Printer Friendly

ROHR REPORTS FOURTH QUARTER EARNINGS OF $9.3 MILLION

 ROHR REPORTS FOURTH QUARTER EARNINGS OF $9.3 MILLION
 CHULA VISTA, Calif., Sept. 14 /PRNewswire/ -- Rohr, Inc.


(NYSE: RHR), today reported fourth quarter sales of $349.2 million with a net profit of $9.3 million or 52 cents per share for the fourth quarter which ended July 31, 1992.
 Sales for the fourth quarter were down 14 percent over fiscal year 1991's fourth quarter of $405.1 million and fiscal year 1992 annual sales are down 8 percent from fiscal year 1991. Commercial sales amounted to 86 percent with government sales the remaining 14 percent for fiscal year 1992. Operating profit was $26.5 million.
 Cash flow from operations during the fourth quarter was a positive $45.7 million and was a positive $110.3 million for full fiscal year 1992. The improvement in cash flow from operations for the 12 months of fiscal year 1992 compared to the 12 months of fiscal year 1991 is over $170 million. A significant portion of fiscal year 1992 operating cash flows, particularly during the fourth quarter, resulted from the final settlement of various engineering change packages as well as improved payment terms on McDonnell Douglas programs which included deferred payments from fiscal year 1991 to fiscal year 1992.
 "I'm particularly pleased that we have been able to reduce our total financings by $79 million dollars during fiscal year 1992," said Robert H. Goldsmith, chairman and chief executive officer. "The stability of our customers' requirements as well as our ability to focus on reducing costs while still serving our customers' needs and delivering on time will be the key elements in providing the cash necessary for future debt reduction," he said.
 Commercial orders of $408 million were received during the fourth quarter. Government orders amounted to a net reduction of $75 million during the fourth quarter as a result of the termination notice for default on the government spares program for C-5 pylons. Total backlog at the end of the fourth quarter remained substantial at $4.2 billion ($1.9 billion firm and $2.3 billion anticipated).
 Rohr designs, integrates, manufactures and supports aircraft engine nacelle systems and components for commercial, military and business aircraft. Rohr, headquartered in Chula Vista, Calif., has facilities in the United States and Europe.
 ROHR, INC. AND SUBSIDIARIES
 Condensed Statement of Earnings
 ($000 except per share data)
 Periods ended: Quarter Year
 July 31 1992 1991 1992 1991
 Sales $349,207 $405,133 $1,279,656 $1,385,086
 Costs and expenses 322,702 373,299 1,234,098 1,284,508
 Operating income 26,505 31,834 45,558 100,578
 Interest expense-net 9,807 14,108 63,373 53,701
 Income (loss) before
 taxes on income 16,698 17,726 (17,815) 46,877
 Taxes (benefit) on
 income 7,440 6,510 (19,270) 16,360
 Net income 9,258 11,216 1,455 30,517
 Net income per
 average share of
 common stock $0.52 $0.64 $0.08 $1.74
 Total common stock
 and equivalents 17,749 17,566 17,710 17,525
 Statistics (percent):
 Operating income to
 sales 7.6 7.9 3.6 7.3
 Effective tax rate 44.6 36.7 (108.2) 34.9
 Net income to sales 2.7 2.8 0.1 2.2
 ROHR, INC. AND SUBSIDIARIES
 Condensed Balance Sheets ($000)
 July 31: 1992 1991
 ASSETS
 Cash and short-term investments $21,122 $25,558
 Accounts receivable 133,153 173,018
 Inventories - net 832,977 838,967
 Prepaid expenses and other current assets 21,118 15,557
 Total current assets 1,008,370 1,053,100
 Property, Plant and Equipment - net 270,283 237,434
 Investment in Leases and Other Assets 85,305 120,964
 Total $1,363,958 $1,411,498
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Trade accounts and other payables $162,638 $139,075
 Other accrued liabilities 97,441 107,601
 Short-term debt 20,000 77,000
 Current portion of long-term debt 27,517 16,904
 Total Current Liabilities 307,596 340,580
 Deferred Taxes on Income 43,458 52,380
 Long Term Debt 525,077 542,166
 Other Obligations 38,961 34,971
 Shareholders' Equity 448,866 441,401
 Total $1,363,958 $1,411,498
 ROHR, INC. AND SUBSIDIARIES
 Condensed Statements of Cash Flows ($000)
 Increase (Decrease) in Cash and Short-term Investments
 Periods ended: Quarter Year
 July 31 1992 1991 1992 1991
 OPERATING ACTIVITIES:
 Net income $9,258 $11,216 $1,455 $30,517
 Depreciation and
 amortization 7,453 6,982 27,855 27,721
 Decrease (increase)
 in receivables 15,055 (12,035) 53,174 (38,791)
 Decrease (increase)
 in inventories 12,796 37,240 5,990 (31,122)
 Other 1,108 (18,709) 21,868 (51,095)
 Net cash provided by
 (used in) operating
 activities 45,670 24,694 110,342 (62,770)
 Investing activities:
 Purchase of property,
 plant and equipment (25,619) (9,461) (62,933) (32,383)
 Other, including
 leases 18,298 10,921 21,789 13,528
 Net cash provided by
 (used in) investing
 activities (7,321) 1,460 (41,144) (18,855)
 Financing activities:
 Issuance of medium-
 term notes
 (repayment) -- -- (5,000) 50,000
 Short-term borrowings (40,000) (13,000) (57,000) 17,000
 Long-term borrowings 2,846 (16,696) (1,890) 18,117
 Other (18,619) (30) (9,744) (3,452)
 Net cash provided by
 (used in) financing
 activities (55,773) (29,726) (73,634) 81,665
 Increase (decrease) in
 cash and short-term
 investments (17,424) (3,572) (4,436) 40
 Cash and short-term
 investments, beginning
 of year 38,546 29,130 25,558 25,518
 Cash and short-term
 investments, end of
 year 21,122 25,558 21,122 25,558
 -0- 9/14/92
 /CONTACT: John Walsh of Rohr, Inc., 619-691-2808/
 (RHR) CO: Rohr Inc. ST: California IN: ARO SU: ERN


TS -- NY011 -- 8891 09/14/92 08:26 EDT
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:Sep 14, 1992
Words:972
Previous Article:APPLE LAUNCHES MACINTOSH PERFORMA LINE, NEW COMPUTERS DESIGNED FOR FAMILIES; FEATURES APPLE'S FIRST MACINTOSH WITH BUILT-IN CD-ROM OPTION
Next Article:NATURAL MICROSYSTEMS ANNOUNCES SECOND ANNUAL MVIP DEVELOPER'S CONFERENCE BOSTON, MASSACHUSETTS OCTOBER 13,14, & 15, 1992
Topics:


Related Articles
ROHR SALES, EARNINGS ANNOUNCED FOR SECOND QUARTER
ROHR EARNS 16 CENTS PER SHARE ON $342.1 MILLION OF SALES IN THE SECOND QUARTER
ROHR REPORTS PRELIMINARY FOURTH QUARTER RESULTS
ROHR ANNOUNCES FIRST QUARTER RESULTS
ROHR REPORTS YEAR END AND FOURTH QUARTER RESULTS
Rohr Reports Year End and Fourth Quarter Results
Rohr Reports First Quarter Results
Rohr Reports Fourth Quarter and Year End Results
Rohr Reports First Quarter Results

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters