Printer Friendly

RB&W CORPORATION CORRECTS SECOND QUARTER BALANCE SHEET

 MENTOR, Ohio, Aug. 20 /PRNewswire/ -- RB&W Corporation (AMEX: RBW) today issued a June 30, 1993, corrected balance sheet.
 The balance sheet corrects an error in the liability section of the balance sheet originally issued on July 26, 1993.
 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 income 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 income 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 $53,958 $41,779
 Long-term debt 9,477 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- 8/20/93
 /CONTACT: Murray J. Howe, vice-chairman of RB&W, 305-421-5036/
 (RBW)


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

KL -- CL010 -- 4722 08/20/93 14:30 EDT
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:Aug 20, 1993
Words:484
Previous Article:PHOENIX LASER SYSTEMS ESTIMATED YEAR-END AND FIRST AND 2ND QUARTER FINANCIALS
Next Article:WASHINGTON MUTUAL'S 'PUTT FOR EDUCATION' CONTEST RAISES NEARLY $46,000 FOR OREGON SCHOOLS
Topics:

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