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BIRD CORPORATION ANNOUNCES THIRD QUARTER RESULTS, RESTRUCTURING CHARGE AND NONRECURRING GAIN

 BIRD CORPORATION ANNOUNCES THIRD QUARTER RESULTS,
 RESTRUCTURING CHARGE AND NONRECURRING GAIN
 DEDHAM, Mass., Oct. 23 /PRNewswire/ -- Bird Corporation (NASDAQ: BIRD) reported 1992 third quarter earnings of $1,472,000 (27 cents per share) after a restructuring charge of $1,150,000 and nonrecurring income of $978,000. In the 1991 corresponding quarter Bird reported net earnings of 73 cents per share which was a record third quarter. Sales increased to $56.1 million from $43.1 million, a gain of 30 percent over the prior year's quarter.
 The restructuring charge of $1,150,000 was provided for the integration of Bird's recently acquired companies, both in the environmental and building materials distribution businesses. Without the restructuring charge, the net earnings for the quarter would have been 56 cents per share as compared to 73 cents per share in the prior year.
 Year-to-date, Bird earned 61 cents per common share after the third quarter restructuring charge and nonrecurring income. In the 1991 corresponding period, Bird reported net earnings of $1.04 per common share. Without the restructuring charge in the third quarter, earnings year-to-date in 1992 would have been 89 cents per common share as compared to $1.04 per share in the prior year's period. Sales in the 1992 year-to-date period grew to $143,387,000, or 36 percent greater than in the 1991 period.
 The restructuring charge provides for costs in the Environmental Group to reduce overhead substantially by consolidating headquarters' operations and accounting functions, to focus the business on higher profit segments by closing unprofitable field offices and the construction/remediation division, and improve revenue growth through integration of the marketing and field sales organizations. In the new building materials distribution entities the company is centralizing computerized inventory, purchasing, and sales service, together with an integrated marketing function.
 During the quarter, Bird's vinyl and building materials distribution businesses performed at or above earnings expectations despite increasing raw materials cost in vinyl which could not be reflected in price increases in the current economy. The roofing operations showed modest improvement related to earlier quarters but continue in a highly competitive pricing environment due to the economy, especially in the Northeast. Earnings in our environmental group were depressed in the quarter by a delay between the completion of a major project early in the quarter and the redeployment of equipment and personnel to a new project very late in the period.
 Overall, relative to our after-tax earnings, an unusually high indicated tax rate further depressed our earnings during the period resulting from the restructuring reserve which cannot be tax affected until the funds are actually expended.
 Chairman George J. Haufler stated, "The general economy continues to move sideways in an extended recessionary mode creating weak demand and competitive pricing. While we are pleased with our sales growth, primarily from acquisitions made in the last year, the realization of earnings from these acquisitions have developed less vigorously in this economy than we would have liked. Furthermore, we delayed the full integration of YWC Technologies, Inc. into our environmental group because of an earn-out provision in the purchase agreement which obstructed significant merging with our existing operations. This restriction will terminate at year-end and allows us now to proceed aggressively to create a more streamlined, efficient organization.
 "We will continue to benefit from our timely restructuring and strategic initiatives which have enabled us to make acquisitions under very favorable terms in a depressed economy. Additionally, our consolidation efforts, strong balance sheet, and a modestly recovering economy, will permit these entities to become significant contributors to future profit growth."
 Bird Corporation is a U.S.-based manufacturer and distributor of building material products and a provider of environmental services.
 The unaudited results for the third quarter of 1992 and year-to-date comparisons with the same periods in 1991 are presented below.
 BIRD CORPORATION
 Three Months Ended Nine Months Ended
 9/30/92 9/30/91 9/30/92 9/30/91
 Net sales $56,146 $43,067 $148,387 $108,803
 Pre-tax earnings before
 restructuring charge 3,565(a) 3,533 6,409(a) 5,768
 Pre-tax earnings after
 restructuring charge 2,415(b) 3,533 5,259(b) 5,768
 Provision for taxes 943 379 1,627 692
 Net earnings 1,472(b) 3,154 3,632(b) 5,076
 Primary E.P.S. 27 cents 73 cents 61 cents $1.04
 Shares used to
 calculate E.P.S. 3,998,412 3,811,381 4,088,984 3,763,095
 ----
 NOTE: (a) Includes $978,000 pre-tax income from settlement of a
 claims dispute.
 (b) Includes both $978,000 pre-tax income from settlement of a
 claims dispute and $1,150,000 restructuring charge.
 -0- 10/23/92
 /CONTACT: William A. Krivsky, executive vice president and chief financial officer of Bird Corporation, 617-461-1414/
 (BIRD) CO: Bird Corporation ST: Massachusetts IN: CST SU: ERN


CN -- NE003 -- 3995 10/23/92 08:43 EDT
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Date:Oct 23, 1992
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