Printer Friendly

KENDALL INTERNATIONAL, INC. RELEASES YEAR-END RESULTS

 MANSFIELD, Mass., Feb. 1 /PRNewswire/ -- Kendall International,


Inc. (NASDAQ-NMS: KEND) reported net income for the quarter ended Dec.

31, 1992 of $5.6 million or 27 cents per share, compared to a net loss of $27.4 million in the fourth quarter of 1991. This improvement reflects the benefits of completing the company's financial restructuring in July 1992. Total sales for the quarter ended Dec. 31, 1992 were $192.9 million, $9.6 million or 5.2 percent above the comparable quarter of 1991. Operating income for the quarter ended Dec. 31, 1992 was $18.1 million, an increase of $5 million or 38 percent over the $13.1 million reported for the fourth quarter of 1991. This increase in income reflects continued growth in healthcare products, especially wound care and vascular therapy, and effective cost savings.
 Operating results for periods before and after a Chapter 11 financial restructuring (like that completed by Kendall in 1992) may not be comparable, due to different bases of accounting. The company noted that in its case there were no material basis differences impacting the fourth quarter year-to-year operating income comparisons. However, impacting total year 1992 vs. 1991 comparisons is a $22.5 million nonrecurring, non-cash charge in the third quarter of 1992, related to a write-up of its June 30, 1992 inventory value as required by restructure-related accounting rules. Excluding this non-recurring charge, operating income for the twelve months ended Dec. 31, 1992 would have been $90.4 million, an increase of $31.2 million or 53 percent over the year ended Dec. 31, 1991.
 The company also reported that strong cash flow has continued through the fourth quarter, and as a result, domestic bank term debt, which exceeded $179 million following the restructuring in July of this year, had been reduced to $125 million by year end, reflecting over $45 million of voluntary prepayments.
 Richard A. Gilleland, Kendall's chairman, president and chief executive officer, reported, "We are pleased to put a successful close to 1992, a year that marked Kendall's financial turnaround with its restructuring this summer, and a year that marked Kendall's return to profitability. We anxiously look forward to building on this momentum in 1993."
 The following table summarizes the company's operating results for the three and twelve month periods ended Dec. 31, 1992 and 1991. It should be noted that the twelve month 1992 figures represent a combination of the six month pre-restructuring and six month post- restructuring periods.
 The Kendall Company manufactures, markets and distributes medical supplies and devices for the hospital, alternate side healthcare and home healthcare markets, as well as adhesive products and tapes for industrial and consumer markets, and employs approximately 8,900 people worldwide.
 THE KENDALL COMPANY
 Financial Statement
 (in millions, except per share data)
 Three Months Ended Twelve Months Ended
 Dec. 31 Dec. 31
 1992 1991 1992(a) 1991
 Net revenues $192.9 $183.3 $774.9 $738.0
 Operating income before
 non-recurring inventory
 charge $18.1 $13.1 $90.4 $59.2
 Nonrecurring inventory
 charge --- --- 22.5 ---
 Operating income 18.1 13.1 67.9 59.2
 Interest expense 9.3 28.0 74.9 110.2
 Reorganization items --- 11.4 38.2 15.9
 Income tax provision 3.2 1.1 5.2 4.1
 Income (loss) from
 continuing operations 5.6 (27.4) (50.4) (71.0)
 Extraordinary gain and
 discontinued operations --- --- 277.3 3.4
 Net income (loss) $5.6 $(27.4) $226.9 $(67.6)
 Earnings per share(b) $0.27 --- --- ---
 Note(a): Represents the combined results for the six months ended June 30, 1992 (pre-restructuring) and the six months ended Dec. 31, 1992 (post-restructuring).
 Note(b): Earnings per share data is not presented for pre- restructuring periods due to the establishment and issuance of a new class of common stock in connection with the restructuring.
 -0- 2/1/93
 /CONTACT: James S. Bacciocco of Kendall International, Inc., 508-261-8045, or Investor Relations, 508-261-8094/
 (KEND)


CO: Kendall International, Inc. ST: Massachusetts IN: MTC SU: ERN

CH -- NE017 -- 1496 02/01/93 15:31 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 1, 1993
Words:675
Previous Article:PICTURETEL OFFERS M-8000 MULTIPOINT BRIDGE ENHANCEMENTS; NEW BRIDGE CASCADING OPTION CONNECTS UP TO 240 SITES IN A SINGLE VIDEO CALL
Next Article:FISHER SCIENTIFIC FOURTH-QUARTER NET INCOME UP 58 PERCENT
Topics:


Related Articles
THE KENDALL COMPANY COMPLETES FINANCIAL RESTRUCTURING; RELEASES SECOND QUARTER RESULTS
THE KENDALL COMPANY RELEASES QUARTERLY RESULTS
KENDALL INTERNATIONAL, INC. ANNOUNCES REFINANCING PLAN
KENDALL COMPANY COMPLETES SALE OF $100 MILLION OF SENIOR SUBORDINATED NOTES
THE KENDALL COMPANY REPORTS SECOND QUARTER RESULTS
KENDALL INTERNATIONAL, INC. FILES SECONDARY OFFERING
KENDALL INTERNATIONAL, INC. REPORTS RESULTS
KENDALL INTERNATIONAL, INC. RELEASES YEAR-END RESULTS
KENDALL INTERNATIONAL, INC. RELEASES RECORD FIRST QUARTER EARNINGS
TYCO REPORTS 31% INCREASE IN 1995 EARNINGS

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