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FIRST BRANDS EARNINGS INCREASE IN FISCAL 1993 FOURTH QUARTER

 DANBURY, Conn., Aug. 12 /PRNewswire/ -- First Brands Corporation (NYSE: FBR) announced today improved fourth quarter earnings due to increased sales and operating margins along with lower interest expense.
 Net income for the fiscal 1993 fourth quarter which ended June 30, 1993, increased to $13,906,000 or $.63 per share, from $2,258,000 or $.10 per share a year ago. Last year's results included an extraordinary charge of $4,977,000 or $.23 per share related to repurchased debt and a one-time restructuring charge of $1 million or $.03 per share (excluding both the extraordinary charge and the restructuring expense, income per share was $.36 per share). Revenues were $285,346,000 compared with $265,067,000 recorded in the fourth quarter last year, an increase of 8 percent. Excluding the effect of sales of A&M Products which was acquired during last year's fourth quarter, revenues increased 4 percent.
 For the fiscal year, net income was $52,728,000 or $2.41 per share versus $23,478,000 or $1.07 a share last year. Last year's results included an extraordinary charge of $15,737,000 or $.72 a share related to repurchased debt and one-time restructuring expense of $4,500,000 or $.12 per share (excluding both the extraordinary charge and one-time restructuring expense, income per share was $1.91 per share). Revenues were $1,041,857,000 in this fiscal year compared to last year's sales of $988,533,000, an increase of 5 percent. Excluding sales of A&M Products, revenues were even with the prior year.
 Commenting on the results, Alfred E. Dudley, chairman and CEO, stated, "We were very pleased with these results in light of continuing retail market softness. All four parts of our business had solid performances this quarter. Operating margins increased due to lower advertising and promotion costs compared to last year's higher spending level to launch new automotive products and the GLAD-LOCK expansion."
 "Our brands continue to be strong and have maintained their leading market positions, despite the poor economic environment, through the strength of our marketing programs and the product differentiation and quality that have always characterized First Brands' products. GLAD closed this year with a record volume month in June and saw its GLAD- LOCK business reach a record share. STP's fuel additive products and the SON-OF-A-GUN products led their division's strong close. The antifreeze/coolant division increased its market share during the quarter in its two major markets for Prestone and private label. The SCOOP AWAY cat litter business reached a record market share in the overall cat litter market and continued to gain distribution in mass merchandise and club stores."
 "On the financial front, our strong cash flow enabled us to continue lowering debt. Long-term debt, now at $231,300,000 was 43 percent of total capitalization at June 1993, near our 40 percent goal for June 1994."
 Mr. Dudley continued, "The momentum of this past fiscal year is carrying over into fiscal 1994. While we expect the marketplace to offer only modest sales growth for the upcoming year, our strategies of increasing our premium mix, broadening distribution and lowering costs should bring higher margins and increased profitability."
 First Brands Corporation develops, manufactures, 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 Statements of Income
 (Unaudited -- In thousands, except per share amounts)
 Fourth Quarter Ended June 30 1993 1992(B)
 Net Sales (A) $285,346 $265,067
 Cost of goods sold 170,994 156,940
 SG&A expenses 78,079 78,645
 Operations restructuring expense -- 1,000
 Amortization & other depreciation 5,565 8,259
 Interest expense 5,847 7,839
 Discount on sale of receivables 968 572
 Other income (expense), net (348) 451
 Inc. bef. provision for inc. taxes
 and extraordinary item 23,545 12,263
 Provision for income taxes 9,639 5,028
 Income before extraordinary item 13,906 7,235
 Extraord. charge related to repurchase
 of subordinated debt, net of taxes -- (4,977)
 Net income 13,906 2,258
 Net inc. per common share and common
 equivalent share:
 Income before extraordinary item $0.63 $0.33
 Extraordinary item -- (.23)
 Net income $0.63 $0.10
 Weighted average common and common
 equivalent shares outstanding 22,013 21,851
 (A) Net Sales by Category
 Plastic wrap and bags $178,488 $170,394
 Pet products 15,672 5,129
 Antifreeze/coolant 32,144 32,652
 Other automotive products 59,042 56,892
 Total 285,346 265,067
 Net Sales Geographically
 U.S. $261,176 $241,245
 International 24,170 23,822
 Total 285,346 265,067
 (B) Results restated to reflect the effect of changing methods of accounting for inventories (from LIFO and FIFO) and of adopting SFAS 109, Accounting for Income Taxes. Previously reported earnings per share were decreased by $.16 per share (income before extraordinary item) and increased by $.02 per share (income after extraordinary item).
 FIRST BRANDS CORPORATION
 Consolidated Statements of Income
 (In thousands, except per share amounts)
 Fiscal Year Ended June 30 1993 1992(B)
 Net Sales (A) $1,041,857 $988,533
 Cost of goods sold 646,298 599,709
 SG&A expenses 257,799 255,036
 Operations restructuring expense -- 4,500
 Amortization & other depreciation 21,299 25,277
 Interest expense 23,400 36,960
 Discount on sale of receivables 4,101 572
 Other income (expense), net 95 (47)
 Inc. bef. provision for inc. taxes
 and extraordinary item 89,055 66,432
 Provision for income taxes 36,327 27,217
 Income before extraordinary item 52,728 39,215
 Extraord. charge related to repurchase
 of subordinated debt, net of taxes -- (15,737)
 Net income 52,728 23,478
 Net inc. per common share and common
 equivalent share:
 Income before extraordinary item $2.41 $1.79
 Extraordinary item -- (.72)
 Net income $2.41 $1.07
 Weighted average common and common
 equivalent shares outstanding 21,894 21,864
 (A) Net Sales by Category
 Plastic wrap and bags $607,274 $612,463
 Pet products 55,450 5,129
 Antifreeze/coolant 163,275 162,576
 Other automotive products 215,858 208,365
 Total 1,041,857 988,533
 Net Sales Geographically
 U.S. $946,061 $890,053
 International 95,796 98,480
 Total 1,041,857 988,533
 (B) Results restated to reflect the effect of changing methods of accounting for inventories (from LIFO and FIFO) and of adopting SFAS 109, Accounting for Income Taxes. Previously reported per share results were decreased by $.12 per share (income before extraordinary item) and income after extraordinary item was unchanged.
 -0- 8/12/93
 /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

MP-PS -- NY008 -- 2033 08/12/93 10:00 EDT
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Date:Aug 12, 1993
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