ROYAL APPLIANCE MFG. CO. REPORTS RESULTS
ROYAL APPLIANCE MFG. CO. REPORTS RESULTS CLEVELAND, Feb. 18 /PRNewswire/ -- Royal Appliance Mfg. Co.
(NASDAQ: RVAC), maker of Dirt Devil(R) vacuum cleaners, today reported that net sales for the year ended Dec. 31, 1991 were $273,302,000, up 128 percent from $120,117,000 reported last year. The increase was primarily a result of sales of the Dirt Devil(R) Upright(TM) and the Dirt Devil(R) Hand-Vac(TM).
Income before taxes for the year ended Dec. 31, 1991 was up 288 percent to $45,416,000, as compared to $11,714,000 for the prior year. Pro forma(A) net income for the year ended Dec. 31, 1991 was up 299 percent to $27,379,000, as compared to $6,861,000 for last year. Pro forma earnings per share were $2.17 for the year ended Dec. 31, 1991, compared to $.54 for last year. Net sales for the fourth quarter of 1991, ended Dec. 31, were $112,191,000, up 110 percent from $53,309,000 in the corresponding quarter last year. Income before taxes for the fourth quarter ended Dec. 31, 1991, was $22,386,000, up 221 percent from last year's $6,970,000. For the fourth quarter ended Dec. 31, 1991, pro forma net income was $13,362,000, up 209 percent from last year's $4,319,000. Pro forma earnings per share were $1.06 for the fourth quarter compared to $.34 a year earlier. The company completed its initial public offering in August 1991. The offering was co-managed by Goldman, Sachs & Co. and Smith Barney, Harris Upham & Co. The company develops, assembles and markets a full line of vacuum cleaners for home and commercial use under the Dirt Devil(R) and Royal(R) brand names. In 1984, the company introduced its first bright red Dirt Devil(R) Hand-Vac(TM) through mass retail. That original Dirt Devil(R) has since become the market leader in corded hand-held vacuum cleaners and has grown into a full line of various Dirt Devil(R) products. The company's executive offices are located at 650 Alpha Drive, Cleveland. Comparative Financial Results 1991 1990 12 months to December 31 Net sales $273,302,000 $120,117,000 Net income (pro forma)(A) $27,379,000 $6,861,000 Per share (pro forma)(A) $2.17 $.54 3 months to December 31 Net sales $112,191,000 $53,309,000 Net income (pro forma)(A) $13,362,000 $4,319,000 Per share (pro forma)(A) $1.06 $.34 (A) -- For the period ending Jan. 1, 1987 through Aug. 8, 1991, the company elected to be treated as an S corporation for income tax purposes and, as a consequence, paid no federal or state income taxes. The pro forma amounts for the three and 12 months ended Dec. 31, 1991 and 1990 reflect a pro forma tax provision as if the company had been a C corporation for income tax purposes, and assumes 12,600,000 shares were outstanding, throughout all such periods. -0- 2/18/92 /CONTACT: R.R. Goebel, vice president-finance, 216-449-6150, ext. 232; or R.G. Vasek, assistant controller, 216-449-6150, ext. 501, both of Royal Appliance Mfg. Co./ (RVAC) CO: Royal Appliance Mfg. Co. ST: Ohio IN: SU: ERN
SM -- CL003 -- 9780 02/18/92 09:25 EST
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|Date:||Feb 18, 1992|
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