Printer Friendly

COOPER TIRE ANNOUNCES RECORD SALES AND STRONG OPERATIONS

 FINDLAY, Ohio, Feb. 15 /PRNewswire/ -- Cooper Tire & Rubber Company (NYSE: CTB) announced strong operating results for the fourth quarter and full year of 1992.
 For the fourth quarter of 1992 sales increased 16 percent to $294 million compared with $254 million in sales developed during the final quarter of 1991. Earnings for the quarter were excellent at $33.8 million, or 41 cents per share, an increase of 33 percent over 1991 final quarter earnings of $25.5 million, equal to 31 cents per share which reflects the two-for-one stock split made in June.
 Net sales for the year rose to almost $1.2 billion, an increase of 17 percent from 1991 sales which amounted to just over $1 billion. Income for 1992, before a cumulative charge for accounting changes, amounted to $108.2 million, equal to $1.30 per share, and compares favorably with 1991 earnings of $79.4 million, or 96 cents per share. This was an increase of 36 percent.
 The company has adopted two new accounting changes relating to post- retirement benefits and accounting for income taxes. The cumulative effect of the changes is recognized as a one-time charge against 1992 earnings of $65 million, or 78 cents per share, and results in a net income of $43.2 million for the year, or 52 cents per share.
 Adoption of the accounting standards had minimal effect on operating income and no effect on cash flows of the company. Earnings for the first, second and third quarters of the year have been restated to reflect these accounting changes. If the company had postponed adoption of these accounting changes, net income for the year 1992 would have amounted to $113.8 million, or $1.37 per share.
 In announcing the results of the year, Cooper Chairman Ivan W. Gorr stated, "Our plants continued at high levels of capacity utilization and the company retained its growth trends in operations in both tires and engineered products. Cooper employees produced and sold more product than at any time in our history, and we expect our growth in sales and profitability to continue as we move through 1993 and into the future."
 COOPER TIRE & RUBBER COMPANY
 STATEMENT OF INCOME
 Quarter Ended
 December 31
 1992 1991
 Revenues:
 Net sales $294,007,299 $254,039,195
 Other income 412,325 190,089
 Total 294,419,624 254,229,284
 Costs and expenses:
 Cost of products sold 227,938,863 201,630,986
 Selling, general, administrative 14,155,245 12,520,958
 Interest and debt expense 575,249 493,103
 Total 242,669,357 214,645,047
 Income before income taxes and
 cumulative effect of changes
 in accounting 51,750,267 39,584,237
 Provision for income taxes 17,905,000 14,080,000
 Income before cumulative effect
 of changes in accounting $ 33,845,267 $ 25,504,237
 Income per share before
 cumulative effect of changes
 in accounting $ .41 $ .31(A)
 Weighted average shares
 outstanding 83,491,278 82,920,450(A)
 Twelve Months Ended
 December 31
 1992 1991
 Revenues:
 Net sales $1,174,728,146 $1,001,070,670
 Other income 1,275,487 509,896
 Total 1,176,003,633 1,001,580,566
 Costs and expenses:
 Cost of products sold 945,395,933 820,639,025
 Selling, general, administrative 58,686,026 51,936,400
 Interest and debt expense 2,080,987 4,540,305
 Total 1,006,162,946 877,115,730
 Income before income taxes and
 cumulative effect of changes
 in accounting 169,840,687 124,464,836
 Provision for income taxes 61,670,000 45,030,000
 Income before cumulative effect
 of changes in accounting $ 108,170,687 $ 79,434,836
 Cumulative effect of changes
 in accounting (64,960,000) ---
 Net income $ 43,210,687 $ 79,434,836
 Income per share before
 cumulative effect of changes
 in accounting $1.30 $ .96(A)
 Cumulative effect of changes
 in accounting (0.78) --
 Net income per share $0.52 $ .96(A)
 Weighted average shares
 outstanding 83,357,141 82,737,762(A)
 BALANCE SHEET
 December 31
 1992 1991
 Assets
 Current assets:
 Cash, including short-term
 investments $ 55,111,255 $ 24,431,564
 Accounts receivable 181,223,546 152,696,454
 Inventories 75,043,651 77,964,996
 Prepaid expenses 3,348,757 6,633,878
 Total current assets 314,727,209 261,726,892
 Property, plant and
 equipment - net 460,372,948 388,557,001
 Other assets 21,757,708 20,287,823
 Total $796,857,865 $670,571,716
 Liabilities and Stockholders' Equity
 Current liabilities:
 Trade payables and accrued
 liabilities $128,549,097 $103,275,165
 Income taxes 5,706,780 8,028,166
 Current portion of long-term
 debt 5,317,000 6,139,000
 Total current liabilities 139,572,877 117,442,331
 Long-term debt 48,075,025 53,512,205
 Other long-term liabilities 131,226,000 21,097,000
 Deferred Federal income taxes 6,510,000 38,872,000
 Stockholders' equity 471,473,963 439,648,180
 Total $796,857,865 $670,571,716
 (A) Restated to reflect a two-for-one stock split in June, 1992.
 -0- 2/15/93
 /CONTACT: J. Alec Reinhardt of Cooper Tire & Rubber Company, 419-423-1321/
 (CTB)


CO: Cooper Tire & Rubber Co. ST: Ohio IN: AUT SU: ERN

BM -- CL006 -- 6573 02/15/93 15:20 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 15, 1993
Words:880
Previous Article:WIX FILTERS WIN WITH DALE JARRETT AT DAYTONA 500
Next Article:GREAT AMERICAN COMMUNICATIONS COMPANY ANNOUNCES PROPOSED TERMS OF RESTRUCTURING
Topics:


Related Articles
COOPER TIRE SETS SALES AND EARNINGS RECORDS FOR 1991
COOPER TIRE REPORTS RECORD SECOND QUARTER
COOPER TIRE ANNOUNCES STRONG THIRD QUARTER RESULTS
Cooper Tire & Rubber Company Reports Increased Tire Group Sales, Second Quarter Results.
Cooper Tire & Rubber.
Cooper Tire & Rubber Company Adjusts Third Quarter Expectations.
Cooper Tire & Rubber Company Reports Third Quarter Results.
Cooper Tire & Rubber Company Reports Record Third Quarter Sales; Third Quarter Highlights.
Cooper-Standard Automotive Announces Reorganization and Promotions.
Cooper Tire & Rubber Company Reports First Quarter Profit on Record Sales.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters