Printer Friendly

IMCERA REPORTS SIGNIFICANT INCREASE IN FISCAL 1993 FIRST QUARTER EARNINGS FROM CONTINUING OPERATIONS

 IMCERA REPORTS SIGNIFICANT INCREASE IN FISCAL 1993
 FIRST QUARTER EARNINGS FROM CONTINUING OPERATIONS
 NORTHBROOK, Ill., Oct. 16 /PRNewswire/ -- IMCERA Group Inc. (NYSE: IMA) today reported first quarter earnings from continuing operations of $28.2 million, or 36 cents per share. This represents a 20 percent improvement over corresponding results from last year of $23.1 million, or 30 cents per share, excluding a nonrecurring gain of $4.4 million after taxes, or 5 cents per share, from the sale of an investment.
 Net earnings for the quarter were $28.0 million, or 36 cents per share, compared with $25.7 million, or 33 cents per share. Net sales for the first quarter were $416.8 million, compared with $381.3 million last year, a 9 percent increase.
 "We're off to another strong start," said M. Blake Ingle, IMCERA president and chief executive officer. "Our overall performance keeps us on track towards what we believe will be another nice step-up in earnings in fiscal 1993.
 "Mallinckrodt Medical led the way with first quarter operating earnings of $40.1 million, a 44 percent improvement over last year's earnings of $27.9 million," Ingle said. "Net sales of $175.5 million represented a 30 percent increase over last year's net sales of $134.8 million. All major segments of this business contributed to the increased earnings, with the highest share coming from radiology, cardiology and nuclear medicine. Strong sales of Optiray(R) and thallium products were key factors in the improved performance.
 "Mallinckrodt Specialty Chemicals, including its equity-investment share of earnings from its flavors joint venture, achieved earnings of $8.4 million, a 40 percent improvement over last year's $6.0 million," Ingle said. "Reported quarter-to-quarter sales were about flat with last year. However, it is important to note that last year's sales included those of the flavors business and other businesses divested later in the year. Excluding such amounts from fiscal 1992, sales would have increased 37 percent.
 "Pharmaceutical specialties (formerly drug chemicals) was the most significant factor in the chemical company's earnings improvement," he continued. "Catalysts and performance and lab chemicals also contributed to the earnings improvement, and the flavors joint venture continued to perform to expectations.
 "Pitman-Moore's first quarter operating earnings of $11.7 million were down $6.3 million from a year ago," Ingle said. "Net sales decreased slightly to $148.3 million compared to $151.6 million last year. Lower sales of higher-margin animal productivity products in North America and quarter-to-quarter price pressures in feed ingredients were the principal factors in the earnings decrease. Recessionary conditions in Europe and the continuing poor economic climate in Australia and New Zealand's sheep and wool markets also negatively impacted results."
 After-tax charges related to discontinued operations in last year's first quarter came primarily from the effects of the disposal of the balance of IMCERA's investment in IMC Fertilizer Group, Inc.
 A Fortune 250 company with fiscal 1992 net sales of more than $1.7 billion, IMCERA provides human and animal health care products and specialty chemicals through its three international, technology-based businesses--Mallinckrodt Medical of St. Louis; Mallinckrodt Specialty Chemicals of Chesterfield, Mo.; and Pitman-Moore of Lake Forest, Ill.
 IMCERA GROUP INC.
 ($ in millions except per share amounts)
 Quarter ended Sept. 30: 1992 1991
 Sales $ 416.8 (A) $ 381.3
 Earnings from continuing operations 28.2 (A) $ 27.5(B)
 Discontinued operations (.2) (1.8)(C)
 Net earnings 28.0 25.7
 Preferred stock dividends .1 .1
 Amount available for common shareholders $ 27.9 $ 25.6
 Earnings per common share
 Continuing operations $ .36 $ .35
 Discontinued operations -- (.02)
 Net earnings $ .36 $ .33
 Average number of
 common shares outstanding 77,397,000 77,694,000
 IMCERA GROUP INC.
 Consolidated Sales and Earnings
 ($ In millions except per share amounts)
 Quarter Ended Sept. 30 1992 1991
 Sales
 Mallinckrodt Medical $ 175.5 $ 134.8
 Mallinckrodt Specialty Chemicals 93.1(A) 94.9
 Pitman-Moore 148.3 151.6
 Eliminations (.1) --
 Total $ 416.8 $ 381.3
 Operating earnings
 Mallinckrodt Medical $ 40.1 $ 27.9
 Mallinckrodt Specialty Chemicals 6.5 (A) 6.0
 Pitman-Moore 11.7 18.0
 Corporate (6.5) (7.1)
 Total 51.8 44.8
 Equity in pretax earnings of joint venture 1.9 (A)
 Interest and other nonoperating income, net .3 9.9 (B)
 Interest charges (9.2) (10.7)
 Earnings from continuing operations
 before income taxes 44.8 44.0
 Income taxes 16.6 16.5
 Earnings from continuing operations 28.2 27.5
 Discontinued operations (.2) (1.8)(C)
 Net earnings 28.0 25.7
 Preferred stock dividends .1 .1
 Amount available for common shareholders $ 27.9 $ 25.6
 Earnings per common share
 Continuing operations $ .36 $ .35
 Discontinued operations -- (.02)
 Net earnings $ .36 $ .33
 Average number of
 common shares outstanding 77,397,000 77,694,000
 NOTES
 (A) -- Effective Feb. 1, 1992, the Fries & Fries, Inc. unit of Mallinckrodt Specialty Chemicals Company and Hercules Incorporated's flavors businesses were combined to form a 50/50 joint venture partnership. Results subsequent to the formation of the joint venture were recorded on a pretax equity basis. Related income taxes were included in IMCERA's consolidated income tax provision.
 Additionally, certain non-strategic businesses were divested. Given these changes, operating results have been restated below to an ongoing basis to better characterize performance.
 Quarter ended Sept. 30: 1992 1991
 Net sales:
 Ongoing operations $ 93.1 $ 68.1
 Divested operations and Flavors business -- 26.8
 Total $ 93.1 $ 94.9
 Operating earnings:
 Ongoing operations $ 6.5 $ .8
 Divested operations and Flavors business -- 5.2
 Total $ 6.5 $ 6.0
 (B) -- Results for fiscal 1992 included a pretax gain of $7.0 million, $4.4 million after taxes, or $.05 a share from the sale of an investment.
 (C) -- Virtually all of the net charges for discontinued operations in fiscal 1992 related to the company's July 1991 sale of its remaining approximately 4 million shares of IMC Fertilizer Group, Inc. (IFL) less associated costs. The Company no longer owns any IFL shares.
 IMCERA GROUP INC.
 Net Sales
 ($ in millions)
 Quarter ended Sept. 30 1992 1991
 Net Sales
 Mallinckrodt Medical
 Radiology & Cardiology $ 89.5 $ 64.3
 Nuclear Medicine 42.7 35.3
 Anesthesiology & Critical Care 43.3 35.2
 Total 175.5 134.8
 Mallinckrodt Specialty Chemicals (A)
 Pharmaceutical Specialties 50.5 31.3
 Catalyst, Performance & Lab Chemicals 42.6 36.8
 Total 93.1 68.1
 Divested operations and Flavors business -- 26.8
 Total 93.1 94.9
 Pitman-Moore
 Animal Productivity 9.6 13.4
 Antimicrobials 16.5 18.9
 Biologicals 24.1 22.1
 Parasiticides 38.1 37.5
 Veterinary Specialties & Other 20.3 18.9
 Total Animal Health 108.6 110.8
 Feed Ingredients 39.7 40.8
 Total 148.3 151.6
 Eliminations (.1) --
 Total $ 416.8 $ 381.3
 (A) -- Prior year amounts for Mallinckrodt Specialty Chemicals have been restated for comparability.
 -0- 10/16/92
 /CONTACT: Dave Prichard of IMCERA Group, Inc., 708-205-2270/
 (IMA) CO: IMCERA Group Inc. ST: Illinois IN: HEA SU: ERN


TS -- NY007 -- 0788 10/16/92 08:17 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 16, 1992
Words:1165
Previous Article:SPRINT AND CENTEL MERGER REGISTRATION STATEMENT IS DECLARED EFFECTIVE
Next Article:KODAK ANNOUNCES THIRD QUARTER CHARGES; ACCOUNTING CHANGE FOR YEAR-TO-DATE
Topics:


Related Articles
IMCERA'S MALLINCKRODT MEDICAL ANNOUNCES $15 MILLION EXPANSION AT RALEIGH, N.C., PLANT
IMCERA REPORTS 20 PERCENT INCREASE IN EARNINGS PER SHARE FROM CONTINUING OPERATIONS FOR FISCAL 1992
IMCERA HOLDS 83RD ANNUAL SHAREHOLDERS MEETING
IMCERA REPORTS INCREASE IN PER-SHARE EARNINGS FROM CONTINUING OPERATIONS OF 12 PERCENT IN SECOND QUARTER
IMCERA DISCUSSES REVIEW OF PITMAN-MOORE OPERATIONS; REVISES THIRD QUARTER AND FULL YEAR EPS EXPECTATIONS DUE TO PITMAN-MOORE PERFORMANCE
BERGEN BRUNSWIG REPORTS SECOND QUARTER AND FIRST HALF RESULTS
IMCERA REPORTS 7 PERCENT DECREASE IN PER-SHARE EARNINGS FROM CONTINUING OPERATIONS IN 3RD QUARTER, REVIEWS PROGRAM TO IMPROVE PITMAN-MOORE
IMCERA REPORTS 19 PCT. INCREASE IN FISCAL 1994 FIRST QUARTER PER SHARE EARNINGS FROM CONTINUING OPERATIONS, EXCLUDING A NONRECURRING TAX CREDIT
IMCERA REPORTS 31% INCREASE IN SECOND QUARTER PER-SHARE EARNINGS FROM CONTINUING OPERATIONS, 18% EXCLUDING PRIOR YEAR CHARGE OF 4 CENTS
IMCERA REPORTS 31% INCREASE IN SECOND QUARTER PER-SHARE EARNINGS FROM CONTINUING OPERATIONS, 18% EXCLUDING PRIOR YEAR CHARGE OF 4 CENTS

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