Printer Friendly

MASCO INDUSTRIES, INC. ANNOUNCES IMPROVED SECOND-QUARTER RESULTS

 MASCO INDUSTRIES, INC. ANNOUNCES IMPROVED SECOND-QUARTER RESULTS
 TAYLOR, Mich., Aug. 3 /PRNewswire/ -- Masco Industries' sales for the second quarter ended June 30, 1992, aided by a 1991 acquisition, increased 18 percent to $432 million from $366 million in 1991. Excluding the acquisition, sales increased 13 percent over the comparable period in 1991.
 Net income after preferred stock dividends and an extraordinary charge in the second quarter of 1992 was $9.7 million or $.16 per common share, compared to a net loss of $2.9 million or $.05 per common share in 1991.
 Sales of custom engineered products, aided by the acquisition, increased 23 percent, principally as a result of increased transportation products sales. Sales of specialty products increased 11 percent, partially as a result of increased architectural products sales.
 In the second quarter ended June 30, 1992, the company's equity affiliate, TriMas Corporation, sold 4.6 million shares of newly issued common stock in a public offering which reduced the company's common equity ownership interest in TriMas to 28 percent. The proceeds from this stock offering were applied by TriMas to redeem $88 million of 12-percent Subordinated Debentures held by the company. The company utilized these funds to further reduce bank debt. These transactions resulted in income aggregating approximately $26 million pre-tax as a result of the prepayment premium related to the debenture redemption and from the change in the company's equity ownership interest in TriMas. This income was substantially offset by costs and expenses aggregating approximately $21 million pre-tax related to the restructuring of certain operations and for adjustments to the carrying values of certain long-term assets. In addition, the company recognized an after-tax extraordinary loss of $1.5 million from its proportionate share of TriMas' extraordinary loss related to the early extinguishment of debt.
 The company's improved operating performance in the second quarter of 1992 benefited from the modest economic recovery, and from internal cost reduction and restructuring initiatives. The company believes that its strong product and technology positions combined with an expected further improvement 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 (NASDAQ-NMS: MASX) manufactures custom engineered and other commercial and specialty industrial products.
 MASCO INDUSTRIES, INC.
 (Amounts in thousands except per-share data)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 Net sales $432,350 $365,740 $819,370 $680,850
 Cost of sales (341,140) (293,880) (645,210) (572,870)
 Selling, general and
 administrative expenses (61,980) (54,380) (117,140) (107,470)
 Operating profit 29,230 17,480 57,020 510
 Other expense, net (5,660) (18,920) (19,620) (11,780)
 Income (loss) before
 income taxes and
 extraordinary items 23,570 (1,440) 37,400 (11,270)
 Income taxes (credit) 10,050 (900) 16,400 (1,600)
 Income (loss) before
 extraordinary items 13,520 (540) 21,000 (9,670)
 Extraordinary items, net (1,500) --- (690) ---
 Net income (loss) $12,020 ($540) $20,310 ($9,670)
 Preferred stock dividends $2,320 $2,320 $4,650 $4,950
 Earnings (loss) attributable
 to common stock $9,700 ($2,860) $15,660 ($14,620)
 Earnings (loss) per
 common share:
 Before extraordinary items $.18 ($.05) $.27 ($.25)
 Extraordinary items, net (.02) --- (.01) ---
 Net income (loss) $.16 ($.05) $.26 ($.25)
 Average common shares and
 equivalents outstanding --- --- 60,450 59,640
 -0- 8/3/92
 /CONTACT: Kenneth J. Zak, manager, investor relations, Masco Industries, 313-274-7405, Ext. 386/
 (MASX) CO: Masco Industries, Inc. ST: Michigan IN: SU: ERN


ML-SM -- DE001 -- 6009 08/03/92 09:13 EDT
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:Aug 3, 1992
Words:601
Previous Article:BUFFETS REPORTS RECORD RESULTS
Next Article:HOME LIFE FINANCIAL ASSURANCE INTRODUCES 'CLIENT'S CHOICE'
Topics:


Related Articles
MASCO INDUSTRIES RECEIVES $150 MILLION FROM YEAR-END TRANSACTIONS
MASCO INDUSTRIES, INC. ANNOUNCES IMPROVED FIRST-QUARTER RESULTS
MASCO CORPORATION ANNOUNCES IMPROVED SECOND-QUARTER RESULTS
MASCO INDUSTRIES, INC. ANNOUNCES IMPROVED SECOND-QUARTER RESULTS
MASCO INDUSTRIES, INC. ANNOUNCES IMPROVED THIRD-QUARTER RESULTS
MASCO INDUSTRIES, INC. ANNOUNCES RECORD 4TH-QUARTER SALES AND EARNINGS AND IMPROVED 1992 RESULTS
MASCO INDUSTRIES CHAIRMAN ADDRESSES INSTITUTIONAL INVESTORS
MASCO INDUSTRIES, INC. ANNOUNCES IMPROVED 1ST-QUARTER RESULTS
MASCO INDUSTRIES, INC. ANNOUNCES NEW YORK STOCK EXCHANGE LISTING AND NAME CHANGE EFFECTIVE DATE
MASCO CORPORATION ACHIEVES RECORD SALES AND IMPROVED EARNINGS IN THIRD QUARTER 1994

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters