Printer Friendly

HANDY & HARMAN ANNOUNCES THIRD QUARTER RESULTS

 NEW YORK, Nov. 8 /PRNewswire/ -- Handy & Harman (NYSE: HNH) today reported results for the third quarter and nine months of 1993.
 For the quarter ended Sept. 30, 1993, Handy & Harman's net income was $213,000 or $.02 per share following a onetime after tax charge of $1,663,000 or $.12 per share relating to the sale of two business units. Net income for the comparable period last year was $2,792,000, or $.20 per share. Sales for the third quarter were $162,017,000, a 15 percent increase over the $141,473,000 recorded in the comparable 1992 period.
 Net income for the nine months of 1993 amounted to $7,247,000 or $.52 per share after a net of tax onetime charge of $1,663,000 or $.12 per share as stated above. The nine month results also include the cumulative effect of the company's adoption of SFAS No. 109 "Accounting for Income Taxes," which contributed $576,000 or $.04 per share. Net income for the comparable period last year was $8,812,000 or $.63 per share.
 Sales for the nine months ended Sept. 30, 1993 amounted to $481,817,000, a 13 percent increase over the $427,641,000 recorded in the comparable 1992 period.
 Commenting on the results, Richard N. Daniel, chairman and chief executive officer, said, "After achieving our first half objectives, our third quarter operating results were below our target. The results included a charge for the sale of two business units in our other non-precious metal businesses segment. The elimination of operating losses associated with these business units should have a positive effect on future earnings. Excluding the onetime charge, operating results similar to those experienced in the third quarter are anticipated for the remainder of the year."
 Handy & Harman, a leading fabricator, processor and refiner of precious metals, also produces a variety of specialty metals products for industrial uses through subsidiaries here and abroad. Founded in 1867, Handy & Harman is headquartered in Now York. The shares of Handy & Harman are traded on the New York Stock Exchange with ticker symbol: HNH.
 HANDY & HARMAN AND SUBSIDIARIES
 Quarter ended Sept. 30 1993 1992
 Net sales $162,017,000 $141,473,000
 Earnings before income taxes (B) 365,000 4,712,000
 Income before cumulative effect
 of accounting change (B) 213,000 2,792,000
 Cum. effect of accounting change -- --
 Net income (B) $ 213,000 $ 2,792,000
 Per share amounts:
 Income before cumulative effect
 of accounting change (B) $.02 $.20
 Cum. effect of accounting change -- --
 Net income (B) $.02 $.20
 Average number of shares outstanding 14,023,000 14,009,000
 Nine months ended Sept. 30 1993 1992
 Net sales $481,817,000 $427,641,000
 Earnings before income taxes (B) 11,237,000 14,862,000
 Income before cumulative effect
 of accounting change (B) 6,671,000 8,812,000
 Cum. effect of accounting change 576,000(A) --
 Net income (B) $ 7,247,000 $ 8,812,000
 Per share amounts:
 Income before cumulative effect
 of accounting change (B) $.48 $.63
 Cum. effect of accounting change .04 --
 Net income (B) $.52 $.63
 Average number of shares outstanding 14,020,000 13,997,000
 (A) -- In the first quarter of 1993 the company adopted FASB statement No. 109, "Accounting for Income Taxes." The cumulative effect for years prior to 1993 is a benefit of $576,000 or $.04 per share.
 (B) -- The third quarter of 1993 includes a onetime charge of $2,800,000 (after tax of $1,663,000 or $.12 per share) relating to the sale of two business units in the other non-precious metal businesses segment.
 -0- 11/8/93
 /CONTACT: Dennis C. Kelly, controller of Handy & Harman, 914-925-4462/
 (HNH)


CO: Handy & Harman ST: New York IN: MNG SU: ERN

GK -- NY038 -- 1691 11/08/93 10:36 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 8, 1993
Words:639
Previous Article:MAYTAG ANNOUNCES SUPPORT OF CONGRESSIONAL APPROVAL OF NAFTA
Next Article:DRS INDUSTRIES ANNOUNCES OCTOBER SALES AT FAMILY BARGAIN UNIT
Topics:

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