ELCOR REPORTS HIGHER SECOND-QUARTER AND SIX-MONTHS
RESULTS FOR FISCAL 1992
DALLAS, Jan. 15 /PRNewswire/ -- Elcor Corporation (NYSE: ELK) today reported substantially improved net sales, earnings from continuing operations and net income for its seasonally slower second quarter and first six months ended Dec. 31, 1991. Elcor had reported losses for the same periods a year ago. Based in Dallas, Elcor is a manufacturer of premium roofing shingles, its major business segment, and industrial products.
SECOND QUARTER RESULTS
Net sales rose 14 percent to $33,199,000 from $29,144,000, restated to reflect the company's July 1991 sale of its Gory Roof Tile business, which was headquartered in Pompano Beach, Florida.
The company reported income from continuing operations and income before extraordinary item of $389,000, or $.05 per share, compared to restated losses of $2,898,000, equal to $.40 per share, and $3,838,000, equal to $.53 per share, respectively, in last year's second quarter. Income before extraordinary item in the year-ago quarter included a loss of $940,000, equal to $.13 per share, for discontinued operations.
Net income of $588,000, or $.08 per share, including a tax carryforward benefit extraordinary item of $199,000, or $.03 per share, compared to a net loss of $3,838,000, equal to $.53 per share, in last year's second quarter.
Net sales for the first half ending Dec. 31, 1991, were up 8 percent to $72,576,000 from a restated $67,437,000 last year.
Income from continuing operations and income before extraordinary item reached $2,684,000, or $.37 per share. A year ago, Elcor had restated losses of $1,290,000, equal to $.18 per share, from continuing operations; $1,684,000, equal to $.23 per share, from discontinued operations; and $2,974,000, equal to $.41 per share before extraordinary item for the first half.
Net income of $4,066,000, or $.56 per share, including a tax loss carryforward benefit of $1,382,000, equal to $.19 per share, compared to a net loss of $2,974,000, equal to $.41 per share, in the year-ago period.
Elcor president, Roy E. Campbell, said, "The substantial turnaround in operating performance during the second quarter was primarily a result of good reroofing and remodeling demand within our Roofing Products segment for our Elk Prestique(R) premium laminated fiberglass asphalt shingles combined with the successful efforts to lower costs throughout the company.
"Operating results for the Industrial Products Group improved in the second quarter even though sales slipped, mainly due to lower shipments of Mosley solid waste processing equipment during the quarter. However, new equipment orders booked in the second quarter were up 73 percent from last year, which should contribute to improved operating performance for Mosley during the second half of fiscal 1992. In addition, Chromium Corporation's sales rose 38 percent in the second quarter," he said.
Campbell also pointed out, "significantly improved operations, reduced seasonal working capital requirements and utilization of available cash resulted in an almost $12 million fiscal year-to-date reduction in long-term debt. Total long-term debt, including current maturities, was more than $7 million lower than the restated level in the prior year. Although seasonal working capital needs will increase in the second half, continuing strong cash flow from operations should result in a further strengthening of the balance sheet by the end of fiscal 1992," he added.
"At the present time, we continue to be optimistic about the outlook for the second half of fiscal 1992. While we may have a small loss in our seasonally slow third quarter, we look forward to a good fourth quarter and fiscal year. Perhaps, more important, the actions we have taken over the last year provide the confidence that substantially improved operating results should continue in the years ahead," Campbell concluded.
Results of operations for the three months, six months and trailing 12 months ending Dec. 31, 1991 and 1990 are as follows:
Condensed Results of Operations
(Unaudited -- in thousands except for per share data)
Second Quarter First Half Trailing
Periods ended 3 Months Ended 6 Months Ended 12 Months Ended
Dec. 31 1991 1990 1991 1990 1991 1990
SALES $33,199 $29,144 $72,576 $67,437 $133,694 $127,142
operations 389 (2,898) 2,684 (1,290) (4,710) (1,450)
operations -- (940) -- (1,684) (5,083) (2,664)
item 389 (3,838) 2,684 (2,974) (9,793) (4,114)
item (A) 199 -- 1,382 -- 1,382 (712)
(LOSS) $ 588 $(3,838) $ 4,066 $(2,974) $ (8,411) $ (4,826)
Income (Loss) per
operations $.05 $(.40) $.37 $(.18) $(.65) $(.20)
operations -- (.13) -- (.23) (.70) (.37)
item .05 (.53) .37 (.41) (1.35) (.57)
item (A) .03 -- .19 -- .19 (.10)
PER SHARE $.08 $(.53) $.56 $(.41) $(1.16) $(.67)
outstanding 7,319 7,194 7,306 7,180 7,278 7,154
(A) Tax loss carryforward.
Elcor manufactures roofing products and industrial products. Each of Elcor's principal operating subsidiaries is the leader or one of the leaders within its particular market.
Elcor's roofing products facilities are located in Tuscaloosa, Ala.; Dallas and Ennis, Texas. Its industrial products facilities are located in Cleveland; Dallas, Lufkin, Midland, and Waco, Texas.
NOTE: For more information on Elcor Corporation, simply dial 1-800-PRO-INFO and enter the number 055.
/CONTACT: Richard J. Rosebery, vice president, treasurer and chief financial officer of Elcor, 214-851-0500/
(ELK) CO: Elcor Corporation ST: Texas IN: CST SU: ERN SH -- NY038 -- 9949 01/15/92 11:14 EST