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DIBRELL BROTHERS REPORTS RECORD SALES AND NET INCOME

 DIBRELL BROTHERS REPORTS RECORD SALES AND NET INCOME
 DANVILLE, Va., Aug. 19 /PRNewswire/ -- Dibrell Brothers, Incorporated (NASDAQ-NMS: DBRL) today reported record sales and net income for its 1992 fiscal year ended June 30.
 Net income increased by 43 percent to $30,288,601, or $2.28 per share ($2.05 fully diluted), from $21,160,741, or $1.60 per share ($1.59 fully diluted), for the year ended June 30, 1991. Income before extraordinary items in 1992 was $30,615,201, or $2.31 per share ($2.07 fully diluted). Net sales this year were $1.08 billion, an increase of 8 percent over last year's sales of $1.0 billion.
 Net income in this year's fourth quarter ended June 30 was $11,137,122, or $.83 per share ($.73 fully diluted), including recognition of an extraordinary tax benefit of $2,710,400, or $.20 per share ($.17 fully diluted), from the utilization of tax loss carryforwards at certain foreign subsidiaries. Income before extraordinary items for the quarter was $8,426,722, or $.63 per share ($.56 fully diluted), an increase of 47 percent over net income of $5,741,986, or $.43 per share ($.42 fully diluted) last year. Net sales for this year's fourth quarter increased by 32 percent to $297.5 million from $226.1 million in last year's period.
 As previously announced, the company established a reserve against the future collection of certain trade accounts receivables due from Iraq and incurred an after-tax extraordinary charge of $3,637,000 in fiscal 1992. This charge was substantially offset by the extraordinary tax benefit from the utilization of tax loss carryforwards which totaled $3,310,400 for the full year. The net effect of these two items was a reduction in net income of $326,600, or $.03 per share ($.02 fully diluted) for the year.
 Claude B. Owen Jr., Dibrell's chairman and chief executive officer, said he was extremely pleased by the company's performance this year in exceeding 1991's record results. "This is the second consecutive year in which we have achieved growth in income from continuing operations in excess of 40 percent. For the same two-year period, sales have grown at a compounded annual rate approaching 20 percent. Given the depressed state of the worldwide economy, I must give credit to the loyalty of our customers and to the steadfastness and creativity of Dibrell's employees in achieving such outstanding results."
 Owen said the continued expansion of Dibrell's international tobacco business was the most significant factor contributing to the company's growth and profitability. While total tobacco sales for the year increased 10 percent to $721.4 million, sales of foreign tobacco, principally from South America, increased by 57 percent and for the first time accounted for more than one-half of total tobacco sales. Operating profits for the tobacco group increased 25 percent for the year and 70 percent for the quarter. Fourth quarter tobacco sales increased by 48 percent to $206.5 million due to U.S. tobacco shipments delayed from previous periods and to increased shipments from South America.
 Sales by the company's flower business totaled $359.7 million for fiscal year 1992, an increase of 4 percent, and were $91.1 million for the fourth quarter, an increase of 5 percent. While operating profit for the year in the flower business dropped by approximately one-third from 1991's record result, it was the second-best performance by this business segment since Dibrell entered the flower business in 1987. Flower results for 1992 were negatively affected by recessions in the major European markets and the establishment of reserves against doubtful accounts receivable in the U.S. and in Europe.
 Owen noted that lower interest rates in the U.S., increased income of investee tobacco companies operating in Africa and reduced corporate overhead expenses also contributed to the company's improved performance this year.
 Owen said he expected to see a continued shift in worldwide demand for tobacco to lower-priced foreign leaf providing further opportunity for growth in Dibrell's international tobacco business. He also expects more favorable market conditions for Dibrell's flower business in 1993 and a rebound to levels of profitability previously achieved.
 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.
 -0- 8/19/92
 /CONTACT: John Hunnicutt of Dibrell Brothers, 804-791-0151/
 (DBRL) CO: Dibrell Brothers, Incorporated ST: Virginia IN: TOB SU: ERN


EA-BN -- CH005 -- 1333 08/19/92 12:15 EDT
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Date:Aug 19, 1992
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