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NATIONAL-STANDARD COMPANY REPORTS EARNINGS

 NILES, Mich., Nov. 17 /PRNewswire/ -- National-Standard Company (NYSE: NSD) announced fiscal year ended Sept. 30, 1993 sales of $208.3 million, a 3.2-percent decrease from sales of $215.1 million reported in fiscal 1992. The 1993 and 1992 sales figures include approximately $1.0 and $7.9 million, respectively, from business units that had been closed or divested. Net loss for the year was $53.4 million or $10.50 per share, compared to a loss of $5.9 million, or $1.34 per share in 1992.
 The 1993 net loss included a $49.4 million charge to earnings for the effect of adopting Statement of Financial Accounting Standards Board No. 106, "Employers' Accounting for Postretirement Benefits Other Than Pensions." This charge included a one-time amount of $48.7 million for the transition obligation. As previously reported, this one-time charge has no effect on cash flows but will mean that future earnings results will be a true picture of the company's operating performance. The 1993 net loss before the effect of the accounting change was $4.7 million or $0.92 per share.
 The 1993 net loss before the effect of the accounting change included approximately $4.5 million in additional costs including security services, additional wages and air freight resulting from work stoppages at the Niles, Mich.; Corbin, Ky.; and Columbiana, Ala., plants. The Niles and Corbin strikes were settled during 1993 with modified health care benefits similar to the health care benefits for salaried employees. The Columbiana plant remains on strike and is being operated with replacement workers and personnel from other company facilities. Also adversely affecting 1993 results were additional environmental provisions totaling $3.6 million to decommission certain equipment, dispose of hazardous materials related to the equipment, soil remediation and the closure of unused waste water surface impoundments.
 Fourth-quarter sales for fiscal 1993 were $49.2 million, compared to $56.8 million reported for 1992; net loss for the quarter was $5.6 million or $1.05 per share, compared to a net loss of $2.0 million or $0.45 per share in 1992. The 1993 and 1992 fourth-quarter sales figures include approximately $1.8 million from business units that had been closed or divested. The loss in the fourth quarter of 1993 was due primarily to the aforementioned work stoppage costs and environmental provisions made primarily in the quarter.
 The company's existing lenders have extended the maturity of their notes to Oct. 1, 1994.
 Founded in 1907, National-Standard is a Niles-based firm with annual sales of approximately $210 million. In nine operating facilities throughout the world, the company manufactures and distributes a broad range of wire and wire-related products, including wire cloth and fabricated filters for the automotive air bag industry.
 Financial Highlights
 NATIONAL-STANDARD COMPANY AND SUBSIDIARIES
 ($000 except per-share amounts)

 For three months ended Sept. 30: 1993 1992
 Net Sales $49,248 $56,826
 Operating Profit (Loss) (5,044) 82
 Loss Before Effect of
 Accounting Change (5,601) (2,005)
 Effect of Accounting Change --- ---
 Net Loss (5,601) (2,005)
 Loss Per Share Before Effect of
 Accounting Change (1.05) (.45)
 Loss Per Share (1.05) (.45)
 Average Shares Outstanding 5,359,043 4,411,417
 For year ended Sept. 30: 1993 1992
 Net Sales $208,254 $215,133
 Operating Profit Loss (1,055) 44
 Loss Before Effect of
 Accounting Change (4,701) (5,885)
 Effect of Accounting Change (48,676) ---
 Net Loss (53,377) (5,885)
 Loss Per Share Before Effect of
 Accounting Change (.92) (1.34)
 Loss Per Share (10.50) (1.34)
 Average Shares Outstanding 5,085,147 4,379,344
 -0- 11/17/93
 /CONTACT: W.D. Grafer of National-Standard, 616-683-8100/
 (NSD)


CO: National-Standard Company ST: Michigan IN: SU: ERN

ML -- DE021 -- 5685 11/17/93 16:43 EST
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Publication:PR Newswire
Date:Nov 17, 1993
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