HUNT MANUFACTURING REPORTS 1991 RESULTS
HUNT MANUFACTURING REPORTS 1991 RESULTS PHILADELPHIA, Jan. 22 /PRNewswire/ -- Hunt Manufacturing Co.
(NYSE: HUN) reported today that net sales of $228.6 million for its fiscal year ended Dec. 1, 1991, increased 4 percent over fiscal 1990.
Due to a provision recognized in the fourth quarter for relocation and consolidation of certain manufacturing and distribution operations, which reduced net income by $2.7 million, or $.17 per share, fiscal 1991 net income was $9.6 million, or $.60 per share, 20 percent below fiscal 1990 results. Excluding the effect of this provision, fiscal 1991 net income was up approximately 2 percent, and income from operations was up approximately 12 percent, over the results for fiscal 1990. The provision for relocation and consolidation of manufacturing operations is $3.6 million before taxes and involves the closing and consolidating, to be implemented in 1992, of a desktop accessory manufacturing operation and several leased distribution facilities. The decision to take this action resulted from a review and assessment by the company of its utilization of resources in the manufacturing and distribution of its desktop accessory and office furniture products and is expected to result in a more efficient utilization of its resources. The fiscal 1991 sales increase was due to the inclusion of a full year of sales by the Graphic Arts Group mounting and laminating businesses acquired in May 1990. Excluding the revenues of these businesses, net sales decreased 3 percent in fiscal 1991 from the comparable 1990 level. Office products sales in fiscal 1991 decreased 3 percent as a net result of lower sales of office furniture products and desktop accessories, partially offset by higher sales of electrical and mechanical products. Art/craft products sales were up 12 percent in fiscal 1991 primarily as a result of a 32 percent increase in sales of mounting and laminating products, which was principally attributable to the Graphic Arts Group acquisition. For the fourth quarter of fiscal 1991, sales of $62.1 million were up 3 percent and net income of $1.1 million, or $.07 per share, was down from prior year's fourth quarter net income of $2.5 million, or $.16 per share, due to the provision for relocation and consolidation of operations referred to above. 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. (In thousands, except per-share amounts) Twelve months ended Dec. 1, 1991 Dec. 2, 1990 Net sales $228,622 $220,099 Net income 9,586(A) 12,011 Earnings per share $.60(A) $.75 Average shares outstanding 16,080 16,083 Fourth quarter ended Dec. 1, 1991 Dec. 2, 1990 (unaudited) Net sales $62,069 $60,363 Net income 1,125(A) 2,540 Earnings per share $.07(A) $.16 Average shares outstanding 16,095 16,060 (A) Includes a net charge of $2.7 million, or $.17 per share, for relocation and consolidation of operations. /delval/ -0- 1/22/92 /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
MK-CC -- PH020 -- 2276 01/22/92 12:03 EST
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|Date:||Jan 22, 1992|
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