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JOHNSON CONTROLS REPORTS RECORD RESULTS FOR SECOND QUARTER

 MILWAUKEE, April 15 /PRNewswire/ -- Johnson Controls, Inc. (NYSE: JCI) today reported record sales and net income for its second quarter of fiscal 1993, citing improved performances by its automotive seating, controls and battery businesses.
 For the three months ended March 31, 1993, the company's sales rose 22 percent to $1,445.1 million, up from $1,183.5 million for the 1992 quarter. Operating income for the current period was $52.1 million, up 39 percent from $37.5 million for the quarter a year ago. Net income increased 29 percent to $21.3 million from $16.5 million. Primary and fully diluted earnings per share were $.48 and $.46, respectively, for the 1993 quarter compared with $.36 (on both bases) for the prior year.
 Automotive seating sales increased by about 60 percent over the prior year while operating income rose at a higher rate. The company said that the improvement stemmed from a higher level of activity in the North American market where it is participating in several successful new vehicle programs and benefiting from the higher rate of overall vehicle production. Johnson Controls added that its production levels in Europe were significantly lower due to recessionary declines in that automotive market. However, the consolidation of a European acquisition in the fourth quarter of 1992 caused European sales in the quarter to be higher than in the prior year.
 Sales of facility services and control systems for the current quarter were about level with the prior year while operating income increased by approximately 5 percent. The company said that growth in retrofit, service and operations sales to the worldwide existing commercial buildings market was offset by a decline in new construction activity. It added that sales to the government market were level with the prior year. Worldwide orders from the commercial market for both new and existing buildings were higher than in the year ago period.
 Battery sales rose by over 5 percent on a similar increase in unit shipments. The company said that while the business recorded an operating loss for the current quarter it was smaller than in the year- ago period due to operating efficiencies.
 Plastics sales increased by over 5 percent reflecting higher sales of custom bottles to the North American market and relatively level European container and machinery sales. Operating income declined about 15 percent due to price decreases in the North American soft drink bottle market and lower than expected shipments of custom hot-fill bottles.
 For the six months ended March 31, 1993, sales totaled $2,956.4 million, up 23 percent from $2,398.9 million a year ago. Operating income rose 30 percent to $130.5 million from $100.7 million. Net income increased 24 percent to $55.9 million from $44.9 million for the first half of 1992. Primary earnings per share totaled $1.28 versus $1.02 the prior year while fully diluted earnings per share were $1.23 for 1993 versus $.99 for 1992.
 James H. Keyes, chairman and chief executive officer, commented that he continues to expect record full-year results for 1993 with strength in its North American markets more than offsetting weakening European demand for vehicles and control systems.
 CONSOLIDATED STATEMENT OF INCOME
 (In millions, except per share; unaudited)
 For the Three Months For the Six Months
 Ended March 31, Ended March 31,
 1993 1992 1993 1992
 Net sales $1,445.1 $1,183.5 $2,956.4 $2,398.9
 Cost of sales 1,240.1 1,022.3 2,528.4 2,055.0
 Gross profit 205.0 161.2 428.0 343.9
 Selling, general and
 administrative
 expenses 152.9 123.7 297.5 243.2
 Operating income 52.1 37.5 130.5 100.7
 Interest income 1.6 1.5 3.4 4.0
 Interest expense (12.1) (11.4) (25.5) (24.9)
 Miscellaneous - net (2.0) 2.9 (4.8) 3.4
 Other income
 (expense) (12.5) (7.0) (26.9) (17.5)
 Income before
 income taxes 39.6 30.5 103.6 83.2
 Provision for
 income taxes 18.3 14.0 47.7 38.3
 Net income $21.3 $16.5 $55.9 $44.9
 Earnings available
 for common
 shareholders $19.3 $14.5 $51.9 $40.9
 Earnings per share (A)
 Primary $0.48 $0.36 $1.28 $1.02
 Fully diluted $0.46 $0.36 $1.23 $0.99
 (A) Primary earnings per share are computed by dividing net income, after deducting dividend requirements on the Series D Convertible Preferred Stock, by the weighted average number of common shares and common stock equivalents which would arise from the exercise of stock options. Fully diluted earnings per share assume the conversion of the Company's Series D Convertible Preferred Stock, if dilutive, plus the dilutive effect of the stock options.
 For the Three Months For the Six Months
 Weighted Average Shares Ended March 31, Ended March 31,
 Primary 40.7 40.0 40.6 39.9
 Fully diluted 44.3 43.7 44.2 43.6
 CONSOLIDATED STATEMENT OF FINANCIAL POSITION
 (In millions)
 March 31, September 30, March 31,
 1993 1992 1992
 (unaudited) (unaudited)
 ASSETS
 Cash and cash equivalents $122.2 $96.2 $6.7
 Accounts receivable - net 847.9 899.4 781.2
 Inventories 293.0 316.0 285.6
 Other current assets 190.0 212.7 223.5
 Current assets 1,453.1 1,524.3 1,297.0
 Property, plant and
 equipment - net 1,119.0 1,157.3 1,019.3
 Goodwill - net 323.0 323.7 242.6
 Investments in partially -
 owned affiliates 75.2 73.1 139.4
 Other noncurrent assets 98.0 101.1 102.4
 Total assets $3,068.3 $3,179.5 $2,800.7
 LIABILITIES AND EQUITY
 Short-term debt $116.8 $148.5 $138.4
 Current portion of
 long-term debt 24.1 26.0 18.5
 Accounts payable 566.6 586.2 458.1
 Accrued compensation
 and benefits 171.7 170.4 145.6
 Accrued income taxes 21.9 36.5 18.0
 Billings in excess of costs
 and earnings on
 uncompleted contracts 80.3 84.9 83.5
 Other current liabilities 196.2 192.7 150.2
 Current liabilities 1,177.6 1,245.2 1,012.3
 Long-term debt 492.9 503.3 461.9
 Other noncurrent liabilities 183.0 173.3 151.3
 Deferred income taxes 57.7 63.5 74.6
 Shareholders' equity 1,157.1 1,194.2 1,100.6
 Total liabilities
 and equity $3,068.3 $3,179.5 $2,800.7
 -0- 4/15/93
 /CONTACT: Denise M. Zutz of Johnson Controls, 414-228-3155/
 (JCI)


CO: Johnson Controls, Inc. ST: Wisconsin IN: AUT SU: ERN

BM -- CL021 -- 6225 04/15/93 12:03 EDT
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Date:Apr 15, 1993
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