Printer Friendly

FISCHER & PORTER REPORTS EARNINGS FOR THE FIRST QUARTER OF 1992

 FISCHER & PORTER REPORTS EARNINGS FOR THE FIRST QUARTER OF 1992
 WARMINSTER, Pa., April 30 /PRNewswire/ -- Fischer & Porter Co. (AMEX: FP) today reported net income of $273,000 or $.05 per share for the first quarter of 1992.
 These results are an improvement over the comparable quarter in 1991 when net income of $178,000 or $.03 per share was reported. Sales for the current year quarter were $53,374,000; $4,838,000 or 8.3 percent less than 1991 first quarter sales of $58,212,000. While sales declined both in the United States and International markets, approximately $2 million, or 41 percent of the decline was attributable to currency exchange rate differences for International sales. The balance of the decline was due, in part, to the continued slow worldwide economic environment and, in part, to a shift in corporate strategy which focuses on system sales in selective markets.
 Also, because the company adopted FASB No. 106 in 1991, which governs the accounting for non-pension postretirement benefits, the previously reported net income of $178,000 for the first quarter of 1991 has been restated. A charge of $2,821,000, which represents the cumulative effect of the change in accounting principle as of Jan. 1, 1991, has been reflected in the first quarter of 1991, resulting in a restated net loss of $2,643,000 or a $.51 loss per share for that quarter.
 Orders received in the first quarter of 1992 were $59.5 million, or approximately 5 percent lower than the $62.5 million reported in the first quarter of 1991; 1992 orders were, however, $2 million higher than those received in the last quarter of 1991. The orders obtained by the U.S. company were approximately $3.4 million higher than those received in the fourth quarter of 1991. Moreover, the company already has started receiving orders for the new DCI System Six(TM) distributed control system, a major new product offering planned to be introduced officially in the second quarter. Orders in 1992 reflect the stated strategy of selective marketing and sales of certain higher margin systems projects. As a results, bookings are down, but margins have increased.
 The company said it is continuing its aggressive efforts to manage cash and reduce costs while pursuing higher margin sales and maintaining a substantial product development program.
 The company said it has:
 -- launched its new distributed control system and Fill-Mag(TM) line of magnetic flowmeters;
 --initiated a new, lower cost medical plan for the salaried U.S. employees;
 -- reduced debt obligations in the United States by $2.7 million in the quarter;
 -- started restructuring three subsidiary operations in Europe for which reserves had been provided in 1991; and
 -- managed aggressively corporate working capital levels.
 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 CO.
 Consolidated Balance Sheets
 (000s omitted)
 (Unaudited)
 March 31, 1992 Dec. 31, 1991
 Assets:
 Cash $6,957 $12,585
 Receivables 44,900 51,543
 Inventories 40,283 41,186
 Prepaid expenses 2,276 2,015
 Total current assets 94,416 107,329
 Property, plant & equipment, net 40,860 42,039
 Other assets 4,566 4,533
 Total 139,842 153,901
 Liabilities and shareholders' equity:
 Current portion of long-term debt 1,073 1,345
 Notes payable 14,588 17,092
 Accounts payable and accrued expenses 38,494 45,231
 Total current liabilities 54,155 63,668
 Long-term debt 11,743 12,297
 Other noncurrent liabilities 30,026 31,152
 Preferred stock 1,425 1,425
 Shareholders' equity:
 Common stock 4,657 4,657
 Class B Capital stock 564 564
 Paid-in surplus 61,233 61,233
 Accumulated deficit (25,633) (25,874)
 Cumulative translation adjustments 1,672 4,779
 Total 42,493 45,359
 Total 139,842 153,901
 Consolidated Statements of Income
 (Unaudited; 000s omitted)
 Three months ended March 31 1992 1991(A)
 Net sales $53,374 $58,212
 Costs and expenses:
 Cost of sales 31,963 35,275
 Research & development 2,933 3,382
 Selling, general & administrative expenses 16,582 17,290
 Total 51,478 55,947
 Income from operations 1,896 2,265
 Interest expense 755 676
 Foreign exchange (gains) losses (101) 145
 Income before provision for income
 taxes and accounting change 1,242 1,444
 Provision for income taxes 969 1,266
 Income before accounting change 273 178
 Accounting change --- 2,821
 Net income (loss) 273 (2,643)
 Income (loss) per share:
 Income before accounting change $.05 $.03
 Accounting change --- (.54)
 Income (loss) per share .05 (.51)
 Average shares 5,222 5,210
 (A) The first quarter of 1991 has been restated for the cumulative effect of adoption of FASB No. 106 in 1991
 Orders received and backlog:
 Orders received $59,500 $62,500
 Backlog of unfilled orders 66,000 76,000
 /delval/
 -0- 4/30/92
 /CONTACT: Laurence P. Finnegan Jr. of Fischer & Porter, 215-674-6102/
 (FP) CO: Fischer & Porter Company ST: Pennsylvania IN: SU: ERN


MP-KA -- PH041 -- 5076 04/30/92 15:33 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 30, 1992
Words:891
Previous Article:GOV. CASEY JOINS IN BREAKING GROUND FOR $50 MILLION JOINT VENTURE BETWEEN MERCK AND AB ASTRA
Next Article:SIGNET BANKING CORPORATION ANNOUNCES DECLARATION BY SEC CONCERNING REGISTRATION STATEMENT


Related Articles
FISCHER IMAGING REPORTS STRONG FIRST QUARTER RESULTS
FISCHER IMAGING REPORTS RECORD SECOND QUARTER EARNINGS AND REVENUES
FISCHER & PORTER REPORTS SECOND QUARTER EARNINGS
FISCHER & PORTER REPORTS THIRD QUARTER EARNINGS
FISCHER & PORTER REPORTS EARNINGS FOR 1992
FISCHER IMAGING REPORTS STRONG FIRST QUARTER REVENUES
FISCHER & PORTER REPORTS 23 PERCENT EARNINGS GAIN FOR THE FIRST SIX MONTHS
FISCHER & PORTER REPORTS THIRD QUARTER EARNINGS
FISCHER & PORTER COMPANY REPORTS EARNINGS FOR 1993
FISCHER & PORTER REPORTS RESULTS FOR THE FIRST QUARTER OF 1994

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