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MLX CORP. ANNOUNCES INCREASED THIRD QUARTER PROFITS

 MLX CORP. ANNOUNCES INCREASED THIRD QUARTER PROFITS
 NORCROSS, Ga., Nov. 6 /PRNewswire/ -- MLX Corp. (OTC: MLXX) today


announced the results of its operations for the third quarter of 1992.
 Operating earnings were $1.4 million, which resulted in income from continuing operations of $484,000, as compared to operating earnings of $740,000 and net losses from continuing operations of $118,000 in the third quarter of 1991.
 Sales for the third quarter of 1992 were $13.8 million, up $2 million or 17 percent from the third quarter of 1991. Much of the sales improvement is due to continued strong sales to major OEM customers and an improvement in demand in the company's Italian operations. The company has been successful in converting these additional sales into profit dollars by increasing the utilization and efficiencies of its present facilities. Thus, the increase in sales in the third quarter directly resulted in an operating earnings improvement of $670,000 or a 91 percent improvement over 1991.
 In commenting on the operating results for the third quarter and nine months ended Sept. 30, Brian Esher, chairman and chief executive officer of MLX, commented: "We are pleased to report consecutive quarters of profitable operations. Over the past 18 months we have worked hard to improve our operational efficiencies while continuing to invest in new products to expand our business. Despite the sluggish domestic economy, our sales to OEM and replacement market customers have shown a substantial improvement over 1991. With our current backlog of unshipped orders, we expect 1992 to be a near record earnings year for MLX."
 The company also reported continued progress in reducing its working capital and debt. Commenting on this reduction, Esher said: "This debt reduction is a result of our improving operating earnings and working capital management. Our most pressing goal is to extend our working capital facility beyond March of next year and obtain more favorable terms. A strong working capital line is necessary to support an accelerated investment in equipment and capacity to maintain our competitive position in the industry."
 MLX is a leading global manufacturer of high energy friction products and components used in aircraft brakes and heavy duty trucks and off-highway equipment clutches, brakes and transmissions.
 MLX CORP. AND SUBSIDIARIES
 Condensed Consolidated Financial Highlights (Unaudited)
 (In thousands, except per share data)
 Results of operations: Qtr. ended 9 mos. ended
 9/30/92 9/30/91 9/30/92 9/30/91
 Net sales $ 13,786 $ 11,742 $ 40,094 $ 38,492
 Operating earnings from
 continuing operations $ 1,410 $ 740 $ 3,925 $ 2,905
 Interest expense (554) (847) (1,922) (2,611)
 Other income/(expense) 201 118 (13) (126)
 Earnings before income taxes
 and minority interests 1,057 11 1,990 168
 Charge in lieu of federal
 income taxes (390) --- (690) ---
 Provision for foreign, state
 and local income taxes (91) (99) (273) (311)
 Minority interests (92) (30) (230) (96)
 Income (loss) from
 continuing operations 484 (118) 797 (239)
 Income (loss) from
 discontinued operations --- 489 --- (7,662)
 Net income (loss) $ 484 $ 371 $ 797 $ (7,901)
 Earnings (loss) per common share:
 Continuing operations $ 0.02 $ --- $ 0.03 $ (0.01)
 Discontinued operations --- 0.01 --- (0.30)
 Total $ 0.02 $ 0.01 $ 0.03 $ (0.31)
 Avg. outstanding shares
 of common stock 25,415 25,415 25,415 25,405
 Supplemental Information
 Federal income taxes are not accruable or payable because earnings that otherwise would be taxable are offset by pre-reorganization tax loss carryforwards. Accordingly, the following information is provided:
 Net income (loss) $ 484 $ 371 $ 797 $ (7,901)
 Charge in lieu of federal
 income taxes which are not
 accruable or payable 390 --- 300 ---
 Total $ 874 $ 371 $ 1,097 $ (7,901)
 Total per common share $ 0.03 $ 0.01 $ 0.06 $ (0.31)
 Financial Condition: Sept. 30, 1992 Sept. 30, 1991
 Current assets $ 18,973 $ 22,882
 Net assets of discontinued
 operations held for disposal --- 16,137
 Property, plant & equipment, net 12,749 14,072
 Intangible assets, net 2,850 3,121
 Other assets 71 156
 Total assets $ 34,643 $ 56,368
 Current liabilities $ 11,098 $ 17,160
 Long-term liabilities(a) 34,460 36,361
 Minority interests 2,217 1,925
 Shareholders' equity (13,132) 922
 Total liabilities,
 minority interests &
 shareholders' equity (a) $ 34,643 $ 56,368
 (a) Long-term liabilities include the zero coupon bonds valued at $17.1 million in accordance with Generally Accepted Accounting Principles, however, the redemption value on 9/30/92 is $8.6 million. If the redemption value were recorded on the books, the total debt at 9/30/92 would be $26.6 million.
 -0- 11/6/92
 /CONTACT: Theodore R. Kallgren, vice president, finance, and treasurer of MLX Corp., 404-939-5910/
 (MLXX) CO: MLX Corporation ST: Georgia IN: SU: ERN


EA-BR -- AT010 -- 8266 11/06/92 15:24 EST
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