ATHLONE REPORTS FIRST QUARTER EARNINGS
ATHLONE REPORTS FIRST QUARTER EARNINGS PARSIPPANY, N.J., April 22 /PRNewswire/ -- Athlone Industries, Inc.
(NYSE: ATH), today reported that earnings from continuing operations for the first quarter of 1992 were $1,930,000, or $.32 per common share, compared to $1,852,000, or $.28 per common share, in 1991.
The 1991 earnings from continuing operations included pretax income of $1,438,000 resulting from the reversal of a tax reserve. Net earnings per common share of $.39 in 1991 also included $708,000 aftertax earnings from discontinued operations. Net sales for the first quarter of 1992 increased to $54,000,000 from restated net sales of $53,069,000 for the first quarter of 1991. On April 8, 1992, the board of directors declared the regular quarterly dividend of $.25 per common share, payable May 13, 1992, to stockholders of record April 29, 1992. ATHLONE INDUSTRIES, INC. Consolidated Earnings (In thousands, except per share data) Three months ended March 31 1992 1991 (As restated) Net sales $54,000 $53,069 Earnings from continuing operations before provision for income taxes 3,382 2,938 Provision for income taxes 1,452 1,086 Earnings from continuing operations 1,930 1,852 Earnings from discontinued operations, net of taxes -- 708 Net earnings $ 1,930 $ 2,560 Earnings per common share: Continuing operations $.32 $.28 Discontinued operations -- .11 Net earnings per common share $.32 $.39 Notes: -- Based on the favorable decision of a state court of appeal, earnings from continuing operations before provision for income taxes were increased in the first quarter of 1991 by the reversal of a tax reserve of $1,438,000. -- Earnings from discontinued operations for 1991 represent operating earnings, net of a tax provision of $605,000, from the company's discontinued swimwear business. -- Earnings per common share are computed by dividing net earnings (less preferred stock dividends and accretion of $145,000 in 1991) by the average common shares outstanding during each period or 6,042,000 in 1992 and 6,154,000 in 1991. -0- 4/22/92 /CONTACT: Gary M. Cademartori, vice president, treasurer and chief financial officer of Athlone, 201-887-9100 or 212-425-6550/ (ATH) CO: Athlone Industries, Inc. ST: New Jersey IN: CST SU: ERN
GK-OS -- NY023 -- 1120 04/22/92 09:46 EDT
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|Date:||Apr 22, 1992|
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