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FIRST BRANDS SALES AND EARNINGS INCREASE IN FISCAL 1993 SECOND QUARTER

 DANBURY, Conn., Feb. 9 /PRNewswire/ -- First Brands Corporation (NYSE: FBR) announced today improved second quarter and first half results, led by increased sales of GLAD-LOCK Zipper Bags, new automotive products and exports.
 Net income for the fiscal 1993 second quarter ended Dec. 31, 1992, increased to $14,885,000 or $.68 per share, from $11,677,000 or $.53 per share a year ago. Last year's results included an extraordinary charge of $433,000 or $.02 per share related to repurchased debt and a one-time charge for operations restructuring of $3,500,000 or $.09 per share (excluding both the extraordinary charge and one-time charge, income per share was $.64 per share). Revenues increased 10 percent to $268,018,000 compared with $243,015,000 recorded in the second quarter last year. Approximately one-half of the revenue growth related to sales from the A&M Products business which was acquired in May 1992.
 For the six-month period, net income was $29,890,000 or $1.37 per share vs. $22,301,000 or $1.02 a share last year. Last year's six-month results included an extraordinary charge of $3,632,000 or $.17 a share related to repurchased debt and the one-time charge mentioned above of $3,500,000 or $.09 per share (excluding both the extraordinary charge and one-time charge, income per share was $1.28 per share). Revenues were $537,015,000 in this year's first half, 6 percent over last year's six-month sales of $504,467,000.
 During the second quarter the company elected to adopt SFAS 109, the new income tax accounting standard. The adoption of the standard will be on a retroactive basis so that all previously reported periods will be restated to the effect of this change. Accordingly, the results for first quarter of fiscal 1993 have been restated as well as the quarterly results for fiscal 1992 with each quarter's results increasing approximately $.02 to $.03 per share. Adoption of this accounting standard is expected to slightly lower the company's effective tax rate used in computing the provision for income taxes.
 Commenting on the results, Alfred E. Dudley, chairman and CEO, stated, "Our improved earnings largely resulted from higher sales of GLAD-LOCK Zipper Bags, new automotive products and exports, as well as lower interest expense. Earnings gains were partially offset by lower gross margins and higher selling costs. Our GLAD-LOCK expansion programs and the new automotive products have done well, supported with higher advertising and promotion spending. Gross margins were lower in the GLAD business this year due to the effect of very low polyethylene costs a year ago. Overall unit sales in our antifreeze business were up for the quarter but branded unit sales were lower.
 "Our A&M business has continued to broaden its distribution to the retail trade since our acquisition in May 1992, and the premium clumping cat litter sector that it created four years ago continues to grow significantly. The pet products business should be a positive contributor, as planned, in the third quarter.
 "For the remainder of the year we see continued GLAD and Automotive (excluding antifreeze) sales growth. Advertising and promotion spending will be up, but more moderately in the last half. These factors, together with the lower interest expense, are expected to produce strong performances in the third and fourth quarters."
 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 Condensed Statements of Income
 (Unaudited -- In thousands, except per-share amounts)
 Three Months Ended Dec. 31 1992 1991
 (Restated)(B)
 Net sales(A) $268,018 $243,015
 Cost of goods sold 169,939 146,156
 Selling, general & administrative expenses 61,041 56,812
 Operations restructuring expense -- 3,500
 Amortization and other depreciation 5,319 6,353
 Interest expense 5,711 9,463
 Discount on sale of receivables 1,058 --
 Other income (expense), net 195 (67)
 Inc. bef. provision for inc. taxes
 and extraordinary loss 25,145 20,664
 Provision for income taxes 10,260 8,554
 Income before extraordinary item 14,885 12,110
 Extraordinary loss relating to the purchase
 of subordinated debt, net of taxes -- (433)
 Net income 14,885 11,677
 Net income per common share and common
 equivalent share:
 Income before extraordinary item $0.68 $0.55
 Extraordinary item -- (0.02)
 Net income $0.68 $0.53
 Weighted average common and common
 equivalent shares outstanding 21,843 21,841
 NOTES:
 (A) -- Net Sales by Category
 Plastic wrap and bags $143,082 $138,564
 Other home products 11,498 --
 Antifreeze/coolant 61,690 56,085
 Other automotive products 51,748 48,366
 Total 268,018 243,015
 Net Sales Geographically
 United States $245,005 $218,987
 International 23,013 24,028
 Total 268,018 243,015
 (B) -- Results restated to reflect the effect of adopting SFAS 109, Accounting for Income Taxes. Previous reported results were increased by $.03 per share.
 Six Months Ended Dec. 31 1992 1991
 (Restated)(B)
 Net sales(A) $537,015 $504,467
 Cost of goods sold 336,068 310,748
 Selling, general & administrative expenses 124,759 113,354
 Operations restructuring expense -- 3,500
 Amortization and other depreciation 11,648 12,652
 Interest expense 12,183 20,007
 Discount on sale of receivables 2,185 --
 Other income (expense), net 204 (286)
 Inc. bef. provision for inc. taxes
 and extraordinary loss 50,376 43,920
 Provision for income taxes 20,486 17,987
 Income before extraordinary item 29,890 25,933
 Extraordinary loss relating to the purchase
 of subordinated debt, net of taxes -- (3,632)
 Net income 29,890 22,301
 Net income per common share and common
 equivalent share:
 Income before extraordinary item $1.37 $1.19
 Extraordinary item -- (0.17)
 Net income $1.37 $1.02
 Weighted average common and common
 equivalent shares outstanding 21,821 21,840
 NOTES:
 (A) -- Net Sales by Category
 Plastic wrap and bags $296,745 $292,597
 Other home products 23,877 --
 Antifreeze/coolant 115,617 116,692
 Other automotive products 100,776 95,178
 Total 537,015 504,467
 Net Sales Geographically
 United States $486,042 $450,681
 International 50,973 53,786
 Total 537,015 504,467
 (B) -- Results restated to reflect the effect of adopting SFAS 109, Accounting for Income Taxes. Previous reported results were increased by $.05 per share.
 -0- 2/9/93
 /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: SU: ERN

CK-PS -- NY035 -- 4655 02/09/93 12:08 EST
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