HELM RESOURCES REPORTS THIRD-QUARTER RESULTS
HELM RESOURCES REPORTS THIRD-QUARTER RESULTS GREENWICH, Conn., Nov. 19 /PRNewswire/ -- Helm Resources, Inc.
(AMEX: H), today reported results for the third quarter and nine months ended Sept. 30, 1991.
For the quarter, Helm had revenues of $57.7 million versus $58.1 million recorded in the 1990 third period. The company had a greatly reduced loss from continuing operations before taxes of $95,000 as opposed to a loss of $307,000 a year ago. After accounting for tax provisions and credits and a discontinued loss, the net loss in the quarter amounted to $509,000, or $.02 a share, versus a net loss of $417,000, or $.01 a share, in the year-ago period. For the first nine months of 1991, revenues totaled $174.7 million, up 12 percent from the $155.9 million registered in last year's same period. The net loss amounted to $1.8 million, or $.06 a share, versus net income of $2.6 million, or $.09 per share, last year. The company, which has diverse business interests, said that the operating loss in the third quarter was reduced considerably not only from the year-ago period but also from losses incurred in the first and second quarters this year, and that reflects a turnaround at one of Helm's largest holdings as well as sound earnings generated by several other key equity positions. Due to tax allocations for financial reporting purposes among continuing operations, discontinued operations and extraordinary items, there was a provision for taxes applicable to continuing operations that amounted to $245,000 in this year's third quarter versus a tax credit of $36,000 in the year-ago period. Additional charges related to an operation discontinued last year resulted in a discontinued loss of $258,000 for the 1991 third quarter and $343,000 for this year's nine months. The losses from continuing operations came largely from two affiliated companies: a $292,000 loss for the quarter and a $1.0 million loss for the nine months from Scat Hovercraft, Inc. (OTC; 69 percent of the outstanding common stock owned by Helm), a manufacturer of hovercraft recreational vehicles, whose domestic sales have been hurt by the recession; and third-quarter and nine-month losses of $215,000 and $433,000, respectively, from Teletrak Advanced Technology Systems, Inc. (OTC; 43 percent owned by Helm), an optical-disk software developer that has incurred expenses and temporarily reduced sales related to a reorganization and introduction of product enhancements; however, Teletrak said it expects to be profitable in 1992. Helm's interests also include Bamberger Polymers, Inc. (AMEX: BPI; 54 percent owned by Helm), a worldwide marketer of thermoplastic resins that has been hurt by 40 percent to 60 percent declines in resin prices this year, resulting in a $1.1 million operating loss to Helm for the nine months; however, Bamberger Polymers returned to profitability in the third period, earning a small profit for itself and Helm in the quarter, and the company reported that it expects operating results to continue to improve as economic recovery takes hold in both Europe and the United States. HELM RESOURCES, INC. Consolidated Summary of Operations (Unaudited) (Dollars in thousands, except per share amounts) Three months ended Sept. 30 1991 1990 Net sales $57,723 $58,127 Income (loss) from cont. opers. before income taxes (95) (307) Provision (credit) for income taxes 245 (36) Income (loss) from cont. opers. after minority interest (337) (291) Income (loss) from discont. opers. (258) (36) Extraordinary items 86 (90) Net income (loss) $ (509) $ (417) Net income (loss) per share: Continuing operations $(.01) $(.01) Discontinued operations (.01) -- Extraordinary items -- -- Net income (loss) $(.02) $(.01) Average number of common shares outstanding 27,821 29,171 Nine months ended Sept. 30 1991 1990 Net sales $174,671 $155,921 Income (loss) from cont. opers. before income taxes (3,282) 3,056 Provision (credit) for income taxes (531) 1,165 Income (loss) from cont. opers. after minority interest (1,778) 2,001 Income (loss) from discont. opers. (343) (384) Extraordinary items 305 970 Net income (loss) $ (1,816) $ 2,587 Net income (loss) per share: Continuing operations $(.06) $ .07 Discontinued operations (.01) (.01) Extraordinary items .01 .03 Net income (loss) $(.06) $(.09) Average number of common shares outstanding 28,003 28,884 -0- 11/19/91 /CONTACT: Jay M. Green of Helm Resources, 203-629-1400/ (H) CO: Helm Resources, Inc. ST: Connecticut IN: SU: ERN GK-OS -- NY069 -- 5060 11/19/91 15:17 EST
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|Date:||Nov 19, 1991|
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