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ROBERTSON-CECO REPORTS FOURTH QUARTER AND FULL YEAR 1991 RESULTS AND RESTRUCTURING ACTIONS

 ROBERTSON-CECO REPORTS FOURTH QUARTER AND FULL YEAR 1991 RESULTS
 AND RESTRUCTURING ACTIONS
 PITTSBURGH, Feb. 28 /PRNewswire/ -- Robertson-Ceco Corporation (NYSE: RHH) today reported a fourth quarter 1991 net loss of $81.9 million, or $5.65 per share, on revenues of $190 million.
 This compares to a fourth quarter 1990 net loss of $4.8 million, or 43 cents per share, on revenues of $192.6 million.
 For the full year 1991, Robertson-Ceco Corporation reported a net loss of $124.8 million, or $8.63 per share, on revenues of $651.5 million. This compares to a 1990 net loss of $12.7 million, or $1.71 per share, on revenues of $551.9 million. Reported revenues for 1991 exclude $157.8 million of sales related to the door businesses, which are reported net as part of discontinued operations due to the sale of this business segment. The 1991 results reflect the combined operations of the corporation following the acquisition of Ceco Industries, Inc., in Novemeber 1990, while the 1990 data reflect the combined operations only for the last two months of the year. Both periods have been restated to reflect the door businesses as discontinued operations.
 Commenting on this year's results, John J. O'Malley, president and chief executive officer of Robertson-Ceco, said, "The company faced challenging conditions in 1991 in all of its businesses. These conditions led us to the difficult decision of divesting our door and certain domestic wall system businesses. The divestiture, in early 1992, was the first step in an overall plan to stabilize and strengthen the company near-term and improve Robertson-Ceco's financial health." As previously reported, proceeds from the sale are critical in supporting Robertson-Ceco's on-going businesses and in dealing with certain on-going liabilities excluded from the sale.
 Both the fourth quarter and full year results include a loss of $42 million, or $2.90 per share, in connection with asset dispositions. Of this amount, losses of $16.6 million and $12.2 million were recorded in connection with the early 1992 sale of Robertson-Ceco's door businesses and certain of the domestic wall system businesses, respectively. These losses consist predominantly of the write-off of goodwill associated with the disposed assets, costs related to the transaction, and the recognition of liabilities excluded from the sale.
 Also, the fourth quarter 1991 results include a $12.4 million loss in connection with the planned disposition of a foreign subsidiary. Of this amount, approximately $11 million relates to foreign exchange translation losses already recorded in equity through the foreign currency translation account. Accordingly, net equity was not reduced by this portion of the loss.
 During the fourth quarter an additional $21.6 million restructuring charge was taken, bringing the total restructuring charges for the year to $34.8 million, or $2.40 per share. This charge reflects the estimated cost of actions planned and taken in connection with further rationalization and downsizing of business segments worldwide, including personnel reductions, plant closings and consolidation of certain manufacturing and sales functions. As part of this broad-based restructuring, Robertson-Ceco also announced that it will relocate its headquarters to Boston and downsize the corporate staff, effective May 15, 1992.
 O'Malley said, "1992 will be a year of transition for Robertson-Ceco. Our business units will continue the process of cost reduction. In addition, we will need to revamp our capital structure so that we can fully stabilize the company and provide a strong foundation for future growth."
 O'Malley further explained that the restructuring actions, while provided for in the 1991 financial statements, will take most of 1992 to implement. Substantial continuing cash demands will come from on-going operations, liabilities excluded from the divestitures, restructuring actions and the support required for significant on-going letters of credit. In view of these cash demands, Robertson-Ceco is studying ways to restructure long-term debt, particularly its subordinated debt.
 Concurrently, Robertson-Ceco announced that in anticipation of the relocation of its corporate office, the following officers have resigned effective immediately: J.R. Douglass, executive vice president and president of Robertson-Ceco Building Products; T.P. Lawton III, vice president and general counsel; and R.C. Hawkins, vice president, Human Resources. Additionally, the corporation's present chief financial officer, the controller and the secretary will not be relocating but will continue in office until May 15. O'Malley stated that a new, smaller management group would be recruited to provide the basis for Robertson-Ceco's future development.
 Robertson-Ceco Corporation provides products and services to the construction industry worldwide.
 ROBERTSON-CECO CORPORATION
 Condensed Consolidated Statement of Income
 (Unaudited)
 (Amounts in thousands, except per share data)
 Period Ended Three Months Year
 Dec. 31 1991 1990 1991 1990
 Revenues $189,965 $192,563 $651,453 $551,905
 Net restructuring
 expense/(income) 21,636 (150) 34,776 (2,105)
 Income/(loss) from continuing
 operations before taxes (62,470) (1,705)(107,003) (8,186)
 Provision for taxes 671 1,110 2,030 2,552
 Income/(loss) from continuing
 operations (63,141) (2,815)(109,033) (10,738)
 Income/(loss) from
 discontinued operations (18,743) (1,944) (15,769) (1,944)
 Net income/(loss) (81,884) (4,759)(124,802) (12,682)
 Income/(loss) per common share:
 Continuing operations $(4.36) $(0.26) $(7.54) $(1.45)
 Discontinued operations $(1.29) $(0.17) $(1.09) $(0.26)
 Total $(5.65) $(0.43) $(8.63) $(1.71)
 Average number of common
 shares outstanding 14,517 11,110 14,489 7,547
 -0- 2/28/92
 /CONTACT: John J. O'Malley, president and CEO of Robertson-Ceco, 412-281-3200/
 (RHH) CO: Roberston-Ceco Corporation ST: Pennsylvania IN: CST SU: ERN


DM -- PG012 -- 3844 02/28/92 16:01 EST
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Date:Feb 28, 1992
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