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POLAROID ANNOUNCES SECOND QUARTER RESULTS

 CAMBRIDGE, Mass., July 20 /PRNewswire/ -- Polaroid Corporation (NYSE: PRD) reported today that worldwide sales for the second quarter of 1993 were $569.9 million, compared to $557.7 million in the second quarter in 1992. Net earnings for the second quarter of 1993 were $28.6 million, or $0.61 per share, compared to $35.5 million, or $0.74 per share, in the same quarter in 1992. Worldwide sales for the first half of 1993 were $1.04 billion, a 5 percent increase over the $989.0 million reported in the first half of 1992.
 I. MacAllister Booth, Polaroid chairman, president and chief executive officer, said, "Our second quarter operating profit continued to be affected by planned increases in start-up costs for our major new products, and a charge of approximately $5 million in connection with FAS 106, Accounting for Postretirement Benefits. We are continuing to tightly control overhead expenses and are cautiously looking at exhange rates and other economic factors as they affect our business for the rest of the year."
 "At the same time, our new instant camera system, known as Captiva in the


U.S., continues to do well in our European and Japanese markets. This system we believe will create new excitement around instant photography as it enters the U.S. market this month. Also, shipments of our Helios medical laser imaging system continue to increase." he added.
 In the second quarter of 1993, U.S. sales were $289.3 million, a 4 percent decrease from $300.6 million in the same period last year. U.S. sales were affected by continuing economic uncertainty, signs that dealers were tightening inventories and lower volumes of videotape sales. International sales were $280.6 million, a 9 percent increase from $257.1 million in the prior year period, attributable primarily to product shipments under the company's contract to supply voter identification cards to the Mexican government. Worldwide shipments of instant cameras increased in the second quarter of 1993, due mainly to sales of the new instant camera system, while film shipments were about the same.
 Operating profit for the second quarter of 1993 was $54.9 million, compared to $65.0 million in the second quarter of 1992. Operating profit for the first half of 1993 was $24.6 million, including the impact of special charges of $44.0 million relating to an early retirement program in the first quarter of 1993, compared with $91.8 million in the first half of last year.
 Polaroid Corporation, with sales of more than $2 billion, is the worldwide leader in instant imaging. Polaroid supplies instant photographic cameras and films, conventional cameras and films, videotapes and electronic imaging products to markets worldwide including amateur and professional photography, industry, science, medicine and education.
 POLAROID CORPORATION AND SUBSIDIARY COMPANIES
 Condensed Consolidated Statement of Earnings (Unaudited)
 Second Quarters ended July 4, 1993 and June 28, 1992
 (In millions, except per share data)
 Second Quarter Six Months
 1993 1992 1993 1992
 Net Sales:
 United States $289.3 $300.6 $502.6 $506.5
 International 280.6 257.1 535.8 482.5
 Total net sales 569.9 557.7 1038.4 989.0
 Cost of sales 319.3 298.1 603.7 534.1
 Marketing, research, engineering
 and administrative expenses 195.7 194.6 366.1 363.1
 Early retirement and other --- --- 44.0 ---
 Total costs 515.0 492.7 1,013.8 897.2
 Profit from operations 54.9 65.0 24.6 91.8
 Other income 5.3 2.7 8.1 4.0
 Interest expense 12.2 13.9 25.0 27.9
 Earnings before income
 taxes and cumulative effect
 of changes in accounting
 principle 48.0 53.8 7.7 67.9
 Federal, state and
 foreign income tax expense 19.4 18.3 2.6 26.2
 Earnings before cumulative
 effect of changes in
 accounting principle 28.6 35.5 5.1 41.7
 Cumulative effect to Jan. 1,
 1993 of changes in accounting
 principle for:
 Postretirement benefits
 other than pensions, net of
 tax of $85.0 million --- --- (132.9) ---
 Income taxes --- --- 33.6 ---
 Net earnings/(loss) $28.6 $35.5 ($94.2) $41.7
 Primary earnings (loss) per
 common share:
 Earnings/(loss) before cumulative
 effect of changes in accounting
 principle $0.61 $0.74 $0.11 $0.86
 Cumulative effect to Jan. 1,
 1993 of changes in accounting
 prinicple for:
 Postretirement benefits other than
 pensions --- --- (2.85) ---
 Income taxes --- --- 0.72 ---
 Net earnings/(loss) $0.61 $0.74 ($2.02) $0.86
 Fully diluted earnings
 per common share: $0.58 $0.71 (a) $0.85
 Cash dividends per
 common share $0.15 $0.15 $0.30 $0.30
 Weighted average common shares
 used for primary earnings per
 share calculation
 (in thousands) 47,189 48,079 46,684 48,445
 Common shares outstanding at
 end of period (in thousands) 46,723 47,531 46,723 47,531
 /NOTE (a): Fully diluted earnings per share are not stated because they are greater than primary earnings per common share.
 POLAROID CORPORATION AND SUBSIDIARY COMPANIES
 Supplementary Financial Information -- UNAUDITED
 (In millions)
 Second Quarter
 1993 1992
 EARNINGS STATEMENT DATA FOR FOREIGN CURRENCY
 EXCHANGE:
 After-tax foreign currency exchange
 gain/(loss) $0.2 $2.9
 SELECTED CASH FLOW DATA:
 Additions to property, plant, and equipment 74.5 84.6
 Depreciation 50.9 44.8
 At End of Second Quarter
 BALANCE SHEET 1993 1992
 Current Assets:
 Cash and cash equivalents $53.2 $156.5
 Short term investments 28.4 118.9
 Receivables 484.4 484.6
 Inventories:
 Raw materials 139.0 123.4
 Work-in-process 261.6 234.0
 Finished goods 267.7 232.5
 Total inventories 668.3 589.9
 Prepaid expenses and other assets 154.5 108.4
 Total current assets 1,388.8 1,458.3
 Net property, plant and equipment 680.1 588.9
 Deferred tax assets 56.7 ---
 Total assets $2,125.6 $2,047.2
 Current liabilities:
 Short-term debt $115.8 $162.1
 Current portion of long-term debt 31.0 41.0
 Payables and accruals 244.8 235.6
 Compensation and benefits 121.5 127.8
 Federal, state and foreign income
 taxes 55.3 61.9
 Total current liabilities 568.4 628.4
 Long-term debt 620.1 654.7
 Accrued postretirement benefits 218.5 ---
 Stockholders' equity:
 Common stock, $1 par value 75.4 75.4
 Additional paid-in capital 384.5 379.5
 Retained earnings 1,572.6 1,637.1
 Less: Treasury stock, at cost 1,146.5 1,119.7
 Deferred compensation 167.4 208.2
 Total stockholders' equity 718.6 764.1
 Total liabilities and equity $2,125.6 $2,047.2
 -0- 7/20/93
 /CONTACT: Mary T. Conway, 617-577-3124, or Harry Johnson, 617-577-2665, both of Polaroid/
 (PRD)


CO: Polaroid Corporation ST: Massachusetts IN: HOU SU: ERN

DD -- NE007 -- 6669 07/20/93 10:12 EDT
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Date:Jul 20, 1993
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