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BF GOODRICH REPORTS FOURTH QUARTER AND 1991 RESULTS

 BF GOODRICH REPORTS FOURTH QUARTER AND 1991 RESULTS
 AKRON, Ohio, Feb. 4 /PRNewswire/ -- The BFGoodrich Company


(NYSE: GR) today reported a net loss of $106.7 million, or $4.28 per share, for the 1991 fourth quarter. Special one-time charges reduced net income by $89.8 million, or $3.53 per share. For the fourth quarter of 1990, the company reported net income of $14.1 million, or 47 cents a share.
 Sales in the 1991 fourth quarter were $607.4 million, compared with $575.8 million a year earlier.
 The company's fourth-quarter net loss includes charges for the following special items:
 -- $77.4 million, or $3.05 per share, primarily for the phase out of high-cost vinyl resin operations at three locations;
 -- $3.7 million, or 14 cents per share, associated with a voluntary retirement program in the Geon Vinyl business;
 -- $3.7 million, or 14 cents per share, relating to the planned disposition of a foreign vinyl compound manufacturing subsidiary;
 -- $5.0 million, or 20 cents per share, primarily for withholding taxes on dividends from foreign subsidiaries.
 Excluding special items, BFG's net loss in the fourth quarter would have been $16.9 million, or 75 cents per share. The company announced on Jan. 7 that it expected a loss, excluding special items, of 75 to 85 cents a share in the fourth quarter.
 In addition to special items, adverse economic conditions affected the company's operations during the fourth quarter and, in fact, throughout 1991.
 "For the year as a whole, our Aerospace business achieved record earnings, but our vinyl and specialty chemicals operations were hurt by the recession," BFGoodrich chairman John Ong said. "We've taken a number of actions during the past several years to strengthen our financial position, and this has enabled us to weather a prolonged recession. When the economy rebounds, our three businesses are well-positioned to respond very positively."
 During the fourth quarter, the Aerospace business segment achieved operating income of $22.0 million, compared with $12.4 million in 1990. Results for 1991 include income from the Simmonds Precision businesses, purchased in December 1990.
 The Geon Vinyl Products segment had a loss of $141.0 million, compared with operating income of $8.5 million in the 1990 fourth quarter. Included in the 1991 results are one-time charges of $111.4 million (pre-tax) for the phase-out of vinyl resin operations at three locations and a voluntary retirement program. Excluding special items for the fourth quarters of 1991 and 1990, Geon had a loss of $29.6 million in 1991, compared with operating income of $3.7 million in 1990.
 For the fourth quarter, the Specialty Chemicals segment reported a loss of $3.4 million (pre-tax), compared with operating income of $17.0 million in 1990. Included in the 1991 quarter is a previously announced charge of $11.5 million (pre-tax).
 Full Year 1991 Results
 For the entire year of 1991, BFGoodrich reported a net loss of $80.6 million, or $3.50 per share, including one-time items that reduced net income by $85.4 million, or $3.36 per share. Sales were $2.5 billion.
 For 1990, the company had net income of $136.3 million, or $5.04 per share. Sales were $2.4 billion. Included in 1990 results were several one-time items that together benefited net income by $53.9 million, or $2.13 per share.
 For 1991 the Aerospace business segment reported record operating income of $80.1 million, an increase of 12 percent from $71.4 million in 1990. Results in 1991 included income from the Simmonds Precision businesses. Results in 1990 benefited by $9.7 million (pre-tax) from the favorable resolution of a patent infringement law suit and the sale of the off-highway braking systems business.
 Due to the one-time charges and lower volume and reduced margins throughout the year, the Geon Vinyl Products business segment had a loss of $130.8 million in 1991, compared with operating income of $44.8 million in 1990. Excluding special items from both years, Geon had a loss of $26.5 million for 1991, compared with operating income of $55.2 million in 1990.
 Because of lower sales related to the recession, the Specialty Chemicals business segment had operating income of $42.5 million in 1991, compared with $84.4 million in 1990. Results in 1991 included the $11.5 million pre-tax charge incurred during the fourth quarter.
 BFGoodrich supplies components and services to the aerospace industry, and produces specialty chemicals, vinyl resins and compounds.
 Following is a summary of fourth quarter and full year results for both 1991 and 1990.
 THE BFGOODRICH COMPANY
 ($ in millions, except per share amounts)
 Three Months Ended
 December 31
 1991 1990
 Sales $607.4 $575.8
 Pretax Income (Loss) $(151.8) $19.9
 Income Tax (Expense) Benefit 45.1 (5.8)
 Income (loss) from continuing
 operations $(106.7) 14.1
 Income from discontinued operations --- ---
 Net Income (loss) $(106.7) $14.1
 Earnings (loss) per share:
 Primary:
 Income (loss) from continuing
 operations $ (4.28) $.47
 Net income (loss) $ (4.28) $.47
 Fully diluted:
 Income (loss) from continuing
 operations $ (4.28) $.47
 Net income (loss) $ (4.28) $.47
 SEGMENT REPORTING
 Sales:
 Aerospace Products and Services $188.8 $115.0
 Specialty Chemicals 195.0 204.5
 Geon Vinyl Products 223.6 256.3
 Total $607.4 $575.8
 Segment Operating Income (Loss):
 Aerospace Products and Services $22.0 $12.4
 Specialty Chemicals (3.4) 17.0
 Geon Vinyl Products (141.0) 8.5
 Total $(122.4) $37.9
 The weighted average number of shares used in the computations of per share amounts were as follows:
 Primary Earnings (loss) per share 25.4 25.4
 Fully diluted earnings (loss)
 per share 25.4 25.4
 Year Ended
 December 31
 1991 1990
 Sales $2,471.6 $2,432.6
 Pretax Income (Loss) $(109.5) $132.4
 Income Tax (Expense) Benefit 28.9 (16.6)
 Income (loss) from continuing
 operations (80.6) 115.8
 Income from discontinued operations --- 20.5
 Net Income (loss) $ (80.6) $136.3
 Earnings (loss) per share:
 Primary:
 Income (loss) from continuing
 operations $ (3.50) $4.23
 Net income (loss) $ (3.50) $5.04
 Fully diluted:
 Income (loss) from continuing
 operations $ (3.50) $4.20
 Net income (loss) $ (3.50) $4.95
 SEGMENT REPORTING
 Sales:
 Aerospace Products and Services $693.7 $493.0
 Specialty Chemicals 796.8 835.1
 Geon Vinyl Products 981.1 1,104.5
 Total $2,471.6 $2,432.6
 Segment Operating Income (Loss):
 Aerospace Products and Services $80.1 $71.4
 Specialty Chemicals 42.5 84.4
 Geon Vinyl Products (130.8) 44.8
 Total $ (8.2) $200.6
 The weighted average number of shares used in the computations of per share amounts were as follows:
 Primary Earnings (loss) per share 25.4 25.4
 Fully diluted earnings (loss)
 per share 25.4 27.4
 -0- 2/4/92
 /CONTACT: Rob Jewell, 216-374-2999 (media), or Tom Waltermire, 216-374-2556 (investor), both of The BFGoodrich Company/
 (GR) CO: The BFGoodrich Company ST: Ohio IN: CHM ARO SU: ERN


KK -- CL003 -- 6515 02/04/92 08:58 EST
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