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BORG-WARNER SECURITY ANNOUNCES SECOND QUARTER RESULTS

 CHICAGO, Aug. 5 /PRNewswire/ -- Borg-Warner Security Corporation (NYSE: BOR) today reported pro forma net income from continuing operations of $7.9 million, or $0.34 per share, for the quarter ended June 30, 1993. Net income from continuing operations for the 1992 second quarter, on a comparable pro forma basis, was $7.2 million, or $0.31 per share. Revenue for the 1993 second quarter rose to $431.6 million, up 9 percent from $397.4 million in the year-earlier period.
 For the six months, pro forma 1993 net income from continuing operations totaled $14.4 million, or $0.62 per share, up 13 percent from $12.8 million, or $0.55 per share on a comparable basis in 1992. Six- month revenues totaled $857.1 million in 1993, versus $787.2 million in the previous year. Non-recurring charges of $266.4 million recorded in the first quarter, primarily a $250 million write- off of excess purchase price not associated with ongoing operations, resulted in a net loss of $252.0 million, or $11.13 per share, in 1993.
 Doanld C. Trauscht, Borg-Warner Security's chairman and chief executive officer, said that revenue for each of the company's operating units improved over the 1992 quarter, even though competitive and economic pressures remain intense.
 Chicago-based Borg-Warner Security Corporation is the largest, broadest-based supplier of security services in the United States. The company provides guard, alarm, armored transportation and courier services under the Wells Fargo, Burns and Pony Express names.
 BORG-WARNER SECURITY CORPORATION
 Summary Income Information
 (In millions, except per share)
 Three months ended June 30 1993 1992
 Revenue $431.6 $397.4
 Pro forma income from continuing operations 7.9 7.2
 Net Income 7.9 2.6
 Per Share -- Pro Forma 0.34 0.31
 Average shares outstanding -- Pro forma 23.3 23.4
 Six months ended June 30 1993 1992
 Revenue $857.1 $787.2
 Pro forma income form continuing operations 14.4 12.8
 Total non-recurring items (primarily a
 $250 million write-off of excess
 purchase price) (266.4) --
 Net loss (252.0) --
 Per share
 Pro forma income from continuing operations 0.62 0.55
 Net Loss (11.13) --
 Average shares outstanding -- Pro forma 23.3 23.4
 NOTE: Pro forma results have been adjusted to eliminate non- recurring administrative costs, interest expense, excess purchase price amortization, certain gains on asset sales, and special provisions following the various restructuring efforts.
 -0- 8/5/93
 /CONTACT: Joseph C. Allen of Borg-Warner Security Corp., 312-322-8836/
 (BOR)


CO: Borg-Warner Security Corporation ST: Illinois IN: SU: ERN

SM -- NY010 -- 9706 08/05/93 08:49 EDT
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Publication:PR Newswire
Date:Aug 5, 1993
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