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NEWELL REPORTS RECORD SECOND QUARTER RESULTS

 NEWELL REPORTS RECORD SECOND QUARTER RESULTS
 FREEPORT, Ill., July 22 /PRNewswire/ -- Newell (NYSE: NWL)


announced today that sales and earnings reached record highs for the second quarter and six months ended June 30, 1992.
 For the 1992 second quarter, net sales were a record $318.0 million, up 7.7 percent from $295.4 million achieved in the second quarter of 1991. Net income was up 12.6 percent to $35.2 million from $31.3 million and fully diluted earnings per share were 46 cents, a 9.5 percent increase over 42 cents achieved in the second quarter of 1992.
 For the first half, sales were up 10.8 percent to $628.1 million from $566.9 million in 1991. Net income was $62.6 million, an increase of 12.2 percent from $55.8 million. Fully diluted earnings per share were 81 cents, up 9.5 percent from 74 cents in the comparable period last year. Results for both the quarter and the half reflect the results of the Sanford Corp., which was acquired in February 1992, and is being accounted for on a pooling of interests basis. Newell Co. results for 1991 have been restated to include Sanford.
 The increase in sales for both the quarter and the half was due primarily to sales growth at continuing businesses and the 1991 acquisitions of W.T. Rogers and Keene Manufacturing, both manufacturers and marketers of office products. Internal sales growth from existing product lines was 3 percent in the second quarter and 6 percent for the first half.
 Second quarter operating margins were 17.9 percent in 1992, compared to 18.5 percent in 1991. A company spokesman stated, "Our margins showed considerable recovery in the second quarter over the first quarter of 1992, and the outlook for the second half of 1992 is very encouraging. We are pleased that, in spite of the softness in the economy, our product lines continue to generate solid internal growth momentum. In addition, Stuart Hall will complement Newell's family of office products, and contribute to Newell's sales and profit growth. We're positive about the outlook for the rest of 1992."
 Newell manufactures and markets high-volume hardware/housewares, office and industrial products. Hardware/housewares products are sold principally through discount, variety, chain and hardware stores, hardware and housewares distributors and home improvement centers. Office products are sold through mass market chains, office product superstores and office product dealers and wholesalers. Industrial products are sold directly and through distributors to volume purchasers.
 NEWELL CO.
 Consolidated Statements of Income
 (unaudited)
 (In thousands)
 Three Months Ended Six Months Ended
 June 30, Pct June 30, Pct
 1992 1991(a) change 1992 1991(a) change
 Net sales $318,009 295,351 7.7 $628,128 $566,941 10.8
 Cost of
 products
 sold 216,391 197,096 432,756 382,347
 Gross income 101,618 98,255 3.4 195,372 184,594 5.8
 Percent of
 sales 32.0 pct 33.3 pct 31.1 pct 32.6 pct
 Selling,
 general and
 administrative
 expense 44,748 43,719 93,503 86,119
 Operating
 income 56,870 54,536 4.3 101,869 98,475 3.4
 Percent
 of sales 17.9 pct 18.5 pct 16.2 pct 17.4 pct
 Net non-
 operating
 expense (income)
 Interest -
 net 4,393 2,513 8,420 4,960
 Goodwill 1,337 1,322 2,671 2,644
 Other (6,558) (1,070) (11,820) (1,530)
 Total (828) 2,765 (729) 6,074
 Income before
 taxes 57,698 51,771 11.4 pct 102,598 92,401 11.0
 Percent of
 sales 18.1 pct 17.5 pct 16.3 pct 16.3 pct
 Income
 taxes 22,506 20,520 40,017 36,630
 Net income 35,192 31,251 12.6 pct 62,581 55,771 12.2
 Percent of
 sales 11.1 pct 10.6 pct 10.0 pct 9.8 pct
 Preferred
 dividends 0 112 0 225
 Income available
 to common $35,192 $31,139 13.0 pct $62,581 $55,546 12.7
 Income per
 common share:
 Primary $0.46 $0.42 9.5 pct $0.81 $0.74 9.5
 Fully
 diluted 0.46 0.42 9.5 pct 0.81 0.74 9.5
 Average common
 shares
 outstanding:
 (in thousands)
 Primary 77,033 74,689 3.1 pct 77,058 74,604 3.3
 Fully
 diluted 77,033 74,696 3.1 pct 77,059 74,644 3.2
 (a) The 1991 financial statements have been restated to include the merger with Sanford Corp., which has been accounted for as a pooling of interests
 -0- 7/22/92
 /CONTACT: William T. Alldredge, VP-finance of Newell, 815-961-2114/
 (NWL) CO: Newell Co. ST: Illinois IN: HOU SU: ERN


EH-JL -- SD001 -- 1702 07/22/92 09:01 EDT
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