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FISCHER & PORTER REPORTS 23 PERCENT EARNINGS GAIN FOR THE FIRST SIX MONTHS

 WARMINSTER, Pa., July 30 /PRNewswire/ -- Fischer & Porter Company (AMEX: FP) today reported earnings per share of $.14 for the three months ended June 30, 1993, on net income of $734,000 compared to $.06 per share on net income of $383,000 for the same period in 1992.
 Sales were $59,229,000 in the current quarter, an increase of $2,814,000 or 5 percent compared to the prior year quarter. Sales in the United States were essentially the same as in the prior year quarter with the increase coming from the International units. At comparable currency exchange rates, the increase in sales would have been approximately $5,300,000. Foreign exchange losses of $262,000 were incurred in 1993 whereas, in 1992, there were foreign exchange gains of $208,000.
 Net income for the first six months of 1993 was $808,000 or $.15 per share, 23 percent higher than the comparable period of 1992. In 1992, net income was $656,000 or $.11 per share. Sales in the first half of the current year were $113,037,000 compared to sales of $109,789,000 for the comparable period in 1992, or an increase of 3 percent. All of the increase in sales occurred in International markets. At comparable exchange rates with 1992, the reported sales increase would have been approximately $8,200,000, or 7.5 percent. Sales in the United States were $3,200,000 less than the prior year, of which $1,400,000 was sales by the specialty glass business that was sold in the fourth quarter of 1992. In the first half of 1993, foreign exchange losses of $296,000 were incurred while foreign exchange gains of $309,000 were reported for the same period in 1992. The variation in currency gains and losses results from the weakness of the U.S. dollar vs. European currencies in 1992 compared to 1993 when the U.S. dollar has strengthened against those same currencies.
 Orders received for the first half of 1993 totaled $112,000,000 as compared to $121,000,000 for the same period in 1992. Orders in the United States were $2,800,000 higher than the previous year, while orders at the International units were $11,800,000 lower; at comparable exchange rates with 1992, International orders would have declined $4,900,000. The orders for the second quarter of 1993 totaled $56,500,000 as compared to $61,500,000 in the second quarter of 1992 and $55,500,000 in the first quarter of 1993.
 E. Joseph Hochreiter, Fischer & Porter's president and chief operating officer, stated, "We are pleased to report our sixth consecutive quarter of earnings for the first time since 1986. We remain cautious about the rest of this year, therefore, we are continuing to focus on aggressively refining product strategies, planning for growth, while managing for cash." The company's Chairman and Chief Executive Officer Jay H. Tolson added, "We still do not see any conclusive evidence of a sustained upturn in the U.S. economy and Europe shows no signs of recovery in the near future. We continue to be concerned about the extent to which our markets will grow."
 Fischer & Porter Company is a world leader in measurement and control technologies. The company's products include flowmeters, transmitters, process controllers, microcomputers, distributed control systems, analytical instruments and various types of disinfection equipment. Throughout the world, Fischer & Porter instruments and systems are an integral part of such varied enterprises as chemical plants, pharmaceutical plants, food and beverage processing facilities, pulp and paper mills, mines, metal refineries and municipal and industrial water and wastewater treatment plants.
 FISCHER & PORTER COMPANY
 Consolidated Statements of Income
 (Unaudited; 000s omitted)
 Periods ended Three months Six months
 June 30 1993 1992 1993 1992
 Net sales $59,229 $56,415 $113,037 $109,789
 Costs and expenses:
 Cost of sales 37,238 34,616 70,444 66,579
 Research & development 3,002 3,140 6,111 6,073
 Selling, general &
 administrative expenses 16,846 16,773 32,949 33,355
 Total 57,086 54,529 109,504 106,007
 Income from operations 2,143 1,886 3,533 3,782
 Interest expense 789 646 1,612 1,401
 Foreign exchange losses (gains) 262 (208) 296 (309)
 Income before provision
 for income taxes 1,092 1,448 1,625 2,690
 Provision for income taxes 358 1,065 817 2,034
 Net income 734 383 808 656
 Earnings per share $.14 $.06 $.15 $.11
 Average shares 5,258 5,240 5,276 5,226
 Orders received and backlog:
 Orders received $56,500 $61,500 $112,000 $121,000
 Backlog of unfilled orders 57,500 71,000 57,500 71,000
 Consolidated Balance Sheets
 (000s omitted)
 June 30, 1993 Dec. 31, 1992
 (Unaudited)
 Assets:
 Cash $3,935 $6,565
 Receivables 46,338 37,737
 Inventories 40,296 40,109
 Prepaid expenses 2,066 1,767
 Total current assets 92,635 86,178
 Property, plant & equipment, net 37,880 39,963
 Other assets 6,898 6,828
 Total 137,413 132,969
 Liabilities and shareholders' equity:
 Current portion of long-term debt 1,954 1,456
 Notes payable 10,706 5,065
 Accounts payable and accrued expenses 34,006 33,653
 Total current liabilities 46,666 40,174
 Long-term debt 18,304 19,176
 Other noncurrent liabilities 30,293 30,923
 Preferred stock 710 710
 Shareholders' equity:
 Common stock 4,658 4,657
 Class B Capital stock 564 564
 Paid-in surplus 61,239 61,233
 Accumulated deficit (23,484) (24,260)
 Cumulative translation adjustments (1,537) (208)
 Total shareholders' equity 41,440 41,986
 Total liabilities and
 shareholders' equity 137,413 132,969
 /delval/
 -0- 7/30/93
 /CONTACT: Laurence P. Finnegan Jr. of Fischer & Porter, 215-674-6102/
 (FP)


CO: Fischer & Porter Company ST: Pennsylvania IN: SU: ERN

JM-LJ -- PH010 -- 7687 07/30/93 11:20 EDT
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Publication:PR Newswire
Date:Jul 30, 1993
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