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DIBRELL BROTHERS, INCORPORATED ANNOUNCES RESULTS

 DIBRELL BROTHERS, INCORPORATED ANNOUNCES RESULTS
 DANVILLE, Va., May 13 /PRNewswire/ -- Dibrell Brothers,


Incorporated (NASDAQ-NMS: DBRL), Danville, Virginia, today reported a 62.3 percent increase in income before extraordinary items for its third quarter ended March 31, 1992, and a 43.9 percent increase in such income for the nine-month period ended the same date.
 For the quarter ended March 31, 1992, income before extraordinary items was $8,809,394, or $.66 per share ($.59 fully-diluted), versus $5,428,586, or $.41 per share, in last year's third quarter. For the nine-month period, income before extraordinary items was $22,188,479, or $1.68 per share ($1.51 fully-diluted), compared to $15,418,755, or $1.17 per share, for the same period last year.
 Due to the previously announced reverse established by the Company against the future collection of certain trade accounts receivable due from Iraq, Dibrell incurred a $3,637,000 net of tax extraordinary charge for the quarter. This charge was partially offset by a $600,000 extraordinary benefit from a reduction in income taxes due to the carry-forward of operating losses from previous years at certain foreign subsidiaries which are now profitable. The net effect of these two items was a reduction in net income of $3,037,000, or $.22 per share ($.19 fully-diluted) for the quarter and $.23 per share ($.19 fully-diluted) for the nine-month period.
 After giving effect to the extraordinary items, net income for the quarter was $5,772,394, or $.44 per share ($.40 fully-diluted), an increase of 6.3 percent over net income of $5,428,586, or $.41 per share for last year's March quarter which was not affected by any extraordinary items.
 For the nine-month period, taking into account the effect of the extraordinary items in 1992, net income was up 24.2 percent to $19,151,479, or $1.45 per share ($1.32 fully-diluted), from $15,418,755, or $1.17 per share last year.
 Net sales for the quarter ended March 31, 1992, decreased by 15.7 percent to $264.4 million from $313.6 million in 1991. For the nine-month period, net sales were up 0.9 percent to $783.5 million from $776.9 million last year. The decline in sales for the quarter resulted principally from lower deliveries of U.S. tobacco which will be partially compensated by larger deliveries in the fourth quarter of the current fiscal year ending June 30, 1992. In spite of the drop in sales for the quarter, operating income increased by 19 percent as sales of more profitable foreign tobacco accounted for approximately 51 percent of tobacco sales versus only 27 percent in last year's March quarter and as corporate overhead expenses were reduced significantly.
 Sales of Dibrell's flower business for the March quarter were $102.4 million, a decline of 1.0 percent and for the nine months were $268.6 million, a 3.6 percent increase. Flower operations accounted for 33 percent of Dibrell's operating profit for the third quarter with such profit from flowers varying less than one percent from last year's results. For the nine-month period, flower operations produced approximately 17 percent of total operating profit.
 Claude B. Owen, Jr., Dibrell's Chairman and Chief Executive Officer, said that the increased operating profit from the Company's foreign tobacco operations was the result of strong international demand for the reasonably priced tobacco which Dibrell exports from Brazil and other countries. He also noted that increased trading in tobacco outside the United States offers the Company opportunities to reduce its effective income tax rate which was 20.3 percent in this year's March quarter and 26.6 percent for the nine-month period compared to more than 35 percent last year. Contributions from Dibrell's investee tobacco companies, which operate principally in Africa, increased significantly for both the quarter and the nine-month period.
 Owen added that he was extremely pleased that flower operations had nearly matched last year's record third quarter performance in both sales and operating profit as several factors including the stronger U.S. dollar, recessions in the major European economies and high interest rates in those same countries had affected flower trading results this year.
 Owen said that the current year's fourth quarter would be favorably influenced by shipments of U.S. tobacco delayed from previous periods and by the activities of the Company's Brazilian tobacco export business which is presently at its seasonal peak of operations.
 Dibrell is engaged in two international businesses. The major business involves purchasing, processing and selling leaf tobacco worldwide. The other business involves the importation and distribution of fresh cut flowers in Europe, North America and Japan. As both of the Company's lines of business are seasonal, the results of a single quarter are not necessarily indicative of the results to be expected for the full year.
 -0- 5/13/92
 /CONTACT: John Hunnicutt, Dibrell Brothers, Incorporated, 804-791-0151/
 (DBRL) CO: Dibrell Brothers, Incorporated ST: Virginia IN: TOB SU: ERN


DF -- CH013 -- 9931 05/13/92 17:23 EDT
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Date:May 13, 1992
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