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RB&W CORPORATION ANNOUNCES INCREASED SECOND QUARTER PROFITABILITY ON IMPROVED SALES AND RECORD DISTRIBUTION DIVISION PERFORMANCE

 MENTOR, Ohio, July 26 /PRNewswire/ -- RB&W Corporation (AMEX: RBW) today announced improved profitability on increased sales, with a continuing strong performance from its Distribution Division.
 Net sales for second quarter 1993 increased 5.3 percent to $49,909,000 as compared to $47,397,000 for 1992. Net income of $1,059,000 ($.18 per share) for 1993 compares to a net income of $888,000 ($.16 per share).
 Net sales for the first half of 1993 were $100,692,000, up 10.1 percent from last year's net sales of $91,459,000. Net income for the first six months of 1993 was $2,094,000, or $.36 per share, compared to the 1992 net loss of $2,490,000, or $.45 loss per share, reflecting a retroactive charge for retiree benefits and a change in inventory accounting.
 Ronald K. Leirvik, chief executive officer, said: "The distribution segment set record quarterly sales and profits as the division continued to attract new major accounts with its Total Fastening Service (TFS) capability."
 RB&W Corporation is a leading industrial company engaged in the manufacture and distribution of cold formed parts. With 148 years of experience, it remains one of the largest companies in the fastener industry.
 RB&W CORPORATION
 Consolidated Sales and Earnings Results
 (Unaudited)
 Dollars in Thousands, For the three months ended
 except per share June 30, June 27,
 1993 1992(A)
 Net Sales $49,909 $47,397
 Cost of goods sold 43,612 41,344
 Selling, general and administrative
 expenses 4,193 4,084
 Interest expense, net 936 891
 Other (income) expense, net (74) 42
 Income before taxes and effect of
 accounting change 1,242 1,036
 Provision for income taxes 183 148
 Income before effect of accounting change 1,059 888
 Effect of accounting change for
 postretirement benefits --- ---
 Net income (loss) $ 1,059 $ 888
 Weighted average shares of common
 stock 5,876,461 5,564,577
 Earnings per share:
 Income before effect of accounting
 change $ .18 $ .16
 Effect of accounting change --- ---
 Net income (loss) $ .18 $ .16
 Dollars in Thousands, For the six months ended
 except per share June 30, June 27,
 1993 1992(A)
 Net Sales $100,692 $91,459
 Cost of goods sold 87,314 79,350
 Selling, general and administrative
 expenses 8,553 8,405
 Interest expense, net 1,935 1,683
 Other (income) expense, net 412 283
 Income before taxes and effect of
 accounting change 2,478 1,738
 Provision for income taxes 384 294
 Income before effect of accounting change 2,094 1,444
 Effect of accounting change for
 postretirement benefits --- (3,934)
 Net income (loss) $ 2,094 $(2,490)
 Weighted average shares of common
 stock 5,845,512 5,553,936
 Earnings per share:
 Income before effect of accounting
 change $ .36 $ .26
 Effect of accounting change --- (.71)
 Net income (loss) $ .36 $ (.45)
 Condensed Consolidated Balance Sheet
 (Unaudited)
 Dollars in Thousands June 30, June 27,
 1993 1992(A)
 ASSETS
 Current assets $67,972 $67,206
 Property, plant and equipment, net 15,083 16,771
 Other assets 10,491 10,075
 Total $93,546 $94,052
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities $32,435 $41,779
 Long-term debt 31,000 11,882
 Other long-term liabilities 10,000 8,897
 Stockholders' equity 20,111 31,494
 Total $93,546 $94,052
 (A) 1992 amounts have been restated to reflect the adoption as of Jan. 1, 1992, of FAS No. 106 on postretirement benefits, FAS No. 109 on accounting for income taxes and a change in inventory costing method.
 -0- 7/26/93
 /CONTACT: Murray J. Howe, vice-chairman, RB&W, 305-421-5036/
 (RBW)


CO: RB&W Corporation ST: Ohio IN: MAC SU: ERN

KL -- CL019 -- 5789 07/26/93 14:51 EDT
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Publication:PR Newswire
Date:Jul 26, 1993
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