Printer Friendly

NORTH STAR UNIVERSAL, INC. ANNOUNCES THIRD-QUARTER 1992 RESULTS

 NORTH STAR UNIVERSAL, INC. ANNOUNCES THIRD-QUARTER 1992 RESULTS
 MINNEAPOLIS, Oct. 29 /PRNewswire/ -- North Star Universal, Inc. (NASDAQ: NSRU) today announced its results for the third quarter and nine months ended Sept. 30, 1992.
 For the quarter, the company recorded a net loss of $135,000, or one cent per share, compared to net income of $747,000, or six cents per share, in the year-ago quarter. Consolidated revenues for the quarter increased 22 percent to $22.5 million from $18.5 million in the previous year.
 For the nine-month period, the Company reported a net loss of $1,844,000, or 19 cents per share, compared to net income of $10,224,000, or $1.00 per share, for the comparable period in 1991. Nine-month results for 1991, on a pro forma basis, were 13 cents per share, excluding the pretax gain of $8.6 million, or 87 cents per share, from the sale of Michael Foods stock.Consolidated revenues for the first nine months increased 18 percent to $61.8 million from $52.4 million in the previous year.
 In commenting on the results, President and CEO Jeffrey J. Michael indicated, "Our earnings were again affected by reduced equity contributions from Michael Foods. That company's net earnings were down 86 percent for the third quarter and 83 percent for the first nine months of 1992 due to pricing pressures in its egg, potato products and grocery distribution businesses."
 Michael went on to say, "Despite our overall lower earnings, we were pleased with the third-quarter results in our computer business. Increased operating profits at both Americable and C.E. Services along with reduced corporate costs resulted in a consolidated operating profit for the quarter. These improved results were attributed to significant revenue growth at Transition Engineering, due to strong product demand. Furthermore, the Company's other unconsolidated subsidiary, CorVel Corporation, continued to demonstrate solid performance as indicated by its record earnings for the quarter."
 North Star Universal, Inc. owns and supervises businesses providing voice and data communications networking products, systems and services, and maintenance and technical services to owners, users and lessors of mainframe and other types of computers. As a parent company, North Star provides resources for its businesses' development and growth. As of September 30, 1992, North Star also owned a 38 percent interest in Michael Foods (NASDAQ: MIKL), and a 45 percent interest in CorVel Corporation (NASDAQ: CRVL).
 NORTH STAR UNIVERSAL INC.
 CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
 (Unaudited)
 (In thousands, except per share amounts)
 Three Months Ended Nine Months Ended
 September 30, September 30,
 1992 1991 1992 1991
 Revenues $22,516 $18,518 $61,836 $52,461
 Operating and product costs 16,714 13,543 45,333 37,326
 Gross profit 5,802 4,975 16,503 15,135
 Selling, general and
 administrative expenses 5,691 5,210 16,787 15,742
 Operating income (loss) 111 (235) (284) (607)
 Interest expense, net (1,088) (985) (3,281) (3,391)
 Investment income -- -- -- 8,564
 Income (loss) from continuing
 operations before income taxes
 and equity in earnings of
 unconsolidated subsidiaries (977) (1,220) (3,565) 4,566
 Income tax provision (benefit) (400) 60 (266) 1,510
 Income (loss) from continuing
 operations before equity in
 earnings of unconsolidated
 subsidiaries (577) (1,280) (3,299) 3,056
 Equity in earnings of
 unconsolidated subsidiaries 442 2,207 1,455 7,591
 Income (loss) from continuing
 operations (135) 927 (1,844) 10,647
 Income (loss) from discontinued
 operations -- (180) -- (423)
 Net income (loss) $(135) $747 $(1,844) $10,224
 Earnings per share:
 Continuing operations ($0.01) $0.08 $(0.19) $1.04
 Discontinued operations -- (0.02) -- (0.04)
 Net income (loss)
 per share $(0.01) $0.06 $(0.19) $1.00
 Weighted average shares
 outstanding 9,821,000 9,908,000 9,859,000 9,890,000
 -0- 10/29/92
 /CONTACT: Peter Flynn of North Star Universal, 612-546-7500, or John Mackay of Padilla Speer Beardsley, 612-871-8877/
 (NSRU) CO: North Star Universal Inc. ST: Minnesota IN: CPR SU: ERN


KH -- MN024 -- 6810 10/29/92 17:09 EST
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:Oct 29, 1992
Words:674
Previous Article:SUPERVALU COMPLETES THE ACQUISITION OF WETTERAU
Next Article:MEDIMMUNE TO ACQUIRE DISTRIBUTION RIGHTS TO CYTOGAM(TM)
Topics:


Related Articles
NORTH STAR UNIVERSAL ANNOUNCES FOURTH-QUARTER AND 12-MONTH RESULTS FOR 1991
NORTH STAR UNIVERSAL ANNOUNCES FIRST-QUARTER 1992 RESULTS
NORTH STAR UNIVERSAL, INC. ANNOUNCES SECOND-QUARTER AND SIX-MONTH RESULTS
NORTH STAR UNIVERSAL ANNOUNCES FOURTH QUARTER AND YEAR-END 1992 RESULTS
NORTH STAR UNIVERSAL, INC. ANNOUNCES FIRST-QUARTER 1993 RESULTS
NORTH STAR UNIVERSAL, INC. ANNOUNCES SECOND QUARTER AND SIX MONTH 1993 RESULTS
NORTH STAR UNIVERSAL ANNOUNCES THIRD-QUARTER AND NINE-MONTH 1993 RESULTS
NORTH STAR UNIVERSAL, INC. ANNOUNCES FIRST-QUARTER 1995 RESULTS
NORTH STAR UNIVERSAL, INC. ANNOUNCES SECOND-QUARTER AND SIX-MONTH 1995 RESULTS
NORTH STAR UNIVERSAL, INC. ANNOUNCES THIRD-QUARTER AND NINE-MONTH 1995 RESULTS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters