Printer Friendly

PREMDOR REPORTS STRONG THIRD QUARTER 1993 RESULTS

 TORONTO, Nov. 3 /PRNewswire/ -- Premdor Inc. (NYSE: PI) of Toronto today reported significant increases in sales and net income for the third quarter ending September 30, 1993.
 Sales for the first nine months of 1993 were $395.5 (U.S. $309.0) million, a 29 percent increase over the comparative 1992 revenue of $307.5 (U.S. $256.3) million. The Company reported year-to-date 1993 net income of $13.3 (U.S. $10.4) million, or $0.41 (U.S. $0.32) per share, compared to $5.6 (U.S. $4.7) million, or $0.19 (U.S. $0.16) per share, reported in 1992.
 Sales for the three months ended September 30, 1993 were $140.0 (U.S. $107.8) million, a 32 per cent increase from the $105.9 (U.S. $88.2) million reported in the third quarter of 1992. Net income for the quarter was $5.5 (U.S. $4.3) million, or $0.17 (U.S. $0.13) per share, compared to $2.8 (U.S. $2.3) million, or $0.09 (U.S. $0.08) per share, reported in the third quarter of 1992.
 Premdor President and Chief Executive Officer Philip Orsino said the improvement in the Company's results is directly attributable to its U.S. operations. Eastern Canada continues to represent the weakest market for the company in North America. Despite a recession in Western Europe, Ekem S.A., Premdor's wholly owned subsidiary in France, continues to perform extremely well with strong earnings. The Company's exports to Mexico are growing and other export markets are improving significantly. Orsino added that the Company has experienced substantial growth through acquisitions and increased market share and is benefitting from both increased operating efficiencies and modest improvement in the demand for building products in the United States.
 "Premdor is poised to take advantage of improving markets for building products and we look forward to continued expansion and success in the future," said Orsino.
 Premdor Inc. is among the world's largest manufacturers and distributors of wood doors, steel doors and mouldings for residential construction, home repair and renovation and commercial use.
 PREMDOR INC.
 THIRD QUARTER 1993 HIGHLIGHTS
 Year-to-
 date nine
 months ended (Canadian dollars) (United States Dollars)
 September 30, 1993 1992 1993 1992
 Net Sales $395,537,000 $307,537,000 $309,013,000 $256,281,000
 Net income
 for the
 period $ 13,289,000 $ 5,640,000 $ 10,382,000 $ 4,700,000
 Net income
 per share
 for the
 period $ 0.41 $ 0.19 $ 0.32 $ 0.16
 Common Shares
 outstanding
 as at
 September
 30, 1993 32,593,192
 Third Quarter
 three months
 ended
 September 30, 1993 1992 1993 1992
 Net Sales $139,995,000 $105,874,000 $107,799,000 $ 88,228,000
 Net income
 for the
 period $ 5,533,000 $ 2,775,000 $ 4,275,000 $ 2,313,000
 Net income
 per share
 for the
 period $ 0.17 $ 0.09 $ 0.13 $ 0.08
 Second Quarter
 three months
 ended June 30, 1993 1992 1993 1992
 Net Sales $129,537,000 $107,929,000 $101,210,000 $ 88,617,000
 Net income
 for the
 period $ 4,584,000 $ 1,908,000 $ 3,590,000 $ 1,576,000
 Net income
 per share
 for the
 period $ 0.14 $ 0.06 $ 0.11 $ 0.05
 First Quarter
 three months
 ended March 31, 1993 1992 1993 1992
 Net Sales $126,005,000 $ 93,734,000 $100,004,000 $ 79,436,000
 Net income
 for the
 period $ 3,172,000 $ 957,000 $ 2,517,000 $ 811,000
 Net income
 per share
 for the
 period $ 0.10 $ 0.04 $ 0.08 $ 0.03
 -0- 11/03/93
 /CONTACT: Robert V. Tubbesing, Vice President and Chief Financial Officer of Premdor, 416-250-8933/
 (PI)


CO: Premdor Inc. ST: Ontario IN: SU: ERN

LG -- NY074 -- 0205 11/03/93 13:53 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:Nov 3, 1993
Words:636
Previous Article:DATAPOINT NAMES PRESIDENT
Next Article:UNIFORCE TEMPORARY PERSONNEL, INC. ANNOUNCES THIRD QUARTER RESULTS
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters