Printer Friendly

DIXON TICONDEROGA REPORTS IMPROVED ANNUAL RESULTS AFTER STRONG FOURTH QUARTER; ANNOUNCES NEW ALLIANCE WITH WARNER BROS. CONSUMER PRODUCTS

 MAITLAND, Fla., Dec. 7 /PRNewswire/ -- Dixon Ticonderoga Company (AMEX: DXT) reported increased annual profits on strong fourth quarter earnings, President Gino N. Pala announced today. The company reported net income of $544,824 or 17 cents per share, on revenues of $23,079,220 for its fourth quarter ended Sept. 30, 1993, compared with net income of $145,131, or 5 cents per share on revenues of $21,349,394, for its fourth quarter of 1992. The 1993 results include $235,046, or 7 cents per share, representing the cumulative effect of an accounting change.
 For the year, the company reported net income of $564,557, or 18 cents per share on revenues of $82,138,339, compared with net income of $258,007, or 8 cents per share on revenues of $82,024,920 in fiscal 1992. Net income in 1993 includes the aforementioned cumulative effect adjustment.
 "We are pleased with our strong performance in our final quarter, especially since experiencing difficulty earlier in the fiscal year," Pala explained. "Foreign competition in certain product categories and the effects of foreign currency declines hampered our performance this year, yet our operating income in our core businesses showed strong improvement in the last fiscal quarter.
 "Going into 1994, we are anticipating a continuing trend of improvement from our core consumer products and industrial businesses, including such initiatives as our new strategic alliance with Warner Bros. Consumer Products, Pala added. The alliance, announced earlier by Warners Bros., provides Dixon Ticonderoga Company an exclusive licensing arrangement to manufacture and market a wide array of products, featuring the popular Looney Tunes characters, including Bugs Bunny, Daffy Duck, Sylvester, Tweety and friends.
 According to Suzanne Tanner of Warner Bros. Consumer Products, "We are genuinely enthusiastic about our alliance with Dixon Ticonderoga. They are a quality-driven company and are one of the premier manufacturers of writing products in American. The combination of famous and colorful Looney Tunes characters with their product expertise should translate into a sensational retail program."
 Dixon Ticonderoga Company is a diversified manufacturer and marketer of the well-known Dixon Ticonderoga(R), Wearever(R) and Prang(R) writing and art products, a producer of graphite and lubricant products and an operator of refractories.
 DIXON TICONDEROGA COMPANY
 EARNINGS HIGHLIGHTS
 Three Months Ended Year Ended
 Sept. 30 Sept. 30
 1993 1992 (A) 1993 1992 (A)
 Revenues $23,079,220 $21,349,394 $82,138,339 $82,024,920
 Operating
 Income $ 1,778,604 $ 1,123,904 $ 4,620,106 $ 4,661,658
 Net Income $ 544,824 $ 145,131 $ 564,557(B) $ 258,007
 Earnings Per
 Share $.17(C) $.05 $ .18(B) $ .08
 Weighted
 Average
 Shares 3,110,335 3,092,084 3,125,795 3,087,074
 (A) -- Amounts have been restated to reflect the company's decision to retain its Refractory Products segment.
 (B) -- Reflects pretax gain on sale of assets of $371,386.
 (C) -- Reflects cumulative effect adjustment for an accounting change of $235,046, or 7 cents per share.
 -0- 12/7/93
 /CONTACT: Gino N. Pala, president, Dixon Ticonderoga, 407-875-9000/
 (DXT)


CO: Dixon Ticonderoga Company ST: Florida IN: HOU SU: ERN

AW-JB -- FL001 -- 1174 12/07/93 09:42 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:Dec 7, 1993
Words:527
Previous Article:MALLON HIRES NEW VICE PRESIDENT OF ENGINEERING
Next Article:VALUJET ANNOUNCES 'FLY FOR FREE' PROMOTION AND INAUGURATES NEW SERVICE
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters