BRAND REPORTS THIRD QUARTER RESULTS
BRAND REPORTS THIRD QUARTER RESULTS WESTCHESTER, Ill., Oct. 13 /PRNewswire/ -- The Brand Companies, Inc.
(NASDAQ: BRAN) today reported third quarter net income of $4.1 million compared to $5.3 million in the same quarter of 1991. Earnings per share were $.18 per share, compared with $.24 per share in the year-ago period. Revenue increased to $108.9 million compared with $99.5 million in the last year's third quarter.
For the nine months ended Sept. 30, 1992, Brand earned $15.9 million, compared to $15.1 million earned in the first nine months of 1991. Earnings per share increased to $.70 per share, up from $.69 in the same period of 1991. Revenue increased to $321.9 million from $298.6 million in the first nine months of 1991. As previously announced, results for both the third quarter and the nine month period include costs in connection with the closing of certain asbestos abatement offices and the reorganization of the asbestos abatement business. These costs include additional salary and severance costs, lease costs and costs related to office closure. These closure costs impacted results in 1992 by approximately $2.3 million on after tax basis or $.10 per share. In addition, the company recently announced that it completed the acquisition of the scaffolding division of SGB Construction Services, Inc. The acquired business, which provides scaffolding design, equipment rental and sale, and erection and dismantlement services to the petrochemical, construction and maintenance industries in the southern portion of the U.S., is expected to add substantially to Brand's scaffolding operation. Victor J. Barnhart, president and chief executive officer of the company, commented, "We continue to increase our focus on the industrial marketplace and providing high quality services to our customers. Overall, we are pleased with the performance of the company and feel we are well positioned to take advantage of future opportunities." The Brand Companies, Inc. is a leading company providing services to a broad base of industrial, commercial and institutional customers. Brand's service network includes scaffolding, industrial cleaning, marine construction, specialty nuclear services, asbestos abatement and dismantling. The Brand Companies, Inc. is a subsidiary of Chemical Waste Management, Inc. and is one of the Waste Management, Inc. family of companies. THE BRAND COMPANIES, INC. Consolidated Statements of Income (Dollars in Thousands Except Per Share Data) Period ended Three Months Nine Months Sept. 30 1992 1991 1992 1991 Revenue $108,948 $99,460 $321,870 $298,649 Costs & expenses: Cost of operations $ 84,538 $75,694 $243,108 $229,940 Selling, general & administrative 16,772 14,236 50,846 41,783 Interest expense, net 664 767 2,061 2,267 Sundry expense (income),net 266 38 (244) (347) Income before income taxes $ 6,708 $ 8,725 $ 26,099 $ 25,006 Provision for income taxes 2,602 3,385 10,126 9,897 Net income $ 4,106 $ 5,340 $ 15,973 $ 15,109 Average shares and equivalent shares outstanding 22,583 22,522 22,848 21,954 Earnings per common and common equivalent share $ .18 $ .24 $ .70 $ .69 -0- 10/13/92 /CONTACT: Harold W. Ingalls of the Brand Companies, 708-947-3502/ (BRAN) CO: Brand Companies, Inc. ST: Illinois IN: SU: ERN
AH -- NY012 -- 9141 10/13/92 09:04 EDT
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|Date:||Oct 13, 1992|
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