HUNT MANUFACTURING CO. REPORTS FIRST QUARTER 1992 RESULTS
HUNT MANUFACTURING CO. REPORTS FIRST QUARTER 1992 RESULTS PHILADELPHIA, March 18 /PRNewswire/ -- Hunt Manufacturing Co.
(NYSE: HUN) reported today a 17 percent rise in first quarter net income compared to last year's first quarter results.
For the fiscal quarter ended March 1, 1992, net income increased to $2.2 million from $1.9 million last year and net sales decreased 1.4 percent to $53 million from $53.8 million. Earnings per share rose from $.12 to $.14. The first quarter profitability improvement was attributable primarily to higher gross profits due to lower material costs as well as improved operating efficiencies and lower interest costs due in part to the reduction of the company's long-term debt which occurred at year-end 1991. Unfavorable economic conditions and a difficult competitive environment continued to affect the demand for many of the company's products during the first quarter 1992. Office products sales were down 3.9 percent, which was partially offset by an increase in sales of art/craft products of 1.5 percent. Hunt Manufacturing Co. is a leading manufacturer and distributor of office and art/craft products for the business, education and consumer markets. HUNT MANUFACTURING CO. (Unaudited) First quarter ended March 1, 1992 March 3, 1991 Net sales $53,016,000 $53,776,000 Net income 2,191,000 1,866,000 Earnings per share $.14 $.12 Average shares outstanding 16,103,000 16,063,000 /delval/ -0- 3/18/92 /CONTACT: Rudolph M. Peins Jr., senior vp-finance & administration of Hunt Manufacturing, 215-732-7700/ (HUN) CO: Hunt Manufacturing Co. ST: Pennsylvania IN: SU: ERN
MP-KA -- PH019 -- 9209 03/18/92 11:41 EST
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|Date:||Mar 18, 1992|
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