Printer Friendly

BINDLEY WESTERN INDUSTRIES ANNOUNCES FIRST QUARTER RESULTS; EARNINGS UP 5 PERCENT ON 23 PERCENT SALES INCREASE

 INDIANAPOLIS, April 27 /PRNewswire/ -- Bindley Western Industries, Inc. (NASDAQ: BIND) announced today that sales for the first quarter of 1993 increased by 23 percent to $798 million from $647 million in 1992. Earnings increased by 5 percent to $3.3 million from $3.1 million in the 1992 quarter (before the effect of a change in the method of accounting for income taxes). 1992 first quarter earnings were restated to account for a $2.5 million benefit from the effect of this change. Fully diluted earnings per share amounted to $.28 in 1993 compared to $.35 in 1992. During the first quarter of 1993, as a result of the issuance of $67 million in new convertible debentures in the third quarter of 1992, there were 14.3 million shares outstanding on a fully diluted basis compared to 10.9 million in 1992.
 In commenting on the results, Chairman and CEO William E. Bindley indicated that management was pleased that the increase in sales substantially exceeded expectations and earnings slightly exceeded plan. Despite the sharp decline in manufacturers' price increases and continued competitive pressure for market share, the company was able to increase gross margin to 2.37 percent from 1.93 percent in the fourth quarter of 1992. Also, he said the higher margin direct store delivery portion of its business increased to $210 million in the quarter, a 62 percent increase over the 1992 first quarter and represented 26 percent of sales. He concluded by saying that results from both the Charise Charles and Goold acquisitions were accretive and that he was optimistic that 1993's stated goal of increasing sales, earnings and operating cash flow by 15 percent will be met or exceeded.
 Indianapolis-based Bindley Western, with 1992 revenues of $2.9 billion, is one of the largest drug wholesalers in the United States specializing in the distribution of ethical pharmaceuticals and related products. The firm serves customers in over 40 states through distribution centers in Altamonte Springs, Fla.; Austell, Ga.; Brockton, Mass.; Charlotte, N.C.; Dallas; Houston; Indianapolis; Middletown, Pa.; Orlando, Fla.; Phoenix, Ariz..; Portland, Maine; San Dimas, Calif.; and Orange, Conn.
 CONSOLIDATED STATEMENT OF EARNINGS
 (000s omitted, except share data)
 Three months ended
 March 31
 1993 1992
 Net sales $798,454 $647,113
 Other income 340 810
 Total 798,794 647,923
 Cost of products sold 779,568 631,850
 Selling, general and administrative 10,138 7,330
 Depreciation and amortization 1,312 967
 Interest expense 2,442 2,994
 Total 793,460 643,141
 Earnings before income taxes and
 cumulative effect of a change in
 accounting principle 5,334 4,782
 Provision for income taxes 2,080 1,674
 Net earnings before cumulative
 effect of change in accounting
 principle 3,254 3,108
 Cumulative effect of change in
 method of accounting for income
 taxes --- 2,510
 Net earnings $3,254 $5,618
 Earnings per share:
 Primary:
 Earnings before cumulative
 effect of change in method
 of accounting for income
 taxes $0.30 $0.41
 Cumulative effect of change in
 method of accounting for
 income taxes $0.00 $0.33
 Net earnings $0.30 $0.74
 Fully diluted:
 Earnings before cumulative
 effect of change in method
 of accounting for income
 taxes $0.28 $0.35
 Cumulative effect of change in
 method of accounting for
 income taxes $0.00 $0.23
 Net earnings $0.28 $0.58
 Average shares outstanding:
 Primary 10,931,154 7,641,333
 Fully diluted 14,328,379 10,930,885
 -0- 4/27/93
 /CONTACT: Sue Goebel of Bindley Western Industries, Inc., 317-298-9900/
 (BIND)


CO: Bindley Western Industries, Inc. ST: Indiana IN: MTC SU: ERN

BM -- CL020 -- 1451 04/27/93 13:33 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 27, 1993
Words:610
Previous Article:ALLTEL ANNOUNCES CORPORATE OFFICERS
Next Article:AMOCO DECLARES 55-CENT PER SHARE DIVIDEND
Topics:


Related Articles
BINDLEY WESTERN INDUSTRIES, INC. REPORTS RECORD 1991 RESULTS; SALES AND EARNINGS INCREASE BY 17 PERCENT
BINDLEY WESTERN ANNOUNCES RECORD SECOND QUARTER RESULTS- SALES INCREASE 26 PERCENT ON 31 PERCENT INCREASE IN EARNINGS
BINDLEY WESTERN INDUSTRIES ANNOUNCES THIRD QUARTER RESULTS
BINDLEY WESTERN INDUSTRIES, INC. REPORTS 1992 RESULTS
BINDLEY WESTERN INDUSTRIES ANNOUNCES SIX-MONTH RESULTS
BINDLEY WESTERN INDUSTRIES ANNOUNCES RECORD QUARTER RESULTS; SALES AND PRE-TAX EARNINGS BOTH UP 15%
BINDLEY WESTERN INDUSTRIES ANNOUNCES RECORD RESULTS FOR THE SECOND QUARTER AND SIX MONTH PERIODS
BINDLEY WESTERN INDUSTRIES ANNOUNCES RECORD RESULTS FOR THE SECOND QUARTER AND SIX MONTH PERIODS
Bindley Western Reports Record Results -- 3rd Quarter Earnings Increase 31 Percent on 36 Percent Sales Gain
Bindley Western Reports Record Results for 4th Quarter and Year Ending December 31, 1997

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters