ROBERTSON-CECO REPORTS THIRD QUARTER RESULTS
ROBERTSON-CECO REPORTS THIRD QUARTER RESULTS PITTSBURGH, Nov. 14 /PRNewswire/ -- Robertson-Ceco Corporation
(NYSE: RHH) today reported a third quarter 1991 net loss of $22,216,000 or $1.54 per share on revenues of $200,744,000.
This compares to third quarter 1990 net income of $465,000 or $.06 per share on revenues of $125,488,000. Third quarter 1991 results include a restructuring charge of $10,140,000 or $.70 per share and a loss from discontinued operations of $5,164,000 or $.36 per share. During the first nine months of 1991, Robertson-Ceco Corporation incurred a net loss of $42,918,000 or $2.98 per share compared with a net loss of $7,923,000 or $1.28 per share during the same period of 1990. Revenues for the first three quarters of 1991 were $577,830,000 compared with $359,342,000 for the same period in 1990. The 1991 results reflect the combined operations of the company following the acquisition of Ceco Industries, Inc. in November 1990, while the 1990 data reflect only the results of the former H.H. Robertson Company. "With the recessionary conditions prevailing in the markets served by our four operating companies, Robertson-Ceco did not see any meaningful improvement during the third quarter," said Jack Hatcher, chairman. "In recent months, the management team has continued an intensive analysis of market conditions and developed strategies aimed at enabling the corporation to operate profitably, even under a continuation of these extraordinary circumstances. The third quarter 1991 restructuring charge reflects the estimated cost of actions taken to date and primarily relates to further downsizing in the Building Products, Metal Buildings and Concrete business operations through personnel reduction, temporary plant closings and consolidation of certain manufacturing and sales functions." Third quarter 1991 results also included a $4.2 million charge to discontinued operations resulting from the settlement of a lawsuit in the United Kingdom. As previously reported, the settlement also resulted in a $3 million cash payment to the corporation. The settlement was prompted by Robertson-Ceco's concern regarding future financial viability of the British developer involved, as well as the desire to avoid further expense and disruption associated with protracted litigation. In looking forward, Hatcher noted that the corporation cannot count on improved market conditions in the near term and must continue to pursue significant financial and operational restructuring options. In this regard, Robertson-Ceco has retained investment advisors to assist in evaluating various strategic financial alternatives. "We are confident that successful plans to deal with the unfortunate market conditions in which we operate will be forthcoming and will likely encompass further rationalization of operations, divestiture of certain foreign and domestic companies and other actions designed to improve liquidity and strengthen our financial condition," Hatcher said. "Although no final determinations have been made, some of these actions, if implemented, could result in further significant charges to earnings." Robertson-Ceco Corporation provides products and services to the construction industry worldwide. Its four primary operating companies produce building products, metal buildings and door products, and provide concrete construction services. ROBERTSON-CECO CORPORATION Consolidated Statement of Income (Unaudited; in thousands, except per-share data) Periods ended Three months Nine months Sept. 30 1991 1990 1991 1990 Revenues $200,744 $125,488 $577,830 $359,342 Restructuring expense (income)-net 10,140 --- 13,140 (1,955) Income (loss) from continuing operations before taxes on income (16,293) 975 (36,395) (6,481) Provision for taxes on income 759 510 1,359 1,442 Income (loss) from continuing operations (17,052) 465 (37,754) (7,923) Loss from discontinued operations (5,164) --- (5,164) --- Net income (loss) (22,216) 465 (42,918) (7,923) Income (loss) per common share: Continuing operations ($1.18) $.06 ($2.62) ($1.28) Discontinued operations (.36) --- (.36) --- Total (1.54) .06 (2.98) (1.28) Average number of common shares outstanding 14,499 6,351 14,480 6,346 -0- 11/14/91 /CONTACT: Thomas D. Cunningham of Ketchum Public Relations, 412-456-3866, for Robertson-Ceco, or Camillo J. DiFrancesco of Robertson-Ceco, 412-281-3200/ (RHH) CO: Robertson-Ceco Corporation ST: Pennsylvania IN: CST SU: ERN KA-MK -- PG008 -- 4546 11/14/91 16:02 EST
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|Date:||Nov 14, 1991|
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