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ROHR ANNOUNCES EARNS OF 38 CENTS PER SHARE ON $283.9 MILLION OF SALES IN THE FIRST QUARTER

 CHULA VISTA, Calif., Nov. 24 ~PRNewswire~ -- Rohr (NYSE: RHR) today reported earnings per share of 38 cents on sales of $283.9 million for the fiscal year 1993 first quarter which ended Nov. 1. This compares with sales of $324.8 million for the same period in the previous year when per share earnings were 50 cents.
 "Reduced sales in the first quarter of this fiscal year are primarily a direct result of the slowdown in aircraft deliveries being experienced by the major airframe manufacturers," said Robert Goldsmith, chairman and chief executive officer. "The first quarter sales results are in line with our previously stated expectations that fiscal year 1993 sales for the company, although declining, are expected to be within 10 percent of the fiscal year 1992 levels." Commercial business was 88 percent of first quarter sales compared to 85 percent for the same period in the previous year.
 The company's operating margin was 7.7 percent of sales in the first quarter compared to 7.6 percent in the fourth quarter of fiscal year 1992 and 8.0 percent in the first quarter of fiscal year 1992.
 During the first quarter of fiscal year 1993, cash flows from operating and investing activities were used to reduce financings by approximately $18 million. Current quarter operating cash flows were negatively affected by the deferral of a customer's payments into the second quarter and delayed shipments resulting from subcontractors' delinquencies. Net interest for the quarter was $10.7 million compared to $12.1 million for the first quarter of fiscal year 1992.
 Continued cost reduction and improved productivity are the company's key focus for this fiscal year. "As indicated early in the fiscal year, we have reorganized and refocused the company into a customer-responsive organization of 30 profit and loss centers. This structure will ensure that everyone, at all levels in the company, will share in the direct responsibility for the company's profitability," said Goldsmith.
 Total backlog at the end of the first quarter remains substantial at $3.9 billion ($1.8 billion firm and $2.1 billion anticipated). Backlog at the end of the first quarter of the previous year was $4.6 billion ($1.8 billion firm and $2.8 billion anticipated). Subsequent to the end of the first quarter, Pratt & Whitney notified the company that it intends to hold discussions with Martin Marietta Corporation that would lead to a contract to procure the nacelles and thrust reversers for the PW4000 program which are presently produced by Rohr. Rohr currently has firm orders with Pratt & Whitney through September of 1994 for deliveries on the MD-11, A300 and A310 aircraft programs. The exact timing of a transfer of this program would be subject to negotiations with the customer. The decline in anticipated backlog reflects this event. The company has filed its form 10Q for the first quarter which discusses this matter in further detail.
 Rohr designs, integrates, manufactures and supports engine nacelle systems and components for commercial, military and business aircraft. The company also manufactures solid rocket motor casings and nozzles for the Titan IV launch vehicle. Rohr, headquartered in Chula Vista, Calif., has facilities in the United States and Europe.
 ROHR, INC. AND SUBSIDIARIES
 CONDENSED STATEMENTS OF EARNINGS
 ($000 except per share data)
 Quarter Ended
 11~01~92 11~03~91
 Sales $283,899 $324,766
 Costs and expenses 262,013 298,878
 Operating income 21,886 25,888
 Interest expense-net 10,696 12,053
 Income before taxes on income 11,190 13,835
 Taxes on income 4,420 5,050
 Net income $6,770 $8,785
 Net income per average share
 of common stock $0.38 $0.50
 Total common stock and equivalents 17,869 17,668
 Statistics (percent):
 Operating income to sales 7.7 8.0
 Effective tax rate 39.5 36.5
 Net income to sales 2.4 2.7
 ROHR, INC. AND SUBSIDIARIES
 CONDENSED BALANCE SHEETS ($000)
 11~01~92 7~31~92
 ASSETS
 Cash and short-term investments $23,432 $21,122
 Accounts receivable 138,911 133,153
 Inventories - net 873,690 832,977
 Prepaid expenses and other current assets 15,349 21,118
 Total current assets 1,051,382 1,008,370
 Property, Plant and Equipment - net 249,700 270,283
 Investment in Leases and Other Assets 85,044 85,305
 $1,386,126 $1,363,958
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Trade accounts and other payables $171,811 $162,638
 Other accrued liabilities 96,744 97,441
 Short-term debt 10,000 20,000
 Current portion of long-term debt 54,752 27,517
 Total Current Liabilities 333,307 307,596
 Long-Term Deferred Taxes on Income 42,659 43,458
 Long-Term Debt 489,583 525,077
 Other Obligations 64,094 38,961
 Shareholders' Equity 456,483 448,866
 $1,386,126 $1,363,958
 ROHR, INC. AND SUBSIDIARIES
 CONDENSED STATEMENTS OF CASH FLOWS ($000)
 Increase (Decrease) in Cash and Short-term Investments
 Quarter Ended
 11~01~92 11~03~91
 OPERATING ACTIVITIES:
 Net income $6,770 $8,785
 Depreciation and amortization 6,444 6,409
 Increase in receivables (5,758) (10,842)
 Increase in inventories (40,713) (16,585)
 Other 17,500 11,566
 Net cash used in operating activities (15,757) (667)
 INVESTING ACTIVITIES:
 Proceeds from sale-leaseback of assets 47,652 -
 Purchase of property, plant
 and equipment (11,885) (8,200)
 Other, including investment in leases (53) 2,393
 Net cash provided by (used in)
 investing activities 35,714 (5,807)
 FINANCING ACTIVITIES:
 Repayment of medium-term notes (10,000) (5,000)
 Net short-term borrowings (repayments) (10,000) (7,000)
 Net long-term borrowings (repayments) 1,601 9,622
 Other 752 3,140
 Net cash provided by (used in)
 financing activities (17,647) 762
 INCREASE (DECREASE) IN CASH
 AND SHORT-TERM INVESTMENTS 2,310 (5,712)
 CASH AND SHORT-TERM INVESTMENTS,
 BEGINNING OF YEAR 21,122 25,558
 CASH AND SHORT-TERM INVESTMENTS,
 END OF YEAR $23,432 $19,846
 -0- 11~24~92
 ~CONTACT: John Walsh of Rohr, 619-691-2808~
 (RHR)


CO: Rohr, Inc. ST: California IN: ARO SU: ERN

PS -- NY006 -- 0870 11~24~92 08:01 EST
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Date:Nov 24, 1992
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