Printer Friendly

SCOTTS REPORTS HIGHER FIRST QUARTER SALES AND OPERATING INCOME

 SCOTTS REPORTS HIGHER FIRST QUARTER SALES AND OPERATING INCOME
 MARYSVILLE, Ohio, Feb. 11 /PRNewswire/ -- The Scotts Company (NASDAQ: SCTT) announced today increased sales and operating income for the three months ended Dec. 28, 1991.
 Sales rose 7.3 percent to $61,383,000, up from $57,192,000 for the comparable prior period. The increase was partially attributed to earlier than planned orders from and shipments to a small number of major accounts. Operating income increased to $1,821,000 from a loss of $966,000 for the comparable prior period due to higher net sales and lower costs of operation.
 The company's business is highly seasonal with approximately 70 percent of sales occurring in the second and third fiscal quarters (the March and June quarters, respectively). As commonly occurs, the company posted a net loss for the first quarter. However, this year's loss of ($2.7 million) or ($0.23) per share was less than last year's loss of ($3.5 million) or ($0.29).
 "We are pleased with the company's performance for the quarter," said Tadd C. Seitz, chairman of the board and chief executive officer. "Shipments to retailers are a little ahead of plan and costs are being tightly managed. Our buyers are optimistic and we are looking forward to the spring selling season."
 With sales of $388 million in fiscal year 1991, Scotts is the country's leading producer and marketer of consumer do-it-yourself lawn care and professional golf course turf care products. The company's products include fertilizers, weed and insect controls, grass seed, organic products and lawn spreaders. The company had an initial public offering of its common stock last month.
 Unaudited results of operations for the three months ended Dec. 28, 1991, and Dec. 29, 1990, which do not reflect the effect of the initial public offering of common stock mentioned above, are as follows:
 THE SCOTTS COMPANY
 SUMMARY INCOME STATEMENT
 (In thousands)
 Three Months Ended Dec. 28, 1991 Dec. 29, 1990
 Net sales $61,383 $57,192
 Cost of sales 32,536 32,205
 Selling, R&D, general and
 administrative expenses 27,026 25,953
 Operating income (loss) 1,821 (966)
 Interest expense and related
 charges 6,805 8,791
 Earnings before income
 taxes (loss) (4,984) (9,757)
 Income taxes/benefits 2,307 6,257
 Net income (loss) (2,677) (3,500)
 Average common
 shares outstanding 11,815,642 11,869,283
 Net income (loss)
 per common share $ (0.23) $ (0.29)
 -0- 2/11/92
 /CONTACT: Paul D. Yeager of the Scotts Company, 513-644-0011, or Thomas C. Franco of Broadgate Consultants, Inc., 212 229-2222, for the Scotts Company/
 (SCTT) CO: The Scotts Company ST: Ohio IN: SU: ERN


PS -- NY004 -- 8691 02/11/92 09:55 EST
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:Feb 11, 1992
Words:455
Previous Article:BRUNSWICK DECLARES COMMON STOCK DIVIDEND
Next Article:CANON DEBUTS TREND-SETTING PRODUCTS AND TECHNOLOGIES THAT WILL SET THE STANDARD FOR BUSINESS COMMUNICATIONS IN THE '90s
Topics:


Related Articles
SCOTTS REPORTS HIGHER NINE-MONTH SALES AND EARNINGS
SCOTTS REPORTS RECORD FIRST QUARTER SALES AND HIGHER EARNINGS
SCOTTS FISCAL SECOND QUARTER SALES FORECAST
SCOTTS REPORTS HIGHER SIX-MONTH SALES AND EARNINGS BEFORE EXTRAORDINARY CREDIT
SCOTTS FORECASTS FISCAL THIRD QUARTER SALES INCREASE OF ABOUT 17.5 PERCENT
SCOTTS NINE-MONTH EPS UP 14 PERCENT ON 12 PERCENT SALES INCREASE; SALES RECOVERY PUSHES THIRD QUARTER SALES UP 20 PERCENT
SCOTTS REPORTS FISCAL FIRST QUARTER RESULTS
SCOTTS POSTS RECORD SALES AND EARNINGS FOR SECOND QUARTER AND FIRST HALF OF FISCAL 1995
THE SCOTTS COMPANY COMMENTS ON PERFORMANCE RELATIVE TO MIRACLE-GRO MERGER AND PETERS SALE
SCOTTS POSTS SALES INCREASES, PRODUCING RECORD SALES AND NET INCOME FOR THIRD QUARTER, FIRST NINE MONTHS OF FISCAL 1995

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