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AVERY DENNISON ANNOUNCES FIRST QUARTER RESULTS

 AVERY DENNISON ANNOUNCES FIRST QUARTER RESULTS
 PASADENA, Calif., April 27 /PRNewswire/ -- Avery Dennison Corp.


(NYSE: AVY) today announced net income of $20.3 million, or $.33 per share, for the first quarter ended March 31, 1992, compared to $17.1 million, or $.28 per share, in the same quarter a year ago. This represents an earnings increase of 19 percent over the prior year on a 1 percent sales increase to $670 million from $660 million in 1991. Excluding currency effects, divestitures and discontinued products, sales increased 7 percent.
 Charles D. Miller, chairman and chief executive officer, said, "Sales and profits were strong across most business areas, particularly our materials businesses in the U.S. and Europe which reported significant growth. Results were especially strong for our roll materials and films businesses in the U.S. In addition, our office products businesses in the U.S. continued to improve, particularly our Avery, Dennison, and K&M brand businesses."
 "Looking ahead, we are beginning to see improvement in orders across most business areas. The benefits of the merger are now becoming evident as we begin to emerge from the recession," Miller said.
 Avery Dennison, based in Pasadena, is a leader in pressure- sensitive adhesives and materials, office products, labels, tags, retail systems and specialty chemicals. With 220 manufacturing facilities and sales offices in 25 countries, the company serves worldwide consumer and industrial markets with products that mark, decorate, identify, organize and fasten.
 AVERY DENNISON
 Condensed Consolidated Statement of Income
 (Unaudited)
 (In millions, except per share amounts)
 Three months ended
 March 31,
 1992 1991
 Net sales $669.8 $659.9
 Cost of products sold 459.6 455.5
 Gross profit 210.2 204.4
 Marketing, general
 and administrative expense 166.6 166.3
 Operating profit 43.6 38.1
 Interest expense 10.3 9.9
 Income before
 taxes on income 33.3 28.2
 Taxes on income 13.0 11.1
 Net income $20.3 $17.1
 Net income per share of common stock $.33 $.28
 Average shares
 outstanding 61.0 62.0
 AVERY DENNISON
 Condensed Consolidated Balance Sheet
 (Unaudited)
 (In millions)
 March 31,
 1992 1991
 Assets
 Current assets:
 Cash and cash equivalents $2.6 $1.9
 Trade accounts receivable 391.0 385.1
 Other receivables 39.1 36.2
 Inventories 237.8 311.8
 Prepaid expenses 19.6 22.5
 Deferred taxes 21.6 49.4
 Refundable income taxes .3 14.1
 Total current assets 712.0 821.0
 Property, plant and
 equipment, net 784.0 796.1
 Intangibles resulting from
 business acquisitions, net 142.3 145.6
 Other assets 86.5 69.9
 Total $1,724.8 $1,832.6
 Liabilities and Shareholders' Equity
 Current liabilities:
 Short-term and current
 portion of long-term debt $113.7 $157.5
 Accounts payable and accrued
 liabilities 330.0 333.4
 Restructuring costs 3.5 66.7
 Total current liabilities 447.2 557.6
 Long-term debt 339.9 359.3
 Deferred taxes 83.8 84.4
 Other long-term liabilities 37.1 29.0
 Shareholders' equity
 Common stock 62.1 62.0
 Capital in excess of
 par value 195.0 191.2
 Retained earnings 644.2 626.1
 Cumulative translation
 adjustment 23.5 13.3
 Cost of unallocated ESOP
 shares (78.2) (90.3)
 Treasury stock at cost (29.8) ---
 Total $1,724.8 $1,832.6
 AVERY DENNISON
 Condensed Consolidated Statement of Cash Flow
 (Unaudited)
 (In millions)
 Three months ended
 March 31,
 1992 1991
 Operating activities:
 Net income $20.3 $17.1
 Depreciation 20.8 21.7
 Amortization of intangibles 2.5 2.2
 Deferred taxes 2.9 (3.1)
 Net (increase) in assets and
 liabilities net of the effect
 of foreign currency translation
 and divested operations (64.4) (15.1)
 Net cash (used in) provided by
 operating activities (17.9) 22.8
 Investing activities:
 Purchase of property, plant
 and equipment (17.1) (27.6)
 Proceeds from business
 divestitures 13.5 ---
 Other 8.2 (6.9)
 Net cash provided by (used in)
 investing activities 4.6 (34.5)
 Financing activities:
 Net change in long-term debt 11.7 (14.1)
 Net change in short-term debt 22.1 32.5
 Dividends (12.2) (11.2)
 Purchase of treasury stock, net (11.0) ---
 Net cash provided by
 financing activities 10.6 7.2
 Effect of foreign currency
 translation on cash balances --- (0.1)
 Decrease in cash and
 cash equivalents (2.7) (4.6)
 Cash and cash equivalents,
 beginning of period 5.3 6.5
 Cash and cash equivalents,
 end of period $2.6 $1.9
 -0- 4/27/92
 /CONTACT: Diane B. Dixon (media), 818-304-2118, or Wayne H. Smith (investors), 818-304-2001, both of Avery Dennison/
 (AVY) CO: Avery Dennison Corp. ST: California IN: SU: ERN


JL-CH -- LA028 -- 3350 04/27/92 16:19 EDT
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Date:Apr 27, 1992
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