ARVIN INDUSTRIES POSTS RECORD FIRST QUARTER SALES
ARVIN INDUSTRIES POSTS RECORD FIRST QUARTER SALES COLUMBUS, Ind., April 22 /PRNewswire/ -- Arvin Industries, Inc.
(NYSE: ARV) reported record sales in the first quarter of 1992.
Arvin reported sales of $459 million for the first quarter, compared to last year's sales of $384 million. Net earnings for the first quarter were $4.2 million, or 12 cents per common share, after preferred dividends, compared to last year's net earnings for the quarter of $0.1 million, or a loss of 10 cents per common share. James K. Baker, chairman and CEO, said, "I am pleased with the $75 million or 19 percent sales increase for the first quarter, and I'm particularly pleased that EPS was 12 cents positive. Arvin will build on our first quarter record sales and deliver a nice earnings increase this year. "When compared to last year's first quarter performance, both the original equipment and replacement segments achieved sales increases of over 20 percent. Earnings benefited from production increases, new business, new applications, cost reductions and the increased sales of catalytic converters in the European Common Market," Baker explained. "Arvin's long-term strategy, which includes investment in quality and technology, is working. We are adding significant new business through our existing customers and gaining new customers as well. In 1991 the annualized sales volume of new application start-up with original equipment manufacturers exceeded $160 million. In addition, Arvin was named the development source on over $130 million in new application work. This will contribute to sales and earnings growth in future years," Baker said. "For the remainder of 1992, I expect improved earnings based on cost reductions and productivity increases, margin improvements and increased sales volume," Baker concluded. Arvin Industries, Inc., an Indiana corporation, is an international manufacturing company supplying automotive parts and related products and services in more than 100 countries throughout the world. ARVIN INDUSTRIES, INC. CONSOLIDATED RESULTS FOR FIRST QUARTER ENDED APRIL 5, 1992 (In Thousands Except Per Share Amounts) FIRST QUARTER (UNAUDITED) 1992 1991 CONDENSED STATEMENT OF OPERATIONS Net Sales: Automotive Original Equipment $206,956 $164,308 Automotive Replacement 168,666 135,493 Technology 55,423 53,741 Industrial 28,329 30,189 Total Net Sales $459,374 $383,731 Income From Operations Automotive Original Equipment 6,511 1,472 Automotive Replacement 9,553 7,157 Technology 2,210 3,404 Industrial 1,435 865 Total Income From Operations $19,709 $12,898 Earnings (Loss) From Continuing Operations 4,181 (1,151) Net Income from discontinued operations --- 1,207 Net Earnings $4,181 $ 56 Earnings Per Common Share: From continuing operations 0.12 (0.16) From discontinued operations 0.00 0.06 Net 0.12 (0.10) Average Common Shares Outstanding 19,255 18,992 ARVIN INDUSTRIES, INC. CONSOLIDATED RESULTS FOR FIRST QUARTER ENDED APRIL 5, 1992 (In Thousands) FIRST QUARTER END (UNAUDITED) 1992 1991 CONDENSED STATEMENT OF FINANCIAL CONDITION Cash and Temporary Investments $ 2,956 $ 3,524 Other Current Assets 488,009 490,478 Total Current Assets 490,965 494,002 Long-Term Assets 646,002 632,882 Total $1,136,967 $1,126,884 Short-Term Debt 36,755 112,451 Other Current Liabilities 214,604 171,423 Total Current Liabilities 251,359 283,874 Deferred Income Taxes and Other 37,331 36,088 Long-Term Debt 357,254 326,517 Minority Interest 9,202 9,432 Redeemable Preferred Shares 100,455 100,455 Shareholders' Equity 376,262 365,403 Cumulative Translation Adjustment 5,104 5,115 Total Shareholers' Equity 381,366 370,518 Total $1,136,967 $1,126,884 YEAR END (UNAUDITED) 1991
CONDENSED STATEMENT OF FINANCIAL CONDITION
Cash and Temporary Investments $ 7,615 Other Current Assets 466,582 Total Current Assets 474,197 Long-Term Assets 650,775 Total $1,124,972 Short-Term Debt 38,773 Other Current Liabilities 213,721 Total Current Liabilities 252,494 Deferred Income Taxes and Other 37,629 Long-Term Debt 334,983 Minority Interest 9,630 Redeemable Preferred Shares 100,455 Shareholders' Equity 375,423 Cumulative Translation Adjustment 14,358 Total Shareholers' Equity 389,781 Total $1,124,972 -0- 4/22/92 /CONTACT: John Brown of Arvin Industries, Inc., 812-379-3389/ (ARV) CO: Arvin Industries, Inc. ST: Indiana IN: AUT SU: ERN
KK -- CL007 -- 1216 04/22/92 11:31 EDT
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|Date:||Apr 22, 1992|
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