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EAGLE-PICHER INDUSTRIES REPORTS SUBSTANTIAL IMPROVEMENT IN SECOND QUARTER OPERATING RESULTS

 EAGLE-PICHER INDUSTRIES REPORTS SUBSTANTIAL IMPROVEMENT
 IN SECOND QUARTER OPERATING RESULTS
 CINCINNATI, June 16 /PRNewswire/ -- Eagle-Picher Industries (NYSE: EPI) today announced that for the second quarter ended May 31, 1992 sales were $160.5 million compared with $155.0 million for the second quarter of 1991. Operating income rose to $14.1 million from $5.6 million. Net income was $9.3 million or 85 cents per share compared with a net loss of $2.4 million or 22 cents per share for the second quarter of 1991. Fiscal 1991's second quarter results included sales of $6.7 million and an operating loss of $2.0 million from the Company's Mat Division, which was closed late in fiscal 1991. From continuing operations, sales increased by 8 percent while operating income increased by 86 percent. The company reported costs of $2.4 million related to the Chapter 11 reorganization cases during the quarter. At the end of the quarter, the company's cash position was approximately $60 million.
 Thomas E. Petry, Eagle-Picher chairman, said, "The strong operating performance was led by those Divisions serving the automotive industry. Although passenger car and truck production improved when compared to the depressed volumes of a year ago, it still has not yet returned to historical levels. The continued implementation of cost reduction programs, more efficient management of working capital, investment in more versatile equipment, and new business from both domestic and foreign sources all contributed to the Group's results."
 "In the Industrial Group, results of the Minerals Division, a processor of diatomaceous earth products, were strong despite weakness in industrial absorbent markets. The Specialty Materials Division's environmental testing and service business and its boron department, which processes products for the nuclear industry, experienced continued growth."
 "In the Machinery Group, the Electronics Division, a manufacturer of special purpose batteries, continued to recover from a fire which destroyed part of its Joplin, Miss., facility in late 1991. The rebuilding of this facility neared completion during the quarter, and to date the company has recovered a substantial portion of the loss from its insurance carriers with full recovery expected in the near future. Operations serving capital equipment markets, particularly those making earth moving equipment, industrial cleaning and finishing machinery, and aviation and aerospace components were sluggish and results trailed those of the second quarter of 1991."
 Concerning the reorganization effort under Chapter 11, Petry indicated that, "The U.S. Bankruptcy Court extended the exclusive period, the period in which the company has the exclusive right to file a reorganization plan, by four months to Sept. 1, 1992. As reported earlier, the company's request for the establishment of a bar date for asbestos-related claims, the date by which all such claims against the company must be filed, was granted by the Court. After the close of the second quarter, the Court ruled that the bar date for asbestos-related claims would be Sept. 30, 1992 and the Court approved a plan for giving notice of the bar date to all those who may wish to make a claim. The granting of a bar date, the establishment of a bar date, and the proposed notification plan have been appealed by the Injury Claimant's Committee, and a hearing is scheduled for June 19, 1992 before the U.S. District Court, Southern District of Ohio. A mediator was appointed by the Bankruptcy Court to assist the parties in their efforts to negotiate a consensual plan of reorganization."
 "The Court has yet to rule on the company's request to obtain certain medical, occupational, and product exposure information which the company wishes to utilize in order to evaluate its liability with respect to asbestos personal injury claims."
 "It remains difficult to predict when the company will emerge from Chapter 11. The company's objective has not changed: 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."
 "On the operating front, there are indications that the economic recovery is gaining strength. Forecasts from the company's operations suggest continued improvement in profitability in the third fiscal quarter compared with the same period for the previous year." The figures follow:
 (Data in thousands except per share)
 Three Months ended May 31 1992 1991
 Net sales $160,537 $154,966
 Operating income 14,081 5,556
 Other non-operating items (1,590) (3,842)
 Reorganization items (2,401) (3,485)
 Income (loss) before taxes 10,090 (1,771)
 Net income (loss) 9,290 (2,371)
 Net income (loss) per share .85 (.22)
 Average shares 10,978 10,978
 Six Months ended May 31 1992 1991
 Net sales $294,758 $293,343
 Operating income 21,135 5,004
 Other non-operating items (2,126) (6,006)
 Reorganization items (4,343) (3,906)
 Income (loss) before taxes 14,666 (4,908)
 Net income (loss) 13,366 (5,808)
 Net income (loss) per share 1.22 (.53)
 Average shares 10,978 10,978
 -0- 6/16/92
 /CONTACT: J. RODMAN NALL of Eagle-Picher Industries, 513- 721- 7010/
 (EPI) CO: Eagle Picher Industries, Inc. ST: Ohio IN: SU: ERN


SM -- CL015 -- 0625 06/16/92 11:24 EDT
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Date:Jun 16, 1992
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