Printer Friendly

NYCOR REPORTS 1992 RESULTS

 BASKING RIDGE, N.J., Feb. 24 /PRNewswire/ -- NYCOR, Inc. (NASDAQ: NYCOA), a holding company, which last year made its first two acquisitions, reported 1992 earnings of $5,240,000, or .48 cents per share, compared to $4,065,000 or .30 cents per share, for 1991.
 The figures include a net gain of $3,156,000 on the sale of the company's shares in Zenith Electronics Corporation.
 The results also include fourth quarter expenses related to the temporary closing of the Rotorex plant. As previously reported, the Rotorex facility was closed from the time of its acquisition until early January 1993. During this time, the production facilities were reconfigured to improve efficiency and to enable Rotorex to better respond to just-in-time requirements. One of two acquisitions made by NYCOR last September, Rotorex was purchased from Fedders Corporation, the room air conditioner manufacturer, for approximately $72.8 million, including assumption of certain operating liabilities.
 NYCOR's other acquisition was Melcor (Materials Electronic Products Corporation), a privately owned firm near Trenton, N.J., for approximately $14.9 million in cash. Melcor is the world's leading producer of solid state thermoelectric heat pump modules, which are used for special cooling and heating applications and do not require CFC's (chlorofluorocarbons) or other refrigerant gases. Marketed under the trade name FRIGICHIPS, the modules provide efficient, economical spot cooling in such applications as portable refrigerators and in various scientific, military and aerospace equipment. They are especially practical in applications where limited weight and space are important considerations.
 NYCOR is optimistic about prospects for its continuing companies, expecting Melcor's recent history of growth to continue and Rotorex to capitalize on growing international demand.
 With $77 million of stockholder's equity, anticipated strong cashflow from its two operating companies and less than $1 million of debt, NYCOR expects to continue its acquisition program. The company's search for future acquisitions will concentrate on component and control suppliers to the broad heat, cooling, energy and environmental management industries.
 NYCOR, INC.
 Results of the Year Ended Dec. 31, 1992
 (Amounts in Thousands, Except Per Share Data)
 Periods ended Dec. 31 Twelve Months
 1992 1991
 Net sales $4,624 --
 Interest and other income 9,586 $6,380
 Net income 5,240 4,065
 Net income per share $ .48 $ .30
 Weighted average shares 6,890 6,993
 Preferred stock dividends
 (declared or cumulating) 1,955 1,955
 Periods ended Dec. 31 1992 1991
 Net sales $4,624 --
 Interest and other income 15 1,883
 Net income (2,665) 1,048
 Net income per share (.46) $.08
 Weighted average shares 6,890 6,890
 Preferred stock dividends
 (declared or cumulating) 489 489
 -0- 2/24/93
 /NOTE TO EDITOR: Please be advised that the correct presentation of the NYCOR name is in all capital letters -- NYCOR, Inc./
 /CONTACT: Kent E. Hansen of NYCOR, Inc., 908-953-8200/
 (NYCOA)


CO: NYCOR, Inc. ST: New Jersey IN: MAC SU: ERN

TM -- NY082 -- 0168 02/24/93 20:35 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 24, 1993
Words:489
Previous Article:W F CORROON ANNOUNCES SENIOR EXECUTIVE APPOINTMENTS
Next Article:SOUTHERN COMPANY ANNOUNCES JANUARY EARNINGS
Topics:


Related Articles
SEASONALLY LOW SALES VOLUME OF ROOM AIR CONDITIONERS CAUSES NORMAL FIRST QUARTER LOSS AT FEDDERS
NYCOR TO ACQUIRE COMPRESSOR BUSINESS IN SECOND ACQUISITION ANNOUNCEMENT IN THIS QUARTER
NYCOR REPORTS FIRST QUARTER RESULTS
NYCOR REPORTS THIRD QUARTER RESULTS
NYCOR REPORTS 1993 RESULTS; DECLARES REGULAR AND ACCUMULATED BUT UNPAID QUARTERLY DIVIDEND ON PREFERRED STOCK
Fedders to buy back a supplier.
FEDDERS REACHES DEFINITIVE MERGER AGREEMENT WITH NYCOR; MODIFIED TERMS LIMIT AMOUNT OF NEW FEDDERS SHARES TO BE ISSUED
NYCOR REACHES DEFINITIVE AGREEMENT TO MERGE WITH FEDDERS CORPORATION
Fedders' fall boom.
NYCOR on hold: Fedders resets buyout vote for Aug. 6.

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