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GATX ANNOUNCES FIRST QUARTER RESULTS

 GATX ANNOUNCES FIRST QUARTER RESULTS
 CHICAGO, April 16 /PRNewswire/ -- GATX Corp. (NYSE: GMT) today


reported results for the first quarter ended March 31, 1992.
 Revenues Up; Loss From Non-Cash Charge
 Gross income for the quarter increased 9.5 percent to $231.9 million from $211.8 million at this time last year. Before the cumulative effect of accounting changes, net income was $15.8 million, or $0.64 per common share compared with $18.9 million, or $0.80 per common share, in the prior year period. The 16.4 percent decline in net earnings is largely due to lower gains on asset dispositions and higher repair and operating expenses.
 The company recorded a one-time non-cash accounting adjustment of $42.9 million for post-employment benefits and deferred taxes. As a result, the company reported a net loss of $27.1 million, equal to a $1.57 loss per common share.
 Cash flow from operations for the first quarter was $44 million compared with $21 million for the same period last year. Portfolio proceeds were $38 million compared with $134 million last year. The decrease reflects an $80 million exceptional lease renewal payment received in the 1991 quarter.
 Subsidiary operating results are shown, before the effects of the SFAS 106 and 109 accounting adjustments, on a comparable basis to last year. A table follows on the last page of this release detailing the adjustments by subsidiary.
 Increased Expenses Lower General American's Earnings
 General American Transportation Corp., GATX's railcar leasing and management subsidiary, earned $11.1 million for the first quarter of 1992 compared to $13.5 million for the first quarter of 1991.
 Although total revenue increased, General American is experiencing increasing maintenance expenses as a result of increased fleet repairs as well as higher operating costs. Also, the decline in earnings reflects the drop in utilization of the fleet from 94 percent a year ago to 93 percent currently. Lower interest rates on invested funds further reduced net earnings.
 Lower Disposition Gains at GATX Capital
 GATX Capital, GATX's equipment financing subsidiary, reported earnings of $5.4 million for the first quarter of 1992 compared to $7.9 million for the first quarter of 1991. The reduced earnings reflect an expected lower level of equipment coming off lease resulting in lower pretax disposition gains which were $7.6 million for the first quarter of 1992 compared to $14.7 million for the first quarter of 1991.
 Improved Margins Boost Terminals' Earnings
 GATX Terminals Corp., GATX's bulk liquid storage and pipeline subsidiary, earned $5.9 million in the first quarter of 1992 compared to $4.1 million for the first quarter of 1991. Terminals' increased results represent contributions from domestic facility improvements, margin improvement as a result of cost control, and improved results at certain foreign affiliates. Throughput and utilization for the first quarter were 155 million barrels and 87 percent, respectively, compared to 157 million barrels and 85 percent utilization a year ago.
 Stable Earnings at American Steamship
 American Steamship Company, GATX's Great Lakes shipping operation, traditionally does not begin operations until late in the first quarter due to ice on the Great Lakes. American Steamship reported earnings of $.3 million for the first quarter of 1992 compared to $.4 million for the first quarter of 1991.
 Unit Reduces Loss; Profitable Year Anticipated
 The Unit Companies, GATX's logistics support, warehousing and distribution operation, reported a loss of $.2 million for the first quarter of 1992 compared to a loss of $.4 million for the first quarter of 1991. GATX anticipates that Unit will operate profitably for the year reflecting improved operating conditions and the results of new business development activities.
 As announced earlier, in the first quarter GATX adopted the Statement of Financial Accounting Standards (SFAS) No. 106, "Employers' Accounting for Postretirement Benefits Other Than Pensions" (OPEB) and SFAS No. 109, "Accounting for Income Taxes." SFAS No. 106 requires that certain post-employment benefits, principally health care and life insurance, be recognized in the financial statements on an accrual basis rather than on a pay-as-you-go basis. GATX recorded a one-time after- tax charge of $55.5 million. The principal change resulting from SFAS No. 109 is the recording of deferred taxes at amounts ultimately considered payable resulting in a $12.6 million favorable adjustment. There is no cash flow impact from these net charges to earnings.
 GATX Corp. is a $3.5 billion service-based asset company which provides capital equipment and related services for use in various domestic and international markets. Customers utilize GATX's rail, aircraft, bulk liquid storage terminals, pipelines, logistics support and warehousing, and shipping assets to operate their businesses on a daily basis. GATX Corp. is listed on the New York, London, and other stock exchanges.
 GATX CORP.
 First Quarter Results
 (In millions, except per-share data)
 Three Months Ended: 3/31/92 3/31/91
 Gross Income $231.9 $211.8
 Income Before Cumulative Effect of
 Accounting Changes $ 15.8 $ 18.9
 Net Income (Loss) $(27.1) $ 18.9
 Net Income (Loss) Per Share $ (1.57) $ .80
 Fully Diluted Net Income (Loss) Per Share $ (1.57)(A) $ .80
 Average Number of Common Shares and
 Common Share Equivalents Outstanding 19,417,000 19,437,000
 in 1991
 (A) Conversion of Preferred Stock excluded from computation of
 fully diluted earnings because of antidilutive effects.
 GATX CORP.
 Results of Operations
 (In millions except per-share data)
 Three Months Ended: 3/31/92 3/31/91
 Operating
 Income Cumulative Effect Of
 Before FAS 109 Net Net
 Accounting FAS 106 Deferred Income Income
 Subsidiary Changes OPEB Taxes (Loss) (Loss)
 Transportation $11.1 ($32.5) $38.7 $17.3 $13.5
 GATX Capital 5.4 (0.6) 13.0 17.8 7.9
 Terminals 5.9 (7.7) 3.0 1.2 4.1
 ASC 0.3 (1.0) (3.2) (3.9) 0.4
 Unit (0.2) 0.0 0.0 (0.2) (0.4)
 Corporate & Other (6.7) (13.7) (38.9) (59.3) (6.6)
 TOTAL GATX $15.8 ($55.5) $12.6 ($27.1) $18.9
 Net Income (Loss)
 Per Common Share $ 0.64 ($ 2.86) $ 0.65 ($ 1.57) $0.80
 -0- 4/16/92
 /CONTACT: George S. Lowman of GATX, 312-621-6599/
 (GMT) CO: GATX Corp. ST: Illinois IN: SU: ERN


TQ -- NY062 -- 9317 04/16/92 12:44 EDT
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