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INTERMET REPORTS SECOND QUARTER RESULTS, DECLARES QUARTERLY DIVIDEND

 ATLANTA, July 22 /PRNewswire/ -- Intermet Corporation (NASDAQ: INMT) today reported second quarter net income of $1.2 million ($0.05 per share) compared to net income of $2.1 million ($0.10 per share) in the second quarter of 1992. For the first six months net income was $1.9 million ($0.08 per share) compared to a net loss of $26.2 million ($1.24 per share) in 1992. The prior year results were restated to include a $28.4 million charge for the cumulative effects of adopting Statements of Financial Accounting Standards No. 106, which changed the method of accounting for retiree health care costs, and No. 109, which changed the method of accounting for income taxes. Income before the cumulative effect of these accounting changes was $2.2 million ($0.11 per share) for the first six months of 1992.
 Net sales for the second quarter rose 12 percent to $122.7 million from $109.1 million in 1992. For the first six months net sales were $245.5 million compared to $196.1 million last year, an increase of 25 percent. The principal reason for the growth in sales over the prior year was an increase in shipments to automotive customers by Intermet's U.S. foundry and machining operations. Partially offsetting this was a drop in shipments by Intermet's German foundry due to the ongoing recession in Europe. Other factors affecting comparability were the acquisition of PBM Industries, Inc. in the second quarter of 1992 and the sale of Intermet's Swedish machining operation in the second quarter of 1993.
 George W. Mathews, Jr., Intermet chairman and chief executive, commented, "The second quarter results represent a slight improvement over those posted in the first quarter of 1993. The second quarter and year-to-date results, however, both fall short of the comparable periods in 1992. Our business has benefitted from the increase in U.S. automotive build rate in 1993 and our increased market penetration. However, this benefit is not obvious in our consolidated results because it has been more than offset by the impact of weakness in the German economy on our German operations and significant startup costs incurred at our Ironton, Ohio foundry."
 "At mid-year," Mathews continued, "we can report that our German operations have responded positively to the economic slowdown and, in fact, reported better results in the second quarter over the first quarter. As to the Ironton plant, we completed several maintenance projects and other production modifications during a planned mid-July shutdown which we are confident will improve the operating performance."
 He concluded, "Although we expect considerable improvement in the Ironton operations, our financial expectations for the second half of 1993 are tempered in recognition of the normal industry shutdown periods which fall in the third and fourth quarters."
 The results reported are unaudited and subject to adjustment.
 Intermet also announced the sale of its 20 percent interest in a Korean foundry to the majority partner during the second quarter. This sale had a minimal effect on Intermet's financial position and results of operations.
 The Intermet Board of Directors declared a quarterly dividend of $0.04 per share, payable Aug. 19, 1993 to shareholders of record Aug. 5, 1993.
 Atlanta-based Intermet Corporation and its subsidiaries provide precision iron parts to automotive and industrial customers primarily in North America and Europe.
 INTERMET CORPORATION
 7/4/93 6/28/92
 SECOND QUARTER
 Net sales $122,692,000 $109,096,000
 Gross profit 12,923,000 14,644,000
 Operating profit 4,622,000 5,959,000
 Income before taxes, minority
 interest, and cumulative
 effect of accounting
 changes 3,467,000 4,859,000
 Provision for income
 taxes 2,282,000 2,802,000
 Net income 1,213,000 2,107,000
 Per share $0.05 $0.10
 Weighted average
 shares outstanding 24,723,000 21,127,000
 SIX MONTHS
 Net sales $245,455,000 $196,141,000
 Gross profit 25,630,000 24,501,000
 Operating profit 8,245,000 8,024,000
 Income before taxes, minority
 interest, and cumulative
 effect of accounting
 changes 5,641,000 6,074,000
 Provision for income
 taxes 3,749,000 4,121,000
 Income before cumulative
 effect of accounting
 changes 1,933,000 2,221,000
 Cumulative effect on
 prior years of changes
 in accounting methods -- (28,421,000)
 Net income (loss) 1,933,000 (26,200,000)
 Per share amounts:
 Income before cumulative
 effect of accounting
 changes $0.08 $0.11
 Net income (loss) $0.08 ($1.24)
 Weighted average
 shares outstanding 24,736,000 21,096,000
 -0- 7/22/93
 /CONTACT: John D. Ernst, chief financial officer and vice president - finance of Intermet Corporation, 404-431-6000; or Desmond Towey or Bernadette McLaughlin of Desmond Towey & Associates, 212-888-7600, for Intermet/
 (INMT)


CO: Intermet Corporation ST: Georgia IN: AUT SU: ERN

WB -- NY110 -- 4838 07/22/93 18:00 EDT
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Date:Jul 22, 1993
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