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EAGLE-PICHER INDUSTRIES REPORTS OPERATING INCOME INCREASED BY $6.7 MILLION FOR THE THIRD FISCAL QUARTER

 EAGLE-PICHER INDUSTRIES REPORTS OPERATING


INCOME INCREASED BY $6.7 MILLION FOR THE THIRD FISCAL QUARTER
 CINCINNATI, Sept. 15 /PRNewswire/ -- Eagle-Picher Industries (NYSE: EPI) today announced that operating income for the third quarter ended Aug. 31, 1992 was $12.7 million compared with $5.9 million for the same period in 1991. Sales were $155.4 million for the quarter compared with $151.6 million for the third quarter of 1991. Net income for the third quarter was $8.2 million or 75 cents per share compared with a net loss of $12.4 million or $1.13 per share for the same period in 1991. Fiscal 1991's third quarter results included a provision of $12.5 million for the closure of the company's Mat Division. From continuing operations, sales increased by approximately 8 percent while operating income doubled. The company reported costs of $2.4 million related to the administration of the chapter 11 reorganization cases during the quarter. Since the filing for reorganization by the company in January of 1991, the total cost of the administration of the reorganization cases has been $18.9 million. Also, at the end of the quarter, the company's cash position was approximately $68 million.
 Thomas E. Petry, Eagle-Picher Chairman, said, "Despite the fact that the third quarter has typically reflected a seasonal influence due to vacations and automotive model year changeover, this year's third quarter results were quite strong. This was particularly true of operations in the company's Automotive Group. Most operations in the Automotive Group showed improved sales and profits resulting from new business and enhanced operating efficiencies. Although the production of passenger cars remained well below historical levels, truck production continued to be strong during the quarter. In the past several years the company has increased its penetration in the light truck segment of the market."
 "Results of the Machinery Group generally reflected the sluggish demand for capital equipment and components. Also, the sales of the Electronics Division trended lower because of reduced levels of defense spending and reduced orders from certain customers of the Division's commercial operations. Other Divisions which manufacture earth moving equipment and aviation and aerospace components continued to be depressed. In the Industrial Group, most of the Divisions reported results nearly equal to those of the third quarter of 1991. The performance of the operations in the Industrial Group is generally more stable, without the cyclical patterns characteristic of other areas of the industrial economy."
 "During the second quarter the U.S. Bankruptcy Court appointed a mediator to assist in the effort to negotiate a consensual plan of reorganization. In August the company requested a further extension of the exclusive period (the period in which the company has the exclusive right to file a plan of reorganization) beyond Sept. 1, 1992. The U.S. Bankruptcy Court granted the request and extended the company's exclusive period to file a plan to sixty days after the Bankruptcy Court is notified by the mediator that the mediation has reached an impasse. No timetable has been established for the mediation process."
 "In July 1991, the Judicial Panel on Multidistrict Litigation, a panel of six United States District Court Judges, transferred approximately 26,000 asbestos-related personal injury actions pending in numerous United States District Courts to the United States District Court for the Eastern District of Pennsylvania, and assigned those actions to United States District Judge Charles R. Weiner for coordinated or consolidated pretrial proceedings. On Aug. 21, 1992, at the request of Judge Weiner, the Panel issued an order directing all interested parties to show cause why the bankruptcy cases of thirteen manufacturers of asbestos-containing products, including that of Eagle- Picher, should not be similarly transferred to the Eastern District of Pennsylvania. This matter is currently scheduled for oral argument before the Panel in November 1992."
 "As the company has stated previously, it remains difficult to predict when the company will emerge from chapter 11. The company's objective has not changed. As was stated in prior reports to shareholders, that objective is to "develop a reorganization plan that will satisfactorily address all of the company's pre-petition liabilities and permit the company to emerge from chapter 11 as a viable, appropriately capitalized, competitive enterprise with an equity ownership composition which will allow the company to serve the needs of its customers, suppliers, employees, investors, and the communities in which it operates."
 "Continued improvement is expected in operating results in the fourth fiscal quarter when compared with results of the fourth quarter of 1991."
 The figures follow:
 (Data in thousands except per share)
 Three Months ended August 31 1992 1991
 Net sales $155,371 $151,592
 Operating income 12,676 5,928
 Other non-operating items (914) (13,697)
 Reorganization items (2,416) (3,870)
 Income (loss) before taxes 9,346 (11,639)
 Net income (loss) 8,246 (12,439)
 Net income (loss) per share .75 (1.13)
 Average shares 10,978 10,978
 Nine Months ended August 31 1992 1991
 Net sales $450,129 $444,935
 Operating income 33,811 10,932
 Other non-operating items (3,040) (19,703)
 Reorganization items (6,759) (7,776)
 Income (loss) before taxes 24,012 (16,547)
 Net income (loss) 21,612 (18,247)
 Net income (loss) per share 1.97 (1.66)
 Average shares 10,978 10,978
 -0- 9/15/92
 /CONTACT: J. Rodman Nall of Eagle-Picher Industries, 513-721-7010/
 (EPI) CO: Eagle-Picher Industries ST: Ohio IN: SU: ERN


SM -- CL017 -- 9630 09/15/92 12:18 EDT
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Date:Sep 15, 1992
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