Printer Friendly

ATHLONE REPORTS SIX MONTHS EARNINGS

 ATHLONE REPORTS SIX MONTHS EARNINGS
 PARSIPPANY, N.J., July 28 /PRNewswire/ -- Athlone Industries, Inc.


(NYSE: ATH) today announced that net earnings for the first half of 1992 were $3,139,000 or $.52 per common share, compared to $2,142,000 or $.27 per common share in 1991. Sales for the current six months were $104,684,000 compared to $108,335,000 in 1991.
 Earnings from continuing operations in the first six months of 1992 were $.52 per common share compared to $.77 per common share in 1991. The 1991 earnings included $.15 per common share resulting from the favorable disposition of a tax claim.
 Net earnings for the second quarter of 1992 were $.20 per common share compared to a loss of $.12 per common share in 1991. Earnings from continuing operations for the second quarter of 1992 were $.20 per common share compared to $.49 per common share in 1991.
 On July 21, 1992, the board of directors declared the regular quarterly dividend of $.25 per common share payable Aug. 18, 1992 to stockholders of record Aug. 4, 1992.
 A comparison of net sales and net earnings follows:
 ATHLONE INDUSTRIES, INC.
 Consolidated Earnings
 (In thousands, except per share data)
 Periods ended Three months Six months
 June 30 1992 1991 1992 1991
 Net sales $50,684 $55,266 $104,684 $108,335
 Earnings from continuing
 operations before provision
 for income taxes 2,140 5,469 5,522 8,407
 Provision for income taxes 931 2,108 2,383 3,194
 Earnings from continuing
 operations 1,209 3,361 3,139 5,213
 Loss from discontinued
 operations, net of taxes -- (3,696) -- (2,988)
 Earnings (loss) before
 extraordinary item 1,209 (335) 3,139 2,225
 Extraordinary item,
 net of taxes -- (83) -- (83)
 Net earnings (loss) 1,209 (418) 3,139 2,142
 Earnings (loss) per common share:
 Continuing operations .20 .49 .52 .77
 Discontinued operations -- (.60) -- (.49)
 Extraordinary item -- (.01) -- (.01)
 Net earnings (loss) per
 common share .20 (.12) .52 .27
 Notes to Consolidated Earnings:
 (A) The loss from discontinued operations of $3,696,000 recorded in the 1991 second quarter results from the discontinuance of the company's swimwear business and consists of operating losses of $718,000, an aftertax provision for disposal costs of $990,000 and a noncash write- off of goodwill of $1,988,000.
 (B) Extraordinary item is in connection with the early retirement of the company's 15 5/8 percent subordinated notes.
 (C) Earnings per common share are computed by dividing net earnings (less preferred stock dividends an during each period or 6,040,000 in 1992 and 6,162,000 in 1991.
 -0- 7/28/92
 /CONTACT: Fred Engelhardt, vice president and chief financial officer of Athlone Industries, 201-887-9100 or 212-425-6550/
 (ATH) CO: Athlone Industries, Inc. ST: New Jersey IN: CST SU: ERN


SM-OS -- NY022 -- 3973 07/28/92 10:32 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:Jul 28, 1992
Words:480
Previous Article:THE BOMBAY COMPANY ANNOUNCES SALES INCREASE FOR JULY
Next Article:DATASCOPE REPORTS STRONG OPERATING RESULTS FOR FISCAL 1992
Topics:


Related Articles
ATHLONE REPORTS 1991 YEAR-END RESULTS
ATHLONE REPORTS FIRST QUARTER EARNINGS
ATHLONE REPORTS NINE MONTHS EARNINGS
ELAN EARNINGS UP 50 PERCENT THROUGH SECOND QUARTER
ATHLONE REPORTS 1992 YEAR-END RESULTS
ATHLONE INDUSTRIES SIGNS LETTER OF INTENT FOR ACQUISITION
ALLEGHENY LUDLUM TO ACQUIRE ATHLONE INDUSTRIES
ATHLONE REPORTS FIRST QUARTER EARNINGS
ATHLONE REPORTS SIX MONTHS EARNINGS
ATHLONE REPORTS NINE MONTHS EARNINGS

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