Printer Friendly

NYCOR REPORTS THIRD QUARTER RESULTS

 BASKING RIDGE, N.J., Oct. 18 /PRNewswire/ -- NYCOR, Inc. (NASDAQ: NYCOA), a holding company with two operating subsidiaries acquired in September 1992, today reported a loss in the third quarter ended Sept. 30, 1993. For NYCOR's larger subsidiary, Rotorex Company, Inc., a manufacturer of compressors for air conditioners, a loss in the third quarter, following the close of the air conditioner season, is not abnormal. NYCOR's other subsidiary, Materials Electronics Products Corporation, which produces thermoelectric heating and cooling modules, also experiences the seasonally slowest part of its year in the third quarter.
 In the third quarter, NYCOR lost $0.7 million, or 15 cents per share, on revenues from its operating subsidiaries of $7.4 million. Earnings in the same period of 1992 of $5.3 million, or 69 cents per share, are not comparable as the company had no revenues from operations and its earnings were from investments, including a $3.9 million gain on the sale of Zenith Electronics Corporation common stock.
 For the nine months ended Sept. 30, 1993, NYCOR had earnings of $3.4 million, or 26 cents per share, all from operating revenues of $45.3 million. For the same period last year, the company had investment income of $7.9 million, or 93 cents per share, including a net gain on the sale of Zenith stock of $3.2 million.
 As a result of the hot weather this past summer, the company continues to expect a stronger fourth quarter than last year and believes prospects for the first half of 1994 are favorable.
 NYCOR INC.
 Results
 (In thousands, except per-share data)
 Third Quarter Nine Months
 Periods ended Sept. 30 1993 1992 1993 1992
 Net sales $ 7,374 -- $ 45,331 --
 Interest and other income -- $ 5,941 -- $ 10,768
 Income before taxes (936) $ 5,395 3,417 8,072
 Net income after taxes
 and before accounting change (679) 5,282 2,779 7,903
 Effect of accounting change -- -- 627 --
 Net income (679) 5,282 3,406 7,903
 Primary earnings per share:
 Net earnings before
 accounting change $(0.15) $0.69 $0.17 $0.93
 Effect of accounting change -- -- 0.09 --
 Net earnings per share (0.15) 0.69 0.26 0.93
 -0- 10/18/93
 /NOTE TO EDITORS: Be advised that the correct presentation of the NYCOR name is in all capital letters -- NYCOR, Inc./
 /CONTACT: Kent E. Hansen of NYCOR, 908-953-8200/


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

CK-WB -- NY093 -- 3636 10/18/93 18:03 EDT
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:Oct 18, 1993
Words:416
Previous Article:ABITIBI-PRICE ANNOUNCES AVAILABILITYOF 235,000 MORE TONS OF RECYCLED NEWSPRINT
Next Article:STANDARD MOTOR PRODUCTS REPORTS EARNINGS FOR NINE MONTHS
Topics:

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