OMC REPORTS NET LOSS, IMPROVED OPERATING RESULTS
OMC REPORTS NET LOSS, IMPROVED OPERATING RESULTS WAUKEGAN, Ill., Jan. 16 /PRNewswire/ -- Outboard Marine Corp.
(NYSE: OM) (OMC) today said that, as a result of the seasonal nature of OMC's business and ongoing recession in the marine products industry, the company incurred a net loss on reduced sales for the first quarter of its 1992 fiscal year, which ended Dec. 31. However, the company also said that restructuring actions taken over the past 20 months resulted in substantially improved operating performance in the first quarter.
OMC said its sales fell to $193.2 million in the 1992 first quarter from $205.1 million in the same quarter last year, a decline of 6 percent. The company reported a net loss of $17.8 million, or 92 cents per share, in the 1992 first quarter compared to a net loss of $22.6 million, or $1.16 per share, for the same quarter last year. However, the company also said that its operating results improved by 35 percent in the recently completed quarter. OMC reported an operating loss of $14.9 million in its 1992 first quarter compared with an operating loss of $22.9 million for the same quarter last year. "The fact that we improved our operating performance by 35 percent on a 6 percent sales decline shows the effectiveness of our efforts to reshape OMC into a leaner, more efficient competitor," said OMC President and Chief Executive Officer James C. Chapman. OMC said its U.S. sales declined 7 percent in the recently completed first quarter, while international sales declined 2 percent. Outboard Marine Corp. is a leading international marketer of marine engines, boats, accessories and services. OUTBOARD MARINE CORP. 1992 First Quarter Financial Highlights (In Millions except per share data) Three Months Ended Dec. 31, 1991 1990 Net Sales $193.2 $205.1 Gross Earnings 30.7 28.0 Loss From Operations (14.9) (22.9) Loss before income taxes and extraordinary income (20.7) (29.0) Net loss before extraordinary income (17.8) (23.2) Extraordinary Income, early extinguishment of debt -- .6 Net Loss $(17.8) $(22.6) Per Share(A): Before extraordinary income $(.92) $(1.19) Extraordinary income -- .03 Net Loss $(.92) $(1.16) Average number of shares outstanding 19.4 19.4 (A) Computed on average number of shares outstanding in respective periods. -0- 1/16/92 /CONTACT: Wayne E. Jones, vice president-strategic planning & investor relations of OMC, 708-689-5246/ (OM) CO: Outboard Marine Corp. ST: Illinois IN: LEI SU: ERN SH -- NY059 -- 0551 01/16/92 13:17 EST
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|Date:||Jan 16, 1992|
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