BETZ LABORATORIES REPORTS RECORD SALES AND EARNINGS
BETZ LABORATORIES REPORTS RECORD SALES AND EARNINGS TREVOSE, Pa., July 23 /PRNewswire/ -- Betz Laboratories, Inc.
(NASDAQ: BETZ), today reported that net sales and earnings for the second quarter ended June 30, 1992, increased 6 percent and 8 percent, respectively, over the year-ago period.
Primary earnings per common share rose 10 percent from $.61 to $.67 based on an average of 28,493,148 shares outstanding in 1992 vs. 28,586,448 shares outstanding in 1991. Fully diluted earnings per common share increased 8 percent to $.64 from $.59 in the same year-ago quarter. Net sales and earnings for the six-month period ended June 30, 1992, increased by 7 percent and 9 percent, respectively, over the year-ago period. Primary earnings per common share rose 10 percent from $1.21 to $1.33 based on an average of 28,517,130 shares outstanding in 1992 vs. 28,539,267 shares outstanding in 1991. Fully diluted earnings per common share rose 9 percent to $1.27 from $1.16 in the similar period last year. BETZ LABORATORIES (In thousands, except per-share amounts) Second quarter Six months 1992 1991 1992 1991 Net sales $175,850 $166,315 $351,523 $329,731 Earnings before income taxes 33,211 30,849 66,171 60,796 Taxes on income 12,820 12,031 25,674 23,710 Net earnings 20,391 18,818 40,497 37,086 Net earnings per common share: Primary $.67 $.61 $1.33 $1.21 Fully diluted $.64 $.59 $1.27 $1.16 Commenting on operations, John F. McCaughan, chairman and chief executive officer, said, "We are pleased with our second quarter and six months results considering the current state of the economy and the fact that we are comparing against a very strong performance in the same year-ago periods. Both domestic and foreign operations contributed to our second quarter and year-to-date growth despite weaknesses in several of our key customer industries both at home and abroad," continued McCaughan. "We are particularly pleased with the performance of Betz PaperChem, Inc., which markets the company's line of specialty process chemicals to the paper industry. This subsidiary experienced strong growth in all of its major product lines during the quarter. "We continue to be impressed with the performance of the Betz MetChem Division, which markets process chemicals used in metals finishing. Betz MetChem recorded particularly strong growth in sales of its No-Rinse(R) pretreatment programs to the coil coating industry and paint spray booth detackification programs to the automotive industry," said McCaughan. "Betz Process Chemicals, Inc. also experienced double- digit sales gains of its refinery process chemicals in the second quarter and first half. "The balance of our domestic business continues to grow at a more modest rate," stated McCaughan. "However, we are confident that, as the economy improves, the demand for our treatment programs will increase as customers seek to improve operating efficiency and productivity." 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- 7/23/92 /CONTACT: R. Dale Voncanon, vp-finance of Betz Laboratories, 215-355-3300/ (BETZ) CO: Betz Laboratories, Inc. ST: Pennsylvania IN: CHM SU: ERN
CC-MP -- PH035 -- 2599 07/23/92 13:57 EDT
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|Date:||Jul 23, 1992|
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