Printer Friendly

POLAROID MAKES ANNOUNCEMENT

 CAMBRIDGE, Mass., Feb. 11 /PRNewswire/ -- Polaroid Corporation (NYSE: PRD) disclosed, at a meeting today with security analysts, its projected Financial Accounting Standard charges for the first quarter of 1993 and the expected effect of those charges on operating profit for the year.
 The company had previously announced that it expects to adopt Financial Accounting Standard 106, "Employers' Accounting for Post Retirement Benefits Other Than Pensions," and Financial Accounting Standard 109, "Accounting for Income Taxes," and take a one-time charge for its early retirement and severance program in the first quarter of this year. Had the company adopted FAS 106 as of Dec. 31, 1992, the initial pre-tax liability, or "catch-up" change, would have been approximately $225 million.
 The company expects its annual pre-tax retiree medical expense will be $20 million more than under the current method of accounting, or about $0.25 per share.
 I. MacAllister Booth, chairman, president and CEO, said "after taking into account the incremental $20 million post-retirement medical costs, 1993 operating profit, exclusive of any one-time charges, is expected to be in the ballpark with 1992 performance."
 -0- 2/11/93
 /CONTACT: Samuel A. Yanes, 617-577-4191 or Michael J. Spataro, 617-577-2455, both of Polaroid/
 (PRD)


CO: Polaroid Corporation ST: Massachusetts IN: REA SU:

CH -- NE016 -- 5928 02/11/93 17:44 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 11, 1993
Words:216
Previous Article:DR. HOWARD A. PAUL, 44: DEVELOPED ROBODOC(tm), THE FIRST ROBOTIC DEVICE TO PLAY ACTIVE ROLE IN INVASIVE SURGERY
Next Article:A&A REPORTS 1992 FINANCIAL RESULTS INCLUDING PREVIOUSLY ANNOUNCED SPECIAL CHARGE; BOARD APPROVES REGULAR QUARTERLY DIVIDEND
Topics:


Related Articles
POLAROID DEBUTS NEW INSTANT HOLIDAY FILM: FEATURES EXCLUSIVE HOLIDAY BORDER DESIGN
POLAROID TO MARKET INSTANT CAMERAS, FILMS IN VIETNAM
POLAROID ANNOUNCES PLANS FOR NEW SUBSIDIARY IN CHINA
Polaroid Opens its Photokina '96 Exhibition
Polaroid to Provide Instant Imaging, Other Photo Products and Services to New LEGOLAND(R) California Family Park.
Polaroid Focuses on Automating Customer Service With Astea's ServiceAlliance(TM).
iPIX to Power New Polaroid Web Site for Teens and Pictures.
Polaroid Announces Restructuring Plan to Save $60 Million Annually.
Petters Deposits $175 Million in Escrow as Part of Merger Agreement With Polaroid.

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