RYKOFF-SEXTON REPORTS RESULTS
RYKOFF-SEXTON REPORTS RESULTS LOS ANGELES, June 23 /PRNewswire/ -- Rykoff-Sexton Inc.
(NYSE: RYK) today reported that income before a non-recurring extraordinary item totaled $12,616,000, equal to $1.09 per share, for the fiscal year ended May 2, 1992, compared with $13,823,000, or $1.19 per share, for the prior year. After the extraordinary item, net income for fiscal 1992 amounted to $10,006,000, or $.86 per share. Sales for fiscal 1992 rose to $1,519,010,000 from $1,461,620,000 for the corresponding prior-year period.
For the fourth fiscal quarter ended May 2, 1992, net income amounted to $2,811,000, equal to $.24 per share, compared with $3,547,000, or $.31 per share, a year earlier. Sales for the fourth quarter advanced to $377,957,000 from $365,269,000 last year. The company said the results for the year and fourth quarter were due to the underperformance of its West Coast operations, which were affected by the sluggish economy, particularly in California and Arizona. The corporation's other divisions posted gains in sales and operating results. Rykoff-Sexton Inc. is a leading manufacturer and distributor of food and related products for restaurants, institutions and membership warehouse stores nationwide, as well as the country's largest restaurant equipment, supply, contract and design company. Manufacturing, processing and packaging operations are based in Los Angeles; Indianapolis; Englewood, N.J.; Brooklyn, N.Y.; and Des Moines, Iowa. The company's 31 distribution centers are located throughout the United States. RYKOFF-SEXTON INC. Condensed Consolidated Statements of Income For the fiscal year ended May 2, April 27, 1992 1991 Net sales $1,519,010,000 $1,461,620,000 Income before provision for income taxes and extraordinary item 21,026,000 23,037,000 Provision for income taxes 8,410,000 9,214,000 Income before extraordinary item 12,616,000 13,823,000 Extraordinary item, net of income taxes (2,610,000) N/A Net income 10,006,000 13,823,000 Earnings per share: Income before extraordinary item $1.09 $1.19 Extraordinary item (.23) N/A Net income $.86 $1.19 Weighted average number of shares outstanding 11,617,435 11,611,875 For the fourth quarter ended May 2, April 27, 1992 1991 Net sales $377,957,000 $365,269,000 Income before provision for income taxes and extraordinary item 4,685,000 5,910,000 Provision for income taxes 1,874,000 2,363,000 Income before extraordinary item 2,811,000 3,547,000 Extraordinary item, net of income taxes N/A N/A Net income 2,811,000 3,547,000 Earnings per share: Income before extraordinary item $.24 $.31 Extraordinary item N/A N/A Net income $.24 $.31 Weighted average number of shares outstanding 11,622,364 11,560,950 -0- 6/23/92 /CONTACT: Roger W. Coleman, president of Rykoff-Sexton, 213-622-4131; or Roger S. Pondel of Pondel Parsons & Wilkinson, 310-207-9300, for Rykoff-Sexton/ (RYK) CO: Rykoff-Sexton Inc. ST: California IN: FOD SU: ERN JL-KJ -- LA002 -- 2697 06/23/92 09:01 EDT
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|Date:||Jun 23, 1992|
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