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KATY INDUSTRIES REPORTS LOSS FOR FOURTH QUARTER

 KATY INDUSTRIES REPORTS LOSS FOR FOURTH QUARTER
 ELGIN, Ill., Feb. 18 /PRNewswire/ -- William H. Murphy, president of


Katy Industries, Inc. (NYSE: KTY), today reported a loss from continuing operations of $1,629,000, or $.18 per share, for the three months ended Dec. 31, 1991 compared to income from continuing operations of $6,954,000, or $.98 per share, for the same period last year. For the year ended Dec. 31, 1991 the company reported income from continuing operations of $7,718,000, or $.82 per share, compared to income from continuing operations of $28,528,000, or $4.08 per share, for 1990. The results for 1990 included a net gain of $14,250,000, or $2.19 per share, on the sale of a minority interest in a German subsidiary.
 The net loss for the fourth quarter of 1991 was $1,312,000, or $.15 per share, after an extraordinary gain of $317,000, or $.03 per share, from additional proceeds from an insurance settlement of an unconsolidated subsidiary. This compares to net income of $4,271,000, or $.60 per share, in 1990 which was after a loss of $2,683,000, or $.38 per share, from discontinued operations. Net income for the year ended Dec. 31, 1991 was $11,090,000, or $1.18 per share, after an extraordinary gain of $3,372,000, or $.36 per share, from insurance settlements of an unconsolidated subsidiary. Net income for the year ended Dec. 31, 1990 was $26,591,000, or $3.79 per share, after a loss of +$3,787,000, or $.57 per share, from discontinued operations. Net income for the 1990 year also included a one-time credit of $1,291,000, or $.20 per share, reflecting a required change to the equity method of accounting for Katy's investment in a partially owned entity and an extraordinary gain of $559,000, or $.08 per share, on the early extinguishment of certain indebtedness.
 Sales from continuing operations were $47,116,000 and $181,494,000, respectively, for the fourth quarter and the year ended Dec. 31, 1991 compared to $47,071,000 and $214,371,000 for the same periods of 1990. Murphy commented that the fourth quarter and year ended Dec. 31, 1991 were seriously impacted by the turmoil in the Commonwealth of Independent States which affected Katy's German subsidiary, and by Katy Segher's renovation programs for its waste to energy facilities. He noted that the renovation programs have been completed and that, together with the previously announced settlement with Davis County, the after-tax cost to Katy for the programs and settlement had been approximately $1,840,000 for the fourth quarter and $4,350,000 for the year 1991. He also noted that since the renovation program has been completed and Katy-Segher's is now operating only one facility, the results in 1992 from this operation should be much more satisfactory.
 Murphy indicated that he was also encouraged by the fact that many of Katy's units had seen increased orders during the fourth quarter of 1991 and that overall, backlogs had increased by 17 percent from the third quarter.
 Katy Industries, Inc. is a diversified corporation with interests in industrial machinery, industrial components, consumer products and energy resources.
 KATY INDUSTRIES FINANCIAL RESULTS
 (Thousands of dollars, except per share amounts
 and preferred dividends)
 Periods ended 12 Months Quarter
 Dec. 31 1991 1990 1991 1990
 Sales $181,494 $ 214,371 $ 47,116 $ 47,071
 Income from
 continuing
 operations 7,718(A,B,C) 28,528(B,D) (1,629)(A,B,C) 6,954(B)
 Discontinued
 operations -- (3,787) -- (2,683)
 Extraordinary
 gains 3,372(E) 559(F) 317(E) --
 Cumulative effect
 of change in
 accounting
 principal -- 1,291(G) -- --
 Net income $ 11,090 $ 26,591 $ (1,312) $ 4,271
 EARNINGS PER COMMON SHARE:(b)
 Income from
 continuing
 operations $ .82(A,B,C) $ 4.08(B,D) $ .18(A,B,C) $ .98(B)
 Discontinued
 operations -- (.57) -- (.38)
 Extraord.gain .36 (E) .08 (F) .03 (E) --
 Cumulative effect of
 change in accounting
 principle - .20 (G) -- --
 Net income $ 1.18 $3.79 $ (.15) $ .60
 EARNINGS PER COMMON SHARE,
 ASSUMING FULL DILUTION: (B)
 Income from
 continuing
 operations -- $2.96 (B,D) -- $ .72(B)
 Discontinued
 operations -- (.39) -- (.28)
 Extraord.gain -- .06 (F) -- --
 Cumulative effect of
 change in accounting
 principle -- .13 (G) -- --
 Net income -- $2.76 -- $ .44
 Average shares
 outstng. (H) 9,381,383 6,657,227(B) 9,023,187 7,122,503(H)
 FINANCIAL NOTES:
 (A) Includes net gain on sale of Union Pacific common stock for the three months and 12 months ended Dec. 31, 1991 of $765,000 and $7,210,000 or $.08 and $.77 per share, respectively.
 (B) Includes provision, net of income taxes, for notes receivable of $2,396,000 and $2,480,000, or $.27 and $.26 per share, for the three months and 12 months ended Dec. 31, 1991 and $1,360,000 and $6,160,000, or $.14 and $.64 per share fully diluted, for the three months and 12 months ended Dec. 31, 1990.
 (C) Includes net charge of $1,003,000, or $.11 per share, resulting from the settlement of pending litigation related to Katy's waste-to energy facility in Davis County, Utah, which was simultaneously transferred to Davis County.
 (D) Includes net gain on sale of subsidiary stock of $14,250,000, or $2.19 per share ($1.48 fully diluted).
 (E) Equity in insurance settlement reported as an extraordinary item by an unconsolidated subsidiary.
 (F) Net gain on early extinguishment of debt.
 (G) Change in accounting to the equity method because of the increase in ownership of an investee company.
 (H) In December 1990 all outstanding shares of preferred stock were converted into shares of common stock or were redeemed. Accordingly, the primary earnings per share for 1991 are more comparable to the fully diluted earnings per share for 1990.
 Figures in parentheses are losses.
 -0- 2/18/92
 /CONTACT: Jacob Saliba, chairman and CEO, in Boston, 617-266-4100; or William H. Murphy, president and COO, or J. Russell Jones, treasurer, 312-379-1121, all of Katy/
 (KT) CO: Katy Industries, Inc. ST: Illinois IN: MAC SU: ERN


AH -- NY117 -- 0209 02/18/92 19:11 EST
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Date:Feb 18, 1992
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