Printer Friendly

REYNOLDS METALS COMPANY REPORTS 1991 EARNINGS

 REYNOLDS METALS COMPANY REPORTS 1991 EARNINGS
 RICHMOND, Va., Jan. 15 /PRNewswire/ -- Reynolds Metals


Company (NYSE: RLM) today reported 1991 fourth quarter net income of $23.7 million or 40 cents per share. This compares with $15.1 million or 25 cents per share in the fourth quarter of 1990, which included an after tax charge of $93.9 million or $1.59 per share for various anticipated environmental costs.
 Revenues for the final 1991 quarter totaled $1.45 billion compared with $1.60 billion in the fourth quarter of 1990.
 For the full year 1991, the company reported net income of $154.1 million or $2.60 per share on revenues of $5.78 billion, compared with $296.6 million or $5.01 per share after the special charge on revenues of $6.08 billion.
 The 1990 fourth quarter results also included a $6.4 million pre-tax benefit from LIFO inventory liquidations and a $6.4 million gain on the sale of investments.
 William O. Bourke, chairman and chief executive officer, said, "The disappointing results are attributable to the obstinate recession and a worldwide oversupply of aluminum which has pushed prices, in real terms, to their lowest levels ever.
 "Despite our record shipments of aluminum and continuing cost reduction efforts," Mr. Bourke stated, "margins were eroded by the severely depressed prices for aluminum ingot and for many fabricated aluminum products.
 "Our strategy of emphasizing our consumer and packaging businesses helped the company to achieve a profitable year despite the adverse pricing situation in aluminum.
 "While we fully expect 1992 to be a profitable year, the situation could get worse before it gets better, since the first quarter is traditionally our poorest for seasonal reasons and since a significant improvement in aluminum prices is not likely until later in the year," Mr. Bourke said.
 "In the meantime," he said, "we should see increasing benefits in quality and cost-efficiencies as a result of our companywide $3 billion improvement and expansion program, virtually completed last year."
 Reynolds aluminum shipments in the fourth quarter were 381,100 metric tons compared with 382,500 in the fourth quarter of 1990. For the year, total shipments were 1.47 million metric tons compared with 1.42 million the previous year.
 Following is a tabulation of the company's results:
 Reynolds Metals Company
 Quarter ended Year ended
 December 31 December 31
 (In millions, except per share amounts)
 1991 1990 1991 1990
 Net sales $1,429.3 $1,578.4 $5,730.1 $6,022.4
 Equity,
 interest and
 other
 income 16.9 19.8 54.4 53.3
 TOTAL
 REVENUES 1,446.2 1,598.2 5,784.5 6,075.7
 Cost of
 products
 sold 1,213.1 1,275.0 4,760.2 4,823.4
 Selling/
 administrative/
 general
 expenses 98.2 90.6 378.0 370.1
 Depreciation
 and
 amortization 68.6 56.2 265.1 214.2
 Interest
 expense 40.5 29.0 160.9 96.1
 Provision for
 estimated
 environmental
 costs -- 150.0 -- 150.0
 TOTAL COSTS
 AND
 EXPENSES 1,420.4 1,600.8 5,564.2 5,653.8
 Income (loss)
 before
 income
 taxes 25.8 (2.6) 220.3 421.9
 Taxes on
 income
 (credit) 2.1 (17.7) 66.2 125.3
 NET INCOME $23.7 $15.1 $154.1 $296.6
 Average shares
 outstanding 59.4 59.2 59.3 59.1
 PRIMARY EARNINGS
 PER SHARE $0.40 $0.25 $2.60 $5.01
 Cash dividends
 per common
 share $0.45 $0.45 $1.80 $1.80
 Aluminum Product Shipments
 (In thousands of metric tons)
 Quarter Year
 1991 1990 1991 1990
 Primary 85.7 82.7 307.8 233.2
 Secondary and
 Miscell-
 aneous 28.0 39.7 120.3 126.0
 Fabricated 267.4 260.1 1,041.2 1,060.9
 All Other -- -- -- --
 Total 381.1 382.5 1,469.3 1,420.1
 Dollar Sales by Product
 (In millions)
 Quarter Year
 1991 1990 1991 1990
 Primary $109.3 $150.0 $426.2 $404.4
 Secondary and
 Miscell-
 aneous 31.9 57.7 151.7 189.1
 Fabricated 972.3 1,034.1 3,940.9 4,186.8
 All Other 315.8 336.6 1,211.3 1,242.1
 Total $1,429.3 $1,578.4 $5,730.1 $6,022.4
 -0- 1/15/92
 /CONTACT: R. Terry Olbrysh of Reynolds Metals Company at 804-281-2965 or home at 804-560-3267/
 (RLM) CO: Reynolds Metals ST: Virginia IN: MNG SU: ERN


CM -- CH007 -- 0092 01/15/92 15:03 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 15, 1992
Words:755
Previous Article:MORRISON KNUDSEN-SPONSORED JOINT VENTURE RECEIVES CERTIFICATION FOR FIRST COMMERCIAL DIOXIN INCINERATOR IN NORTH AMERICA
Next Article:HORIZON INDUSTRIES ANNOUNCES FIRST QUARTER RESULTS
Topics:


Related Articles
COMMERCIAL METALS REPORTS FIRST QUARTER EARNINGS OF $2.8 MILLION
REYNOLDS METALS DECLARES QUARTERLY DIVIDEND
TRINITY INDUSTRIES REPORTS RESULTS
NEGOTIATIONS FOR SALE OF REYNOLDS METALS SUBSIDIARY DISCONTINUED
COMMERCIAL METALS COMPANY REPORTS EARNINGS OF $12.5 MILLION
REYNOLDS METALS ESTABLISHES RECORD RECYCLING TOTALS IN 1992
ZEMEX CORPORATION ANNOUNCES FOURTH QUARTER RESULTS
REYNOLDS METALS REPORTS THIRD QUARTER RESULTS
DCR MAINTAINS REYNOLDS METALS DEBT RATINGS
Reynolds Metals Company Reports Third-Quarter Results

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