Printer Friendly

KELLOGG ANNOUNCES 1991 SALES AND EARNINGS

 KELLOGG ANNOUNCES 1991 SALES AND EARNINGS
 BATTLE CREEK, Mich., Jan. 17 /PRNewswire/ -- Kellogg Company


(NYSE: K) today announced that its net sales for the year ended Dec. 31, 1991, were $5.79 billion, up 11.7 percent over 1990. Net earnings were $606 million, up 20.5 percent, resulting in earnings per share rising to $2.51 from $2.08.
 Fourth-quarter 1991 sales were $1.45 billion, up 6.0 percent. Fourth-quarter earnings were $118.2 million, up 8.9 percent, resulting in earnings per share of $0.49, compared to $0.45. Fourth-quarter 1990 earnings included a one-time pre-tax charge of $15.0 million ($0.04 per share), resulting from the write-down of certain assets.
 Per-share amounts have been restated to reflect a 2-for-1 stock split, effective Dec. 4, 1991.
 Kellogg Company Chairman of the Board and Chief Executive Officer Arnold G. Langbo said: "We are pleased to report these record annual results, which reflect strong volume increases in ready-to-eat cereal sales around the world. We are continuing to invest aggressively in our four operating divisions -- North America, Europe, Australasia, and Latin America -- and are optimistic about growth prospects for 1992 and the long term."
 KELLOGG COMPANY AND SUBSIDIARIES
 CONSOLIDATED SALES AND EARNINGS
 (Millions, except share data)
 (1991 results are unaudited)
 Three Months Ended 12 Months Ended
 Dec. 31, Pct. Dec. 31, Pct.
 1991 1990 Change 1991 1990 Change
 Net sales $1,445.3 $1,363.4 6.0 $5,786.6 $5,181.4 11.7
 Interest and
 other revenue
 (deductions),
 net 5.6 (13.9) --- 14.6 (5.1) ---
 1,450.9 1,349.5 --- 5,801.2 5,176.3 ---
 Cost of goods
 sold 719.1 719.6 --- 2,828.7 2,676.6 ---
 Selling & admin.
 expense 525.5 434.4 --- 1,930.0 1,618.8 ---
 Interest expense 12.9 17.7 --- 58.3 66.2 ---
 1,257.5 1,171.7 --- 4,817.0 4,361.6 ---
 Earnings before
 income taxes 193.4 177.8 8.8 984.2 814.7 20.8
 Income taxes 75.2 69.3 --- 378.2 311.9 ---
 Net earnings $118.2 $108.5 8.9 $606.0 $502.8 20.5
 Earnings per
 share $.49 $.45 8.9 $2.51 $2.08 20.7
 Dividends per
 share $.28 $.24 --- $1.075 $.96 ---
 Per-share amounts have been restated to reflect the 2-for-1 stock split, effective Dec. 4, 1991.
 -0- 1/17/92
 /CONTACT: Neil G. Nyberg of Kellogg Company, 616-961-3799/
 (K) CO: Kellogg Company ST: Michigan IN: FOD SU: ERN


DH-ML -- DE003 -- 0853 01/17/92 08:44 EST
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:Jan 17, 1992
Words:430
Previous Article:FIRST WESTERN BANCORP ANNOUNCES RECORD FOURTH QUARTER AND FULL YEAR 1991 EARNINGS
Next Article:BERGEN BRUNSWIG TO ACQUIRE PHARMACEUTICAL DISTRIBUTION BUSINESS FROM OWENS & MINOR
Topics:


Related Articles
KELLOGG COMPANY REPORTS RECORD SECOND-QUARTER RESULTS
KELLOGG COMPANY ANNOUNCES THIRD-QUARTER RESULTS
KELLOGG COMPANY SALES UP 7 PERCENT FROM 1991
KELLOGG COMPANY REPORTS 2ND-QUARTER EARNINGS PER SHARE CONSISTENT WITH PREVIOUS ANNOUNCEMENT; INCREASES QUARTERLY DIVIDEND
KELLOGG'S EPS, EARNINGS, AND SALES RISE IN SECOND QUARTER; DIVIDEND IS INCREASED TO 36 CENTS PER SHARE
KELLOGG COMPANY REPORTS RECORD FIRST QUARTER RESULTS
KELLOGG COMPANY REPORTS STRONG SECOND QUARTER RESULTS; DIVIDEND IS INCREASED TO 39 CENTS PER SHARE
KELLOGG COMPANY REPORTS RECORD FIRST QUARTER RESULTS
AS FORECAST, KELLOGG REPORTS SECOND QUARTER EPS OF $.45; COMPANY ANNOUNCES INCREASE IN QUARTERLY DIVIDEND
Kellogg Company Announces Record 2nd Quarter EPS, 2-For-1 Stock Split, and Increase in Quarterly Dividend

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters