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COLTEC INDUSTRIES REPORTS RESTATED FOURTH QUARTER AND 12 MONTH RESULTS

 NEW YORK, Feb. 24 /PRNewswire/ -- Coltec Industries Inc. (NYSE: COT) has restated its earnings release for the fourth quarter and year ended Dec. 31, 1992, to include its Central Moloney Transformer Division as a continuing operation within the industrial segment as a result of the termination of the agreement to sell its Central Moloney Transformer Division to Kuhlman Corporation.
 Earnings per share before extraordinary item for the fourth quarter of 1992 were 35 cents compared with a loss of 16 cents in the 1991 fourth quarter. For the year ended Dec. 31, 1992, earnings per share before extraordinary item were $1.11 compared with 9 cents in 1991.
 Sales for the quarter ended Dec. 31, 1992, were $340.5 million compared with $340.4 million in the comparable quarter last year. Operating income for the 1992 fourth quarter was $65.8 million compared with $57.0 million in the 1991 fourth quarter. Operating income increased 15 percent over the 1991 fourth quarter, and the company's operating margin improved to 19.3 percent in the 1992 fourth quarter from 16.7 percent in 1991.
 Sales for the year ended Dec. 31, 1992, were $1,368.7 million compared with $1,373.0 million last year. Operating income for 1992 was $243.1 million compared with $229.0 million in 1991. Operating income increased 6 percent over 1991, and the company's operating margin improved to 17.8 percent in 1992 from 16.7 percent in 1991.
 For the year ended Dec. 31, 1992, both sales and operating income in the aerospace/government segment declined 7 percent. In the automotive segment, operating income improved 44 percent on an 8 percent sales increase; and in the industrial segment, operating income increased 5 percent on slightly higher sales.
 Earnings before extraordinary item for the 1992 fourth quarter, reflecting an effective income tax rate of 35 percent, were $24.2 million compared with a loss of $3.9 million in the 1991 fourth quarter. The 1991 fourth quarter included substantial interest expense that was reduced significantly by the recapitalization completed on April 1, 1992. Giving pro forma effect to the recapitalization as if it had occurred on Jan. 1, 1991, the company would have reported earnings before extraordinary item for the 1991 fourth quarter of $10.5 million, or 15 cents per share.
 In the 1992 fourth quarter, the company reported net earnings of $22.6 million which included an extraordinary charge of $1.6 million (2 cents per share) for the write-off of deferred financing costs from early extinguishment of debt and from a debt refinancing.
 Earnings before extraordinary item for 1992 were $64.7 million compared with 2.2 million in 1991. The lower 1991 earnings reflected substantial interest expense, reduced significantly by the recapitalization. Giving pro forma effect to the recapitalization as if it had occurred on Jan. 1, 1991, the company would have reported earnings before extraordinary item for 1992 of $82.4 million, or $1.19 per share, compared with $56.5 million, or 82 cents per share, in 1991.
 For the year ended Dec. 31, 1992, the company reported a net loss of $42.2 million, which included extraordinary charges of $106.9 million ($1.83 per share), of which $105.3 million was incurred in the second quarter in connection with the recapitalization, primarily for premiums, expenses and write-off of deferred financing costs from early extinguishment of debt.
 Coltec Industries Inc. is a New York-based manufacturing company serving aerospace, automotive and other industrial markets.
 COLTEC INDUSTRIES INC. AND SUBSIDIARIES
 Summary Consolidated Statement of Earnings(A)
 (Unaudited -- In thousands, except per share data)
 Periods Ended Three Months 12 Months
 Dec. 31 1992 1991 1992 1991
 Net sales $340,533 $340,390 $1,368,703 $1,372,979
 Costs & expenses 274,721 283,390 1,125,581 1,143,959
 Operating income 65,812 57,000 243,122 229,020
 Dividend income -- -- -- 1,431
 Earns. before int., inc.
 taxes & extraord. item 65,812 57,000 243,122 230,451
 Interest, net 28,564 49,928 135,862 199,942
 Earns. bef. inc. taxes
 & extraord. item 37,248 7,072 107,260 30,509
 Prov. for inc. taxes 13,037 10,985 42,577 28,300
 Earns. (loss) bef.
 extraord. item (B) 24,211 (3,913) 64,683 2,209
 Extraordinary item (C) (1,583) -- (106,930) 591
 Net earnings (loss) 22,628 (3,913) (42,247) 2,800
 Earns. (loss) per common
 share
 Bef. extraord. item(B) $.35 $(.16) $1.11 $.09
 Extraord. item (C) (.02) -- (1.83) .02
 Net earnings (loss) $.33 $(.16) $(.72) $.11
 Avg. no. of common & common
 equiv. shares 69,545 25,000 58,413 25,000
 (A) The unaudited summary consolidated statement of earnings for the first quarter of 1992 and for the 12 months of 1991 reflects the interest and finance cost related to the outstanding 14-3/4 percent senior discount debentures of Coltec Holdings Inc. because the net proceeds of the issuance and sale of senior notes and senior subordinated notes by the company in April 1992, together with bank borrowings, were used to repay such indebtedness.
 Earnings (loss) per common share for the 12 months ended Dec. 31, 1992, does not equal the sum of earnings (loss) per common share for each of the four quarters of 1992 due to the public offering of 44.3 million shares of common stock in the April 1992 recapitalization.
 (B) Giving pro forma effect to the April 1992 recapitalization as if it had occurred on Jan. 1, 1991, the company would have reported earnings before extraordinary item as follows:
 (In millions, except per share data)
 Periods Ended Three Months 12 Months
 Dec. 31 1991 1992 1991
 Earnings before interest,
 income taxes and
 extraordinary item $57.0 $243.1 $230.4
 Interest, net 28.1 116.7 117.6
 Earnings before income taxes
 and extraordinary item 28.9 126.4 112.8
 Provision for income taxes 18.4 44.0 56.3
 Earnings before extraord. item 10.5 82.4 56.5
 Earnings per common share
 before extraordinary item $.15 $1.19 $.82
 (C) The extraordinary charge for the three months ended Dec. 31, 1992, reflects the write-off of deferred financing costs from early extinguishment of debt and from a debt refinancing. In addition, the 12 months ended Dec. 31, 1992, included an extraordinary charge incurred in the second quarter in connection with the April 1992, recapitalization, primarily for premiums, expenses and write-off of deferred financing costs from early extinguishment of debt.

 COLTEC INDUSTRIES INC. AND SUBSIDIARIES
 Industry Segment Information
 (Unaudited -- In millions)
 Periods Ended Three Months 12 Months
 Dec. 31 1992 1991 1992 1991
 Sales:
 Aerospace/government $129.2 $136.2 $523.7 $562.8
 Automotive 102.8 96.0 402.6 372.6
 Industrial 108.6 108.7 443.8 439.3
 Intersegment elimination (.1) (.5) (1.4) (1.7)
 Total 340.5 340.4 1,368.7 1,373.0
 Operating income:
 Aerospace/government $ 27.1 $ 29.1 $102.1 $109.6
 Automotive 24.6 14.9 85.1 59.3
 Industrial 22.0 19.4 84.4 80.2
 Total segments 73.7 63.4 271.6 249.1
 Corporate unallocated (7.9) (6.4) (28.5) (20.1)
 Operating income 65.8 57.0 243.1 229.0
 -0- 2/24/93
 /CONTACT: Michael Dunn of Coltec Industries, 212-940-0523/
 (COT)


CO: Coltec Industries Inc. ST: New York IN: ARO SU: ERN

SH-PS -- NY006 -- 9774 02/24/93 09:26 EST
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Date:Feb 24, 1993
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