INTERMET REPORTS 74 PERCENT PROFIT IMPROVEMENT ON 29 PERCENT
INCREASE IN SALES FOR SECOND QUARTER
ATLANTA, July 24 /PRNewswire/ -- Intermet Corporation (NASDAQ: INMT) today reported an increase in second quarter net income of 74 percent to $2.7 million ($0.13 per share) compared to $1.5 million ($0.07 per share) in the second quarter of 1991. Net income for the first six months of 1992 was $2.9 million ($0.14 per share). Net income was $5.8 million ($0.28 per share) in the first half of 1991, including a nonrecurring gain of $5.4 million ($0.26 per share) in the first quarter.
Net sales for the second quarter rose 29 percent to 109.1 million from $84.4 in 1991, while year-to-date sales were $196.1 million in 1992 compared to $160.1 million in 1991. Almost $10 million of the increase in 1992 sales over 1991 was due to the acquisition of PBM Industries, Inc. on March 31, 1992. The balance was due to an increase in shipments to automotive customers in both the United States and Europe. Offsetting some of this growth was a decline in shipments for nonautomotive markets.
Intermet's Chairman and Chief Executive, George W. Mathews, Jr., noted "These results were in line with our expectations for the second quarter. Margin improvements primarily resulted from higher capacity utilization in most of our facilities worldwide. Moving into the second half of the year, we currently expect a continuation of the trends we have witnessed to date."
The results are unaudited and subject to adjustment.
The Intermet board of directors declared a quarterly dividend of $0.04 per share, payable August 20, 1992 to shareholders of record August 6, 1992.
Atlanta-based Intermet Corporation and its subsidiaries provide precision iron parts to automotive and industrial customers primarily in North America and Europe.
June 28, 1992 June 30, 1991
Net sales $109,096,000 $84,434,000
Gross profit 15,224,000 11,572,000
Operating profit 6,539,000 4,376,000
Income before taxes
and minority interest 5,439,000 3,547,000
Provision for income taxes 2,802,000 1,551,000
Net income 2,687,000 1,548,000
Per share $0.13 $0.07
shares outstanding 21,127,000 20,942,000
Net sales $196,141,000 $160,064,000
Gross profit 25,168,000 18,490,000
Operating prt? 8,691,000 4,537,000
Income before taxes
and minority interest 6,741,000 7,973,000
Provision for income taxes 4,121,000 1,766,000
Net income 2,888,000 5,827,000
Per share $0.14 $0.28
shares outstanding 21,096,000 20,959,000
/CONTACT: John D. Ernst of Intermet, 404-431-6000, or Desmond Towey or Bernadette McLaughlin of Desmond Towey & Associates, 212-888-7600, or Ken Paneral of CFA, 708-729-8521, all for Intermet/
(INMT) CO: Intermet Corporation ST: Georgia IN: MNG SU: ERN 528 07-23-92 21:24 EDT LD-TM -- NY003 -- 2918 07/24/92 08:58 EDT