Printer Friendly

BLISS & LAUGHLIN INDUSTRIES REPORTS SECOND-QUARTER PROFIT

 BLISS & LAUGHLIN INDUSTRIES REPORTS SECOND-QUARTER PROFIT
 HARVEY, Ill., April 30 /PRNewswire/ -- Bliss & Laughlin Industries


Inc. (NASDAQ-NMS: BLIS) today reported a profit in its second fiscal quarter ended March 31, 1992.
 Net income for the second quarter was $183,000, or 5 cents per share, compared with a net loss of $429,000, or 11 cents per share, a year earlier. Net sales rose 9 percent to $32,827,000 from $30,068,000.
 For the six months ended March 31, 1992, the net loss was $121,000, or 3 cents per share, a significant improvement over the net loss of $693,000, or 17 cents per share, reported in the 1991 six-month period. Net sales amounted to $59,305,000 in the 1992 six months vs. $59,224,000.
 Chairman and Chief Executive Officer Gregory H. Parker said improved performance in the second quarter and six months reflects the company's cost-cutting measures, lower interest rates and slightly higher volume.
 "Our return to profitability in this quarter after 15 months in the red is encouraging," he said, "but we're still far below acceptable levels of profitability. Ongoing pricing pressures continue to be a major problem."
 As previously announced, the company and Union Drawn Steel Company Ltd. in February signed an expression of intent to form a new Canadian company which may acquire the outstanding common stock of Union Drawn Steel Company Ltd. and certain assets of Bliss & Laughlin Industries' wholly owned subsidiary, Canadian Drawn Steel Company Inc. Negotiations are progressing with two lending sources, which if successfully completed, will supply the necessary funds to finance the proposed transaction. It also remains subject to the negotiation and execution of a definitive agreement, the approval of the parties' lenders and certain other conditions.
 George Binnie, vice president of Stelco Inc., has been elected to the Bliss & Laughlin Industries' board of directors to fill the unexpired term of T. Raymond Meadowcroft, executive vice president of Stelco, who has announced his retirement from that company.
 Headquartered in Harvey, Bliss & Laughlin Industries Inc. is a manufacturer of cold finished steel bars, producing the widest range of grades, sizes and shapes in the industry.
 BLISS & LAUGHLIN INDUSTRIES INC. AND SUBSIDIARIES
 Consolidated Statements of Income
 (Unaudited; in thousands, except per-share data)
 Periods ended Three Months Six Months
 March 31 1992 1991 1992 1991
 Net sales $32,827 $30,068 $59,305 $59,224
 Income (loss) before income taxes 314 (689) (147) (1,105)
 Income tax (provision) benefit (131) 260 26 412
 Net income (loss) 183 (429) (121) (693)
 Net income (loss) per share $.05 $(.11) $(.03) $(.17)
 Average shares outstanding 3,970 3,970 3,970 3,970
 -0- 4/30/92
 /CONTACT: George W. Fleck, VP and CFO of Bliss & Laughlin Industries, 312-264-1800, or Liz Howells of Doremus & Company, 312-321-1377, for Bliss & Laughlin Industries/
 (BLIS) CO: Bliss & Laughlin Industries Inc. ST: Illinois IN: MNG SU: ERN


SH-CK -- NY040 -- 4852 04/30/92 10:57 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 30, 1992
Words:488
Previous Article:AT&T AND IOMEGA WIN 1992 SHINGO PRIZE FOR EXCELLENCE IN AMERICAN MANUFACTURING
Next Article:PROVIDENCE AND WORCESTER RAILROAD COMPANY DECLARES DIVIDEND


Related Articles
BLISS & LAUGHLIN INDUSTRIES REPORTS RESULTS FOR FOURTH QUARTER AND YEAR
BLISS & LAUGHLIN INDUSTRIES REPORTS FISCAL 1992 FIRST QUARTER RESULTS
BLISS & LAUGHLIN INDUSTRIES REPORTS THIRD QUARTER PROFIT VS LOSS IN 1991 PERIOD
BLISS & LAUGHLIN INDUSTRIES REPORTS PROFITABLE FOURTH QUARTER AND YEAR VERSUS LOSSES IN 1991; NET SALES IN THE THREE MONTH PERIOD UP 16 PERCENT
BLISS & LAUGHLIN INDUSTRIES REPORTS FISCAL 1993 FIRST-QUARTER RESULTS
BLISS & LAUGHLIN INDUSTRIES' SECOND-QUARTER SALES HIGHEST IN COMPANY'S HISTORY
BLISS & LAUGHLIN INDUSTRIES REPORTS FISCAL 1993 THIRD QUARTER RESULTS
BLISS & LAUGHLIN INDUSTRIES REPORTS FISCAL 1994 FIRST QUARTER RESULTS
BLISS & LAUGHLIN INDUSTRIES REPORTS FISCAL 1994 SECOND QUARTER RESULTS
BLISS & LAUGHLIN INDUSTRIES REPORTS FISCAL 1995 SECOND QUARTER AND SIX MONTHS RECORD RESULTS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters