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FIRST BRANDS ANNOUNCES AN INCREASE IN FISCAL 1993 FIRST QUARTER RESULTS

FIRST BRANDS ANNOUNCES AN INCREASE IN FISCAL 1993 FIRST QUARTER RESULTS
 DANBURY, Conn., Nov. 10 /PRNewswire/ -- First Brands Corporation (NYSE: FBR) announced today improved first quarter results, despite sluggish antifreeze and international results and re-affirmed its expectations for the fiscal year ended June 30, 1993.
 Net income for the fiscal 1993 first quarter ended Sept. 30, 1992 increased to $14,373,000 or $.66 per share, compared to $10,274,000 or $.47 per share a year ago. Last year's results included an extraordinary charge of $3,199,000 or $.15 per share related to repurchased debt (excluding this extraordinary charge, income per share was $.62 per share). Revenues were $268,997,000 versus $261,452,000 recorded in the first quarter last year, an increase of $7,545,000 or 3 percent.
 During the first quarter of fiscal 1993, the company changed the method of accounting for its inventories to the FIFO method from the LIFO method which had been used since the company's inception. This change was made to more accurately reflect results of operations during periods of changing prices and because overall product costs have declined.
 The change has been applied by retroactively restating the financial statements for prior years. Net income for last year's first fiscal quarter ended Sept. 30, 1991 will not change as a result of restating fiscal 1992 results since there was no LIFO adjustment during that period. Net income for this year's first quarter would have been the same under either the LIFO and FIFO method.
 Commenting on the results, Alfred E. Dudley, chairman and CEO, stated, "Our improved earnings largely resulted from higher sales of both GLAD-LOCK and new automotive products, as well as lower interest expense. In our antifreeze business, the quarter started slowly and year to year sales were down due to the trade reducing its inventory levels. Notwithstanding the continuing soft retail marketplace in the U.S. and the recessionary climate internationally, our GLAD-LOCK expansion programs and the new automotive products have done well and will continue to be supported with advertising and promotion spending that exceeds the prior year."
 "Our A&M Products business has already increased its distribution since the acquisition in May 1992 and the market sector that it created four years ago continues to grow significantly. The pet products business should be a positive contributor shortly."
 "The antifreeze market so far in the second quarter has been strong in some areas and weak in others so that overall unit increases are only up slightly. The private label sector of the market has increased substantially at the expense of brands other than Prestone. Assuming these trends do not change, Prestone unit sales should be up slightly and our private label sales will be up significantly as we are now the principal private label supplier to the retail market."
 "Based on the above assumptions and the expectation that we will continue to have strong performances from the plastic products, pet products and new automotive products, we feel confident that we can meet our operations target for the year."
 With regard to the inventory accounting change, Mr. Dudley continued, "Our business does not fit the LIFO company profile. Our non-chemical costs have steadily declined since our 1986 inception and chemical costs have declined the past several years. We expect that the non-chemical cost trends will continue and industry forecasters expect that the chemicals we purchase will be priced within a narrow range over the next few years. Because of this, the FIFO method is better suited for our situation."
 First Brands Corporation develops, manufacturers, markets and sells leading consumer products sold under the GLAD, GLAD-LOCK, SCOOP AWAY, EVER CLEAN, PRESTONE, STP, and SIMONIZ brands.
 FIRST BRANDS CORPORATION
 Consolidated Condensed Statements of Income
 (In thousands, except per share amounts, unaudited)
 Quarter ended Sept. 30 1992 1991
 Net sales(A) $268,997 $261,452
 Cost of goods sold 166,129 164,592
 Selling, general and
 administrative expenses 63,718 56,542
 Amortization and other depreciation 6,214 6,164
 Interest expense 6,152 10,273
 Discount on sale of receivables 1,127 --
 Other income (expense), net 9 (219)
 Income before provision for income taxes 25,666 23,662
 Provision for income taxes 11,293 10,189
 Income before extraordinary item 14,373 13,473
 Extraordinary loss related to
 purchase of subordinated debt,
 net of taxes -- (3,199)
 Net income 14,373 10,274
 Net income per common share
 and common equivalent share
 Income before extraordinary item .66 .62
 Extraordinary item -- (.15)
 Net income .66 .47
 Weighted average common and
 common equivalent shares 21,807 21,855
 (A)Net Sales by Category
 Plastic wrap and bags 154,077 154,033
 Other home products 11,965 --
 Antifreeze/coolant 53,927 60,607
 Other automotive products 49,028 46,812
 Total 268,997 261,452
 Net Sales Geographically
 United States 241,037 231,694
 International 27,960 29,758
 Total 268,997 261,452
 -0- 11/10/92
 /CONTACT: Donald A. DeSantis, vice president and chief financial officer of First Brands Corporation, 203-731-2306/
 (FBR) CO: First Brands Corporation ST: Connecticut IN: HOU SU: ERN


SM-OS -- NY022 -- 9200 11/10/92 10:37 EST
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Date:Nov 10, 1992
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