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CSC INDUSTRIES REPORTS SECOND QUARTER RESULTS

 WARREN, Ohio, Aug. 12 /PRNewswire/ -- CSC Industries, Inc. (NASDAQ: CPSL) today reported its financial results for the second quarter of 1993. Sales and revenues of $49,106,000 were up from last year's second quarter level of $47,191,000. Sales and revenues for the first quarter of 1993 were $48,014,000. Sales and revenues were up 4 percent from the last year's second quarter and up 2 percent from the previous quarter. In addition to the increase in sales and revenues, the second quarter 1993 price per ton of steel was up 9 percent over the comparable 1992 three-month period, and up 5 percent over the previous quarter.
 A net loss of $4,438,000, or $0.19 per share, is reported in the second quarter of 1993, as compared to a net loss of $6,084,000, or $.26 per share, as restated, during the second quarter last year. The second quarter loss for 1993 includes a charge of $1,000,000 for Employer's Accounting for Postretirement Benefits other than Pensions (FAS 106). Last year's restated second quarter loss includes a charge against earnings for FAS 106 of $1,178,000. (See the following financials for details.)
 Excluding the effect of FAS 106, the loss for the three-month period ending June 30, 1993, was $3,438,000 as compared to a loss of $4,906,000 for the same period of 1992. This reduction in the period-to-period loss was the result of significant efforts in cost reductions, productivity and efficiency improvements, and rationalization projects.
 On July 29, 1993, three major stockholders of the company, Daido, Itochu Corporation ("Itochu," formerly known as C. Itoh & Co., Ltd.) and Okaya & Co., Ltd. ("Okaya") filed, with the Securities and Exchange Commission, amendments to their respective Schedules 13D indicating that they intend to seek potential purchasers for all or a portion of the Common Stock of the company owned by them. Daido, Itochu, and Okaya, who own approximately 54 percent of the company, have informally agreed to collectively seek potential purchasers for their CSC Common Stock. The company believes that other large stockholders may also make their shares available for purchase. The company will continue normal operations.
 Donald J. Caiazza, president and chief executive officer, said, "Our quarterly losses are declining and progress continues to be made in almost all facets of our business. We are on target with our business plan which should bring us to breakeven on a cash flow basis by the end of the year. Despite the recent events, CSC has a highly skilled and committed work force that will continue to focus on the needs of our customers, and I expect that commitment to carry us through this period of transition."
 CSC INDUSTRIES, INC.
 FINANCIAL RESULTS
 Quarter Ended June 30 1993 1992
 Sales and Revenues $ 49,106,000 $ 47,191,000
 Loss before OPEB expense (3,438,000) (4,906,000)
 OPEB expense (1,000,000) (1,178,000)
 Net loss $ (4,438,000) $ (6,084,000)
 Per Share:
 Loss before OPEB expense $ (.15) $ (.21)
 OPEB expense (.04) (.05)
 Net loss $ (.19) $ (.26)
 Shares Outstanding 23,001,991 22,875,823
 Six-Months Ended June 30 1993 1992
 Sales and Revenues $ 97,120,000 $ 92,183,000
 Loss before OPEB expense and
 cumulative effect of changes in
 accounting principles (7,667,000) (11,941,000)
 OPEB expense (2,000,000) (2,356,000)
 Loss before cumulative effect of
 changes in accounting principles (9,667,000) (14,297,000)
 Cumulative effect of changes in
 accounting principles --- (91,185,000)
 Net Loss $ (9,667,000) $(105,482,000)
 Per Share:
 Loss before OPEB expense and
 cumulative effect of changes
 in accounting principles $ (.33) $ (.52)
 OPEB expense (.09) (.10)
 Loss before cumulative effect of
 changes in accounting principles (.42) (.62)
 Cumulative effect of changes in
 accounting principles --- (3.99)
 Net loss $ (.42) $ (4.61)
 Shares Outstanding 22,992,808 22,875,823
 -0- 8/12/93
 /CONTACT: Donald J. Caiazza of CSC Industries, Inc., 216-841-6500/
 (CPSL)


CO: CSC Industries, Inc. ST: Ohio IN: MNG SU: ERN

KL -- CL018 -- 2278 08/12/93 16:45 EDT
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Publication:PR Newswire
Date:Aug 12, 1993
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