Printer Friendly

CHEMICAL LEAMAN ANNOUNCES SECOND QUARTER 1992 RESULTS

 CHEMICAL LEAMAN ANNOUNCES SECOND QUARTER 1992 RESULTS
 EXTON, Pa., Aug. 18 /PRNewswire/ -- Chemical Leaman Corporation


(NASDAQ: CLEA), a trucking company, today reported second quarter revenues of $59,653,764 compared to $56,318,316 in the prior year's quarter.
 Earnings increased to $1,360,050 or $1.52 per share from $190,832 or $.21 per share. For the six-month period, revenues were $114,824,760, up from $111,588,486 in the prior year. Earnings in 1992 were $606,059 or $.68 per share compared to a loss of $169,227 or $.19 per share in 1991.
 Chemical Leaman President David R. Hamilton reported, "We are very pleased with the reported results which represent a continuation of a trend of improving operating profitability begun in the second half of 1991. Year-to-date results would have been more favorable but for a loss recorded in the first quarter of the year as a result of restructuring of our operations at a major terminal in Charleston, West Virginia."
 The company also announced the execution of an exchange agreement between two of its shareholders and the company providing for the exchange of an aggregate of 130,631 shares of common stock of the company owned by such shareholders for 130 shares of its newly created Series A Preferred Stock.
 This stock has a $20,000 per share stated value, a 6 percent cumulative dividend rate, and no voting rights other than the right to elect, as a class, one director. In addition, the Series A Preferred Stock is also subject to put and call rights.
 Chemical Leaman Corporation is a Fortune 500 service company and the nation's largest bulk commodity distribution company that provides transportation of liquid, dry and gaseous bulk commodities; tank container hauling and maintenance; cleaning services for industrial transportation equipment and technical assistance in handling commodities in bulk. Its services are available in 49 states, Canada and Mexico.
 CHEMICAL LEAMAN CORPORATION AND SUBSIDIARIES
 Three months ended June 28, 1992 June 30, 1991
 Operating revenue $59,653,764 $56,318,316
 Net income 1,360,050 190,832
 Net income per share $1.52 $.21
 Weighted average common and common
 equivalent shares outstanding 895,665 895,665
 Six months ended June 28, 1992 June 30, 1991
 Operating revenue $114,824,760 $111,588,486
 Net income (loss) 606,059 (169,227)
 Net income (loss) per share $.68 ($.19)
 Weighted average common and common
 equivalent shares outstanding 895,665 895,665
 /delval/
 -0- 8/18/92
 /CONTACT: Charles E. Fernald Jr., senior vice president-finance of Chemical Leaman, 215-363-4215/
 (CLEA) CO: Chemical Leaman Corporation ST: Pennsylvania, West Virginia IN: TRN SU: ERN


MP-LJ -- PH007 -- 0855 08/18/92 09:48 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 18, 1992
Words:448
Previous Article:HADSON ANNOUNCES EFFECTIVENESS OF AMENDMENT TO ITS PLAN OF REORGANIZATION
Next Article:METHANEX CORP. ANNOUNCES MAJOR CORPORATE DEVELOPMENTS
Topics:


Related Articles
CHEMICAL LEAMAN CORPORATION ANNOUNCES THIRD QUARTER 1991 RESULTS
CHEMICAL LEAMAN ANNOUNCES 1991 RESULTS
CHEMICAL LEAMAN ANNOUNCES FIRST QUARTER 1992 RESULTS
HAUSER REPORTS REVENUES AND EARNINGS SHARPLY UP FOR FIRST QUARTER OF FISCAL 1993
CHEMICAL LEAMAN CORPORATION ANNOUNCES THIRD QUARTER 1992 RESULTS
OCCIDENTAL PETROLEUM CORP. ANNOUNCES 1993 SECOND QUARTER RESULTS
S&P Assigns Chemical Leaman 'B' Sr Debt, 'B+' Corporate Credit Ratings - Standard & Poor's CreditWire -
MTL, Chemical Leaman Ratings Put on S&PWatch Negative Re:Merger
GATX Announces Acquisition of Leaman Logistics, Inc. and The Formation of the GATX Chemical Logistics Group.
ChemConnect Appoints Joseph Morrissey as Vice President of Customer Service.

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