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MOOG COMPLETES A PROFITABLE YEAR

 EAST AURORA, N.Y., Nov. 29 /PRNewswire/ -- Moog Inc. (AMEX: MOG) announced today that its net earnings for Fiscal 1993 were $4.8 million or $.62 per share. This compares with a net loss of $6.8 million or $.88 per share in the prior year. The prior year loss resulted from a $10 million after-tax restructuring charge. Setting aside this charge, last year's earnings would have been $3.2 million and this year's result represents a 50 percent improvement.
 Net earnings for the fourth fiscal quarter were $1.1 million or $.14 a share compared to a loss of $3.1 million or $.40 a share in the fourth quarter of the previous year. The 1992 fourth quarter included a $2.8 million restructuring charge.
 In this quarter, the pattern of profitability was consistent with the year's previous quarters when strong U.S. profits were partially offset by losses in the International segment. For the fourth quarter, the U.S. posted a profit of $2.5 million while the International segment had a loss of $1.4 million.
 "We're not happy with the results from our European operations," said Robert T. Brady, president, "either for this quarter or for the year as a whole. Our European companies, and particularly our German company, are living through a period of economic decline unlike anything experienced since the war. However, having made adjustments there comparable in scale to the adjustments made in the U.S. a year ago, we're determined to regain profitability there, even in the face of current market conditions."
 Net sales for 1993 were $294 million, down 4 percent from $307 million in 1992. Fourth quarter sales of $78.6 million were up 2 percent from $77.1 million last year. This slight sales increase reflects a strong showing by both the Aircraft Group and the Asian- Pacific subsidiaries.
 Backlog of new orders stood at $181 million as of Sept. 30, 1993, down 15 percent from one year ago. The backlog decline reflects the reduction in defense spending in the U.S., stretch-outs in commercial airplane deliveries and continuing decline in the rate of incoming orders in Europe. In addition, all of our products, aerospace and industrial alike, are being delivered on shorter and shorter lead times as a result of improved cycle time.
 For the year, U.S. sales were down 9 percent to $189 million. On those sales, the U.S. operations earned $7.6 million. For the year, International sales were up 6.4 percent to $104 million. The increase was due entirely to a $6.0 million increase in sales in its Asian- Pacific subsidiaries. Sales in Europe were off only slightly for the year. The decline in industrial valve sales in Germany was offset by increased military sales in England and Sweden. The effect of its European restructuring has been to cut its loss from operations by more than half, from $6.1 million last year to $2.8 million in 1993.
 "We're very pleased that our plans worked out in both the U.S. and in the Pacific, and we're confident that we can manage a turnaround in Europe. Our results for Fiscal 1993 were a big improvement over Fiscal 1992," said Brady.
 "The positive effect of the restructuring of our European operations was masked in 1993 by the unprecedented decline in European capital goods markets and the general organizational upset associated with the changes. However," observed Richard A. Aubrecht, chairman, "with even a modest recovery in their industrial markets, we anticipate a significant improvement in our European results. In the U.S., the military drawdown continues to affect sales, however, our concentration on developing new products, markets and technologies showed very promising results in the year."
 Moog Inc. is a worldwide manufacturer of high performance controls used in commercial, industrial, aerospace and defense applications.
 Consolidated Statements of Earnings (Unaudited)
 MOOG INC. AND SUBSIDIARIES
 (dollars in thousands except per share data)
 THREE MONTHS ENDED 9/30 TWELVE MONTHS ENDED 9/30
 1993 1992 1993 1992
 NET SALES $78,571 $77,072 $293,680 $307,004
 OTHER INCOME 391 1,034 2,663 3,371
 Total 78,962 78,106 296,343 310,375
 COSTS AND EXPENSES
 COST OF SALES 56,742 52,335 206,985 216,373
 R & D EXPENSES 4,076 3,591 16,128 17,927
 SELLING, GENERAL
 & ADMIN. EXP. 12,976 15,571 52,723 53,619
 INTEREST EXPENSE 2,528 3,301 10,974 13,346
 FOREIGN CURRENCY
 EXCHANGE LOSS (296) 632 60 673
 OTHER EXPENSES 506 348 853 887
 RESTRUCTURING EXP. - 3,773 - 13,834
 Total 76,532 79,551 287,723 316,659
 EARNINGS (LOSS)
 BEFORE INCOME
 TAXES 2,430 (1,445) 8,620 (6,284)
 INCOME TAXES
 CURRENT 2,948 6,088 3,559 2,770
 DEFERRED (1,601) (4,438) (57) (2,281)
 Total 1,347 1,650 3,502 489
 EARNINGS (LOSS)
 BEFORE
 EXTRAORDINARY
 ITEM $ 1,083 $(3,095) $ 5,118 $ (6,773)
 EXTRAORDINARY ITEM,
 NET OF TAX - - (357) -
 NET EARNINGS
 (LOSS) $ 1,083 $(3,095) $ 4,761 $ (6,773)
 EARNINGS (LOSS)
 PER SHARE:
 BEFORE EXTRA.
 ITEM $.14 $(.40) $.66 $(.88)
 - EXTRAORDINARY
 ITEM - - (.04) -
 - NET EARNINGS
 (LOSS) $.14 $(.40) $.62 $(.88)
 AVERAGE COMMON
 SHARES
 OUTSTANDING 7,713,465 7,713,465 7,713,465 7,717,791
 -0- 11/29/93
 /CONTACT: Susan Johnson of Moog Inc., 716-652-2000, or by fax, 716-687-4457/
 (MOG)


CO: Moog Inc. ST: New York IN: ARO SU: ERN

BM -- CL005 -- 8147 11/29/93 09:05 EST
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Publication:PR Newswire
Date:Nov 29, 1993
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