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BIRD CORPORATION THIRD QUARTER LOSS RESULTS FROM ENVIRONMENTAL GROUP OPERATIONS AND RESTRUCTURING

 DEDHAM, Mass., Oct. 29 /PRNewswire/ -- Bird Corporation (NASDAQ: BIRD) reported a third quarter loss for 1993 of $1,284,000 vs. earnings of $1,472,000 for the prior year's quarter. The 1993 results include a $2,000,000 charge for restructuring the environmental business of the company, partially offset by an $800,000 gain on the sale of certain environmental operations. The 1992 comparable results included a $1,150,000 charge for restructuring of the environmental operation. The continued weakness in most segments of the environmental services industry has resulted in the company's decision to increase the scope of the restructuring which was started last year and now has included the sale of certain of its environmental business units.
 After provision for preference and preferred dividends, the company had a loss of 41 cents per common share vs. earnings of 27 cents per common share in the comparable 1992 quarter. Sales increased to $58,273,000 for the 1993 quarter from $56,145,000 in the 1992 quarter. Sales by segment are more indicative of the underlying trends. For the Housing Group, sales increased 11.5 percent to $53,437,000. The Environmental Group's sales declined by more than 41 percent vs. the prior year's quarter to $4,836,000.
 For the first nine months of 1993 Bird recorded earnings of $469,000 as compared to $3,632,000 in the 1992 period. The 1993 results include the $2,000,000 restructuring charge, the gain of $800,000 in the sale of certain environmental assets, a gain of $1,400,000 from a favorable vendor settlement and a favorable $2,733,000 cumulative effect of an accounting change. After provision for preference and preferred dividends, these results amounted to a loss of 17 cents per common share; this compares to earnings of 61 cents per common share for the first nine months of 1992 which included a $1,150,000 restructuring charge. For the period to date, the company's sales on a consolidated basis increased 9 percent to $161,703,000 from $148,387,000 in the prior year's period. For the Housing Group, sales increased 12.9 percent to $140,511,000. The Environmental Group's sales declined 11.3 percent to $21,192,000 over the same period.
 Since the 1993 losses were entirely from the operations and restructuring of the company's environmental activities, Bird has provided separate operating results for its Housing and Environmental segments. For the nine months ending Sept. 30th, the Environmental Group's operating loss was $6,938,000 (before interest and Corporate expenses) as compared to the nine month 1992 loss of $1,082,000. These results included a restructuring charge of $2,000,000 taken in the 1993 period and a $1,150,000 similar charge taken in the 1992 period as the company decided to increase the scope of the restructuring which was started last year. The Housing Group produced operating earnings of $9,657,000 in the 1993 period vs. $11,144,000 in the 1992 period.
 The Environmental Group's third quarter sales decline reflects severely depressed economic activity in the environmental industry which has affected almost all participants.
 Commenting on the results, George J. Haufler, Bird Corporation chairman and chief executive officer stated, "We have implemented an aggressive restructuring effort in Bird Environmental to focus activity on the petroleum and petrochemical markets where we have significant competitive advantages. While the restructuring effort has had a detrimental effect on short-term earnings, we believe focusing our business where we have our greatest strengths will lead us to a pre-eminent position in an environmental industry niche that will be fully rewarding to our stockholders.
 "Current declining demand for incineration and landfill services, with which we compete, is a major cause of the recent depression in the hazardous waste services industry. Future demand for our technologies, which recycle useful products and minimize actual waste, will grow at the expense of these previously popular 'burn and bury' disposal solutions. Bird Environmental operations will expand considerably in size and competitive advantage during the next month, when the services we now provide at waste generator sites will be complemented by the start-up of our Gulf Coat recycling center. This Texas-based facility will utilize state-of-the-art mechanical and thermal separations technologies and will enable us to offer our customers a unique combination of sophisticated on-site and off-site waste management options."
 Haufler added, "While Housing Group sales increased 11.5 percent during the third quarter as compared to the same period in 1992, operating profits decreased 7 percent reflecting rising material costs and strong competitive pricing pressures in the markets we serve, especially in the Northeastern states. We are encouraged by the growth in our vinyl replacement window business and look forward to an increased contribution from our investment in that sector in 1994."
 Bird Corporation is a U.S. manufacturer and distributor of building materials and a provider of environmental services.
 The unaudited segmented results for the third quarter of 1993 compared with the same period in 1992 are presented below:
 (in thousands except per share data)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Sales:
 Housing $53,437 $47,930 $140,511 $124,492
 Environmental 4,836 8,215 21,192 23,895
 Consolidated sales 58,273 56,145 161,703 148,387
 Operating earnings
 (loss):
 Housing 4,263 4,569 9,657 11,144
 Environmental (3,538)(a) (762)(b) (6,938)(a) (1,082)(b)
 Total 725 (d) 3,807 (d) 2,719 (d) 10,062 (d)
 Cumulative effect
 of acct. change 0 0 2,733 0
 Consolidated net
 earnings (loss) (1,284) 1,472 469(c) 3,632
 Per Share:
 Earnings (loss)
 before acctg.
 change (41 cents) 27 cents (84 cents) 61 cents
 Cumulative
 effect of
 acctg. change 0 0 67 cents 0
 Net earnings (41 cents) 27 cents (17 cents) 61 cents
 Avg. no. common
 shares used in
 per share
 computations 4,114,558 3,998,412 4,073,371 4,088,984
 (a) Includes a $2.0MM pre-tax restructuring charge and a $.8MM
 pre-tax gain on the sale of certain environmental operations.
 (b) Includes $1.1MM restructuring charge.
 (c) Includes a $1.4MM pre-tax favorable vendor settlement.
 (d) Operating earnings are before interest & corporate expenses.
 The unaudited segmented results for the third quarter of 1993 compared with the same period in 1992 are presented below:
 (In thousands except per share data)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Sales $58,273 $56,145 $161,703 $148,387
 Earns. (loss) Bef.
 Acct. Change (1,569)(b) 2,415(c) (3,265)(a) 5,259(c)
 Cumulative Effect
 of Acct. change 0 0 2,733 0
 Net earnings (1,284) 1,472 469 3,632
 Per Share:
 Earnings (loss) Bef.
 Acct. Change (41 cents) 27 cents (84 cents) 61 cents
 Cumulative Effect
 of Account. Change 0 0 67 cents 0
 Net earnings (41 cents) 27 cents (17 cents) 61 cents
 Avg. No. Common Shares
 Used in Per Share
 Computations 4,114,558 3,998,412 4,073,371 4,088,984
 (a) Includes a $2.0MM pre-tax restructuring charge, a $1.4MM
 pre-tax favorable vendor settlement, and a $.8MM pre-tax gain on
 the sale of certain environmental operations
 (b) Includes a $2.0MM pre-tax restructuring charge and a $.8MM
 pre-tax gain on the sale of certain environmental operations.
 (c) Includes $1.1MM pre-tax restructuring charge.
 -0- 10/29/93R
 /CONTACT: William A. Krivsky, executive vice president, Bird Corporation, 617-461-1414/
 (BIRD)


CO: Bird Corporation ST: Massachusetts IN: CST ENV SU: ERN

CM-DJ -- NE014R -- 8755 10/29/93 18:06 EDT
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Date:Oct 29, 1993
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