Printer Friendly

JONES PLUMBING SYSTEMS ANNOUNCES RESULTS

 JONES PLUMBING SYSTEMS ANNOUNCES RESULTS
 BIRMINGHAM, Ala., Nov. 13 /PRNewswire/ -- Kenneth R. Wells,


president and chief executive officer of Jones Plumbing Systems, Inc. (AMEX: JPS), announced today the Company's operating results for the three months and nine months ended Sept. 30, 1992.
 Consolidated net sales of the Company increased $1,189,380 or 11.5 percent to $11,526,481, for the three months ended Sept. 30, 1992, as compared with $10,337,101 for the same period in 1991. Net sales amounted to $31,989,566 in the nine months ended Sept. 30, 1992, as compared with $27,907,320 for the year-earlier period, or an increase of 14.6 percent.
 The Company reported a net income of $331,381, or $.06 per share, in the third quarter of 1992, as compared with a net loss of $1,304,655, or $.22 a share, for the three months ended Sept. 30, 1991. Net income for the first three quarters of 1992 amounted to $520,437, or $.09 a share, as compared with a net loss of $2,432,648, or $.42 a share, for the same period last year. The


results for the year-earlier periods included a loss from discontinued operations of $1,573,170 and $2,096,107 for the three months and nine months ended Sept. 30, 1991, respectively.
 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. Mr. 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."
 Mr. Wells further stated, "We believe the Company is well positioned to continue its growth in the last quarter of the year even at the current economic level."
 JONES PLUMBING SYSTEMS, INC.
 CONSOLIDATED STATEMENTS OF INCOME
 (Unaudited) (Dollars in thousands, except per share data)
 3 mos. ended 9/30/92 9/30/91
 (restated)
 Net sales $ 11,526 $ 10,337
 Cost of sales (7,773) (7,044)
 Operating cost and expenses (2,973) (2,629)
 Interest expense (278) (255)
 Other expense --- (2)
 Income (loss) before income taxes 502 407
 Provision (credit) for income taxes 171 138
 Income (loss) from cont. operations 331 269
 Loss from discontinued operations:
 Loss from operations --- (803)
 Loss on disposition of screw machine
 business --- (770)
 Total $ --- $ (1,573)
 Net income (loss) $ 331 $ (1,304)
 Net income (loss) per common share:
 Income (loss) from continuing
 operations $ 0.06 $ 0.05
 Loss from discontinued operations $ 0.00 $ (0.27)
 Total $ 0.06 $ (0.22)
 Weighted average number of common
 shares 5,749,275 5,749,275
 9 mos. ended 9/30/92 9/30/91
 (restated)
 Net sales $ 31,990 $ 27,907
 Cost of sales (22,201) (19,477)
 Operating cost and expenses (8,209) (7,608)
 Interest expense (792) (833)
 Other expense --- (528)
 Income (loss) before income taxes 788 (539)
 Provision (credit) for income taxes 268 (202)
 Income (loss) from cont. operations 520 (337)
 Loss from discontinued operations:
 Loss from operations --- (1,326)
 Loss on disposition of screw machine
 business --- (770)
 Total $ --- $ (2,096)
 Net income (loss) $ 520 $ (2,433)
 Net income (loss) per common share:
 Income (loss) from continuing
 operations $ 0.09 $ (0.06)
 Loss from discontinued operations $ 0.00 $ (0.36)
 Total $ 0.09 $ (0.42)
 Weighted average number of common
 shares 5,749,275 5,749,275
 -0- 11/13/92
 /CONTACT: Kenneth R. Wells, president and chief executive officer of Jones Plumbing Systems, 205-956-5511/
 (JPS) CO: Jones Plumbing Systems, Inc. ST: Alabama IN: SU: ERN


CF-BN -- AT009 -- 0774 11/13/92 14:37 EST
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:Nov 13, 1992
Words:606
Previous Article:KEYCORP SUCCESSFUL BIDDER FOR ACQUISITION OF FIRST AMERICAN BANK OF NEW YORK
Next Article:HEALTH GROUPS TO PROTEST SPONSOR OF VIRGINIA SLIMS TENNIS TOURNAMENT
Topics:


Related Articles
JONES PLUMBING SYSTEMS REPORTS RESULTS
JONES PLUMBING SYSTEMS REPORTS RESULTS
JONES PLUMBING SYSTEMS REPORTS RESULTS
JONES PLUMBING SYSTEMS REPORTS RESULTS
JONES PLUMBING SYSTEMS REPORTS INCREASED OPERATING PROFITS
AMERICAN STANDARD COMPANIES INC. REPORTS SECOND QUARTER RESULTS
AMERICAN STANDARD COMPANIES INC. AFFIRMS FOURTH QUARTER AND FULL YEAR 1995 RESULTS
AMERICAN STANDARD COMPANIES INC. ADOPTS FAS 121 AND COMMENTS ON FIRST QUARTER
American Standard Companies Inc. Reports 13% Increase In 1997 First Quarter Earnings
Northwestern Corporation Announces $85 Million in Third Quarter Strategic Development Revenue Growth.

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