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FISCHER & PORTER REPORTS SECOND QUARTER EARNINGS

 FISCHER & PORTER REPORTS SECOND QUARTER EARNINGS
 WARMINSTER, Pa., July 29 /PRNewswire/ -- Fischer & Porter Company


(AMEX: FP) today reported earnings per share of $.06 for the three months ended June 30, 1992, on net income of $383,000 compared to $.01 per share on net income of $109,000 for the same period in 1991.
 Sales were $56,415,000 in the current quarter, a decrease of $4,838,000 or 7.9 percent compared to the prior year quarter. The difference in sales was primarily due to the continued slow worldwide economic environment, particularly in Europe. The sales statistics also reflect the company's strategic decision to focus systems sales in selective markets. Foreign currency gains of $208,000 were reported in 1992 whereas, in 1991, there were foreign currency losses of $168,000.
 Net income for the first six months of 1992 was $656,000 or $.11 per share. In the same period of 1991, net income was $287,000 or $.04 per share (before accounting change). Sales in the first half of the current year were $109,789,000 compared to sales of $119,465,000 for the comparable period in 1991. The decline in sales of 8 percent was primarily for the same reasons noted previously for the second quarter. Over one-half of the decline in sales occurred in European markets. In the first half of 1992, currency gains of $309,000 were reported while currency losses of $313,000 were incurred for the same period in 1991. The variation in currency gains and losses resulted from the weakness of the U.S. dollar vs. European currencies in 1992 compared to 1991 when the U.S. dollar strengthened against those same currencies.
 Because the company adopted FASB No. 106 in 1991, which governs the accounting for non-pension postretirement benefits, the previously reported net income $287,000 for the first half 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 $2,534,000 or a $.50 loss per share for the first six months of 1991.
 Orders received for the first half of 1992 totaled $121 million as compared to $116 million for the same period in 1991. This increase is due to higher international orders, offset by a modest decline in U.S. orders. The majority of the increase in international orders was due to changes in currency exchanges rates. The orders for the second quarter of 1992 totaled $61.5 million as compared to $53.5 million in the second quarter of 1991 and $59.5 million in the first quarter of 1992.
 The company is continuing to manage for cash and reduce costs during this prolonged worldwide recession.
 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 1992 1991 1992 1991(A)
 Net sales $56,415 $61,253 $109,789 $119,465
 Costs and expenses:
 Cost of sales 34,616 39,786 66,579 75,061
 Research & development 3,140 3,216 6,073 6,598
 Selling, general &
 administrative expenses 16,773 15,917 33,355 33,207
 Total 54,529 58,919 106,007 114,866
 Income from operations 1,886 2,334 3,782 4,599
 Interest expense 646 841 1,401 1,517
 Foreign exchange (gains)
 losses (208) 168 (309) 313
 Income before provision
 for income taxes and
 accounting change 1,448 1,325 2,690 2,769
 Provision for income taxes 1,065 1,216 2,034 2,482
 Income before accounting change 383 109 656 287
 Accounting change --- --- --- 2,821
 Net income (loss) 383 109 656 (2,534)
 Income (loss) per share:
 Income before
 accounting change $.06 $.01 $.11 $.04
 Accounting change --- --- --- (.54)
 Income (loss) per share .06 .01 .11 (.50)
 Average shares 5,240 5,216 5,226 5,212
 (A) The six months ended June 30, 1991, have been restated for the cumulative effect of adoption of FASB No. 106 in 1991.
 Orders received and backlog:
 Orders received $61,500 $53,500 $121,000 $116,000
 Backlog of unfilled orders 71,000 68,500 71,000 68,500
 Consolidated Balance Sheets
 (000s omitted)
 June 30, 1992 Dec. 31, 1991
 (Unaudited)
 Assets:
 Cash $6,495 $12,585
 Receivables 48,507 51,543
 Inventories 41,495 41,186
 Prepaid expenses 2,145 2,015
 Total current assets 98,642 107,329
 Property, plant & equipment, net 42,335 42,039
 Other assets 4,718 4,533
 Total 145,695 153,901
 Liabilities and shareholders' equity:
 Current portion of long-term debt 4,300 1,345
 Notes payable 15,537 17,092
 Accounts payable and accrued expenses 38,381 45,231
 Total current liabilities 58,218 63,668
 Long-term debt 8,575 12,297
 Other noncurrent liabilities 32,088 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 (25,282) (25,874)
 Cumulative translation adjustments 4,217 4,779
 Total 45,389 45,359
 Total 145,695 153,901
 /delval/
 -0- 7/29/92
 /CONTACT: Laurence P. Finnegan Jr. of Fischer & Porter, 215-674-6102/
 (FP) CO: Fischer & Porter Company ST: Pennsylvania IN: SU: ERN


MP-CC -- PH016 -- 4580 07/29/92 11:37 EDT
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Date:Jul 29, 1992
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