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KIMBERLY-CLARK ANNOUNCES RECORD FOURTH QUARTER AND FULL YEAR 1991 RESULTS

 KIMBERLY-CLARK ANNOUNCES RECORD FOURTH QUARTER
 AND FULL YEAR 1991 RESULTS
 DALLAS, Jan. 23 /PRNewswire/ -- For the eighth consecutive year, Kimberly-Clark Corporation (NYSE: KMB) today reported record yearly and fourth quarter sales, net income and net income per share.
 Wayne R. Sanders, president and chief executive officer, said that sales in the fourth quarter of 1991 increased 4.9 percent over the year- earlier quarter to $1.7 billion, gross profit was up 8.9 percent to $616.4 million, operating profit rose 2.8 percent to $175.2 million, net income increased 24.7 percent to $138.7 million, and net income per share rose 24.3 percent to 87 cents.
 All per share amounts have been adjusted for the 2-for-1 stock split which became effective on Jan. 3, 1992.
 Sanders said that the results for the quarter included a favorable adjustment of $14.9 million pretax and $20 million after-tax, or 13 cents per share, related to the disposition of Spruce Falls Power and Paper Company, Limited, the company's former 50.5 percent-owned Canadian newsprint subsidiary. The adjustment was to a 1990 second quarter loss provision of $28.2 million pretax and $44 million after-tax, or 28 cents per share. Excluding the adjustment, net income for the 1991 fourth quarter increased 6.7 percent to $118.7 million, and net income per share rose 5.7 percent to 74 cents.
 For the full year 1991, sales rose 5.8 percent to $6.8 billion, gross profit increased 11.9 percent to $2.4 billion, operating profit declined 1.6 percent to $741.8 million, net income increased 17.6 percent to $508.3 million and net income per share rose 17.8 percent to $3.18. Excluding the effects on income of the disposal of Spruce Falls, net income for the year increased 2.6 percent to $488.3 million and net income per share rose 2.3 percent to $3.05.
 Net income return on average stockholders' equity was 21.3 percent for the year.
 Sanders said that the results for both the fourth quarter and the full year were achieved despite difficult economic and competitive conditions worldwide, and at a time when many of the major projects in the company's $2 billion capital spending program are in start-up phase.
 The increase in quarterly sales resulted from higher sales volumes, principally for new or improved consumer products in North America, he said.
 Fourth quarter gross profit increased in absolute terms and as a percentage of sales despite higher start-up costs, particularly in Europe. Increased sales volumes, lower pulp costs and increased productivity for several product lines were factors in the improvement.
 The rate of improvement in fourth quarter operating profit was less than that for gross profit principally because of the continuation of higher than historical marketing expenses, i.e. advertising, promotion and selling expenses. Marketing expenses increased from 16.4 percent of sales in the 1990 quarter to 17.5 percent in the 1991 quarter to support the introduction of new or improved consumer products in the U.S. and Europe, and to respond to competitive activity in consumer products markets.
 Competitive pressures in European consumer product lines and the newly-introduced U.S. premium bathroom tissue resulted in the most adverse fourth quarter operating profit comparisons. Other factors included continued poor newsprint results, increased research expenses and increased general expenses related in part to geographic expansion, Sanders said.
 Interest expense rose in the quarter as a result of the company's large capital spending program. The effective income tax rate, excluding the Spruce Falls adjustment, declined from 34.4 percent in the 1990 quarter to 33.5 percent in the 1991 quarter in part because of higher research credits and foreign tax credits.
 Net income from equity companies increased more than 40 percent in the quarter, Sanders said. Contributing significantly to the improvement were record results from the company's affiliate, Kimberly-Clark de Mexico, S.A. de C.V.
 Kimberly-Clark is a manufacturer of household, personal care and health care products, as well as newsprint and premium business, correspondence and specialty papers. The company's consumer products include Huggies disposable diapers, Huggies Pull-Ups training pants, Huggies baby wipes, Kleenex facial tissue, Kleenex premium bathroom tissue, Kotex and New Freedom feminine products, Hi-Dri household towels and Depend incontinence products.
 KIMBERLY-CLARK CORPORATION
 (Millions, except per-share amounts)
 Pct.
 Fourth quarter ended Dec. 31 1991 1990 Change
 Net sales $1,726.9 $1,646.2 + 4.9
 Cost of products sold 1,040.1 1,016.5 + 2.3
 Distribution expense 70.4 63.9 + 10.2
 Gross profit 616.4 565.8 + 8.9
 Advertising, promotion and selling
 expenses 302.2 269.2 + 12.3
 Research expense 39.6 37.3 + 6.2
 General expense 99.4 88.8 + 11.9
 Operating profit 175.2 170.5 + 2.8
 Interest income 1.9 2.1 - 9.5
 Other income 24.2 7.0 +245.7
 Interest expense (27.0) (21.7) + 24.4
 Other expense (2.7) (3.7) - 27.0
 Income before income taxes 171.6 154.2 + 11.3
 Provision for income taxes 47.4 53.0 - 10.6
 Income before equity interests 124.2 101.2 + 22.7
 Share of net income of equity
 companies 19.7 13.9 + 41.7
 Minority owners' share of
 subsidiaries' net income (5.2) (3.9) + 33.3
 Net income 138.7 111.2 + 24.7
 Net income per share $.87 $.70 + 24.3
 Geographic analysis of net income:
 North America $109.1 $79.0 + 38.1
 Outside North America 29.6 32.2 - 8.1
 Cash dividends declared per share $.41 $.34 + 20.6
 Capital spending 156.2 166.8 - 6.4
 Year ended Dec. 31 1991 1990
 Net income return on average
 stockholders' equity (pct.) 21.3 19.9
 Operating profit return on average
 assets (pct.) 14.4 15.7
 Pct.
 Year ended Dec. 31 1991 1990 Change
 Net sales $6,776.9 $6,407.3 + 5.8
 Cost of products sold 4,061.2 3,990.1 + 1.8
 Distribution expense 271.2 232.5 +16.6
 Gross profit 2,444.5 2,184.7 +11.9
 Advertising, promotion and selling
 expenses 1,202.5 985.3 +22.0
 Research expense 148.8 134.9 +10.3
 General expense 351.4 310.9 +13.0
 Operating profit 741.8 753.6 - 1.6
 Interest income 7.9 13.3 -40.6
 Other income 45.2 27.3 +65.6
 Interest expense (102.1) (88.1) +15.9
 Other expense (8.5) (45.3) -81.2
 Income before income taxes 684.3 660.8 + 3.6
 Provision for income taxes 236.1 277.2 -14.8
 Income before equity interests 448.2 383.6 +16.8
 Share of net income of equity
 companies 72.8 58.2 +25.1
 Minority owners' share of
 subsidiaries' net income (12.7) (9.7) +30.9
 Net income 508.3 432.1 +17.6
 Net income per share $3.18 $2.70 +17.8
 Geographic analysis of net income:
 North America $381.9 $311.1 +22.8
 Outside North America 126.4 121.0 + 4.5
 Cash dividends declared per share $1.52 $1.36 +11.8
 Capital spending 537.0 658.5 -18.5
 Notes to financial summaries:
 (1) Earnings for the fourth quarter and full year 1991 and for the full year 1990 include amounts related to the disposition of Spruce Falls Power and Paper Company, Limited, the company's 50.5 percent-owned Canadian newsprint subsidiary. The disposition was completed in the fourth quarter of 1991. The income (loss) amounts are as follows (in millions of dollars except per share amounts):
 Fourth Quarter Year
 1991 1990 1991 1990
 Income before income taxes $14.9 -- $14.9 $(28.2)
 Net income 20.0 -- 20.0 (44.0)
 Net income per share $.13 -- $.13 $(.28)
 (2) All share and per share data have been restated to reflect a 2-for-1 stock split which became effective Jan. 3, 1992.
 (3) The average number of common shares outstanding for the years ended Dec. 31, 1991 and 1990, was 160 million.
 Selected Product Class Data
 (Unaudited, millions)
 Fourth quarter Sales Operating Profit
 ended Dec. 31 Pct. Pct.
 1991 1990 Change 1991 1990 Change
 Class I
 North America $1,105.6 $1,034.9 +6.8 $130.3 $117.2 +11.2
 Outside North
 America 288.7 288.8 -- 12.8 24.2 -47.1
 Total 1,394.3 1,323.7 +5.3 143.1 141.4 +1.2
 Class II
 North America 206.0 207.6 - .8 27.3 23.3 +17.2
 Outside North America 59.8 57.3 +4.4 16.1 12.2 +32.0
 Total 265.8 264.9 + .3 43.4 35.5 +22.3
 Class III 76.7 70.3 +9.1 2.5 1.4 +78.6
 Interclass sales and
 unallocated items-net (9.9) (12.7) N.M. (13.8) (7.8) N.M.
 Consolidated $1,726.9 $1,646.2 +4.9 $175.2 $170.5 +2.8
 Year ended Dec. 31 Sales Operating Profit
 Pct. Pct.
 1991 1990 Change 1991 1990 Change
 Class I
 North America $4,382.0 $4,020.0 +9.0 $522.7 $527.6 - .9
 Outside North
 America 1,125.2 1,081.3 +4.1 58.6 85.5 -31.5
 Total 5,507.2 5,101.3 +8.0 581.3 613.1 - 5.2
 Class II
 North America 812.8 900.9 -9.8 111.3 98.6 +12.9
 Outside North
 America 222.9 202.7 +10.0 60.1 42.8 +40.4
 Total 1,035.7 1,103.6 -6.2 171.4 141.4 +21.2
 Class III 280.4 259.3 +8.1 16.0 18.0 -11.1
 Interclass sales and
 unallocated
 items-net (46.4) (56.9) N.M. (26.9) (18.9) N.M.
 Consolidated $6,776.9 $6,407.3 +5.8 $741.8 $753.6 - 1.6
 Note:
 N.M. -- Not meaningful
 Description of Product Classes
 Class I includes tissue products for household, commercial, institutional and industrial uses; infant, child, feminine and incontinence care products; industrial and commercial wipers; health care products; and related products.
 Class II includes newsprint, printing papers, premium business and correspondence papers, tobacco industry papers and products, technical papers, and related products.
 Class III includes aircraft services, commercial air transportation and other products and services.
 -0- 1/23/92
 /CONTACT: Tina S. Barry of Kimberly-Clark, 214-830-1484/
 (KMB) CO: Kimberly-Clark Corporation ST: Texas IN: PAP SU: ERN


CK -- NY044 -- 2780 01/23/92 11:54 EST
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