DEVCON INTERNATIONAL REPORTS THIRD-QUARTER RESULTS
DEVCON INTERNATIONAL REPORTS THIRD-QUARTER RESULTS DEERFIELD BEACH, Fla., Nov. 13 /PRNewswire/ -- Devcon
International Corp. (NASDAQ: DEVC) today reported third-quarter and nine-months results, reflecting the continued slump in construction and construction materials.
For the third quarter ended Sept. 30, 1992, net income amounted to $57,000 or one cent per share compared with net income of $805,000 or 18 cents per share in the third quarter last year. Revenues were $18.8 million vs. $19.5 million. For the nine months, net income was $1,631,000 or 36 cents per share compared with $6,365,000 or $1.40 per share earned in the corresponding period last year. Revenues were $58.8 million vs. $71.8 million a year ago. Donald L. Smith Jr., chairman and president of the heavy construction and concrete and related materials company, attributed the soft results primarily to continued slow demand for materials in certain island markets and the persistent recession throughout the heavy construction industry. Smith noted that business continues strong in certain markets, most notably St. Croix. He added that the company has felt the heaviest economic impact in St. Maarten and in Florida. "We are continuing our determined effort to cut back personnel, to reduce and balance inventories, to sell underutilized equipment, to achieve better financial controls through centralized accounting and to reduce receivables," Smith said. Devcon operates ready-mix concrete, aggregate, concrete block and bulk cement facilities; dredges harbors; builds golf courses and performs other heavy construction work in the Caribbean. Principal operations are on St. Thomas and St. Croix in the U.S. Virgin Islands, on the independent island nations of Antigua and Dominica, on St. Maarten, Netherlands Antilles, and on Tortola, British Virgin Islands. In Florida, where the company is headquartered, Devcon constructs golf courses and prepares sites for shopping malls, residential developments and industrial parks. DEVCON INTERNATIONAL CORP. CONSOLIDATED SUMMARY OF EARNINGS (Unaudited) (In thousands except per-share amounts) Quarter Ended Nine Months Ended Sept. 30, Sept. 30, 1992 1991 1992 1991 Revenues $18,829 $19,505 $58,827 $71,837 Earnings before income taxes 57 1,166 1,752 7,406 Income taxes 0 89 120 358 Net earnings from continuing operations 57 1,077 1,631 7,048 Loss from discontinued operations 0 (272) 0 (683) Net earnings $57 $805 $1,631 $6,365 Earnings (loss) per share: Income from continuing operations $.01 $.24 $.36 $1.55 Loss from discontinued operations --- (.06) --- (.15) Net earnings per share $.01 $.18 $.36 $1.40 Weighted average common shares outstanding 4,485 4,472 4,490 4,547
SUBJECT TO YEAR-END AUDIT.
-0- 11/13/92 /CONTACT: Richard L. Hornsby, executive vice president of Devcon International Corp., 305-429-1500; or Investor Relations Consultants, Inc., 813-796-1452 for Devcon International Corp./ (DEVC) CO: Devcon International Corp. ST: Florida IN: CST SU: ERN
JB-SS -- FL005 -- 0534 11/13/92 08:59 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Nov 13, 1992|
|Previous Article:||DELAVAN GAS TURBINE PRODUCTS RECEIVES PATENT FOR AIRCRAFT ENGINE FUEL NOZZLE|
|Next Article:||IMAGE ENTERTAINMENT REPORTS RESULTS FOR THE THREE AND SIX MONTHS ENDED SEPT. 30, 1992|