Printer Friendly

COMMERCIAL INTERTECH CORP. REPORTS FOURTH QUARTER/YEAR-END RESULTS

 COMMERCIAL INTERTECH CORP. REPORTS FOURTH QUARTER/YEAR-END RESULTS
 YOUNGSTOWN, Ohio, Dec. 18 /PRNewswire/ -- Commercial Intertech Corp. (NYSE: TEC) reported fourth quarter fiscal 1991 sales of $116,467,000, down 8.6 percent from the $127,446,000 reported in 1990. Sales for the entire fiscal year ended Oct. 31, 1991 were $436,961,000, down 3.6 percent from last year's $453,075,000. The continuing global recession primarily accounts for the decline. Had currency exchange rates remained constant with those of 1990, the sales decline would have been 4.6 percent for the fourth quarter and 5.3 percent for the year.
 Net income in the fourth quarter was $5,646,000, or $0.41 per share ($0.39 fully diluted), down 6.7 percent from $6,048,000 last year. The year's net income was $20,118,000, or $1.39 per share ($1.32 fully diluted) from continuing operations (before the effect of accounting changes) compared with $27,607,000, or $2.04 per share ($1.96 fully diluted) in 1990.
 As many other companies have done, Commercial's board of directors elected to implement Financial Accounting Standards Board (FASB) Statement 106, Accounting for Post-Retirement Benefits. While FASB will not require election of Statement 106 until the end of fiscal year 1994, Commercial can take advantage of up-front savings and avoid a significant drag on future earnings by implementing the change now. FASB 106 requires an additional non-cash charge of $9 million, or $0.91 a share, in 1991, which reduces total 1991 net income to $11,103,000 or $0.48 a share (both primary and fully diluted). First quarter 1991 results have been restated in accordance with FASB requirements producing a restated net loss of $1,374,000 in the first quarter 1991, or $0.30 a share. Net income from first quarter 1991 continuing operations remains at $7,641,000, or $0.61 per share ($0.57 fully diluted).
 Paul J. Powers, chairman, president and CEO, said, "While the 1991 financial results for the year were disappointing, we continued to build for future growth. Operations in Brazil and the U.K. were restructured, new products were developed, long-term debt was reduced $15 million, while capital expenditures of $20 million were invested in upgrading our operations. When the economy begins to recover, we expect improved earnings as a result of past cost control efforts and marketing programs."
 In early December the company announced the acquisition of the assets of Bioken Separations, a manufacturer of proprietary cross-flow membrane systems. The new business unit will operate under Cuno management as the Cuno Separations Systems Division. This division expands Cuno's broad range of filtration products to now include ultrafiltration.
 Commerical Intertech is a leading manufacturer of hydraulic components, fluid purification products, pre-engineered metal buildings and stamped metal products.
 -0- 12/18/91
 /CONTACT: P.N. Winkelstern of Commercial Intertech, 216-746-8011/
 (TEC) CO: Commerical Intertech ST: Ohio IN: MAC SU: ERN


KK -- CL011 -- 3404 12/18/91 12:08 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 18, 1991
Words:500
Previous Article:AT&T DECLARES DIVIDEND
Next Article:CHAMBERS SIGNS CONTRACT FOR NEW FLORIDA LANDFILL
Topics:


Related Articles
COMMERCIAL INTERTECH CORP. ADDENDUM TO SECOND QUARTER SALES
CUNO Reports Fiscal 1996 & Fourth Quarter Results
Commercial Intertech Reports Record 1998 Fourth Quarter & Annual Results.
Commercial Intertech Provides Update on Fiscal 1999 First Quarter; Announces Actions.
Commercial Intertech Reports Fiscal 1999 First Quarter Results.
Commercial Intertech Reports Fiscal 1999.
Commercial Intertech Comments on Current Business Conditions.
Commercial Intertech Reports Fiscal 1999 Third Quarter & Nine Months Results.
Commercial Intertech Provides Update on Fiscal 1999 and Fourth Quarter.
Commercial Intertech Reports Fiscal 1999 Fourth Quarter And Annual Results.

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