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LSB INDUSTRIES REPORTS NET LOSS OF $866,000 FOR THE THIRD QUARTER ENDED SEPT. 30, 1991

              LSB INDUSTRIES REPORTS NET LOSS OF $866,000
               FOR THE THIRD QUARTER ENDED SEPT. 30, 1991
    OKLAHOMA CITY, Nov. 14 /PRNewswire/ -- LSB Industries, Inc. (AMEX: LSB) today reported operating results for the three months and nine months ended Sept. 30, 1991.
    Third Quarter
    Total revenues, including interest income and sales for the three months ended Sept. 30, 1991 were $56,214,000 compared to $61,232,000 for the same period in 1990.
    Net loss for the quarter ended Sept. 30, 1991, was $866,000. In the comparable quarter ended Sept. 30, 1990, the company reported a net income of $748,000.
    After adjustment for dividends on outstanding preferred stocks of the company, net loss applicable to common stock was $1,347,000 or $.25 per share for the 1991 quarter compared to net income applicable to common stock of $247,000 or $.04 per share for the 1990 quarter.
    First Nine Months
    Total revenues, including interest income and sales for the nine months ended Sept. 30, 1991 were $180,779,000 compared to $191,404,000 for the same period in 1990.
    Net loss for the nine months ended Sept. 30, 1991, was $718,000. In the comparable nine months ended Sept. 30, 1990, the net loss was $2,403,000.
    After adjustment for dividends on outstanding preferred stocks of the company, net loss applicable to common stock was $2,180,000 or $.32 per share for the 1991 period compared to net loss applicable to common stock of $3,926,000 or $.71 per share for the 1990 period.
    Jack E. Golsen, chairman, stated that the loss for the year to date is a result of low demand in the market place driven by the current economic trends.  The company's heating and air conditioning, automotive products, and industrial products business segments have all turned in lower sales than last year.  Golsen noted that the profitability of the company's chemical business was off slightly in 1991, but the outlook for the chemical business is good for the balance of 1991 and 1992. He further noted that the Financial Services Business continued to be profitable and has reported net income in each of the first nine months of 1991.
    LSB is a diversified company engaged in financial services and a variety of manufacturing, engineering and marketing activities on a worldwide basis.  LSB's principal business activities consist of the manufacture and sale of chemical products, commercial air conditioning products and automotive and industrial products.  LSB's common stock, debentures and Series 1 preferred stock are listed for trading on the American Stock Exchange.
                            LSB INDUSTRIES, INC.
            (Unaudited, in thousands, except per share amounts)
      Periods ended:          Nine months             Three months
      Sept. 30:             1991        1990        1991        1990
    Total revenues      $ 180,779   $ 191,404   $  56,214   $  61,232
    Operating costs
     and expenses         181,316     194,965      57,131      61,420
    Income (loss) before
     extraord. items         (718)     (3,935)       (866)       (194)
    Net income (loss)        (718)     (2,403)       (866)        748
    Net income (loss)
     applicable to
     common stock          (2,180)     (3,926)     (1,347)        247
    Earnings (loss)
     per common share:
     Primary:
     Income (loss) before
      extraordinary items   (0.32)      (0.99)      (0.25)      (0.13)
    Net income (loss)       (0.32)      (0.71)      (0.25)       0.04
    Fully diluted:
     Income (loss) before
      extraord. items       (0.32)      (0.99)      (0.25)      (0.13)
    Net income (loss)       (0.32)      (0.71)      (0.25)       0.04
    Average common shares
     outstanding:
     Primary                6,333       5,507       5,435       5,553
     Fully diluted          8,501       5,507       5,435       5,553
    NOTES:
    1.  Primary earnings per share are based upon the weighted average number of common and dilutive common equivalent shares outstanding during each period after giving appropriate effect to preferred stock dividends.
    Fully diluted earnings per share are based on the weighted average number of common and dilutive common equivalent shares outstanding and the assumed conversion of dilutive convertible securities outstanding, after appropriate adjustments for interest on convertible notes and related income tax effects.
    2.  A routine regulatory examination of the company's savings bank subsidiary was conducted in 1990.  As a result of the examination, additional provisions for losses on loans and real estate of $3.2 million were recorded in the June 30, 1990 quarter.
    3.  During the quarter ended June 30, 1990, the company extinguished approximately $3.7 million of drafts payable having maturities through 1994, for approximately $3.1 million.  The resulting gain of $590,000 has been included in the results of operations for the period ended Sept. 30, 1990, as an extraordinary gain.
    4.  During the three months ended Sept. 30, 1990, a subsidiary of the company agreed with a foreign vendor to settle all claims between the parties.  As a result of the settlement, the subsidiary recognized $942,000 as an extraordinary gain.
    -0-        11/14/91
    /CONTACT:  Tony M. Shelby, chief financial officer of LSB Industries, 405-235-4546/
    (LSB) CO:  LSB Industries Inc. ST:  Oklahoma IN:  FIN SU:  ERN TS -- NY058 -- 4426 11/14/91 12:15 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Date:Nov 14, 1991
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