BETZ LABORATORIES HAS RECORD YEAR
BETZ LABORATORIES HAS RECORD YEAR TREVOSE, Pa., Jan. 27 /PRNewswire/ -- Betz Laboratories, Inc.
(NASDAQ: BETZ) reported today that net sales and earnings for the fourth quarter ended Dec. 31, 1991, increased 9 percent and 16 percent, respectively, over the year-ago period.
Primary earnings per common share rose 17 percent from $.52 to $.61 based on an average of 28,439,502 shares outstanding in 1991 vs. 28,347,705 shares outstanding in 1990. Fully diluted earnings per common share increased 16 percent to $.58 from $.50 in the same year-ago quarter. Net sales and earnings for the year ended Dec. 31, 1991, increased by 12 percent and 15 percent, respectively, over the year-ago period. Primary earnings per common share rose 17 percent from $2.12 to $2.47 based on an average of 28,546,584 shares outstanding in 1991 vs. 28,511,976 shares outstanding in 1990. Fully diluted earnings per common share rose 17 percent to $2.36 from $2.02 in the similar period last year. BETZ LABORATORIES, INC. (In thousands, except per-share amounts) Fourth Quarter Year 1991 1990 1991 1990 Net Sale $165,566 $152,425 $665,565 $596,805 Earnings Before Income Taxes 30,433 26,335 123,810 107,399 Taxes on Income 11,869 10,299 48,286 41,925 Net Earnings 18,564 16,036 75,524 65,474 Net Earnings per Common Share: Primary $.61 $.52 $2.47 $2.12 Fully Diluted $.58 $.50 $2.36 $2.02 Commenting on operations, John F. McCaughan, chairman and chief executive officer, said, "We are very pleased with our fourth quarter and 12 months results. The company continued to grow strongly in the fourth quarter, both domestically and internationally. Within the U.S., Betz Process Chemicals, Inc. experienced the strongest sales gain. This subsidiary markets the company's line of specialty process chemicals to the oil refining, petrochemical and steel industries. Betz PaperChem, Inc. also recorded a strong increase in sales of its specialty process chemical treatment programs to the paper industry. "Betz Industrial Division, our largest operating unit, experienced strong sales gains of its traditional boiler water, cooling water and waste water treatment product lines to the oil refining, electric utilities and independent power producer industries. "Our foreign operations also had an excellent quarter. Strong sales gains were recorded by Betz Inc., our Canadian subsidiary. Betz International, Inc. and Betz Europe, Inc. also experienced above average sales increases in Southeast Asia, the Caribbean and throughout Europe," stated McCaughan. Betz Laboratories, Inc., an international company headquartered in Trevose, produces and markets a wide range of engineered programs and specialty chemical products for process systems. The company's services are utilized in a variety of industrial and commercial applications, with particular emphasis on the power chemical, petroleum refining, paper, automotive and steel industries. /delval/ -0- 1/27/92 /CONTACT: R. Dale Voncanon, vp-finance of Betz Laboratories, 215-355-3300/ (BETZ) CO: Betz Laboratories, Inc. ST: Pennsylvania IN: CHM SU: ERN
MK-JS -- PH032 -- 3878 01/27/92 15:48 EST
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|Date:||Jan 27, 1992|
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