BMC INDUSTRIES REPORTS FIRST QUARTER RESULTS
BMC INDUSTRIES REPORTS FIRST QUARTER RESULTS MINNEAPOLIS, April 21 /PRNewswire/ --BMC Industries, Inc.
(NYSE: BMC), announced today first quarter 1992 net earnings of $726,000 or $.13 per share, compared to $484,000 or $.09 per share in the first quarter of 1991. The first quarter of 1991 included $107,000 or $.02 per share net earnings from the sale of equipment and technology.
Paul B. Burke, BMC's CEO, stated, "Overall first quarter results were consistent with our expectations. We are pleased with the significant improvement in comparable divisional operating earnings (excluding the prior-years equipment earnings). The improvement was due primarily to BMC's Cortland, New York, aperture mask operation and Vision-Ease Lens operation exceeding last year's first quarter performance and this year's plan. Our German mask operation was negatively impacted by the soft economy in Europe particularly hindering large size mask sales." BMC Industries, Inc., designs, manufactures and markets products in two primary business segments: precision etched components, including aperture masks, specialty circuit boards and electroformed parts; and glass, plastic and polycarbonate eyewear lenses under the Vision-Ease name. BMC INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) (In thousands, except per share amounts) Three Months Ended 3/31/92 3/31/91 Net sales $47,207 $44,490 Operating costs and expenses Cost of products sold 40,810 38,215 Selling 2,055 2,081 Administrative 1,490 1,071 Total operating costs and expenses 44,355 41,367 Income from operations 2,852 3,123 Other (income) and expenses Interest expense 1,852 2,229 Interest (income) (95) (47) Foreign exchange losses (gains) 247 (21) Earnings before income taxes 848 962 Provision for income taxes 122 478 Net earnings $726 $484 Net earnings per share $.13 $.09 Number of shares included in per share computation 5,803 5,361 -0- 4/21/92 /CONTACT: Merle D. Kerr of BMC, 612-851-6020/ (BMC) CO: BMC Industries, Inc. ST: Minnesota IN: CPR SU: ERN
KH -- MN014 -- 0607 04/21/92 11:37 EDT
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|Date:||Apr 21, 1992|
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