HEIN-WERNER REPORTS SECOND QUARTER EARNINGS
HEIN-WERNER REPORTS SECOND QUARTER EARNINGS WAUKESHA, Wis., July 30 /PRNewswire/ -- Hein-Werner Corp.
(AMEX: HNW) today reported results for the second quarter ended June 27, 1992. Net sales increased 3 percent to $15.0 million for $14.5 million in the year ago quarter. The company reported a loss from continuing operations for the quarter of $34,000 or 2 cents per share as compared to a loss from continuing operations of $132,000 or 6 cents per share in last year's second quarter. The net loss for the quarter was $517,000 or 24 cents per share as compared to a loss of $249,000 or 12 cents per share in the year ago quarter.
For the six months ended June 27, 1992, net sales increased 5 percent to $30.2 million as compared to $28.8 million in the year ago period. The company reported a loss from continuing operations for the six months of $329,000 or 15 cents per share as compared to a loss of $1.1 million or 49 cents per share. The net loss for the six months was $1.0 million or 47 cents per share as compared to $1.8 million or 83 cents per share for the first six months of last year. On June 19, 1992, Hein-Werner completed the sale of certain assets relating to the manufacture and North American distribution of jacks and other automotive lifting equipment, automotive battery products and automotive welding equipment to a subsidiary of Pentair Inc. (NASDAQ: PNTA). Hein-Werner will net approximately $11 million from the transaction which will be used to reduce outstanding debt, significantly strengthening the company's balance sheet. Joseph L. Dindorf, president and chief executive officer, said "This sale is the result of a complete appraisal of the company's markets and future business opportunities. The divested business was a highly capital intensive business in a tired market. We have retained product distribution opportunities outside the North American market which exhibit growth potential and good margin opportunities without the required investment." Dindorf continued, "The remaining businesses of Hein-Werner -- collision repair, engine rebuilding, fluid power and international operations -- offer excellent future prospects. Our products are recognized as being technologically superior and have good margins. The brand names and trademarks are highly respected in their selective markets. We are the global leader in the design, manufacture and marketing of proprietary products which serve these markets." Dindorf concluded, "This most recent divestiture will yield significant additional operating cost efficiencies and further position Hein-Werner as a focused and tough competitor in our world market." Hein-Werner Corp. is a leading worldwide manufacturer and marketer of collision repair, automotive service and fluid power equipment. The company has manufacturing operations and sales offices in the United States, Canada, Mexico and Europe with distribution channels throughout the rest of the world. HEIN-WERNER CORP. Consolidated Statements of Operations (Unaudited, in thousands, except per share amounts) Periods ended Three months Six months 6/27/92 6/29/91 6/27/92 6/29/91 Net sales $15,034 $14,534 $30,183 $28,808 Cost of sales 9,371 9,041 18,936 18,210 Gross profit 5,663 5,493 11,247 10,598 Selling, engineering and administrative expense 5,032 5,024 10,442 10,887 Operating Profit 631 469 805 (289) Interest expense, net 473 448 1,007 1,291 Other (income) expense, net (60) (48) (66) (177) Earnings (loss) from continuing operations before income taxes 218 69 (136) (1,403) Income tax (benefit) expense 252 201 193 (350) Earnings (loss) from continuing operations (34) (132) (329) (1,053) Loss from operations of the discontinued business, net of income taxes (483) (117) (687) (721) Net Loss (517) (249) (1,016) (1,774) Earnings per share from continuing operations $ (.02) $ (.06) $ (.15) $ (.49) Earnings per share (.24) (.12)(A) (.47) (.83)(A) Weighted average shares outstanding 2,146 2,146(A) 2,146 2,146(A) (A) -- Restated to give effect to a 5 percent stock dividend paid Jan. 24, 1992. -0- 7/30/92 /CONTACT: Edward F. Duffy, vice president-finance and treasurer of Hein-Werner, 414-542-6611/ (HNW) CO: Hein-Werner Corp. ST: Wisconsin IN: AUT SU: ERN
TS -- NY013 -- 4926 07/30/92 08:49 EDT
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|Date:||Jul 30, 1992|
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