Printer Friendly

GENERAL SIGNAL FIRST-QUARTER NET CLIMBS 17.3 PERCENT

 GENERAL SIGNAL FIRST-QUARTER NET CLIMBS 17.3 PERCENT
 STAMFORD, Conn., April 22 /PRNewswire/ -- General Signal Corporation (NYSE: GSX) recorded first-quarter net earnings of $16.6 million, or 86 cents per share on sales of $411.9 million, it was announced today by Edmund M. Carpenter, chairman and chief executive officer. In the year- ago period, the company posted earnings of $14.2 million, or 74 cents per share, on sales of $397.5 million.
 Carpenter noted that "the strong first-quarter performance presented additional evidence that business was gradually improving and that steps taken to contain costs were continuing to benefit the bottom line. Significant to the quarter was the 11 percent gain in orders to $437.2 million and the completion of four small "bolt-on" acquisitions which will in total add up to $60 million in sales over the next 12 months."
 Operating earnings for the process controls sector rose 15.4 percent to $15.7 million on a sales gain of 3.5 percent to $174.8 million, benefiting from particular strength in valves and pumps as well as a return to marginal profitability at the Leeds & Northrup unit.
 The electrical controls sector's operating earnings improved 1.9 percent to $10.7 million on a sales gain of 8.7 percent to $136.9 million. Most businesses, except for consumer-oriented small motors and fire alarm and emergency lighting, were off year-earlier levels reflecting continued softness in non-residential construction and utility markets.
 Industrial technology's operating earnings declined 4.9 percent to $3.9 million on a 2.3 percent decline in sales to $100.2 million. However, 1991 earnings for this sector were substantially aided by a non-recurring contract cancellation settlement of $5 million. The sector was benefited this quarter by a sharp reduction in operating losses at its semiconductor wafer lithography unit as well as improvements within its telecommunications equipment and automotive and bicycle component businesses.
 "With orders showing improvement and asset management and cost reduction programs continuing to reflect positively on performance, we remain confident about our favorable outlook for the balance of the year," Carpenter concluded.
 General Signal Corporation, with 1991 sales of $1.62 billion, is a leading manufacturer of equipment and instruments for the process control, electrical, semiconductor and telecommunications industries.
 GENERAL SIGNAL CORPORATION
 Consolidated Statement of Earnings
 (Unaudited; in thousands, except per-share data)
 Three months ended March 31 1992 1991
 Net sales $411,945 $397,500
 Cost of sales 297,139 287,992
 Gross margin 114,806 109,508
 S,G&A expenses 85,295 81,707
 Operating earnings 29,511 27,801
 Net interest expense 6,234 7,949
 Earnings before income taxes 23,277 19,852
 Income taxes 6,634 5,658
 Net earnings 16,643 14,194
 Net earnings per share of common stock $0.86 $0.74
 Average common shares outstanding 19,386 19,264
 Sector Performance
 (Unaudited; in thousands)
 Three months ended March 31 1992 1991
 Net sales:
 Process controls $174,800 $168,900(A)
 Electrical controls 136,900 126,000
 Industrial technology 100,200 102,000(A)
 Total 411,900 397,500
 Operating earnings:
 Process controls 15,700 13,600(A)
 Electrical controls 10,700 10,500
 Industrial technology 3,900 4,100(A)
 Total operating earnings
 before corporate expenses
 and equity income 30,300 28,200
 (A) -- 1991 sales and operating earnings have been restated in the amount of $3.9 million and $0.9 million, respectively, to reflect the transfer of a unit to industrial technology from process controls.
 Consolidated Balance Sheet
 (Unaudited; in thousands)
 3/31/92 12/31/91
 Assets
 Current assets:
 Cash and cash equivalents $4,744 $18,352
 Accounts receivable, net 297,229 294,441
 Inventories 256,692 246,130
 Prepaid expenses and other
 current assets 31,923 26,640
 Deferred taxes 16,891 16,369
 Total 607,479 601,932
 Property, plant and equipment, net 256,269 263,650
 Investments, intangibles and
 other assets, net 322,537 314,616
 Total 1,186,285 1,180,198
 Liabilities and shareholders' equity
 Current liabilities:
 Notes payable and current maturities
 of long-term debt 16,644 13,479
 Accounts payable 128,506 128,876
 Accrued expenses 165,753 179,264
 Income taxes 40,270 36,429
 Total 351,173 358,048
 Long-term debt less current maturities 297,055 289,839
 Other non-current liabilities 54,781 55,875
 Shareholders' equity 483,276 476,436
 Total 1,186,285 1,180,198
 -0- 4/22/92
 /CONTACT: Nino J. Fernandez of General Signal, 203-357-8800/
 (GSX) CO: General Signal Corporation ST: Connecticut IN: TRN SU: ERN


CK-OM -- NY045 -- 1274 04/22/92 12:18 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 22, 1992
Words:767
Previous Article:MAYOR SCHEIBEL TO SEE NEW TECHNOLOGY AT COUNTY JOB CENTER
Next Article:ROADMASTER REPORTS RECORD YEAR STRONG 1991 PERFORMANCE CONTINUES INTO 1992


Related Articles
SUNBEAM-OSTER REPORTS STRONG FIRST QUARTER RESULTS
WACHOVIA ANNOUNCES SECOND QUARTER EARNINGS
STRONG SECOND QUARTER SALES AND EARNINGS REPORTED BY ST. JUDE MEDICAL
GENERAL CABLE REPORTS SECOND QUARTER RESULTS, IMPROVED OPERATING PERFORMANCE
TEPPCO PARTNERS, L.P. DECLARES INCREASE IN QUARTERLY DISTRIBUTION; REPORTS RECORD FIRST-QUARTER RESULTS
UNION SWITCH & SIGNAL INC. CONTINUES RECORD PACE THROUGH FIRST QUARTER 1994
WHITMAN CORPORATION REPORTS RECORD SALES AND EARNINGS
AIG REPORTS FIRST QUARTER 1996 NET INCOME ROSE 17.3 PERCENT TO $671.2 MILLION
Old Republic International Reports 'Solid Profit Gains' For 1997's First Quarter; Consolidated Net Operating Income Climbs 17.1 Percent
Revenue, profit climb again at Synergetics in second quarter.

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