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MILES' 1992 SALES AND PROFITS INCREASE

 PITTSBURGH, March 17 /PRNewswire/ -- Miles Inc. said today that its 1992 sales grew 5 percent, to $6.5 billion from $6.2 billion a year earlier, while profit before taxes from continuing operations increased 50 percent, to $305 million from $203 million in 1991.
 Profit before taxes from continuing operations reflects the exclusion of costs associated with the restructuring of certain medical imaging and animal health businesses in 1992.
 "In just over a year, Miles has clearly demonstrated the benefits of operating as a single company," said Helge H. Wehmeier, president and chief executive officer. "With all our businesses united under the Miles name for the first time, we not only achieved sound financial results but also made good progress toward our goal of creating a common culture and image. In short, 1992 saw us start building the strong foundation necessary to establish Miles as a leading research-based chemicals, health care and imaging technologies company."
 In 1992, 43 percent of Miles' sales came from health care products, 41 percent from chemicals and 16 percent from imaging technologies.
 Miles' sales increase in 1992 is attributed primarily to the good performance of its chemical and rubber divisions based on their excellent market penetration, the strong turnaround in the imaging technologies businesses, and the continuing success of the company's pharmaceuticals business, including its over-the-counter unit.
 Strong profit contributions came from the following businesses: Crop Protection, Consumer Healthcare, Coatings, Dyes & Pigments, Haarmann & Reimer, Pharmaceuticals, Self-Medication, Plastics, Polyurethane, and Pigments & Ceramics.
 Miles' performance in 1992 was all the more rewarding, considering the recession, according to Wehmeier. "The distractions that accompany any reorganization were exacerbated by a sluggish economy, not to mention fierce competition. That we were able to achieve so much in such a short period testifies to the dedication and know-how of Miles employees everywhere."
 In 1992, Miles' expenditures for research and development grew more than 19 percent to some $438 million. This amount represents about 7 percent of sales, larger than in most diversified companies of Miles' size. In addition, Miles benefits from the nearly $2 billion R&D expenditures of its parent company in Germany. Miles research concentrates mainly on health care, as well as on polymers and coatings, agriculture and imaging technologies.
 "One of the reasons for our optimism about the future of Miles is the productivity of our company's R&D programs," said Wehmeier. He pointed to the fact that about $1 billion of Miles' 1992 sales was generated by products introduced during the period from 1988-1992, which is especially significant for a company with such a large chemical business.
 In the field of pharmaceuticals, Miles is part of its parent company's "research triad," together with Germany and Japan. During 1992, the company dedicated the second phase of its $130-million Miles Research Center in West Haven, Conn., home to its Pharmaceutical Division.
 The expansion brings to nearly 300 the number of scientists working at the center and extends Miles' capabilities in several important basic areas of health care, namely, inflammation and autoimmunity, bone and joint disease, diabetes and obesity, and dementia research, including Alzheimer's disease.
 Also promising are the company's research efforts in biotechnology, based in Berkeley, Calif. The first product of Miles' work in this field, Kogenate, genetically engineered Factor VIII, was approved for marketing by the U.S. Food and Drug Administration in early 1993.
 Equally central to Miles' future is the company's investment in facilities and equipment. Capital expenditures totaled $291 million in 1992.
 Among the major projects are a $100-million film- and paper-finishing plant for the company's Agfa Division, the company's first of its kind in the United States, and a $170-million Dorlastan spandex synthetic fibers production facility scheduled to open in 1995, also a first. Both are located at Miles' multidivision site in Bushy Park, S.C., near Charleston.
 About 20 percent of Miles' capital expenditures went to further enhance the environmental standards and safety of the company's plants. "These investments underscore another key element of our vision -- 'Expertise with Responsibility,'" emphasized Wehmeier. "This phrase encapsulates our commitment to combine technical excellence with our social and environmental concerns. The protection of our employees, customers, communities and the environment is paramount."
 Miles is a Fortune 100, research-based company with major businesses in chemicals, health care and imaging technologies. Headquartered in Pittsburgh, the company employs some 23,000 people at its operations throughout North America.
 MILES INC.
 1992 Financial Results
 Millions U.S. $ 1992 1991(A) Percent Change
 Net Sales $6,459.0 $6,146.2 5.1
 Operating Profit 519.3 419.9 23.7
 Profit Before Tax 305.0 203.2 50.0
 Net Income 69.8 101.0 (30.9)
 Total Assets 4,973.1 5,110.5 (2.7)
 Stockholder's Equity:
 Amount 2,228.4 2,167.1 (2.8)
 Percent of Total Assets 44.8 percent 42.4 percent
 Additions to Property 290.6 305.9 (5.0)
 Research and Development 437.7 366.8 19.3
 Employees 25,913 27,607 (6.1)
 (A) Restated to reflect discontinued operations.
 /delval/
 -0- 3/17/93
 /CONTACT: Barry S. Cohen of Miles Inc., 412-394-5504/


CO: Miles Inc. ST: Pennsylvania IN: MTC CHM SU: ERN

CD -- PG003 -- 6988 03/17/93 11:17 EST
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Date:Mar 17, 1993
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