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MILACRON'S SALES, ORDERS AND OPERATING EARNINGS JUMP IN FIRST QUARTER

 CINCINNATI, April 27 /PRNewswire/ -- At its annual meeting of shareholders today, Cincinnati Milacron Inc. (NYSE: CMZ) reported a 38 percent jump in sales, a 26 percent rise in new orders, and an almost four-fold increase in earnings from continuing operations in the first quarter of 1993 compared to the first quarter a year ago. Boosted by the performance of its recently acquired subsidiary, Valenite, Milacron's consolidated sales in the quarter were $221 million versus $160 million; new orders rose to $215 million versus $170 million; and earnings before non-recurring items were $4.3 million, or $.15 per share, compared to $1.1 million, or $.04 per share, last year.
 Accounting Changes Result in $52.1 Million Charge
 As previously announced, the required adoption of the new accounting standards for retiree health care benefits (SFAS 106) and for income taxes (SFAS 109) led to one-time charges of $47.9 million and $4.2 million respectively. As a result, Milacron recorded a net loss for the quarter of $47.8 million, or $1.71 per share, compared to net earnings of $1.3 million, or $.05 per share, in the year-ago quarter.
 "We expected good increases in sales and new orders thanks to our acquisition of Valenite in February," explained Daniel J. Meyer, chairman and chief executive officer, "but we're especially pleased by the rise in operating earnings. And, in fact, each of our three major groups, machine tools, plastics machinery and industrial products, showed improved sales and operating earnings compared to the first quarter last year," he said.
 Machine Tools
 Sales and earnings improved in Milacron's machine tool group compared to the first quarter of last year. "New orders from the aerospace sector declined as expected but new business for our standard machine tool products increased by more than 20 percent over the first quarter a year ago," said Raymond E. Ross, president and chief operating officer. "Export orders for machine tools were up 75 percent thanks to our new product offerings and increased demand from Southeast Asia," he added.
 Plastics Machinery
 The company's plastics machinery group posted increased sales, earnings and new orders over the first quarter of 1992. Leading the way were Milacron's U.S.-built injection molding machines, which showed good increases in both domestic and export shipments. "Our overseas extrusion operations also posted better sales and earnings," according to Ross.
 Industrial Products
 "Sales of the company's consumable products excluding Valenite increased slightly but earnings were held back by softness in the European market," Ross said. Valenite, Milacron's newly acquired manufacturer of metalcutting tools, contributed to the bottom line as expected.
 "And we're on schedule in reorganizing this subsidiary for increased profitability," Ross concluded.
 Outlook
 "Once again, our operating results show that we're right on track," said C.E.O. Meyer. "We can sense the economic recovery is gaining momentum but we believe it's likely to be gradual. In the meantime, we're moving ahead with our Wolfpack program to introduce more new products, with our plan to expand distribution channels especially in foreign markets, and with our reorganization of Valenite.
 "Another positive for Milacron: early in the second quarter, we successfully completed our common stock offering, which netted us over $100 million. The offering, which will allow us to pay down debt and lower our interest expense considerably, will be anti-dilutive in that it will have the effect of increasing 1993 earnings per share.
 "For these and other reasons, we expect a better second quarter and even stronger results in the second half of the year," Meyer concluded.
 Directors Elected
 At the annual meeting of shareholders held today, four directors were re-elected to three-year terms: Neil A. Armstrong, James A. D. Geier, Lyle Everingham and Raymond E. Ross; and Harry A. Hammerly was re-elected to a two-year term. Shareholders also confirmed the appointment of Ernst & Young as independent auditors for fiscal year 1993.
 CINCINNATI MILACRON INC.
 1st Quarter 1993 1st Quarter 1992
 12 Weeks Ended 12 Weeks Ended
 March 27, 1993 March 21, 1992
 Sales $221,024,000 $160,012,000
 Earnings Before
 Extraordinary
 Item and Cumulative
 effect of Accounting
 Changes $ 4,273,000 $ 1,119,000
 Per Share $.15 $.04
 Extraordinary Tax Credit -- $200,000
 Per Share -- $.01
 Cumulative effect of
 Accounting
 Changes $(52,125,000) --
 Per Share $(1.86) --
 Net Earnings
 (Loss) $(47,852,000) $1,319,000
 Per Share $(1.71) $.05
 Weighted Average
 Common Shares and
 Common Stock Equivalents
 Outstanding 28,039,000 27,568,000
 Common Shares Outstanding
 At Quarter-End 27,732,000 27,405,000
 CINCINNATI MILACRON INC. AND SUBSIDIARIES
 Preliminary
 Consolidated Earnings
 (In millions, except per share data)
 Quarter Ended
 March 27, March 21,
 1993 1992
 Sales $221.0 $160.0
 Cost of products sold 167.9 125.1
 Manufacturing margins 53.1 34.9
 Percent of sales 24.0 21.8
 Other costs and expenses
 Selling and administrative 41.5 29.6
 Other - net .9 (.4)
 Total other costs
 and expenses 42.4 29.2
 Operating earnings 10.7 5.7
 Interest
 Income .4 .7
 Expense (4.7) (4.2)
 Interest - net (4.3) (3.5)
 Earnings before income taxes 6.4 2.2
 Provision for income taxes 2.1 1.1
 Earnings before extraordinary
 item and cumulative effect
 of accounting changes 4.3 1.1
 Extraordinary tax benefit
 from loss carryforward -- .2
 Cumulative effect of
 accounting changes (52.1) --
 Net earnings (loss) $(47.8) $ 1.3
 Earnings (loss) per
 common share
 Earnings before
 extraordinary
 item and cumulative
 effect of accounting
 changes .15 $.04
 Extraordinary tax benefit
 from loss carryforward -- .01
 Cumulative effect of
 accounting changes (1.86) --
 Net earnings (loss) $(1.71) $ .05
 Consolidated Balance Sheet
 Quarter Ended
 March 27, March 21,
 1993 1992
 ASSETS
 Current assets $516.7 $416.5
 Property, plant and
 equipment - net 165.1 121.0
 Other noncurrent assets 63.7 25.8
 Total $745.5 $563.3
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities $376.9 $228.4
 Long-term accrued liabilities
 and deferred taxes 127.2 56.5
 Long-term debt and lease
 obligations 155.2 155.8
 Shareholders' equity 86.2 122.6
 Total $745.5 $563.3
 SUPPLEMENTAL FINANCIAL DATA
 Sales:
 Machine Tools $ 83.6 $ 74.4
 Plastics Machinery 70.5 60.0
 Industrial Products 66.9 25.6
 Total Sales $221.0 $160.0
 Operating Earnings (Loss):
 Machine Tools $ 2.4 $ (1.0)
 Plastics Machinery 4.4 2.8
 Industrial Products 6.4 4.7
 Unallocated (A) (2.5) (.8)
 Total Operating Earnings $ 10.7 $ 5.7
 New Orders:
 Machine Tools $ 75.7 $ 87.4
 Plastics Machinery 71.6 56.6
 Industrial Products 67.7 25.9
 Total New Orders $215.0 $169.9
 Total Ending Backlog $276.1 $287.2
 (A) -- Includes corporate research and development and certain administrative expenses. Also includes fees related to sale of receivables of $.6 million in Quarter 1, 1993, and is reduced by a gain on the sale of surplus land of $.6 million in Quarter 1, 1992.
 -0- 4/27/93
 /CONTACT: Albert Beaupre of Cincinnati Milacron, 513-841-7241/
 (CMZ)


CO: Cincinnati Milacron Inc. ST: Ohio IN: SU: ERN

TS -- NY067 -- 1300 04/27/93 11:20 EDT
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Date:Apr 27, 1993
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