Printer Friendly

JOSLYN CORP. THIRD QUARTER RESULTS

 JOSLYN CORP. THIRD QUARTER RESULTS
 CHICAGO, Oct. 21 /PRNewswire/ -- Joslyn Corp. (NASDAQ: JOSL) today


announced net income of $3,830,000 or $.82 per share on sales of $56,234,000 for the third quarter of 1992 compared to a restated net income of $3,858,000 or $.82 per share on sales of $52,031,000 for the third quarter of 1991.
 The 1991 third quarter and nine months results included non- operating items of $.12 per share primarily related to a gain from the settlement of a patent infringement lawsuit net of expenses. Excluding these 1991 non-operating items, income before the cumulative effect of change in accounting increased 16 percent for both the third quarter and nine months of 1992 compared to the same periods in 1991.
 In 1991, Joslyn Corp. adopted Statement of Financial Accounting Standards (SFAS) No. 106 -- "Employers' Accounting for Postretirement Benefits Other Than Pensions" on the immediate recognition basis. The 1991 results have been restated to reflect a $.02 per share reduction in income in the third quarter, a $.07 per share reduction in income for the nine months and, in addition, a charge of $1.33 per share related to the cumulative effect to Jan. 1, 1991, of the adoption of SFAS No. 106.
 JOSLYN CORP.
 Quarter ended Nine Months
 Period ended Sept. 30 1992 1991 1992 1991
 (Restated) (Restated)
 Net sales $56,234,000 $52,031,000 $163,820,000 $157,103,000
 Operating Income
 from Business
 Segments 7,289,000 6,364,000 21,791,000 19,443,000
 Income before taxes and
 cumulative effect
 of change in
 accounting 5,880,000 6,133,000 17,654,000 16,367,000
 Income before cumulative
 effect of
 change in
 accounting 3,830,000 3,858,000 11,204,000 10,242,000
 Cumulative effect
 of change in
 accounting -- -- -- (6,268,000)
 Net income 3,830,000 3,858,000 11,204,000 3,974,000
 Income before
 cumulative effect
 of change in
 accounting $.82 $.82(a) $2.39 $2.18(a)
 Cumulative effect of
 change in
 accounting -- -- -- $(1.33)
 Net income $.82 $.82(a) $2.39
 $.85(a)
 Average number
 of shares
 outstanding 4,691,000 4,694,000 4,693,000 4,700,000
 (a) -- 1991 amounts include $.12 per share primarily related to a gain from the settlement of a patent infringement lawsuit.
 Joslyn Corp., now in its 90th year, provides diversified products and services primarily to the electric utility, telecommunications, defense and industrial markets. Joslyn also manufactures equipment for the following industries: aerospace, building construction and petrochemical. It has approximately 2,000 employees and operates facilities in the United States and Canada. Joslyn has declared 307 dividends and 218 consecutive dividends on its common stock. Shares are traded over the counter. Joslyn stock is listed on the NASDAQ National Market Systems. NASDAQ symbol is JOSL.
 -0- 10/21/92
 /CONTACT: L.G. Wolski of Joslyn Corp., 312-454-2900/
 (JOSL) CO: Joslyn Corp. ST: Illinois IN: SU: ERN


LR -- NY107 -- 3038 10/21/92 15:39 EDT
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:Oct 21, 1992
Words:506
Previous Article:TOTAL PETROLEUM (NORTH AMERICA) REPORTS RESULTS, ANNOUNCES DIVIDEND
Next Article:REFINERS TO BEGIN SELLING ARB'S WINTERTIME GASOLINE RECIPE
Topics:


Related Articles
JOSLYN CORPORATION ANNOUNCES EARNINGS
JOSLYN CORPORATION ANNOUNCES NET INCOME
JOSLYN CORP. REPORTS RESULTS
DANAHER CORPORATION FILES SCHEDULE 13D
JOSLYN CORP. BOARD AUTHORIZES STOCK REPURCHASE
JOSLYN CORP. NAMES LAWRENCE G. WOLSKI ACTING CHIEF EXECUTIVE OFFICE
JOSLYN CORP. REPORTS HIGHER SALES AND A LOSS AFTER A FOURTH QUARTER CHARGE, AND CONTINUES ITS QUARTERLY DIVIDEND OF $.30 PER SHARE
JOSLYN ANNOUNCES ACQUISITION OF CYBEREX, A LEADING MANUFACTURER OF UNINTERRUPTIBLE POWER SYSTEMS AND STATIC TRANSFER SWITCHES
JOSLYN BOARD RECOMMENDS ITS SHAREHOLDERS REJECT DANAHER OFFER; MEETINGS TO CONTINUE
JOSLYN CORPORATION OFFERS TO MEET WITH DANAHER REPRESENTATIVES

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