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PREMARK REPORTS RECORD QUARTER; HIGHER 1992 EARNINGS OFFSET BY PREVIOUSLY ANNOUNCED CHARGES

 DEERFIELD, Ill., Jan. 25 /PRNewswire/ -- Premark International, Inc. (NYSE: PMI) today reported fourth quarter net income rose to a record $50.8 million, or $1.55 per share, from $47.6 million, or $1.48 per share, in 1991. The record performance was due to sharply higher segment profit at Tupperware Europe and U.S. Food Equipment Group operations, a record quarter at West Bend, lower interest expense and a reduced tax rate. These improvements were partially offset by declines in the other units. Sales were up almost 5 percent to $823 million from $785 million last year primarily due to Tupperware Europe, Ralph Wilson Plastics and West Bend.
 For the full year, Premark reported a net loss of $79.3 million, or $2.41 per share, down from net income of $102.3 million, or $3.25 per share, in 1991. The loss resulted from a previously announced $137 million pretax restructuring charge and the adoption of two new accounting rules. Sales rose nearly 5 percent to $2.9 billion from $2.8 billion last year.
 Without the charge and the cumulative effect of adopting the accounting rules, Premark's net income would have been a record $116.0 million for 1992, up 13 percent over the prior year.
 Significant improvement in the U.S. commercial food equipment business and Tupperware Europe, substantially lower interest expense and a reduced tax rate were partially offset by a loss at Tupperware U.S., economy-related declines at Food Equipment Group Europe and Tupperware Latin America, and higher costs in the Decorative Products Group.
 We're entering the new year encouraged by the solid progress in key segments of our business, despite the lack of cooperation from many economies worldwide throughout most of 1992,'' said Premark chairman and chief executive
officer, Warren L. Batts. Strength continued in Tupperware's European operations, and profit more than doubled in the Food Equipment Group's U.S. business. These results were offset by our decision to restructure Tupperware U.S., a move which was necessary to bring that operation more in line with sales and restore its profitability over time.
 Going forward, caution continues to be our watchword. On the one hand, we've finally seen evidence of a slow but steady economic recovery in the United States, which should benefit our domestic businesses. In addition, we expect the restructuring of Tupperware U.S. to save about $20 million in 1993, and we've taken several cost cutting measures to improve the Food Equipment Group's profitability in Europe and Canada. However, we face uncertain prospects overseas because of the weak economic conditions in Europe and Japan, which are very important markets for us.''
 The new accounting rules were SFAS 106, Employers' Accounting for
Postretirement Benefits Other Than Pensions'' and SFAS 109, Accounting for Income Taxes.'' Both rules were adopted in the third quarter and were retroactive to the beginning of the year. Adoption of SFAS 106 resulted in a one-time pretax charge of $140 million, or $98.9 million after tax, and a pretax increase in 1992 expense of $8 million. Adoption of SFAS 109 resulted in a one-time benefit of $15 million. Adoption of these rules had no effect on cash flows.
 Premark International, Inc. is a $2.9 billion multinational company that markets premium products under leading brand names such as Tupperware, Hobart, Vulcan, Wilsonart, Florida Tile, Hartco, West Bend and Precor. Premark stock is listed on the New York, Pacific and London Stock Exchanges.
 PREMARK INTERNATIONAL, INC.
 Condensed Consolidated Statement of Operations
 (Unaudited, In Millions except per share)
 13 Weeks 13 Weeks Pct.
 Ended Ended Increase
 Dec. 26 Dec. 28 (Decrease)
 1992 1991
 Sales
 Tupperware $332.7 $305.2 9.0
 Food equipment 266.7 274.2 (2.7)
 Consumer and decorative products 223.8 205.3 9.0
 Total $823.2 $784.7 4.9
 Segment profit
 Tupperware $ 51.3 $ 46.0 11.8
 Food equipment 17.1 21.4 (20.0)
 Consumer and decorative products 16.2 18.6 (12.5)
 Total 84.6 86.0 (1.4)
 Unallocated Expenses (5.7) (4.3) 32.4
 Interest expense, net (6.8) (10.0) (31.3)
 Income before income taxes 72.1 71.7 0.7
 Provision for income taxes 21.3 24.1 (11.4)
 Net income $50.8 $47.6 6.8
 Net income per common share $1.55 $1.48 4.7
 Average number of common shares 32.8 32.2 --
 PREMARK INTERNATIONAL, INC.
 Condensed Consolidated Statement of Operations
 (Unaudited, in millions except per share)
 52 Weeks 52 Weeks
 Ended Ended
 Dec. 26 Dec. 28 Pct.Increase
 1992 1991 (Decrease)
 Sales
 Tupperware $1,112.3 $1,076.3 3.3
 Food equipment 1,054.3 1,010.4 4.3
 Consumer and decorative products 779.4 729.0 6.9
 Total $2,946.0 $2,815.7 4.6
 Segment profit (loss)
 Tupperware ($25.3) $121.2 (-)
 Food equipment 49.6 41.1 20.5
 Consumer and decorative products 55.9 60.9 (8.0)
 Total 80.2 223.2 (64.0)
 Unallocated expenses (19.7) (19.8) (0.4)
 Interest expense, net (26.6) (43.5) (38.8)
 Income before income taxes and cumulative
 effect of accounting changes 33.9 159.9 (78.8)
 Provision for income taxes 29.3 57.6 (49.0)
 Income before cumulative effect of
 accounting changes 4.6 102.3 (95.5)
 Cumulative effect of change
 in accounting for:
 Income taxes 15.0 - NM
 Post-retirement benefits
 (net of tax effect of $41.1) (98.9) - NM
 Net income (loss) ($79.3) $102.3 (-)
 Net income (loss) per common share
 Before cumulative effect of
 accounting changes $0.14 $3.25 (95.7)
 Cumulative effect of change
 in accounting for:
 Income taxes 0.46 - NM
 Post-retirement benefits (3.01) - NM
 Net income (loss) per common share ($2.41) $3.25 (-)
 Average number of common shares 32.9 31.5
 -0- 1/25/93
 /CONTACT: George Shafer of Premark International, Inc., 708-405-6252/
 (PMI)


CO: Premark International, Inc. ST: Illinois IN: HOU SU: ERN

TM -- NY104 -- 8811 01/25/93 18:54 EST
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