stock dividends and
 discount accretion 540 540
 Net income available to common
 stockholders $ 4,685 $ 4,465
 Earnings per common and common
 equivalent share:
 Income before extraordinary credit:
 Continuing operations $ .07 $ .07
 Discontinued operations (.01) (.01)
 Extraord. credit .05 .04
 Net income $ .11 $ .10
 9 mos. ended 6/30/92 6/30/91
 (Dollars in thousands, except per share amounts)
 Revenues:
 Services provided $170,148 $167,127
 Equipment and supply sales 287,539 301,196
 Total 457,687 468,323
 Operating costs and expenses:
 Costs of services provided 109,691 105,180
 Costs of equipment sold 201,274 205,039
 Selling, general and administrative
 expenses 72,577 79,437
 Total 383,542 389,656
 Income from cont. opers. before
 interest, other income, income
 taxes and extraord. credit 74,145 78,667
 Interest income 2,455 3,320
 Interest expense (51,995) (58,293)
 Other income (expense), net (771) 2,181
 Total (50,311) (52,792)
 Income from cont. opers.
 before income taxes and
 extraord. credit 23,834 25,875
 Prov. for income taxes 11,500 13,900
 Income from cont. opers.
 before extraord. credit 12,334 11,975
 Loss from discont. opers., net
 of income tax benefits (1,284) (1,314)
 Income before extraord. credit 11,050 10,661
 Extraord. credit:
 Reduction of inc. taxes arising
 from utilization of tax loss
 carryforwards 5,000 7,400
 Net income 16,050 18,061
 Preferred stock dividends and
 discount accretion 1,619 1,619
 Net income available to common
 stockholders $ 14,431 $ 16,442
 Earnings per common and common
 equivalent share:
 Income before extraordinary credit:
 Continuing operations $ .25 $ .25
 Discontinued operations (.03) (.03)
 Extraord. credit .12 .17
 Net income $ .34 $ .39
 -0- 8/4/92
 /CONTACT: Dennis Lindsey, vice president/Communications of Anacomp, 404-262-2667, or Susan Sherman of Cameron Associates, 212-644-9560, for Anacomp/
 (AAC) CO: Anacomp, Inc. ST: Georgia IN: CPR SU: ERN


EA-BR -- AT004 -- 6525 08/04/92 09:32 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:Aug 4, 1992
Words:802
Previous Article:SAFEGUARD HEALTH ENTERPRISES INC. REPORTS SUBSTANTIAL INCREASE IN SECOND QUARTER NET INCOME AND EARNINGS
Next Article:SAFEGUARD HEALTH ENTERPRISES INC. REPORTS SUBSTANTIAL INCREASE IN SECOND QUARTER NET INCOME AND EARNINGS
Topics:


Related Articles
/C O R R E C T I O N -- ANACOMP, INC.)(Correction Notice)
ANACOMP RELEASES FIRST QUARTER RESULTS
Anacomp Announces Third Quarter Financial Results and Fresh Start Reporting
Anacomp Announces Improved First Quarter Financial Results
Anacomp Announces Third Quarter Financial Results Results Reflect First Image Acquisition
Anacomp Announces Fourth Quarter and Year-End Results; Results Reflect Improved Revenues and Cash Flow.
Anacomp Announces Improved Second Quarter Results that Reflect Increased Recurring Revenue Streams.
Anacomp Announces 36% Increase in Third-Quarter EBITDA.

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