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BLACK & DECKER REPORTS SALES AND EARNINGS GAINS IN SECOND QUARTER; DECLARES QUARTERLY DIVIDEND

 BLACK & DECKER REPORTS SALES AND EARNINGS GAINS
 IN SECOND QUARTER; DECLARES QUARTERLY DIVIDEND
 TOWSON, Md., July 22 /PRNewswire/ -- The Black & Decker Corporation (NYSE: BDK) today announced net earnings for the second quarter of 1992 of $12.2 million or $.12 per common share compared to $7.3 million or $.11 per common share in the same quarter of 1991.
 Net earnings included non-recurring charges of approximately $5 million for the write-off of debt issuance costs related to bank debt repaid with proceeds of the corporation's recent equity offering and expenses related to a proposed initial public offering of PRC. The corporation decided not to proceed with the PRC offering during the quarter because of prevailing market conditions. These non-recurring charges were partially offset by approximately $2 million of gains on the final settlement of a prior divestiture.
 Net earnings for the first six months of 1992 were $21.2 million or $.22 per common share, compared to $11.4 million or $.18 per common share for the same period last year.
 On May 1, 1992, the corporation closed on the sale of 20.7 million shares of common stock. Net proceeds of approximately $465 million were used to reduce debt. Following the offering, Standard & Poor's Corporation and Moody's Investor Service upgraded their ratings on the corporation's long-term debt.
 Revenues of $1.13 billion for the second quarter were 2 percent higher than in the second quarter of 1991. Revenues for the first six months of $2.20 billion were essentially unchanged from $2.19 billion in the same period last year.
 The corporation also announced that the board of directors declared the regular quarterly cash dividend of $.10 per common share, payable Sept. 25, 1992, to stockholders of record on Sept. 11, 1992.
 Commenting on the results, Nolan D. Archibald, chairman and chief executive officer, said: "Sales increased during the quarter despite the difficult economic environment, and we remain well positioned in our major markets. Despite a lackluster housing market, gross margins have increased in our U.S. power tools and security hardware businesses this year. These improvements, however, have not fully offset the effects of poor economic conditions in Europe, Canada, Australia and certain other markets.
 "We are managing inventories aggressively, and lower production volume, particularly in Europe, is among the factors that have affected our operating income. In addition, overcapacity in the worldwide electronics industry has had a significant negative impact on Dynapert, and PRC has been adversely affected by weakness in some of its commercial markets.
 "The corporation's expenses remain under good control and reflect planned increases in promotional and other marketing-related spending to stimulate consumer product sales and to continue to develop new business opportunities at PRC.
 "We have benefited significantly this year from lower U.S. interest rates and from our equity offering, which has enabled us to further strengthen our balance sheet. The equity offering, along with tax strategies implemented during 1991, has also had a positive effect on our tax rate compared to last year."
 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
 Second quarter ended June 28, 1992
 Summary of Consolidated Earnings
 (Unaudited; in millions, except per-share data)
 Three months ended June 28, 1992 June 30, 1991 Pct. Change
 Product sales $958.3 $943.2 2
 Information systems
 and services 174.5 163.3 7
 Total revenues 1,132.8 1,106.5 2
 Operating income 79.4 93.4 (15)
 Interest and other expense 60.2 77.5 (22)
 Earnings before income taxes 19.2 15.9 21
 Income taxes 7.0 8.6 (19)
 Net earnings 12.2 7.3 67
 Net earnings per common
 share(A) .12 .11 9
 Average shares
 outstanding(A) 78.2 61.7 ---
 Six months ended June 28, 1992 June 30, 1991 Pct. Change
 Product sales $1,854.8 $1,873.8 (1)
 Information systems
 and services 344.5 320.3 8
 Total revenues 2,199.3 2,194.1 ---
 Operating income 159.2 184.4 (14)
 Interest and other expense 123.2 159.0 (23)
 Earnings before income taxes 36.0 25.4 42
 Income taxes 14.8 14.0 6
 Net earnings 21.2 11.4 86
 Net earnings per common
 share(A) .22 .18 22
 Average shares
 outstanding(A) 71.3 61.6 ---
 (A) Earnings per common share for each period presented are computed by dividing net earnings (after deducting preferred stock dividends of $2.9 million and $5.8 million for the three months and six months ended June 28, 1992) by the weighted average number of common shares outstanding (including common stock equivalents for stock options and the employee stock purchase plan) for each period.
 THE BLACK & DECKER CORPORATION AND SUBSIDIARIES
 Consolidated Balance Sheet
 (Unaudited; dollars in millions)
 Assets: June 28, 1992 Dec. 31, 1991
 Cash and cash equivalents $69 $75
 Trade receivables 774 763
 Inventories 816 760
 Property, plant and equipment 725 731
 Goodwill 2,631 2,703
 Other assets 515 501
 Total $5,530 $5,533
 Liabilities and Stockholders' Equity:
 Short-term borrowings,
 including current maturity of
 long-term debt $250 $245
 Long-term debt 2,328 2,626
 Total debt 2,578 2,871
 Payables and accruals 1,479 1,635
 Stockholders' equity 1,473 1,027
 Total $5,530 $5,533
 /delval/
 -0- 7/22/92
 /CONTACT: Barbara B. Lucas, v.p.-public affairs of Black & Decker, 410-583-2980/
 (BDK) CO: The Black & Decker Corporation ST: Maryland IN: HOU SU: ERN


CC -- PH006 -- 1695 07/22/92 08:48 EDT
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Date:Jul 22, 1992
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