Printer Friendly

MINE SAFETY APPLIANCES COMPANY ANNOUNCES SECOND QUARTER RESULTS

 MINE SAFETY APPLIANCES COMPANY ANNOUNCES SECOND QUARTER RESULTS
 PITTSBURGH, July 20 /PRNewswire/ -- John T. Ryan III, president, chairman and chief executive officer of Mine Safety Appliances Company (NASDAQ: MNES), announced today that consolidated sales for the second quarter of 1992 were $128,939,000 compared to $124,910,000 for the second quarter of 1991.
 Sales for the six months ended June 30, 1992 were $257,188,000 compared to $243,319,000 for the same period in 1991.
 Second quarter 1992 earnings were $5,108,000 or 82 cents per share compared to second quarter 1991 earnings of $5,021,000 or 78 cents per share. Earnings for the six months ended June 30, 1992 were $8,666,000 or $1.38 per share compared to $10,661,000 or $1.66 per share in 1991.
 The higher sales continue to result mainly from increased shipments to the U.S. military and higher sales of specialty chemical products to U.S. and international markets. U.S. commercial sales of safety products and instruments in 1992 are similar to the previous year and reflect the current economic conditions. Sales of international affiliates have declined in 1992, particularly in Europe due to recessionary conditions in several major markets.
 The 1992 profit decline has occurred primarily in European operations as a result of lower sales volume and continued start-up difficulties in the metallized paper venture in Germany. Profit contributions from U.S. operations increased due to higher sales volume. During 1992 the company has made provision for additional costs associated with its manufacturing facilities consolidation and has recognized recovery of costs on a major government contract.
 The results from operations for the three-month and six-month periods ended June 30 are as follows.
 MINE SAFETY APPLIANCES COMPANY (Amounts in thousands, except earnings per share & shares outstanding)
 Period ended Three Months Six Months
 June 30 1992 1991 1992 1991
 Net sales $128,939 $124,910 $257,188 $243,319
 Cost of products sold 84,289 80,892 169,253 155,017
 Selling & administrative
 costs 31,801 31,495 64,493 63,024
 Facilities
 consolidation 2,300 2,600
 Contract costs
 recovery (2,800) (2,800)
 Income before income
 taxes 9,409 9,300 16,338 19,420
 Taxes on income 4,301 4,279 7,672 8,759
 Net income 5,108 5,021 8,666 10,661
 Earnings per share $.82 $.78 $1.38 $1.66
 Average number of common
 shares outstanding 6,268,929 6,386,453
 -0- 7/20/92
 /CONTACT: Robert J. Aiello of Ketchum Public Relations, 412-456-3853, for Mine Safety Appliances Company/
 (MNES) CO: Mine Safety Appliances Company ST: Pennsylvania IN: MNG SU: ERN


PT-CD -- PG007 -- 0864 07/20/92 15:35 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:Jul 20, 1992
Words:454
Previous Article:USAIR GROUP DECLARES CASH DIVIDEND
Next Article:CENVILL DEVELOPMENT OBTAINS COURT APPROVAL TO SELL CENTURY VILLAGE AT PEMBROKE PINES PROJECT
Topics:


Related Articles
MINE SAFETY APPLIANCES REPORTS EARNINGS
MINE SAFETY APPLIANCES REPORTS EARNINGS
MINE SAFETY APPLIANCES COMPANY ISSUES EARNINGS
MINE SAFETY APPLIANCES ANNOUNCES EARNINGS
MINE SAFETY APPLIANCES ANNOUNCES EARNINGS
MINE SAFETY APPLIANCES ANNOUNCES EARNINGS
MSA ANNOUNCES SECOND QUARTER EARNINGS
MSA Announces Third Quarter Earnings/Declares Dividend
MSA Reports 54% Increase in 2nd Quarter Earnings Before Special Items.
MSA Announces Second Quarter Results.

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