Printer Friendly

NEW VALLEY CORPORATION REPORTS SECOND-QUARTER AND SIX-MONTHS RESULTS

NEW VALLEY CORPORATION REPORTS SECOND-QUARTER AND SIX-MONTHS RESULTS
 UPPER SADDLE RIVER, N.J., Aug. 13 /PRNewswire/ -- New Valley Corporation (NYSE: NVL) reported today that its net loss for the three months ended June 30, 1992 was $6.8 million. This compares with a net loss of $6.0 million in the second quarter of 1991.
 After giving effect to undeclared dividends on preferred shares, the 1992 second-quarter net loss amounted to 12 cents per common share (based on a weighted average of 185.5 million common shares outstanding), compared with a net loss of 10 cents per share (based on a weighted average of 182.5 million common shares outstanding) in last year's second quarter. The year-to-year increase in common shares was due to the conversion of New Valley Class B convertible preferred shares into common shares.
 For the first six months of 1992, the corporation had a net loss of $10.8 million, which amounted to 21 cents per common share (based on a weighted average of 185.3 million shares outstanding). The net loss for the first six months of 1991 was $16.3 million, or 23 cents per common share (based on a weighted average of 180.5 million shares outstanding).
 Total revenues were $114.2 million for the second quarter of 1992 and $220.2 million for the first six months. This compares with 1991 revenue levels of $108.9 million and $210.4 million, respectively.
 New Valley Corporation conducts its principal operations through its wholly owned subsidiary, Western Union Financial Services, Inc. (FSI). The North American unit of FSI provides Western Union Money Transfer, bill-payment and other financial services to consumers and businesses in the United States. It also provides Money Transfer service in Canada and between the U.S. and Canada and Mexico. The international unit of FSI provides Western Union Money Transfer services in countries outside of North America. In addition, the company provides Western Union Mailgram (R) and other messaging services to high-volume users through its Western Union Priority Services unit.
 NEW VALLEY CORPORATION
 Summary of Consolidated Revenues and Income (loss)
 Periods ended Three Months
 June 30, 1991 1992
 Total revenues $ 108,916,000 $ 114,190,000
 Net loss $ (5,959,000) $ (6,780,000)
 Undeclared dividends on
 preferred shares (12,934,000) (14,769,000)
 Net loss applicable
 to common shares $ (18,893,000) $ (21,549,000)
 Net loss per common share $ (.10) $ (.12)
 Weighted average number of
 common shares 182,491,000 185,535,000
 Periods ended Six Months
 June 30 1991 1992
 Total revenues $ 210,383,000 $ 220,193,000
 Net loss $ (16,274,000) $ (10,764,000)
 Undeclared dividends on
 preferred shares (25,353,000) (28,976,000)
 Net loss applicable
 to common shares $ (41,627,000) $ (39,740,000)
 Net loss per common share $ (.23) $ (.21)
 Weighted average number of
 common shares 180,545,000 185,296,000
 -0- 8/13/92
 /CONTACT: Warren Bechtel of New Valley Corporation, 201-818-5790 or 212-868-8888/
 (NVL) CO: New Valley Corporation ST: New Jersey IN: FIN SU: ERN


AH -- NY057 -- 9697 08/13/92 13:58 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:Aug 13, 1992
Words:516
Previous Article:FEDERAL RESERVE RANKS BANKERS TRUST "OUTSTANDING" FOR CRA PROGRAM; FIRST FOR A WHOLESALE BANK
Next Article:BROKERED CERTIFICATE OF DEPOSIT RATES GENERALLY ROSE IN LATEST PERIOD, SIA REPORTS
Topics:


Related Articles
NEW VALLEY CORPORATION REPORTS FIRST-QUARTER RESULTS
VALLEY NATIONAL BANCORP'S INCOME SOARS 42 PERCENT TO SET RECORD FOR THE SIX MONTH PERIOD
QUAKER STATE REPORTS EARNINGS, DECLARES DIVIDEND
VALLEY NATIONAL BANCORP'S INCOME SETS RECORD FOR SIX MONTH PERIOD
CAPITAL HOLDING REPORTS SECOND QUARTER OPERATING EARNINGS OF $.86 PER SHARE, UP 13.2 PERCENT
NEW VALLEY CORPORATION REPORTS SECOND-QUARTER AND SIX-MONTHS RESULTS
NEW VALLEY CORPORATION REPORTS IMPROVED FIRST-QUARTER RESULTS
VALLEY NATIONAL BANCORP'S INCOME SETS RECORD FOR SIX MONTH PERIOD
CHRYSLER REPORTS SECOND-QUARTER RESULTS
Sunrise International Leasing Corp. Reports Second-Quarter Results; Net Income Up 39 Percent Year-to-Date.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters