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JONES PLUMBING SYSTEMS, INC. REPORTS RECORD SALES

 BIRMINGHAM, Ala., March 25 /PRNewswire/ -- Kenneth R. Wells, presn?t and chief executive officer of Jones Plumbing Systems, Inc. (AMEX: JPS), announced today the company's operating results for the three months and fiscal year ended Dec. 31, 1992.
 Consolidated net sales of the company increased 20.4 percent to $11,527,000, and 16.1 percent to $43,516,000, for the three months and twelve months ended Dec. 31, 1992, respectively, as compared with the same periods in 1991. Net sales amounted to $9,571,000 in last year's fourth quarter and $37,478,000 in the year ended Dec. 31, 1991.
 The company reported a net income of $447,000, or $.08 per share, in the fourth quarter of 1992, as compared with a net loss of $113,000, or $.02 a share, for the year-earlier period. Net income for the year ended Dec. 31, 1992 amounted to $1,206,000, or $.21 a share, as compared with a net loss of $2,545,000, or $.44 a share, for the same period last year. The net income for 1992 included the benefit of the cumulative effect of a change in the method of accounting for income taxes in the amount of $238,000, or $.04 a share, in the year ended Dec. 31, 1992. The results for 1991 included a loss from discontinued operations resulting from the disposition of its screw-machine business located in Hartsville, S.C. of $2,096,000, or $.36 a share.
 The company attributes the increase in net sales for 1992 primarily to growth in new operating divisions of the company and the introduction of new products combined with some improvement in the economy as housing starts did return to the prior year level of approximately 1.2 million units. Wells said, "the significant turn-around in the operating results that began in the latter half of 1991 continues to add sales and reduce costs in 1992."
 Wells further stated, "We believe the company is well positioned to continue its growth reflected in the last year even at the current economic level."
 JONES PLUMBING SYSTEMS, INC.
 CONSOLIDATED STATEMENTS OF INCOME
 (Dollars in thousands, except per share data)
 3 mos. ended 12/31/92 12/31/91
 (restated)
 Net sales $ 11,527 $ 9,571
 Cost of sales (7,348) (6,722)
 Operating costs and expenses (3,180) (3,063)
 Interest expense, net (282) (307)
 Other (expenses) income, net --- 250
 Income (loss) before income taxes 717 (271)
 Provision (benefit) for income taxes 270 (158)
 Income (loss) before extraordinary
 item and cumulative effect of
 accounting change 447 (113)
 Discontinued operations:
 Loss of screw machine division
 prior to sale (net of income tax
 benefit) --- ---
 Loss on disposal of screw machine
 division (net of income taxes) --- ---
 Cumulative effect as of Jan. 1, 1992
 of change in method of accounting
 for income taxes --- ---
 Total --- ---
 Net income (loss) $ 447 $ (113)
 Earnings (loss) per common share and common equivalent share
 from:
 Continuing operations $ 0.08 $ (0.02)
 Cumulative effects as of Jan. 1, 1992
 of change in method of accounting for
 income taxes --- ---
 Loss from discontinued operations --- ---
 Total $ 0.08 $ (0.02)
 Weighted average common shares
 outstanding 5,749,275 5,749,275
 12 mos. ended 12/31/92 12/31/91
 (audited) (restated)
 Net sales $ 43,516 $ 37,478
 Cost of sales (29,548) (26,352)
 Operating costs and expenses (11,389) (10,416)
 Interest expense, net (1,073) (1,139)
 Other (expenses) income, net --- (380)
 Income (loss) before income taxes 1,506 (809)
 Provision (benefit) for income taxes 538 (360)
 Income (loss) before extraordinary
 item and cumulative effect of
 accounting change 968 (449)
 Discontinued operations:
 Loss of screw machine division
 prior to sale (net of income tax
 benefit) --- (1,326)
 Loss on disposal of screw machine
 division (net of income taxes) --- (770)
 Cumulative effect as of Jan. 1, 1992
 of change in method of accounting
 for income taxes 238 ---
 Total 238 (2,096)
 Net income (loss) $ 1,206 $ (2,545)
 Earnings (loss) per common share and common equivalent share
 from:
 Continuing operations $ 0.17 $ (0.08)
 Cumulative effects as of Jan. 1, 1992
 of change in method of accounting for
 income taxes 0.04 ---
 Loss from discontinued operations --- (0.36)
 Total $ 0.21 $ (0.44)
 Weighted average common shares
 outstanding 5,749,275 5,749,275
 -0- 3/25/93
 /CONTACT: Kim Nolan of Jones Plumbing Systems, 205-956-5511 or 800-633-6633/
 (JPS)


CO: Jones Plumbing Systems, Inc. ST: Alabama IN: SU: ERN

RA-BR -- AT014 -- 9795 03/25/93 16:54 EST
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Date:Mar 25, 1993
Words:750
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