Printer Friendly

SCOTTISH HERITABLE, INC. REPORTS PROGRESS DURING 1991 DESPITE DIFFICULT MARKET CONDITIONS

 SCOTTISH HERITABLE, INC. REPORTS PROGRESS DURING 1991
 DESPITE DIFFICULT MARKET CONDITIONS
 FAIRFAX, Va., April 6 /PRNewswire/ -- Scottish Heritable, Inc. (NASDAQ: SHER) reports the company made significant progress during fiscal year 1991 despite difficult market conditions.
 "For the first time in ten years, all of our plants made a profitable contribution to general corporate and interest expenses," said Peter C. Timms, Scottish Heritable, Inc.'s chief executive officer. "Although 1992 looks to be another challenging year, we expect to make further progress, and the company is extremely well placed to benefit from an upturn in the economy."
 Costs related to the exploration of various alternatives to resolve the company's debt problem, along with severance payments incurred in the removal of a strata of management, totalled $836,000. Without these costs, Scottish Heritable, Inc. would have reported a profit from continuing operations of $412,000. After deducting these costs the company reported a net loss of $424,000 from continuing operations, which represents improvements of $1,513,000 over 1990 and $13,940,000 over the 12 months ended Dec. 31, 1989.
 Losses from discontinued operations were $550,000 in 1991, compared to $325,000 in 1990. Overall, a net loss of $974,000 ($.25 per share) is reported for 1991, an improvement of $1,288,000 ($.34 per share) over 1990 and $15,440,000 ($4.01 per share) over the comparable result for the 12 months ended Dec. 31, 1989.
 Sales revenues at Corson, the company's aggregates/dolomitic lime plant, decreased by 22 percent in 1991, reflecting a comparable decline in market demand. Despite this decline, profits from this facility were only some $100,000 less than 1990.
 Overall, sales revenues increased by 2 percent from 1990, with the decline at Corson offset by a 17 percent increase in sales revenues from the company's three high calcium lime plants. These plants increased profits by $1.8 million in 1991 compared to 1990.
 Net cash from continuing operations at $2,548,000 in 1991 represented an improvement of $1,439,000 over 1990 and $4,057,000 over the 12 months ended Dec. 31, 1989.
 "We have good reason to be optimistic about the future," said Timms. "For example, lime shipments during 1991 were the highest ever recorded by the company's four plants, while productivity levels have improved significantly during the past two years.
 "In addition, we've reached an agreement with the company's bankers for a new loan facility and a letter of intent has been signed for the sale of the company's Virginia plant, which will, if the transaction is completed, reduce debt by more than 50 percent and more than triple stockholders' equity," he said.
 Scottish Heritable, Inc. operates lime and limestone production facilities in Arkansas, Pennsylvania, Texas and Virginia. Based in York, England, The Scottish Heritable Trust PLC owns 49.99 percent of the company's stock.
 SCOTTISH HERITABLE, INC.
 Selected Financial Data
 (in thousands, unless stated)
 12 Months
 Year Ended Year Ended Ended(A)
 Dec. 31, Dec. 31, Dec. 31,
 1991 1990 1989
 Operating Results:
 Revenues from continuing
 operations $ 39,741 38,999 36,246
 Net earnings (loss):
 From continuing operations $ (424) (1,937) (14,364)
 From discontinued operations (550) (325) (2,050)
 From extraordinary item -- -- --
 Total (974) (2,262) (16,414)
 Earnings (loss) per share
 (in dollars):
 From continuing operations $ (0.11) (0.51) (3.72)
 From discontinued operations (0.14) (0.08) (0.54)
 From extraordinary item -- -- --
 Total $ (0.25) (0.59) (4.26)
 Total Assets $ 38,034 37,541 34,985
 Long-term debt and lease
 obligations $ 28,666 155 19,479
 Dividends -- -- --
 Stockholders' equity per
 share (in dollars) $ 0.83 1.06 1.64
 Employees at year-end (B) 399 394 486
 Order backlog $ 26,500 27,200 19,000
 Tonnage of lime shipped
 (in '000) 550 474 461
 For the year ended July 31,
 1989 1988 1987
 Operating results:
 Revenues from continuing
 operations $ 38,034 39,511 36,772
 Net earnings (loss):
 From continuing operations $(10,082) 1,485 898
 From discontinued operations (1,093) 1,178 1,157
 From extraordinary item -- -- (273)
 Total (11,175) 2,663 1,782
 Earnings (loss) per share
 (in dollars):
 From continuing operations $ (2.62) 0.38 0.20
 From discontinued operations (0.28) 0.31 0.25
 From extraordinary item -- -- (0.06)
 Total $ (2.90) 0.69 0.39
 Total Assets $ 37,381 51,283 49,447
 Long-term debt and lease
 obligations $ 14,020 19,134 21,960
 Dividends -- -- --
 Stockholders' equity per
 share (in dollars) $ 2.65 5.50 4.77
 Employees at year-end (B) 537 824 852
 Order backlog $ 18,700 11,734 10,524
 Tonnage of lime shipped
 (in '000) 463 445 406
 (A) Unaudited
 (B) 1987-1988 figures include employees of discontinued operations
 -0- 4/6/92
 /CONTACT: Peter C. Timms of Scottish Heritable, Inc., 703-207-9702/
 (SHER) CO: Scottish Heritable, Inc. ST: Virginia IN: MNG SU:


AH -- NY091 -- 5608 04/06/92 18:15 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:Apr 6, 1992
Words:819
Previous Article:LAWYERS TITLE OF NORTH CAROLINA RELEASES STATEMENT REGARDING RESIDENTIAL TITLE INSURANCE JURY VERDICT
Next Article:NEW YORK STOCK EXCHANGE CLOSING, MONDAY, APRIL 6 /PRN/


Related Articles
SCOTTISH HERITABLE REPORTS THIRD-QUARTER PROFIT
/FIRST AND FINAL ADD -- NY051 -- SCOTTISH HERITABLE/
SCOTTISH HERITABLE, ANNOUNCES CHAIRMAN'S RESIGNATION; APPOINTS SUCCESSOR, NEW DIRECTOR
SCOTTISH HERITABLE ENTERS INTO LETTER OF INTENT TO SELL RIPPLEMEAD, VA. FACILITY
SCOTTISH HERITABLE, INC. REPORTS FIRST QUARTER LOSS DUE TO LOW SEASONAL DEMAND
SCOTTISH HERITABLE REPORTS CLOSING OF THE SALE OF ITS VIRGINIA LIME FACILITY
SCOTTISH HERITABLE, INC. SETTLES LAWSUIT
SCOTTISH HERITABLE, INC. REPORTS SECOND QUARTER RESULTS, CITES SIGNIFICANCE OF VIRGINIA LIME SALE AND LAWSUIT SETTLEMENT
SCOTTISH HERITABLE, INC. POSTS THIRD-QUARTER PROFIT, CITES SUBSTANTIALLY INCREASED PRODUCTIVITY; SALE OF VIRGINIA FACILITY ALSO A FACTOR
SCOTTISH HERITABLE, INC. REPORTS THIRD QUARTER PROFIT

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters