HARMON REPORTS PROFIT FOR FIRST QUARTER 1992
HARMON REPORTS PROFIT FOR FIRST QUARTER 1992 BLUE SPRINGS, Mo., April 22 /PRNewswire/ -- Harmon Industries Inc.
(NASDAQ/NMS: HRMN) of Blue Springs, Mo., the nation's leading supplier of railroad signalling and communications equipment, reported positive earnings for the first quarter ended March 31, 1992.
Sales for the three months ended March 31, 1992, were $16.6 million compared to $15.6 million for the first quarter of 1991. Earnings from continuing operations before income taxes for 1992 were $460,000 compared to $214,000 in 1991. Net earnings for the period were $627,000 or 12 cents per share in 1992 versus $214,000 or 4 cents per share in 1991. The company's shipments for the quarter were affected by lower product sales during the later part of 1991 and early 1992. However, strong bookings in March produced a record order backlog level. Overall performance during the quarter was aided by excellent revenues and strong margins from Harmon's control systems projects. "Much of our emphasis in 1991 was on streamlining operations and developing new products for the market. We have nearly completed that process, and as economic conditions improve we remain optimistic that Harmon will continue to show improvements in the second half of 1992," said Bjorn E. Olsson, president and chief operating officer. Harmon Industries is traded in the over-the-counter market and is quoted on the NASDAQ National Market System under the symbol HRMN. For further information, contact Charles M. Foudree, executive vice president - finance, Harmon Industries Inc., 1300 Jefferson Court, Blue Springs, MO 64015. The telephone number is 816-229-3345. HARMON INDUSTRIES INC. Consolidated Statements of Operations For Periods Ended March 31, 1992 and 1991 In thousands of dollars (Unaudited) Three Months Ended March 31, 1992 1991 Net sales $16,640 $15,648 Cost of sales 12,355 11,265 Gross profit 4,285 4,383 Selling, general and administrative expenses 3,445 3,248 Amortization of cost in excess of fair value of net assets of subsidiary acquired 33 32 Miscellaneous income (expense)- net 78 (243) Operating income 885 860 Interest expense 425 646 Earnings from continuing operations before income taxes 460 214 Income tax expense (benefit): Current 334 183 Deferred (95) (72) 239 111 Earnings from continuing operations 221 103 Discontinued operations (net of tax): Income (loss) on disposal 165 --- Earnings (loss) before extraordinary item 386 103 Extraordinary item: Tax benefits from utilization of net operating loss carryforward(a) 241 111 Net earnings (loss) $627 $214 Earnings (loss) per common share: Continuing operations $.04 $.02 Discontinued operations .03 --- Extraordinary item .05 .02 Total earnings (loss) per common share: $.12 $.04 Weighted average outstanding shares 5,176,132 4,990,155 (a) As of Dec. 31, 1991, for financial reporting purposes, the company had available approximately $800,000 of operating loss carryforward. The income for the three months ended March 31, 1992, used $710,000 of the carryforward. -0- 4/22/92 /CONTACT: Charles M. Foudree of Harmon Industries, 816-229-3345/ (HRMN) CO: Harmon Industries Inc. ST: Missouri IN: SU: ERN
MC -- DV020 -- 1432 04/22/92 16:06 EDT
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|Date:||Apr 22, 1992|
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