Printer Friendly

L.B. FOSTER COMPANY REPORTS SECOND QUARTER PROFIT OF $1 MILLION

 PITTSBURGH, July 22 /PRNewswire/ -- L.B. Foster Company (NASDAQ: FSTRA) today announced a 50 percent increase in earnings for the 1993 second quarter.
 On sales of $58 million, net income was $1.0 million or 10 cents per share, compared to sales of $52 million and net income of $0.7 million or 6 cents per share in the same quarter of 1992. During last year's second quarter, the company settled a claim with its bonding company and recorded a gain of $1.6 million. The 1992 second quarter also included an unfavorable provision of $0.6 million primarily related to tubular operations.
 For the first half of 1993, net income was $0.7 million or $0.07 per share vs. a net loss of $0.6 million or $0.06 per share for the comparable period last year. Sales during 1993 were $104 million as compared to $97 million in 1992.
 Effective Jan. 1, 1993, the company adopted Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes" which resulted in a one time gain of $0.7 million. Additionally, during the 1993 first quarter the company recorded a charge of $0.3 million for the shutdown of an inefficient Fosterweld facility. The 1992 first half included a gain of $0.5 million from sale of certain securities held as investments.
 "The current quarter results reflect significantly higher rail products sales and margins, as compared to the 1992 second quarter," stated Lee B. Foster, president and chief executive officer. "While we anticipate no material change in the weak tubular performance during the 1993 third quarter, we do expect a continuation of the strong rail segment results and improvement in the construction segment."
 L.B. Foster Company, located in Pittsburgh, is a manufacturer, fabricator and distributor of construction, rail and tubular products.
 CONDENSED STATEMENTS OF CONSOLIDATED INCOME
 L.B. FOSTER COMPANY AND SUBSIDIARIES
 (In Thousands, Except Per Share Amounts)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 (unaudited) (unaudited)
 NET SALES $58,416 $51,754 $103,881 $96,889
 COSTS AND EXPENSES:
 Cost of Goods Sold 51,418 46,973 91,732 88,379
 Selling and Administrative
 Expenses 5,279 4,934 10,636 9,761
 Interest Expense 706 720 1,343 1,346
 Other (Income) Expense (104) (1,544) 146 (2,033)
 57,299 51,083 103,857 97,453
 INCOME (LOSS) BEFORE INCOME
 TAXES AND CUMULATIVE EFFECT
 OF CHANGE IN ACCOUNTING
 PRINCIPLE 1,117 671 24 (564)
 INCOME TAXES 112 0 2 0
 INCOME (LOSS) BEFORE CUMULATIVE
 EFFECT OF CHANGE IN ACCOUNTING
 PRINCIPLE 1,005 671 22 (564)
 CUMULATIVE EFFECT OF CHANGE
 IN ACCOUNTING PRINCIPLE 0 0 670 0
 NET INCOME (LOSS) $1,005 $ 671 $ 692 $ (564)
 EARNINGS (LOSS) PER SHARE
 BEFORE CUMULATIVE EFFECT
 OF CHANGE IN ACCOUNTING
 PRINCIPLE $ 0.10 $ 0.06 $ 0.00 $ (0.06)
 EARNINGS PER SHARE FROM
 CUMULATIVE EFFECT OF CHANGE
 IN ACCOUNTING PRINCIPLE 0.00 0.00 0.07 0.00
 EARNINGS (LOSS) PER SHARE $ 0.10 $ 0.06 $ 0.07 $ (0.06)
 CONDENSED CONSOLIDATED BALANCE SHEETS
 L.B. FOSTER COMPANY AND SUBSIDIARIES
 (In Thousands)
 June 30
 1993 1992
 ASSETS
 Cash $ 1,274 $ 1,187
 Trade Accounts Receivable 41,071 38,042
 Inventories 39,215 41,775
 All Other Current Assets 1,067 1,365
 Total Current Assets 82,627 82,369
 Other Assets 31,635 31,059
 $114,262 $113,428
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Short-term Borrowings $ 10,525 $ 9,250
 Other Current Liabilities 23,354 23,972
 Total Current Liabilities 33,879 33,222
 Long-Term Debt 25,767 28,600
 Other Long-Term Liabilities 2,613 1,271
 Stockholders' Equity 52,003 50,335
 $114,262 $113,428
 -0- 7/22/93
 /CONTACT: Lee B. Foster, president and chief executive officer of L.B. Foster Company, 412-928-7842/
 (FSTRA)


CO: L.B. Foster Company ST: Pennsylvania IN: CST SU: ERN

CD -- PG006 -- 4488 07/22/93 11:28 EDT
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:Jul 22, 1993
Words:653
Previous Article:WATERHOUSE INVESTOR SERVICES ANNOUNCES DIVIDEND, RESULTS
Next Article:SEATTLE FILMWORKS INC. ANNOUNCES 25 PERCENT EARNINGS GROWTH
Topics:


Related Articles
L.B. FOSTER COMPANY APPOINTS NEW DIRECTOR
L. B. FOSTER COMPANY REPORTS SECOND QUARTER PROFIT
L.B. FOSTER COMPANY EARNS $0.09 PER SHARE IN THIRD QUARTER
L.B. FOSTER REPORTS SALES INCREASE OF 17 PERCENT IN FOURTH QUARTER
L. B. FOSTER COMPANY REPORTS FIRST QUARTER 1993 RESULTS
L.B. FOSTER COMPANY REPORTS THIRD QUARTER PROFIT OF $1 MILLION
L.B. FOSTER COMPANY REPORTS 1993 RESULTS
SUIT AGAINST FOSTER DISMISSED
L.B. FOSTER COMPANY REPORTS FIRST QUARTER PROFITS
L.B. FOSTER COMPANY REPORTS SECOND QUARTER PROFITS

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