Printer Friendly

IMC FERTILIZER REPORTS FIRST QUARTER EARNINGS

 IMC FERTILIZER REPORTS FIRST QUARTER EARNINGS
 NORTHBROOK, Ill., Oct. 13 /PRNewswire/ -- IMC Fertilizer Group, Inc.


(NYSE: IFL) today reported net earnings of $19.7 million, or 89 cents per share for the first quarter of fiscal 1992/93 ended Sept. 30.
 That result includes a $5 million or 23 cents per share benefit from a ruling concluding arbitration proceedings with Miami-based Florida Power & Light, which settled all issues under a contract dispute.
 Net earnings fro the same period a year ago (before a previously announced accounting change) were $21.2 million, or 96 cents per share.
 Sales for the first quarter were $220.9 million, compared with $258.7 million for the comparable period last year.
 Commenting on the company's most recent quarter, Billie B. Turner, IMCF chairman and chief executive officer, said the disappointing numbers reported today reflect a continuing weakness in fertilizer prices, especially concentrated phosphates, which have not responded to steady or growing demand.
 "The situation remains frustrating. The current pricing situation illustrates that the fertilizer industry must learn how to earn reasonable profit margins for products which are critical to high quantity and quality food production globally," Turner says.
 "Considering the uncertainties confronting the fertilizer industry, it would be inappropriate to attempt to project 12-month earnings by multiplying our first quarter results by four," Turner said.
 To address the positives, Turner notes that production cost savings, achieved by IMC Fertilizer in all product lines, continue to help offset some of the negative effects of weak prices./
 IMC Fertilizer, Inc. is one of the world's leading producers and marketers of two basic crop nutrients, phosphate rock and potash. The company is also a major manufacturer of concentrated phosphates and a producer of sulphur, oil and natural gas.
 IMC FERTILIZER GROUP, INC.
 Quarter ended Sept. 30: 1992 1991
 Net sales $220.9 $258.7
 Cost of goods sold 169.1 201.7
 Gross margins 51.8 57.0
 Selling, admin. & general expenses 16.2 13.6
 Other operating (income)
 and expense, net (A) (13.2) (.5)
 Operating earnings 48.7 43.9
 Interest earned and other
 non-operating (income)
 and expense, net 3.5 (.4)
 Interest charges 10.7 10.9
 Earnings before income taxes 34.5 33.4
 Provision for income taxes 14.8 12.2
 Earnings before cumulative effect
 of accounting change 19.7 21.2
 Cumulative effect of
 accounting change (C) -- (165.5)
 Net earnings (loss) 19.7 (144.3)
 Earnings (loss) per share (B):
 Earnings before cumulative
 effect of accounting change $.89 $.96
 Cumulative effect of
 accounting change (C) -- (7.51)
 Net earnings (loss) $.89 $(6.55)
 (A) -- 1992 included a gain of $8.1 million from the arbitrated settlement of a contract dispute.
 (B) -- Earnings per share were based on the weighted average number of shares and equivalent shares outstanding. Shares used in the calculations were 22.1 ad 22.0 million shares of the quarters ended Sept. 30, 1992 and 1991, respectively.
 (C) -- Reflected the cumulative effect of an accounting change for periods prior to July 1, 1991, resulting from the adoption of Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes."
 -0- 10/13/92
 /CONTACT: Tom Unzicker, 708-205-4839, or (investors) John E. Galvin, 708-205-4814, both of IMC Fertilizer Group, Inc./
 (IFL) CO: IMC Fertilizer Group, Inc. ST: Illinois IN: CHM SU: ERN


AH-TS -- NY013 -- 9182 10/13/92 09:47 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 13, 1992
Words:562
Previous Article:SENETEK PLC ANNOUNCES COMPLETION OF INITIAL STAGE OF MAJOR FUNDING
Next Article:LTX RECEIVES MIXED-SIGNAL ORDER FROM SILICON SYSTEMS
Topics:


Related Articles
IMC FERTILIZER REPORTS PER-SHARE GAIN OF 6 PERCENT, SEES FAVORABLE SECOND HALF OUTLOOK
IMC FERTILIZER REPORTS 'OUTLOOK STILL GOOD' DESPITE DISAPPOINTING PRICES OF KEY PRODUCTS
IMC FERTILIZER REPORTS FISCAL 1992 EARNINGS, CITES DEPRESSED PRICES FOR MAJOR PRODUCTS
IMC FERTILIZER SAYS SECOND QUARTER EARNINGS HURT BY WEAK PRICES AND HARVEST DELAYS
IMC FERTILIZER REPORTS THIRD QUARTER LOSS, ANNOUNCES DIVIDEND SUSPENDED
IMC FERTILIZER REPORTS FISCAL '93 FINANCIAL RESULTS; WEAK PRICES, SPECIAL CHARGES RESULT IN LOSS FOR YEAR AND QUARTER
IMC FERTILIZER REPORTS FIRST QUARTER LOSS AND COMPLETION OF SENIOR NOTES, STOCK OFFERINGS
IMC FERTILIZER ANNOUNCES WRITE-DOWN OF OIL AND GAS INVESTMENT
IMC FERTILIZER CONFIRMS THIRD QUARTER PRE-TAX EARNINGS ESTIMATES
IMC REPORTS FIRST QUARTER NET EARNINGS OF $14.7 MILLION; EARNINGS BEFORE UNUSUAL CHARGES RISE TO $21.8 MILLION

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters