HEIN-WERNER REPORTS THIRD QUARTER RESULTS
HEIN-WERNER REPORTS THIRD QUARTER RESULTS WAUKESHA, Wis., Oct. 29 /PRNewswire/ -- Hein-Werner Corp.
(AMEX: HNW) today reported results for the third quarter ended Sept. 26, 1992. Net sales increased 29 percent to $14.8 million from $11.4 million in the year-ago period. The company reported a loss from continuing operations for the quarter of $998,000 or $.47 per share as compared to a loss of $1.5 million or $.69 per share in last year's third quarter. The net loss for the quarter, after accounting for the sale of the automotive service business, was $1.5 million or $.68 per share as compared to a loss of $1.6 million or $.73 per share in the year-ago quarter.
For the nine months ended Sept. 26, 1992, net sales increased 12 percent to $44.9 million from $40.2 million in the year-ago period. The company reported a loss from continuing operations for the nine months of $1.3 million or $.62 per share as compared to a loss of $2.5 million or $1.18 per share. The net loss for the nine months was $2.5 million or $1.16 per share as compared to a loss of $3.4 million or $1.56 per share for the first nine months of last year. Joseph L. Dindorf, president and chief executive officer, said, "Hein-Werner's operating results continue to improve and in spite of the loss on continuing operations, the third quarter results are encouraging. Gross profit as a percentage of net sales improved and operating expenses were lower as a result of continued efforts to manage costs. The cost control actions taken to minimize the loss, coupled with a steadily improving sales performance, are positive indicators." Dindorf added, "Inventories have been significantly reduced, long- term debt has been almost halved, operating expenses cut dramatically and manufacturing capacity brought in line with requirements, all during 1991/92. The company is prepared to operate profitably on much lower sales at a significantly lower break-even point." Dindorf concluded, "Hein-Werner's results reinforce our position that as sales gradually increase to pre-recession levels, Hein Werner's operating results will show significant improvement." Hein-Werner Corp. is a leading worldwide manufacturer and marketer of collision repair and fluid power equipment. The company has manufacturing operations and sales offices in the United States and Europe with distribution channels throughout the rest of the world. HEIN-WERNER CORP. Consolidated Statements Of Operations (Unaudited) Periods ended Three Months Nine Months 9/26/92 9/28/91 9/26/92 9/28/91 Net sales $14,754 $11,440 $44,937 $40,248 Cost of sales 9,610 7,595 28,546 25,805 Gross profit 5,144 3,845 16,391 14,443 Selling,engineering and administra- tive expenses 4,680 5,209 15,122 16,066 Operating profit/ (loss) 464 (1,364) 1,269 (1,623) Interest expense, net 569 609 1,576 1,900 Other expense/(income) 647 41 578 (104) Earnings/(loss) from continuing operations, before income tax (752) (2,014) (885) (3,419) Income tax expense/ (benefit) 246 (543) 439 (893) Net earnings (loss) from continuing operations (998) (1,471) (1,324) (2,526) Loss from operations of the discontinued business, net of income tax (17) (105) (707) (825) Loss from the sale of a business, net of income taxes (452) -- (452) -- Net loss $(1,467) $(1,576) $(2,483) $(3,351) Earnings per share from continuing operations $(0.47) $(0.69) $(0.62) $(1.18) Earnings per share (0.68) (0.73) (1.16) (1.56) Weighted average shares outstanding 2,146 2,146 2,146 2,146 -0- 10/29/92 /CONTACT: Edward Duffy, vice president-finance & treasurer of Hein-Werner, 414-542-6611/ (HNW) CO: Hein-Werner Corp. ST: Wisconsin IN: SU: ERN
SM -- NY091 -- 6766 10/29/92 16:25 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Oct 29, 1992|
|Previous Article:||SUPERVALU COMPLETES THE ACQUISITION OF WETTERAU|
|Next Article:||PYRAMID TECHNOLOGY REPORTS FOURTH QUARTER RESULTS|