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BLACK & DECKER REPORTS CONTINUED IMPROVEMENT IN SECOND QUARTER SALES AND EARNINGS

 TOWSON, Md., July 27 /PRNewswire/ -- The Black & Decker Corporation (NYSE: BDK) today announced net earnings of $19.5 million or 20 cents per common share for the second quarter of 1993 compared to $10.0 million or 9 cents per common share for the same period in 1992. Last year's quarterly results included an extraordinary loss of $2.1 million or (3 cents) per common share for the write-off of debt issuance costs.
 Net earnings for the first six months of 1993 were $33.3 million or 33 cents per common share compared to a net loss of $220.7 million or ($3.27) per common share for the same period last year. Prior year results have been restated to include a net cumulative charge of approximately $238 million for the adoption, as of the first quarter of 1992, of Statement of Financial Accounting Standard (SFAS) No. 106, "Employers' Accounting for Postretirement Benefits Other Than Pensions," and SFAS No. 109, "Accounting for Income Taxes." Excluding this charge and the extraordinary loss, net earnings for the first six months of 1992 were $19.0 million or 19 cents per common share.
 Revenues of $1.2 billion for the second quarter and $2.3 billion for the first six months of 1993 were 2 percent and 3 percent higher, respectively, than in the comparable periods last year. Excluding the negative effects of foreign exchange, revenues increased 4 percent in the second quarter and 5 percent in the first six months.
 Commenting on the quarter's results, Nolan D. Archibald, Chairman and Chief Executive Officer, said, "We had good performance in virtually all of our U.S. consumer businesses, led by double-digit revenue increases in power tools, Kwikset locks, and household products. Our European consumer businesses matched last year's sales levels (in local currency) and gained market share despite deepening recessions on the continent and economic stagnation in the United Kingdom.
 "The most significant pressure on sales and earnings for the quarter and year-to-date has come from our commercial businesses in Europe and the Far East, where capital goods markets have been weakening since mid- 1992. Although these businesses are maintaining their respective market shares, the economic environment in which they operate is not expected to improve in 1993.
 "True Temper Sports also is having a challenging year. Poor weather early this spring has had a significant impact on re-order rates, and operating margins have been adversely affected both by lower sales and the mix of products sold.
 "We are pleased to have achieved quarterly operating income approximately equal to last year's level and higher than in the previous quarter, despite weakening market conditions in Europe, the slower-than- expected domestic economic recovery, and the issues facing True Temper Sports. Our operating income also continues to reflect costs associated with launching new products, such as the new Black & Decker Quantum line of step-up consumer power tools, the expanding DeWalt professional tool range, and TITAN(TM) locksets, as well as negative foreign exchange effects.
 "An improved capital structure also contributed to our improved performance. A lower tax rate reflects the changing geographic mix of our earnings, with a growing percentage of earnings being generated in the U.S., where we benefit from a lower tax environment, and a lesser percentage in Europe."
 Black & Decker is a global marketer and manufacturer of quality products used in and around the home and for commercial applications and a major supplier of information systems and services to government and commercial clients.
 THE BLACK & DECKER CORPORATION AND SUBSIDIARIES
 THREE MONTHS ENDED JULY 4, 1993
 SUMMARY OF CONSOLIDATED EARNINGS
 (in millions except per share data)
 Three Months Ended
 July 4, June 28,
 1993 1992
 (Unaudited) (Unaudited)
 REVENUES
 Product sales $ 983.1 $ 958.3
 Information systems and services 172.8 174.5
 TOTAL REVENUES 1,155.9 1,132.8
 Cost of revenues
 Products 631.7 612.0
 Information systems and services 126.6 132.8
 Marketing and administrative expenses 322.0 310.7
 Total operating costs and expenses 1,080.3 1,055.5
 OPERATING INCOME 75.6 77.3
 Interest expense (net of interest income) 45.0 57.2
 Other expense 2.8 1.0
 EARNINGS BEFORE INCOME TAXES AND
 EXTRAORDINARY ITEM 27.8 19.1
 Income taxes 8.3 7.0
 NET EARNINGS BEFORE EXTRAORDINARY
 ITEM 19.5 12.1
 Extraordinary loss from early extinguishment
 of debt --- (2.1)
 NET EARNINGS $ 19.5 $ 10.0
 NET EARNINGS APPLICABLE TO COMMON SHARES $ 16.6 $ 7.1
 NET EARNINGS PER COMMON SHARE:
 Net earnings before extraordinary item $ .20 $ .12
 Extraordinary loss from early
 extinguishment of debt --- (.03)
 NET EARNINGS PER COMMON SHARE $ .20 $ .09
 AVERAGE COMMON SHARES OUTSTANDING 83.5 76.3
 THE BLACK & DECKER CORPORATION AND SUBSIDIARIES
 SIX MONTHS ENDED JULY 4, 1993
 SUMMARY OF CONSOLIDATED EARNINGS
 (in millions except per share data)
 Six Months Ended
 July 4, June 28,
 1993 1992
 (Unaudited) (Unaudited)
 REVENUES
 Product sales $1,916.1 $1,854.8
 Information systems and services 339.6 344.5
 TOTAL REVENUES 2,255.7 2,199.3
 Cost of revenues
 Products 1,229.3 1,172.9
 Information systems and services 248.8 258.9
 Marketing and administrative expenses 634.9 612.6
 Total operating costs and expenses 2,113.0 2,044.4
 OPERATING INCOME 142.7 154.9
 Interest expense (net of interest income) 85.9 117.6
 Other expense 5.5 3.5
 EARNINGS BEFORE INCOME TAXES, EXTRAORDINARY
 ITEM, AND CUMULATIVE EFFECTS OF CHANGES IN
 ACCOUNTING PRINCIPLES 51.3 33.8
 Income taxes 18.0 14.8
 NET EARNINGS BEFORE EXTRAORDINARY ITEM AND
 CUMULATIVE EFFECTS OF CHANGES IN ACCOUNTING
 PRINCIPLES 33.3 19.0
 Extraordinary loss from early extinguishment
 of debt --- (2.1)
 Cumulative effect to January 1, 1992, of
 change in accounting principle for
 postretirement benefits --- (249.8)
 Cumulative effect to January 1, 1992, of change
 in accounting principle for income taxes --- 12.2
 NET EARNINGS (LOSS $ 33.3 $ (220.7)
 NET EARNINGS (LOSS) APPLICABLE TO COMMON
 SHARES $ 27.4 $ (226.5)
 NET EARNINGS (LOSS) PER COMMON SHARE:
 Net earnings before extraordinary item and
 cumulative effects of changes in
 accounting principles $ .33 $ .19
 Extraordinary loss from early
 extinguishment of debt --- (.03)
 Cumulative effect adjustment for
 postretirement benefits --- (3.61)
 Cumulative effect adjustment for income
 taxes --- .18
 NET EARNINGS (LOSS) PER COMMON SHARE $ .33 $ (3.27)
 AVERAGE COMMON SHARES OUTSTANDING 83.5 69.2
 THE BLACK & DECKER CORPORATION AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEET
 (in millions)
 July 4, Dec. 31,
 1993 1992
 ASSETS
 Cash and cash equivalents $ 77.3 $ 66.3
 Trade receivables 771.3 815.0
 Inventories 891.2 746.8
 Other current assets 157.1 155.0
 TOTAL CURRENT ASSETS 1,896.9 1,783.1
 PROPERTY, PLANT AND EQUIPMENT 781.8 755.7
 GOODWILL 2,466.0 2,492.1
 OTHER ASSETS 385.5 361.0
 $ 5,530.2 $ 5,391.9
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Short-term borrowings $ 332.9 $ 350.7
 Current maturity of long-term debt 56.1 104.6
 Accounts payable 322.7 320.9
 Other accrued liabilities 621.6 713.9
 TOTAL CURRENT LIABILITIES 1,333.3 1,490.1
 LONG-TERM DEBT 2,377.2 2,108.5
 DEFERRED INCOME TAXES 48.9 42.3
 POSTRETIREMENT BENEFITS 303.4 297.8
 OTHER LONG-TERM LIABILITIES 385.3 379.2
 STOCKHOLDERS' EQUITY 1,082.1 1,074.0
 $ 5,530.2 $ 5,391.9
 /delval/
 -0- 7/27/93
 /CONTACT: Barbara B. Lucas, vp-Public Affairs, 410-716-2980, or Michael J. Allan, director-Investor Relations, 410-716-3979, both of Black & Decker/
 (BDK)


CO: Black & Decker Corporation ST: Maryland IN: HOU SU: ERN

MJ-LJ -- PH003 -- 6037 07/27/93 08:07 EDT
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Date:Jul 27, 1993
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