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JOY TECHNOLOGIES ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS

 JOY TECHNOLOGIES ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS
 PITTSBURGH, April 3 /PRNewswire/ -- Joy Technologies Inc. (NYSE: JOY) today reported, for the fourth quarter ended Feb. 28, 1992, net sales of $163.2 million and income of $4.7 million before extraordinary charges associated with the company's financial recapitalization completed during the period. In the fourth quarter of last year, net sales were $184.0 million and income was $10.2 million including tax benefits of $5.0 million that did not reoccur in the current fourth quarter.
 Net sales for the full year were $608.6 million and income was $8.6 million before extraordinary charges compared to sales of $657.4 million and income of $23.3 million for the prior year. The extraordinary charges for the current year of $22.8 million were all associated with the recapitalization and produced a net loss for the year of $14.2 million. Marc F. Wray, chairman and chief executive officer, stated that the quarterly and annual results were generally in line with expectations.
 The financial recapitalization noted above included the issuance of $198.8 million of new common stock and the retirement or refinancing of $305.0 million of high cost public debt. The major benefits of this recapitalization include a reduction in outstanding debt of $56.9 million, the redemption of $97.1 million of high-yield preferred stock and the reduction of interest (at current interest rates) and preferred stock dividend charges of approximately $27.0 million per year after tax. Wray stated that the results of the recapitalization were better than anticipated at the time of the offering, and the company ended its fiscal year with nearly $80.0 million in worldwide cash balances and significantly enhanced operating flexibility. The company will realize full year benefits of the recapitalization commencing with the current fiscal year.
 Wray said that while sales were lower this year than last year, Joy's Mining Machinery business strengthened its market position. The lower sales resulted principally from an increase in coal stocks in the U.S. and the attendant uncertainty this caused for equipment users. Nonetheless, the company increased investment for new product development, global integration of operations and the expansion of market coverage around the world. These investments have begun to show performance benefits within this segment. Further improvements in performance are expected to be reflected in the periods ahead. He cautioned, however, that there is still near-term uncertainty caused by current coal stock levels and a potential job action by the United Mine Workers of America.
 Net sales for the Environmental segment were substantially unchanged from the prior year while operating income doubled as a result of reorganization and cost containment measures. In commenting on the business outlook, Wray stated that the market in the U.S. and Canada for environmental systems will continue to grow this year, but at a lower rate than the industry forecasted when the Clean Air Act amendments were passed in 1990. He mentioned that the company's victory in an important patent infringement lawsuit against ABB/Flakt will put Joy in a more favorable competitive position in the marketplace and could eventually lead to the company's receipt of substantial damages. Wray further noted that several international markets are growing rapidly and that Joy is establishing a permanent presence in Taiwan and is actively pursuing the Mexican market.
 Joy is a leader in the worldwide manufacturing and servicing of mining equipment for the underground extraction of coal and other bedded minerals, with facilities in the United States, South Africa, the United Kingdom and Australia. The company is also a major North American supplier of air pollution control and ash handling equipment used by electrical utilities and other industrial operations.
 JOY TECHNOLOGIES INC.
 BUSINESS SEGMENT FINANCIAL INFORMATION - UNAUDITED
 Three Months Ended Year Ended
 Feb. 28 and 22, Feb. 28 and 22,
 1992 1991(1) 1992 1991
 (In thousands)
 Net sales:
 Mining
 machinery $128,944 $149,794 $482,509 $530,321
 Environmental
 Systems 34,234 34,237 126,087 127,095
 Total net
 sales $163,178 $184,031 $608,596 $657,416
 Operating
 profit (loss)(2): Pct. Pct. Pct. Pct.
 Mining
 machinery $21,816 17 $22,936 15 $78,604 16 $96,278 18
 Environmental
 systems 2,462 7 953 3 5,496 4 2,708 2
 Corporate
 expense - net (3,343) - (793) - (12,276) - (11,314) -
 Interest exp. (9,666) - (13,135) - (49,972) - (53,922) -
 Interest income 1,414 - 1,550 - 5,423 - 7,134 -
 Inc. from cont.
 opers. bef. inc.
 taxes and extraord.
 item $12,683 8 $11,511 6 $27,275 4 $40,884 6
 Bookings:
 Mining
 machinery $130,791 $123,012 $471,737 $485,097
 Environmental
 systems 19,813 23,454 108,837 187,385
 Total
 bookings $150,604 $146,466 $580,574 $672,482
 Backlog:
 Mining
 machinery --- --- $86,535 $97,306
 Environmental
 systems(1) --- --- 146,029 170,511
 Total backlog --- --- $232,564 $267,817
 Pct. - Percentage of business segment's net sales.
 (1) Prior year restated to conform to current reporting presentation.
 (2) Includes $2.3 million of gain on the sale of assets in the fourth quarter and $2.3 million of charges taken in the third and fourth quarter related principally to the reorganization of Environmental Systems.
 Quarter ended Feb. 28 and 22 1992 1991
 Net sales $163,178,000 $184,031,000
 Income before income taxes and
 extraordinary item 12,683,000 11,511,000
 Provision for income taxes 8,016,000 1,322,000
 Income before extraordinary item 4,667,000 10,189,000
 Extraordinary item (22,125,000)(a) ---
 Net income (17,458,000) 10,189,000
 Preferred stock dividend
 requirements (1,037,000) (3,088,000)
 Net income (loss) applicable
 to common stock ($18,495,000) $7,101,000
 Income (loss) per common share:
 Income (loss) before
 extraordinary item $.12 $.36
 Extraordinary item (.72) ---
 Net income (loss) per common share ($.60) $.36
 Weighted average number of common shares
 outstanding used in the calculation
 of per-share amounts 30,607,449 19,650,374
 Year ended Feb. 28 and 22
 Net sales $608,596,000 $657,416,000
 Income before income taxes
 and extraordinary item 27,275,000 40,884,000
 Provision for income taxes 18,704,000 17,556,000
 Income before extraordinary item 8,571,000 23,328,000
 Extraordinary item (22,816,000)(a) 698,000(b)
 Net income (14,245,000) 24,026,000
 Preferred stock dividend
 requirements (10,866,000) (11,804,000)
 Net income (loss) applicable
 to common stock ($25,111,000) $12,222,000
 Income (loss) per common share:
 Income (loss) before
 extraordinary item ($.10) $.59
 Extraordinary item (1.00) .04
 Net income (loss) per common share ($1.10) $.63
 Weighted average number of common shares
 outstanding used in the calculation
 of per-share amounts 22,863,860 19,478,286
 (a) Associated with the redemption of debt and consisted of call premiums, net interest deposited, the write-off of related unamortized capitalized financing fees and transaction costs.
 (b) Applicable to the utilization of certain net operating loss carryforwards.
 -0- 4/3/92
 /CONTACT: James Q. Grimshaw, treasurer of Joy Technologies, 412-562-4525/
 (JOY) CO: Joy Technologies Inc. ST: Pennsylvania IN: MAC SU: ERN


TS-PS -- NY007 -- 4679 04/03/92 07:32 EST
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