Printer Friendly

MASCO INDUSTRIES, INC. ANNOUNCES IMPROVED THIRD-QUARTER RESULTS

 MASCO INDUSTRIES, INC. ANNOUNCES IMPROVED THIRD-QUARTER RESULTS
 TAYLOR, Mich., Nov. 2 /PRNewswire/ -- Masco Industries' sales for the third quarter ended Sept. 30, 1992, increased 4 percent to $406 million from $392 million in 1991.
 Net income for the quarter, after preferred stock dividends, was $7.3 million, or $0.12 per common share, compared to a net loss of $1.9 million, or $0.03 per common share in 1991.
 Sales of custom engineered products increased 2 percent, principally as a result of increased sales of transportation products. Sales of specialty products increased 6 percent, partially as a result of increased sales of architectural products.
 Third-quarter 1992 results were favorably influenced by internal cost reductions, restructuring initiatives and modest improvement in the economy. Income for the quarter also benefited from reduced interest expense resulting from a reduction in debt and lower interest rates and from decreased other expenses as compared to the 1991 quarter. This was partially offset by reduced interest income as a result of the redemptions of TriMas Corporation debentures previously held by the company.
 Masco Industries (NASDAQ-NMS: MASX) believes that its strong product and technology positions, combined with the anticipated further improvement next year in automotive production and the economy in general, should result in continued growth in sales and earnings for the company in 1993 and beyond.
 Masco Industries manufactures custom engineered and other commercial specialty industrial products.
 MASCO INDUSTRIES, INC.
 (Amounts in thousands except per-share data)
 Three Months Ended Nine Months Ended
 Sept. 30 Sept. 30
 1992 1991 1992 1991
 Net sales $406,280 $391,970 $1,225,650 $1,072,820
 Cost of sales (318,330) (310,910) (963,540) (883,780)
 Selling, general
 and administrative
 expenses (57,190) (53,460) (174,330) (160,930)
 Operating profit 30,760 27,600 87,780 28,110
 Other expense, net (13,450) (22,940) (33,070) (34,720)
 Income (loss) before
 income taxes and
 extraordinary
 items 17,310 4,660 54,710 (6,610)
 Income taxes 7,670 4,200 24,070 2,600
 Income (loss) before
 extraordinary items 9,640 460 30,640 (9,210)
 Extraordinary items,
 net --- --- (690) ---
 Net income (loss) $9,640 $460 $29,950 ($9,210)
 Preferred stock
 dividends $2,330 $2,330 $6,980 $7,280
 Earnings (loss)
 attributable to
 common stock $7,310 ($1,870) $22,970 ($16,490)
 Earnings (loss) per
 common share:
 Before extraordinary
 items $.12 ($.03) $.39 ($.28)
 Extraordinary items,
 net --- --- (.01) ---
 Net income (loss) $.12 ($.03) $.38 ($.28)
 Average common shares
 and equivalents
 outstanding --- --- 60,640 59,720
 -0- 11/2/92
 /CONTACT: Kenneth J. Zak, manager - Investor Relations, Masco Industries, Inc., 313-274-7400, Ext. 6386/
 (MASX) CO: Masco Industries, Inc. ST: Michigan IN: AUT SU: ERN


DH-ML -- DE002 -- 1418 11/02/92 09:24 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 2, 1992
Words:459
Previous Article:FOREMOST CORPORATION OF AMERICA DECLARES REGULAR DIVIDEND
Next Article:UNISYS NAMES MILLAR PRESIDENT OF WORLDWIDE PROFESSIONAL SERVICES GROUP
Topics:


Related Articles
MASCO INDUSTRIES, INC. ANNOUNCES IMPROVED FIRST-QUARTER RESULTS
MASCO INDUSTRIES, INC. ANNOUNCES IMPROVED SECOND-QUARTER RESULTS
GARDNER APPOINTED PRESIDENT AND COO OF MASCO INDUSTRIES; BILLIG TO BECOME VICE CHAIRMAN
MASCO CORPORATION ANNOUNCES RECORD QUARTERLY SALES, IMPROVED EARNINGS AND DIVIDEND INCREASE
MASCO INDUSTRIES, INC. ANNOUNCES RECORD 4TH-QUARTER SALES AND EARNINGS AND IMPROVED 1992 RESULTS
MASCO INDUSTRIES, INC. ANNOUNCES IMPROVED 1ST-QUARTER RESULTS
MASCO CORPORATION ACHIEVES RECORD SALES AND IMPROVED EARNINGS IN THIRD QUARTER 1994
MascoTech, Inc. Announces Improved Third Quarter Earnings
PR Newswire National Summary, Friday, Nov. 2, Midnight to 10 a.m. EDT.
Masco Corporation Board of Directors Approves Four Leadership Appointments.

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