FUQUA INDUSTRIES REPORTS FIRST QUARTER RESULTS
FUQUA INDUSTRIES REPORTS FIRST QUARTER RESULTS ATLANTA, April 22 /PRNewswire/ -- Fuqua Industries, Inc.
(NYSE: FQA) today reported a loss of $1.8 million, or $.11 per share, for the first quarter of 1992, compared to a loss of $14.8 million, or $.89 per share in the first quarter of 1991.
Sales for the first quarter of 1992 were $276 million, an increase of 31 percent from the same period last year. The company said that all of its business segments experienced sales increases for the quarter in comparison to last year, with Snapper Power Equipment showing the largest percentage increase and Qualex, its photofinishing company which is jointly owned with Eastman Kodak Company (NYSE: EK), showing the largest dollar increase. Snapper's operating income was significantly higher than last year because of increased production and shipments to distributors of its redesigned product lines of lawn and garden equipment. In 1991, Snapper curtailed shipments to reduce significantly retail inventories so that future production and shipments could better match demand by consumers. First quarter shipments are in line with demand as anticipated by Snapper's national dealer network. Fuqua Sports also experienced an increase in operating income from last year, while Qualex showed a decrease. In general, the photofinishing industry incurs losses in the first quarter. As a result, the acquisitions made by Qualex in the fourth quarter of 1991 added incremental losses to the first quarter of 1992. It is anticipated that this trend will reverse as Qualex consolidates its operations in 1992 from 73 plants to 55, many of which were acquired facilities. However, even without these plant consolidations, the acquired operations, with their incremental business volume gains, are expected to yield significant operating earnings during the balance of 1992 as Qualex moves into the favorable seasonal periods. Charles R. Scott, president and chief executive officer said: "In the first quarter of 1992 we saw improvements in each of our businesses. The restructuring which took place last year was painful but is now behind us. Because of the seasonal nature of our businesses, a loss in the first quarter was anticipated. It is encouraging to note, however, that the loss was lower than the street had predicted." Fuqua Industries, Inc. is a $1 billion consumer products and service company with three principal areas of business: Lawn and Garden, Photofinishing and Sporting Goods. FUQUA INDUSTRIES, INC. Summary of Earnings (In thousands except per share data) 3 mos. ended 3/31/92 3/31/91 Sales $ 276,284 $ 210,729 Net loss (1,806) (14,751) Loss per common share $ (0.11) $ (0.89) Avg. common and common equiv. shares 16,544 16,514 NOTE: The first quarter of 1991 includes provisions after tax benefits of $4,514,000 ($.27 per share) for settlement of employment agreements, $816,000 ($.05 per share) for relocating the corporate office, and $603,000 ($.04 per share) for consolidating the operating facilities at a sporting goods subsidiary. -0- 4/22/92 /CONTACT: Frederick B. Beilstein III, senior vice president, tresurer and chief financial officer, or Page S. Turner, vice president-Investor Relations of Fuqua Industries, 404-658-9000/ (FQA EK) CO: Fuqua Industries, Inc. ST: Georgia IN: MAC SU: ERN
BR-BN -- AT008 -- 1233 04/22/92 11:44 EDT
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|Date:||Apr 22, 1992|
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