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JOY TECHNOLOGIES REPORTS FIRST QUARTER RESULTS

 PITTSBURGH, June 24 /PRNewswire/ -- Joy Technologies Inc. (NYSE: JOY) today announced sales of $130.2 million and net income of $1.5 million ($0.05 per share) for the first quarter ended May 28, 1993, compared to sales of $139.6 million and net income of $5.4 million ($0.17 per share) for the same period last year. The Mining Machinery Group reported sales of $95.2 million for the quarter, compared to $96.4 million for the same period last year, and the Environmental Group reported sales of $35.0 million for the quarter, compared to $43.2 million for the first quarter of last year.
 Marc F. Wray, chairman and chief executive officer, stated: "Although sales for the Mining Machinery Group were level with last year's first quarter, domestic original equipment sales were up 60 percent over the prior-year period, including the shipment of the company's first Highwall Mining System. These positive developments were offset by market weakness in Australia and South Africa and by lower parts and component repair sales in the U.S. related to selective labor strikes by the United Mine Workers of America (UMWA). Uncertainties created by the UMWA labor disruptions, relatively high coal stockpiles, low spot coal prices and consolidation of coal operations continue to have significant impacts on the market for mining machinery. However, the growing disparity of decreased U.S. coal production, increased consumption and utilities' recent coal stockpile reductions should strengthen markets for mining machinery later this year. Operating margins for the quarter were reduced from the prior year primarily by underabsorption of overhead, reflecting lower production in Australia and South Africa directly related to sales volume, while the U.S. was affected by a combination of lower production rates and increased spending."
 Wray noted that for the Environmental Group: "Bookings for the quarter, including a $28 million ash-handling project in Taiwan, were $50 million, double those of last year. Backlog is now at $230 million compared with $163 million a year ago. Sales for the quarter were down $8 million from the previous year largely because of the absence of revenues from both the restructured joint venture for the Lambton wet scrubber project and the condenser and damper business sold last year. For the balance of the current fiscal year, revenues are expected to increase, largely from existing backlog. Concurrently, the group will benefit from cost reduction programs now underway as part of the previously announced restructuring plans. The group is expected to return to profitability for this fiscal year.
 "We expect that U.S. and Canadian utilities will continue to delay capital investments for new equipment for the next two years. This delay will be offset in part by increased spending for aftermarket parts and services to extend the lives of older facilities. In response to these expectations, Joy has improved and expanded its product lines to benefit from higher levels of demand activity in non-utility industries and overseas markets," added Wray.
 The company also announced it had adopted FAS 106, "Employers' Accounting for Postretirement Benefits Other than Pensions," effective the beginning of this fiscal year. The company elected to adopt the new standard prospectively and to amortize the transition obligation over a twenty-year period. Including the impact of recent changes in a collectively bargained benefit plan, this adoption will result in an approximately $1.3 million pretax increase in annual non-cash charges for post-retirement medical benefits compared to the pay-as-you-go basis previously used for recording such expenses.
 Joy Technologies Inc. is a leader in the worldwide manufacturing and servicing of mining equipment for extraction of coal and other bedded materials. The company is also a major supplier of air pollution and ash handling equipment used for utilities and other industrial operations.
 JOY TECHNOLOGIES INC. FIRST QUARTER RESULTS
 Quarter Ended May 28 and 29 1993 1992
 (Unaudited)
 Net sales $ 130,216,000 $ 139,590,000
 Income before income taxes 1,902,000 8,980,000
 Provision for income taxes 430,000 3,627,000
 Net income $ 1,472,000 $ 5,353,000
 Income per common share $ .05 $ .17
 Weighted average number of shares
 outstanding used in the calculation
 of per share amounts 31,445,302 31,510,603
 May 28, February 26,
 1993 1993
 (Unaudited)
 Cash $ 13,286,000 $ 31,188,000
 All other current assets 286,086,000 277,530,000
 Total current assets 299,372,000 308,718,000
 Other assets 219,833,000 225,684,000
 Total assets $ 519,205,000 $ 534,402,000
 Short-term borrowings and current
 long-term debt $ 37,256,000 $ 33,539,000
 All other current liabilities 133,968,000 148,042,000
 Total current liabilities 171,224,000 181,581,000
 Long-term debt 278,783,000 285,357,000
 Other liabilities 46,591,000 46,667,000
 Total stockholders' equity 22,607,000 20,797,000
 Total liabilities and stock-
 holders' equity $ 519,205,000 $ 534,402,000
 BUSINESS SEGMENT FINANCIAL INFORMATION - UNAUDITED
 Quarter Ended May 28 and 29 1993 Pct. 1992 Pct.
 Net sales:
 Mining Machinery $ 95,225,000 $ 96,364,000
 Environmental 34,991,000 43,226,000
 Total net sales $ 130,216,000 $ 139,590,000
 Operating profit (loss):
 Mining Machinery $ 12,085,000 12.7 $ 16,210,000 16.8
 Environmental (220,000) (.6) 2,040,000 4.7
 Corporate expense - net (3,731,000) -- (3,062,000) --
 Interest expense (6,419,000) -- (7,248,000) --
 Interest income 187,000 -- 1,040,000 --
 Income before income
 taxes $ 1,902,000 1.5 $ 8,980,000 6.4
 Bookings:
 Mining Machinery $ 100,953,000 $ 103,570,000
 Environmental 49,956,000 24,093,000
 Total bookings $ 150,909,000 $ 127,663,000
 Backlog:
 Mining Machinery $ 58,105,000 $ 57,631,000
 Environmental 230,286,000 163,006,000
 Total backlog $ 288,391,000 $ 220,637,000
 /delval/
 -0- 6/24/93
 /CONTACT: John F. Moynahan, vice president and treasurer of Joy Technologies, 412-562-4540/
 (JOY)


CO: Joy Technologies Inc. ST: Pennsylvania IN: MNG SU: ERN

KC -- PG005 -- 5462 06/24/93 16:43 EDT
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Date:Jun 24, 1993
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