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NEW VALLEY REPORTS RESULTS FOR 1991 AND FOURTH QUARTER

 NEW VALLEY REPORTS RESULTS FOR 1991 AND FOURTH QUARTER
 UPPER SADDLE RIVER, N.J., Feb. 19 /PRNewswire/ -- New Valley Corporation (NYSE: NVL) reported today that its net loss for 1991 was $32.1 million. This compares with net income of $149 million in 1990, which resulted from the year-end recognition of a $223.8 million extraordinary item from extinguishment of debt through a cash tender offer and a gain of $45.7 million on the sale of the company's Business Services unit to AT&T. Excluding these two items, the comparable net loss for 1990 was $120.5 million.
 After giving effect to undeclared dividends on New Valley preferred shares, the 1991 net loss was equal to 46 cents per common share (based on a weighted average of 182,325,000 common shares outstanding). This compares with net income of 59 cents per common share (based on a weighted average of 173,780,000 common shares outstanding) in 1990, which was made up of extraordinary income of $1.29 per share and a loss of 70 cents per share before recognition of the extraordinary item. Excluding both the extraordinary item and the gain on the business-unit sale, the comparable net loss for 1990 was equal to 96 cents per common share. The year-to-year increase in common shares was due to the continuing conversion of New Valley Class B convertible preferred shares into common shares and the issuance of additional common shares pursuant to commitments made in the corporation's 1987 financial restructuring.
 For the fourth quarter of 1991, the net loss was $10.2 million, or 13 cents per common share. This compares with net income of $224.2 million, or $1.17 per common share, in the fourth quarter of 1990, when the extraordinary income and the gain on the business-unit sale were recorded. Excluding these two items, the comparable net loss for the fourth quarter of 1990 was $45.3 million, or 32 cents per common share.
 Total revenues were $106 million for the fourth quarter of 1991 and $426 million for the full year. This compares with 1990 revenue levels of $144 million and $593 million, respectively. The year-to-year decrease in reported revenue reflects the removal of revenues formerly provided by the Business Services unit, which was sold at year-end 1990.
 Revenues from services provided by the company's present business units increased by seven percent from 1990 levels in the fourth quarter and for the full year. This revenue increase reflects continued business growth in New Valley's wholly owned subsidiary, Western Union Financial Services, Inc. (FSI), primarily due to the expansion of the Western Union Money Transfer service domestically and throughout the world.
 New Valley Corporation conducts its principal operations through 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)
 Three months ended Dec. 31: 1991 1990
 Total revenues $ 106,043,000 $ 143,680,000(A)
 Income (loss) before
 extraordinary item $ (10,195,000) $ 398,000(B)
 Extraordinary item -- $ 223,776,000
 Net income (loss) $ (10,195,000) $ 224,174,000
 Undeclared dividends on
 preferred shares (13,821,000) (12,355,000)
 Net income (loss) applicable
 to common shares $ (24,016,000) $ 211,819,000
 Net income (loss) per
 common share:
 Income (loss) before
 extraordinary item $ (.13) $ (.07)
 Extraordinary item -- 1.24
 Net income (loss) $ (.13) $ 1.17
 Weighted average number of
 common shares 184,503,000 180,346,000
 Summary of Consolidated Revenues and Income (Loss)
 Twelve months ended Dec. 31: 1991 1990
 Total revenues $ 425,905,000 $ 593,036,000(A)
 Loss before extraordinary item $ (32,092,000) $ (74,750,000)(B)
 Extraordinary item -- 223,776,000
 Net income (loss) $ (32,092,000) $ 149,026,000
 Undeclared dividends on
 preferred shares (52,148,000) (46,681,000)
 Net income (loss) applicable
 to common shares $ (84,240,000) $ 102,345,000
 Net income (loss) per
 common share:
 Income (loss) before
 extraordinary item $ (.46) $ (.70)
 Extraordinary item -- 1.29
 Net income (loss) $ (.46) $ .59
 Weighted average number of
 common shares 182,325,000 173,780,000
 (A) -- Includes $195,694,000 and $44,460,000 (for the year and the fourth quarter of 1990, respectively) in revenues from services formerly provided by the company's Business Services unit, which was sold to AT&T in December 1990.
 (B) -- Includes a gain of $45.7 million on the sale of the company's Business Services unit.
 -0- 2/19/92
 /CONTACT: Warren Bechtel of New Valley, 201-818-5790, 212-868-8888/
 (NVL) CO: New Valley Corporation ST: New Jersey IN: TLS SU: ERN


TS -- NY048 -- 0495 02/19/92 13:21 EST
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Date:Feb 19, 1992
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