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KATY INDUSTRIES REPORTS NET INCOME OF $1,532,000 OR $.17 PER SHARE FOR THE SECOND QUARTER OF 1993

    ELGIN, Ill., Aug. 13 /PRNewswire/ -- John R. Prann Jr., president of Katy Industries, Inc. (NYSE: KT), today reported net income of $1,532,000, or $.17 per share, for the second quarter of 1993 compared to net income of $1,476,000, or $.16 per share, in 1992.
    For the six months ended June 30, 1993, the company reported net income of $3,842,000, or $.43 per share, compared to $2,308,000, or $.26 per share, in 1992.
    Sales from continuing operations were $44,592,000 and $84,932,000, respectively for the second quarter and six months of 1993, compared to $46,471,000 and $92,782,000 for the same periods in 1992.  The decrease in sales for the quarter (4 percent) and six months (8 percent) is substantially attributable to Katy's 75 percent owned German subsidiary, Schon & Cie AG, reflecting the effect of the continuing turmoil in the Commonwealth of Independent States and the ongoing recession in Schon's industry worldwide.
    Katy Industries, Inc. is a diversified corporation with interests in industrial machinery, industrial components and consumer products.
                            KATY INDUSTRIES
            (Thousands of dollars, except per share amounts)
    Period ended            Six Months            Quarter Ended
     June 30,           1993         1992       1993         1992
    SALES            $ 84,932     $ 92,782   $ 44,592     $ 46,471
    Inc. bef. change in
     acctg. principle
     and discontinued
     operations         6,603(A,B,C) 2,308      1,532        1,476
    Cumulative effect
     of change in
     acctg. principle  (1,418)(D)       --         --           --
    Loss from discontinued
     operations        (1,343)(E)       --         --           --
    Net Income       $  3,842     $  2,308   $  1,532     $  1,476
    Earnings Per Common Share:
    Inc. from operations $.73(A,B,C) $.26        $.17         $.16
    Cumulative effect
     of change in
     acctg. principle    (.15)(D)      --          --           --
    Loss from discontinued
     operations          (.15)(E)      --          --           --
    Net Income           $.43        $.26        $.17        $. 16
    Average shares
     outstanding    9,017,387   9,020,129   9,017,387    9,017,387
    FINANCIAL NOTES:
   (A) -- Includes a net gain of $3,709,000 from the sale of
          Compagnie des Entrepots et Gares Frigorifiques common stock.
   (B) -- Includes a net gain of $835,000 as a result of an initial
          public offering of an unconsolidated subsidiary.
   (C) -- Includes a net charge of approximately $549,000 to establish
          a retirement compensation program for Katy's Chairman of the
          Board, Jacob Saliba.
   (B) -- Reflects the adoption of FAS 106, "Accounting for
          Postretirement Benefits," as of Jan. 1, 1993, and is net
          income tax benefits of $925,000.
   (E) -- Charges for environmental clean-up costs at sites previously
          occupied by operations since discontinued, net of income tax
          benefits of $752,000.
    -0-             08/13/93
    CONTACT:  Jacob Saliba, chairman and chief executive officer, 617-266-4100 (Boston); or John R. Prann Jr., president and chief operating officer, 303-773-2800 (Denver); or J. Russell Jones, vice president and chief financial officer, 312-379-1121 (Elgin), all of Katy Industries, Inc.
    (KT) CO:  KATY INDUSTRIES, INC. SU:  ERN ST:  IL


-- NY029 -- X582 08/13/93
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Publication:PR Newswire
Date:Aug 13, 1993
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