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 ST. LOUIS, Aug. 24 /PRNewswire/ -- LaBarge, Inc. (AMEX: LB) today

announced results for its fiscal year ended June 28, 1992.
 Net sales for fiscal 1992 were $77,690,000, up 5.9 percent compared to $73,377,000 recorded for fiscal 1991.
 Earnings from continuing operations before taxes and extraordinary items were $2,571,000 compared to $2,539,000 recorded in fiscal 1991.
 Net earnings for the year were $3,134,000, up 25.9 percent compared to the net earnings of $2,489,000 reported for fiscal 1991.
 For the year the company reported a one-time loss from discontinued operations of $715,000. This loss arose from the previously announced settlement of litigation that alleged wrongdoing by the company's former tubular division, which was divested in 1984. The company also took a one-time extraordinary loss of $1,077,000 on the write-off of the balance of the deferred financing costs remaining from the 1989 refinancing. These two non-recurring charges occurred in the fourth quarter.
 Offsetting these one-time losses was $2,335,000 attributable to the adoption of a new accounting standard which deals with accounting for income taxes. This cumulative effect on prior years is retroactively reported in the company's first quarter.
 Earnings available to common shareholders for fiscal 1992, after giving effect to preferred stock dividends, were $1,902,000 or 14 cents per common share. This compares to earnings available for common shareholders last year of $1,556,000 or 12 cents per share.
 Craig E. LaBarge, chief executive officer and president commented on the results:
 "Fiscal 1992 was a unique and challenging year. We feel that considering the changes taking place in the defense industry and the lingering weakness in the economy, the company performed well.
 "Fourth quarter sales and profits were impacted by a change in product mix which involved unusually high front end costs on new programs. The product mix resulted in more customer-furnished material than was planned, thereby reducing the sales value of the product which was shipped. Sales and profits were further impacted by delays encountered in the start-up of some of the new programs, the high overhead costs required to support the start-up activity and the write- off of certain start-up costs. We believe that the bulk of these costs are now behind us.
 "Our commercial business increased substantially in fiscal 1992. Commercial sales were $20,038,000, up 43 percent from fiscal 1991. Commercial business now represents 25.8 percent of our overall volume. Our medical electronics business was strong and we added business associated with commercial jet engines, space vehicles and the latest in personal computers.
 "The refinancing, completed in June, was an important accomplishment. We were able to eliminate the very costly Class C preferred stock, relieving a significant financial burden. In addition, we were able to add some common equity and improve the terms on much of our debt. Upon completing the recent refinancing the deferred financing costs remaining on the books from our 1989 refinancing were written off.
 "Of utmost importance, we were able to continue our growth in spite of the recession and the dramatic downsizing of the defense budget. Although costly to start, the new production programs represent the opportunities that will allow us to maintain our growth in sales and profits in 1993 and beyond. With the recent refinancing completed much more of our profits will directly benefit our common shareholders."
 LaBarge, Inc. is engaged in the contract engineering and manufacture of sophisticated electronic systems and devices and complex interconnect assemblies for defense, aerospace and commercial electronics markets.
 Three Months Ended Year Ended
 6/28/92 6/30/91 6/28/92 6/30/91
 Net sales $19,043,620 $20,311,900 $77,689,792 $73,377,390
 Earns. from opers. 771,529 1,944,452 5,573,678 6,599,780
 Earns. from cont.
 opers. bef. inc. taxes
 & extraord. items 214,802 920,718 2,570,554 2,539,367
 Inc. tax exp.
 (benefit) (1,900) 331,900 (21,000) 914,200
 Discont. opers.:
 Loss on settlement of
 lawsuit from discont.
 opers., net of inc.
 tax benefits of
 $13,200 (715,352) -- (715,352) --
 Net earns. (loss) bef.
 extraord. items (498,650) 588,818 1,876,202 1,625,167
 Extraord. items:
 Loss on writeoff of
 deferred financing
 costs net of inc.
 tax benefits of
 $19,800 (1,077,172) -- (1,077,172) --
 Tax effect of net
 oper. loss
 carryforwards -- 313,100 -- 863,400
 Cumulative effect of
 prior years acctg.
 for inc. taxes -- -- 2,334,522 --
 Net earns. (loss) (1,575,822) 901,918 3,133,552 2,488,567
 Less: Preferred stk.
 dividends 18,108 50,000 168,108 200,000
 Preferred stk. divs. 330,842 206,451 1,063,137 732,670
 Net earns. (loss)
 available to com.
 shareholders (1,924,772) 645,467 1,902,307 1,555,897
 Earns. (loss) per
 com. shr.:
 Cont. opers. bef.
 extraord. items $(.01) $.02 $.10 $.05
 Discont. opers. (.05) -- (.05) --
 Extraord. items (.07) .03 (.08) .07
 Cumulative effect of
 accounting change -- -- .17 --
 Net earns. (loss) per
 com. share (.13) .05 .14 .12
 Weighted avg. com.
 shrs. outstdng. 14,428,495 13,489,616 13,731,330 13,489,616
 -0- 8/24/92
 /CONTACT: LaBarge, Inc. public relations, 314-231-5960/
 (LB) CO: LaBarge, Inc. ST: Missouri IN: ARO SU: ERN

TM-PS -- NY076 -- 2756 08/24/92 17:25 EDT
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Date:Aug 24, 1992

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