BMC INDUSTRIES REPORTS THIRD QUARTER RESULTS
BMC INDUSTRIES REPORTS THIRD QUARTER RESULTS MINNEAPOLIS, Oct. 15 /PRNewswire/ -- BMC Industries, Inc.
(NYSE: BMC) announced today net earnings for the three months ended Sept. 30, 1992 of $898,000 or $.16 per share. This compared on an equivalent basis to $549,000 or $.10 per share for the same period in 1991. Net earnings for the nine months ended Sept. 30, 1992 were $4,558,000 or $.80 per share, compared on an equivalent basis to $3,030,000 or $.55 per share in 1991.
Equivalent results for the prior year's third quarter exclude a tax benefit of $700,000 or $.12 per share from a reduction of previously recorded liabilities for withholding taxes on future repatriation of earnings from BMC's German subsidiary, due to a withholding-rate reduction in a new tax treaty with Germany, ratified in the third quarter of 1991. $591,000 or $.11 per share of this amount related to years prior to 1991, and was therefore excluded from equivalent results for the prior year's nine months. Equivalent results for the prior year's nine months also exclude net earnings from equipment and technology sales of $4,033,000 or $.73 per share, as well as a charge of $1,374,000 or $.25 per share for management transition expenses. Reported prior year's net earnings including the above items were $1,247,000 or $.22 per share for the third quarter of 1991, and $6,280,000 or $1.13 per share for the first nine months of 1991. 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 Nine Months Ended 9/30/92 9/30/91 9/30/92 9/30/91 Net sales $42,795 $42,534 $136,527 $149,174 Operating costs and expenses Cost of products sold 37,798 37,152 117,547 125,170 Selling 1,908 1,985 6,074 6,067 Administrative 817 974 3,253 4,279 Total operating costs and expenses 40,523 40,111 126,874 135,516 Income from operations 2,272 2,423 9,653 13,658 Other (income) and expenses Interest expense 1,708 2,224 5,266 6,537 Interest (income) (64) (121) (210) (258) Foreign exchange (gains) (12) (297) (273) (195) Earnings before income taxes 640 617 4,870 7,574 Income tax provision (benefit) (258) (630) 312 1,294 Net earnings $898 $1,247 $4,558 $6,280 Net earnings per share $.16 $.22 $.80 $1.13 Number of shares included in per share computation 5,932 5,667 5,793 5,549 Note: Net earnings for the three months ended Sept. 30, 1991 included a tax benefit of $700 or $.12 per share from a reduction of previously recorded liabilities for withholding taxes on future repatriation of earnings from BMC's German subsidiary, due to a withholding-rate reduction in a new tax treaty with Germany, ratified in the third quarter of 1991. $591,000 or $.11 per share of this amount related to years prior to 1991. Net sales and net earnings for the first nine months of 1991 included, in addition to the tax benefit mentioned above, $15,115,000 and $4,033,000 and $.73 per share, respectively, from the sale of equipment and technology, as well as a charge of $1,374,000 or $.25 per share for management transition costs. -0- 10/15/92 /CONTACT: Merle D. Kerr of BMC Industries, 612-851-6020/ (BMC) CO: BMC Industries, Inc. ST: Minnesota IN: SU: ERN
AL -- MN011 -- 0404 10/15/92 12:10 EDT
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|Date:||Oct 15, 1992|
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