Printer Friendly

AVERY DENNISON ANNOUNCES 1991 RESULTS

 AVERY DENNISON ANNOUNCES 1991 RESULTS
 PASADENA, Calif., Feb. 13 /PRNewswire/ -- Avery Dennison Corp.


(NYSE: AVY) today reported results for the fourth quarter and fiscal year ended Dec. 31, 1991:
 For the fourth quarter:
 -- Net income was $17.7 million, or $.29 per share, compared to a loss of $45.6 million, or $.73 per share, in 1990.
 -- Sales were $649 million, compared to $672 million in 1990. Excluding the impact of changes in foreign currency rates, divested operations and discontinued products, sales increased 4 percent.
 For the year:
 -- Net income was $63 million, or $1.02 per share, compared to $5.9 million, or $.10 per share, for 1990. Results for 1990 included merger expenses and a pre-tax charge of $85 million to carry out the restructuring actions needed in the merger of Avery and Dennison.
 -- Sales for 1991 were $2.55 billion, compared to $2.59 billion in 1990. Excluding the impact of divested operations, discontinued product lines and changes in foreign currency rates, sales increased 3 percent.
 Charles D. Miller, chairman and chief executive officer, said that Avery Dennison's results for the year, and particularly for the fourth quarter, were encouraging.
 "Considering the weak worldwide economy, the increase in sales from continuing operations was a significant accomplishment," Miller stated.
 "Our office products businesses, particularly in the United States, performed exceptionally well. The restructuring of the Dennison brand businesses, as well as the discontinuation of unprofitable product lines, contributed to a significantly improved profit performance for our domestic office products businesses.
 "In the United States, our self-adhesive roll materials and films businesses and our decorative films business achieved solid sales and profit growth.
 "In our European operations, a combination of the recession, increased competition and the start-up of two manufacturing plants significantly impacted our overall net income.
 "While it is difficult to forecast accurately in today's recessionary climate, we expect the first quarter results to be comparable to the first quarter of 1991," Miller stated.
 Avery Dennison, headquartered in Pasadena, is a leading worldwide manufacturer of pressure-sensitive adhesives and materials; office products; product identification and control systems; and specialty chemicals. The company has approximately 17,000 employees in 220 manufacturing facilities and sales offices located in 25 countries.
 AVERY DENNISON
 Condensed Consolidated Statement of Income
 (In millions, except per share amounts)
 Three months ended Year ended
 Dec. 31, Dec. 31,
 1991 1990 1991 1990
 Net sales $649.4 $672.1 $2,545.1 $2,590.2
 Cost of products
 sold 441.0 476.4 1,748.9 1,781.9
 Gross profit 208.4 195.7 796.2 808.3
 Marketing,
 general and
 administrative
 expenses 169.7 175.5 653.9 653.7
 Merger expense --- .5 --- 13.8
 Restructuring costs --- 85.2 --- 85.2
 Operating profit 38.7 (65.5) 142.3 55.6
 Interest expense 8.8 10.0 37.5 40.0
 Income before
 taxes on income 29.9 (75.5) 104.8 15.6
 Taxes on income 12.2 (29.9) 41.8 9.7
 Net income $17.7 ($45.6) $63.0 $5.9
 Net income per
 share of common
 stock $.29 ($.73) $1.02 $.10
 Average shares
 outstanding 61.8 62.0 61.9 62.0
 AVERY DENNISON
 Condensed Consolidated Balance Sheet
 (In millions)
 Dec. 31,
 1991 1990
 Assets
 Current assets:
 Cash and cash equivalents $5.3 $6.5
 Trade accounts receivable 364.8 390.4
 Other receivables 33.1 39.2
 Inventories 253.1 325.0
 Prepaid expenses 18.3 23.8
 Deferred taxes 25.2 47.9
 Refundable income tax 0.7 14.0
 Total current assets 700.5 846.8
 Property, plant and
 equipment, net 814.2 821.7
 Intangibles resulting from
 business acquisitions, net 146.7 151.7
 Other assets 79.0 70.1
 Total $1,740.4 $1,890.3
 Liabilities and Shareholders' Equity
 Current liabilities:
 Short-term and current
 portion of long-term debt $94.5 $134.4
 Accounts payable and accrued
 liabilities 371.8 339.1
 Restructuring costs 8.2 74.5
 Total current liabilities 474.5 548.0
 Long-term debt 329.5 376.0
 Deferred taxes 80.9 87.5
 Other long-term liabilities 30.5 32.5
 Shareholders' equity 825.0 846.3
 Total $1,740.4 $1,890.3
 AVERY DENNISON
 Condensed Consolidated Statement of Cash Flows
 (In millions)
 Year Ended Dec. 31,
 1991 1990
 Operating Activities:
 Net income $63.0 $5.9
 Depreciation 83.1 80.8
 Amortization of intangibles 9.2 9.3
 Restructuring charge --- 85.2
 Deferred taxes (6.6) 4.7
 Decrease (increase) in assets and
 liabilities net of the effect of
 foreign currency translation 81.8 (96.2)
 Net cash provided by operating
 activities 230.5 89.7
 Investing Activities:
 Purchase of property, plant and
 equipment (122.5) (149.0)
 Proceeds from business
 divestitures 12.9 ---
 Other 7.6 7.1
 Net cash in investing
 activities (102.0) (141.9)
 Financing Activities:
 Net change in debt (61.4) 72.6
 Dividends (47.1) (41.1)
 Purchase of treasury stock, net (20.8) ---
 Net cash (used) provided by
 financing activities (129.3) 31.5
 Effect of foreign currency
 translation on cash balances (.4) .3
 (Decrease) in cash and cash
 equivalents ($1.2) ($20.4)
 -0- 2/13/92
 /CONTACT: Diana B. Dixon (media), 818-304-2118, or Wayne
 Smith (investors), 818-304-2001, both of Avery Dennison/
 (AVY)
 CO: Avery Dennison Corp.
 ST: California
 IN:
 SU: ERN


KJ-AL -- LA020 -- 9853 02/13/92 15:09 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:Feb 13, 1992
Words:899
Previous Article:COALITION CALLS ON FDA COMMISSIONER TO REMOVE OTHER BIASED PANELISTS
Next Article:WARD'S REPORTS ESTIMATED PRODUCTION
Topics:


Related Articles
AVERY DENNISON ANNOUNCES SECOND QUARTER RESULTS
AVERY DENNISON ANNOUNCES 1992 EARNINGS UP 27 PERCENT AND EARNINGS PER SHARE UP 30 PERCENT OVER PRIOR YEAR
AVERY DENNISON EXTENDS STOCK REPURCHASE PROGRAM
Avery Dennison Announces Grand Prize Winner of the 2nd Annual 'Avery(R) Great Results Achievement Awards'; Danielle Despathy-Rottenberg Honored for...
Avery Dennison Office Products Launches New Avery(R) Personal Label Printer; Printer provides a fast, easy, convenient way to print Avery labels at...
Avery Dennison Office Products and Microsoft Team Together to Provide Co-Branded Digital Photo Printing Solution.
Avery Dennison RFID and Printronix Qualify Portfolio of UHF RFID Labels for Printronix RFID Printers and Printer Applicators.
Motorola and Avery Dennison Announce Strategic Relationship to Deliver RFID Solutions.
Avery Dennison Introduces Clean Edge Two-Side Printable Business Cards.

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