Printer Friendly

CALGON CARBON ANNOUNCES 1Q RESULTS

 PITTSBURGH, April 19 /PRNewswire/ -- Calgon Carbon Corporation (NYSE: CCC) announced financial results for the first quarter ended March 31, 1994.
 Net sales of $62.50 million were below the first quarter 1993 sales by 1.9%, while net income of $2.34 million was below the comparable 1993 quarter by 54.6%. Net income per common share of $.06 declined by 53.8% from the first quarter of 1993.
 First quarter sales and net income were adversely affected by weak customer demand, competitive pressures worldwide and unusually severe weather in the United States. In addition, the strength of the U.S. dollar relative to European currencies had an adverse year-to-year impact of $0.8 million on sales.
 January and February were particularly slow, and certain U.S. customers requested delays in shipments of carbon or had reduced requirements because of weather conditions. The unfavorable effect on sales was $2.1 million. However, some sales that were delayed will likely occur later in 1994. Combined sales in the first two months of the quarter were $36.20 million, compared to $26.30 million in March. Activated carbon sales to manufacturers of military and industrial respirators declined $1.4 million from the comparable period in 1993.
 The severe cold also disrupted operations at the company's Big Sandy plant, resulting in higher energy, maintenance and labor costs for the quarter. Other plants were affected by the weather to a lesser degree. In total, the adverse manufacturing cost effect was $1.0 million. In addition, cold and wet weather in Central Europe had an adverse effect on charcoal sales, which were down by 14.5% from the first quarter of 1993.
 Although recessionary conditions prevail in certain markets, sales increases were recorded in select markets in Europe and the U.S. Sales to water companies in the U.K. were strong, both for activated carbon and reactivation services. Sales to the food and chemical industries in the U.S. increased by 11% and 7%, respectively.
 In response to growing demand for reactivation services in Japan, Calgon Far East Co. Ltd. dedicated a reactivation plant at Fukui, Japan, earlier this month. The plant has an annual capacity for regeneration of 4.4 million pounds of spent activated carbon from industrial wastewater applications or 6.6 million pounds from potable water treatment.
 Calgon Carbon Corporation
 Condensed Consolidated Statement of Income
 (Dollars in millions except per share data)
 (Unaudited)
 Quarter Ended
 March 31
 1994 1993
 Net Sales $ 62.50 $ 63.73
 Cost of Products Sold 41.41 37.95
 Depreciation 4.80 4.86
 Selling, Administrative
 and Research 12.08 12.25
 58.29 55.06
 Income from Operations 4.21 8.67
 Interest Income
 (Expense) - Net .02 (.22)
 Other Income
 (Expense) - Net (.58) (.54)
 Income Before Income Taxes 3.65 7.91
 Provision for Income Taxes 1.31 2.74
 Net Income $ 2.34 $ 5.17
 Net Income per Common
 Share $ .06 $ .13
 Weighted Average Shares
 Outstanding (Thousands) 40,989 40,964
 -0- 4/19/94
 /CONTACT: G.A. Gerono of Calgon Carbon, 412-787-6795/
 (CCC)


CO: Calgon Carbon Corporation ST: Pennsylvania IN: MNG SU: ERN

CD -- PG014 -- 8210 04/19/94 13:35 EDT
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 19, 1994
Words:528
Previous Article:MELLON BANK CORPORATION DECLARES QUARTERLY DIVIDENDS
Next Article:VERITUS, CONNECTICUT MUTUAL REACH AGREEMENT ON SALE OF GROUPAMERICA INSURANCE COMPANY
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters