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BORG-WARNER SECURITY REPORTS 32 PERCENT QUARTERLY EARNINGS GAIN

 CHICAGO, Nov. 2 /PRNewswire/ -- Borg-Warner Security Corp. (NYSE: BOR) today reported net income from continuing operations of $9.4 million, or $0.40 per share, for the quarter ended Sept. 30, 1993, a 32 percent increase from comparable pro forma net income from continuing operations of $7.1 million, or $0.30 per share, in the 1992 third quarter. Revenue for the 1993 third quarter totaled $436.6 million, up 10 percent from $397.7 million a year earlier.
 For the first nine months of 1993, pro forma net income from continuing operations rose to $23.8 million, or $1.02 per share, from $19.9 million, or $0.85 per share, on a comparable basis in 1992. Revenues for the first nine months of 1993 totaled $1,294.7 million, compared with $1.184.9 million in the 1992 period. Non-recurring charges of $268.9 million, primarily a $250 million write-off of excess purchase price not associated with ongoing operations recorded in the first quarter, resulted in a net loss of $245.1 million, or $10.79 per share, in the first nine months of 1993.
 Donald C. Trauscht, Borg-Warner Security's chairman and chief executive officer, said that the improved earnings reflected revenue growth in each of the company's operating units and the effects of continuing cost-reduction efforts.
 Chicago-based Borg-Warner Security Corp. 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
 Three months ended Sept. 30, 1993 and 1992
 (in millions, except per share)
 1993 1992
 Revenue $437.6 $397.7
 Pro forma income from continuing operations 9.4 7.1
 Net income 6.9 31.6
 Per share-pro forma 0.40 0.30
 Average shares outstanding-pro forma 23.3 23.4
 NINE MONTHS ENDED SEPT. 30, 1993 and 1992
 (in millions, except per share)
 1993 1992
 Revenue $1,294.7 $1,184.9
 Pro forma income from continuing operations 23.8 19.9
 Total non-recurring items (primarily a $250
 million write-off of excess purchase price) (268.9) 17.6
 Net income (loss) (245.1) 37.5
 Per share
 Pro forma income from continuing operations 1.02 0.85
 Net income (loss) (10.79) 1.91
 Average shares outstanding-pro forma 23.3 23.4
 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- 11/2/93
 /CONTACT: Joseph C. Allen of Borg-Warner, 312-322-8836/
 (BOR)


CO: Borg-Warner Security Corp. ST: Illinois IN: CPR SU: ERN

LG -- NY034 -- 9578 11/02/93 10:27 EST
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Publication:PR Newswire
Date:Nov 2, 1993
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