Printer Friendly

FIBREBOARD ANNOUNCES RECORD 1992 EARNINGS FROM OPERATIONS

 CONCORD, Calif., Feb. 16 /PRNewswire/ -- Fibreboard Corp. (AMEX: FBD) today reported record earnings from continuing operations for 1992.
 Earnings from continuing operations and net income for fiscal 1992 were $9.4 million, or $2.30 per share, on sales of $239.7 million. This represents a substantial improvement over 1991 results which reflected a loss from continuing operations of $27.3 million, or $6.84 per share, and a net loss of $43.9 million, or $10.99 per share, on sales of $234.1 million.
 Fibreboard's 1991 results included pre-tax charges for asbestos- related costs and unusual items of $33.9 million and a $16.6-million loss from discontinued operations and an accounting charge related to post-retirement benefits.
 For the fourth quarter of 1992, the company earned net income of $85,000, or 2 cents per share, on sales of $54.4 million compared to a net loss of $29.2 million, or $7.21 per share, on sales of $60.0 million for the 1991 period. The 1991 fourth-quarter results included pre-tax charges of $20 million for asbestos-related costs, unusual items of $13.0 million and a $1.1-million charge relating to discontinued operations while the fourth quarter of 1992 included a pre-tax pension gain of $2.4 million.
 John D. Roach, Fibreboard's chairman and chief executive officer, said, "Fibreboard's record 1992 pre-tax income of $16.7 million demonstrates the success of the operational strategy implemented in late 1991 by Fibreboard's new management team. Just one year ago we established some very aggressive objectives for Fibreboard. We stated that Fibreboard's three businesses had the combined potential to achieve pre-tax income in the range of $15-20 million per year within three years. We are all pleased that we achieved this target in 1992.
 "Although financial results will vary from year to year, given the nature of Fibreboard's businesses, we believe that the fundamental corporate restructuring implemented during late 1991 has positioned the company to compete effectively in the future," Roach concluded.
 Wood products prices increased in the first half of the year well ahead of the rising costs of raw materials that occurred during the second half of 1992. Pabco's operating performance for 1992 improved even though the market and price for molded industrial insulation continued to decline. The improved performance was the result of aggressive cost containment programs and management of production schedules. Northstar-at-Tahoe experienced an increase for the year despite a decline in the fourth quarter due to a wide variation in weather conditions.
 Record Date Established/Annual Meeting Set
 Fibreboard announced today that the Annual Meeting of Stockholders will be held on Tuesday, June 8, 1993, at 11 a.m. at the Embassy Suites Hotel located at 1345 Treat Blvd., Walnut Creek, Calif. The record date has been set for the close of business on Friday, April 9, 1993.
 Fibreboard Corp., headquartered in Concord, manufactures lumber, hardwood plywood, moulding and millwork, agricultural container components, precision-molded industrial insulation and fireproofing materials. It also owns and operates Northstar-at-Tahoe, a ski resort and year-round vacation and conference center in California.
 FIBREBOARD CORP. AND SUBSIDIARIES
 SUMMARY OF SALES AND EARNINGS (UNAUDITED)
 (Dollar amounts in thousands except per share)
 Quarter Year
 Ended Dec. 31, Ended Dec. 31,
 1992 1991 1992 1991
 Net sales $54,416 $59,967 $239,717 $234,056
 Income (loss) from
 continuing operations
 before income
 taxes (a) 153 (34,195) 16,697 (32,226)
 Income (loss) per share
 from continuing
 operations (a) 0.02 (6.94) 2.30 (6.84)
 SUMMARY OF CONTINUING OPERATIONS
 SALES AND EARNINGS
 Sales by Quarter
 1st 2nd 3rd 4th Year-to-Date
 1992 $70,860 $59,944 $54,497 $54,416 $239,717
 1991 54,889 57,279 61,921 59,967 234,056
 Earnings by Quarter (A)
 1st 2nd 3rd 4th Year-to-Date
 1992 $5,487 $2,692 $1,168 $ 85 $ 9,432
 1991 (574) 1,189 173 (28,122) (27,334)(B)
 Earnings by Share by Quarter (A)
 1st 2nd 3rd 4th Year-to-Date
 1992 $ 1.35 $ 0.66 $ 0.28 $ 0.02 $ 2.30
 1991 (0.14) 0.30 0.04 (6.94) (6.84)
 (A)Before impact of a change in accounting principle and discontinued operations.
 (B) Includes charges of $20 million for asbestos-related costs, and $13.9 million of unusual items.
 SALES AND OPERATING PROFIT
 BY MAJOR PRODUCT GROUPS (UNAUDITED)
 Quarter Year
 Ended Dec. 31, Ended Dec. 31,
 1992 1991 1992 1991
 Outside sales
 Wood products $36,894 $43,709 $169,655 $165,101
 Insulation products 13,902 13,213 49,701 52,292
 Resort operations 3,620 3,045 20,361 16,663
 Segment profit (loss)
 Wood products
 operations 1,716 (3,431) 17,321 3,554
 Insulation products
 opertions 1,803 (3,914) 6,138 (459)
 Resort operations (1,594) (1,012) 1,648 144
 Unallocated unusual
 items --- (133) --- (1,060)
 Asbestos-related
 costs --- (20,000) --- (20,000)
 Unallocated expense,
 net (4,559) (5,100) (11,895) (12,245)
 Interest and
 other income
 (expense) net 2,787 (605) 3,485 (2,160)
 Income (loss) from
 continuing operations
 before taxes 153 (34,195) 16,697 (32,226)
 FIBREBOARD CORP. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
 (Dollar Amounts In Thousands Except Per Share)
 Quarter Year
 Ended Dec. 31, Ended Dec. 31,
 1992 1991 1992 1991
 Net sales $54,416 $59,967 $239,717 $234,056
 Cost of sales 51,371 52,375 205,802 206,765
 Gross margin 3,045 7,592 33,915 27,291
 Other expenses:
 Selling and
 administrative 5,679 8,197 20,703 23,445
 Asbestos related costs --- 20,000 --- 20,000
 Unusual items --- 12,985 --- 13,912
 Income (loss) from
 operations (2,634) (33,590) 13,212 (30,066)
 Interest expense (962) (1,214) (4,222) (5,342)
 Interest and other
 income 3,749 609 7,707 3,182
 Income (loss)
 from continuing
 operations
 before income taxes 153 (34,195) 16,697 (32,226)
 Income taxes relating to
 continuing operations (68) 6,073 (7,265) 4,892
 Income (loss) from
 continuing operations
 before cumulative effect
 of a change in
 accounting principle 85 (28,122) 9,432 (27,334)
 Cumulative effect of change
 in accounting for post retirement
 benefits other than
 pensions --- --- --- (1,954)
 Discontinued operations:
 Loss from operations,
 net of tax --- (565) --- (3,792)
 Anticipated loss
 on disposal --- (513) --- (10,851)
 Net income (loss) $ 85 $(29,200) $ 9,432 $(43,931)
 Earnings per share:
 Income (loss) from continuing
 operations before
 accounting change $ 0.02 $ (6.94) $ 2.30 $ (6.84)
 Cumulative effect of
 accounting change --- --- --- (0.49)
 Income (loss) from
 discontinued operations
 net of income taxes --- (0.27) --- (3.66)
 Net income (loss) $ 0.02 $ (7.21) $ 2.30 $ (10.99)
 Weighted average
 shares outstanding
 (thousands) 4,130 4,051 4,101 3,997
 -0- 2/16/93
 /CONTACT: Stephen L. DeMaria of Fibreboard, 510-686-0700/
 (FBD)


CO: Fibreboard Corp. ST: California IN: PAP SU: ERN

SG -- SF005 -- 6694 02/16/93 08:29 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:Feb 16, 1993
Words:1147
Previous Article:WAHLCO ENVIRONMENTAL REPORTS FOURTH QUARTER AND YEAR-END RESULTS
Next Article:SYMANTEC ANNOUNCES WINDOWS NT SUPPORT FOR ZORTECH C++ COMPILER; SUPPORTS MICROSOFT'S NEW OPERATING SYSTEM, OFFERS AT&T 3.0 COMPLIANCE
Topics:


Related Articles
FIBREBOARD STOCKHOLDERS APPROVE THREE PROPOSALS AT 1992 ANNUAL MEETING
FIBREBOARD REPORTS STRONG THIRD QUARTER EARNINGS
FIBREBOARD TO EXPAND IN SKI BUSINESS
FIBREBOARD ANNOUNCES GLOBAL ASBESTOS SETTLEMENT
FIBREBOARD POSTS RECORD FIRST QUARTER EARNINGS FOR THIRD STRAIGHT YEAR
FIBREBOARD SHAREHOLDERS HEAR EXPANSION GOALS; THREE DIRECTORS RE-ELECTED AT ANNUAL MEETING
FIBREBOARD ANNOUNCES SHARE REPURCHASE PROGRAM AND EXPLORES THE SALE OF WOOD PRODUCTS GROUP
FIBREBOARD SIGNS LETTER OF INTENT TO SELL WOOD PRODUCTS GROUP
FIBREBOARD ANNOUNCES AGREEMENT IN PRINCIPLE TO PURCHASE BEAR MOUNTAIN SKI RESORT ASSETS
FIBREBOARD REPORTS RECORD SALES AND OPERATING EARNINGS FOR SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 1995

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters