SANFORD ANNOUNCES FOURTH QUARTER AND YEAR-END RESULTS
SANFORD ANNOUNCES FOURTH QUARTER AND YEAR-END RESULTS BELLWOOD, Ill., Jan. 21 /PRNewswire/ -- Sanford Corp. (NASDAQ: SANF)
today reported that for the fourth quarter ended Nov. 30, 1991, net sales increased 21 percent to $45.4 million from $37.6 million. Net income increased 15 percent to $8.4 million from $7.2 million. Earnings per share increased 17 percent to $.56 per share from $.48 per share in the comparable 1990 period.
For the year, net sales increased 7 percent to $147.9 million from $138.7 million. Net income decreased to $23.4 million or $1.56 per share from $24.2 million or $1.61 per share. Operating income for the fourth quarter increased to $12.7 million from $11.2 million. For the year, operating income decreased to $36.1 million from $38.5 million. Pre-tax income for the fourth quarter increased to $13.2 million from $11.8 million. For the year, pre-tax income decreased to $37.5 million from $39.4 million. Henry B. Pearsall, chairman and chief executive officer, said, "We were pleased with our excellent sales performance in the fourth quarter which represented a strong recovery from the strike-depressed levels of the third quarter." Pearsall continued, "For the year as a whole, increased investment spending in facilities and equipment to upgrade manufacturing processes, unfavorable dollar to yen ratios, product mix and competitive price pressures and the effects of the third-quarter strike made it difficult to achieve an earnings increase this year." Pearsall concluded, "Looking forward, our proposed merger with Newell Co. is on schedule and we look forward to the Feb. 14 shareholders meeting when our shareholders will be asked to vote upon the previously announced transaction. We look forward to joining the Newell Co. family of companies and are enthusiastic about the benefits and opportunities that will be derived from being part of an outstanding company such as Newell." Sanford Corp. designs, manufactures and markets under its brand names Sanford and Sterling, marking and writing instruments and other office and school supplies. The company's product lines, which include a variety of markers, porous tip pens, stamp pads, self-inking stamps, adhesives, molded plastic office accessories, file storage boxes and other school supplies, are distributed primarily in the United States and also in numerous foreign countries. SANFORD CORP. AND SUBSIDIARIES Summaries of Consolidated Income (in thousands, expect per share amounts) Periods ended Fourth quarter 12 months Nov. 30 1991 1990 1991 1990 NET SALES $45,380 $37,553 $147,899 $138,675 Cost of Products Sold 22,996 16,709 76,389 66,148 GROSS PROFIT 22,384 20,844 71,510 72,527 Shipping, Selling Administrative and General Expenses 9,703 9,626 35,441 34,051 OPERATING INCOME 12,681 11,218 36,069 38,476 Other Income--Net (197) (215) (357) (447) Interest Expense 0 20 28 115 Interest Income (307) (340) (1,102) (605) INCOME BEFORE TAXES 13,185 11,753 37,500 39,413 Income Taxes 4,830 4,514 14,068 15,261 NET INCOME $8,355 $7,239 $23,432 $24,152 PER COMMON SHARE $0.56 $0.48 $1.56 $1.61 AVERAGE SHARES OUTSTANDING 15,008 14,937 14,989 14,967 -0- 1/21/92 /CONTACT: Henry B. Pearsall, chairman and chief executive officer of Sanford, 708-547-6650/ (SANF) CO: Sanford Corp. ST: Illinois IN: SU: ERN SH -- NY015 -- 1640 01/21/92 08:55 EST
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|Date:||Jan 21, 1992|
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