FARREL ANNOUNCES THIRD QUARTER PROFIT AND DIVIDEND
FARREL ANNOUNCES THIRD QUARTER PROFIT AND DIVIDEND ANSONIA, Conn., March 4 /PRNewswire/ -- Rolf K. Liebergesell,
chairman and chief executive of Farrel Corporation, announced that for the third quarter ended Jan. 26, 1992, Farrel reported net income of $895,000 versus a loss of $301,000 for the prior year's comparable quarter ended Jan. 27, 1991. Net income for the nine months ended Jan. 26, 1992, was $2.579 million or $.477 per share versus $1.783 million, or $.325 per share during the nine months ended Jan. 27, 1991. Due to the long lead times and large dollar value of major equipment orders, as well as the company's practice of recognizing revenue at the time of shipment of its products, Farrel's financial results for any given period may fluctuate significantly, depending upon the timing of the actual shipment of such orders.
Liebergesell also announced the board's decision to declare an initial dividend of $.04 per share. In making this announcement, Liebergesell commented "With the company's ability to make a profit in a recession, the board has recognized that the company should provide shareholders with a dividend to reflect the company's strong operating performance and cash position." The dividend will be paid on March 31, 1992, to all shareholders of record on March 17, 1992. Farrel Corporation is a leading designer and manufacturer of machinery used to process rubber and plastics. The company's products include Banbury(R) Mixers, continuous mixers, extruders, plastic compounders, pelletizers, gear pumps, calenders and mills. Farrel also provides repair, refurbishment and machinery upgrade services. FARREL CORPORATION Consolidated Statements of Operations (in thousands of dollars, except per share data) Periods Three months Nine months ended 1/26/92 1/27/91 1/26/92 1/27/91 Net sales $24,067 $23,236 $70,614 $77,563 Gross margin 6,852 5,500 19,901 18,255 Total operating expenses 5,354 5,786 15,465 15,338 Operating income (loss) 1,498 (286) 4,436 2,917 Net income (loss) 895 (301) 2,579 1,783 Per share data: Net inc. (loss) per share $.170 $(.055) $.477 $.325 Weighted avg. number of shares outstanding(A) 5,263,382 5,483,870 5,409,832 5,483,870 (A) -- The weighted average number of shares for the three months and nine months periods ended Jan. 26, 1992, reflect the exercise of an option to purchase and retire 1,483,870 shares of common stock on Dec. 31, 1991, and the issuance of 2,000,000 shares of common stock on Jan. 17, 1992. -0- 3/4/92 /CONTACT: Joseph R. Carvalko, Jr., vice president and general counsel of Farrel, 203-736-5514/ CO: Farrel Corporation ST: Connecticut IN: MAC SU: ERN DIV PS-KD -- NY093 -- 5183 03/04/92 18:19 EST
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|Date:||Mar 4, 1992|
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