SECOND QUARTER RESULTS ANNOUNCED BY JOY TECHNOLOGIES INC.
PITTSBURGH, Sept. 20 /PRNewswire/ -- Joy Technologies Inc. (NYSE: JOY) today announced sales of $136.4 million and net income of $1.6 million ($0.05 per share) for its second quarter ended August 27, 1993, compared to sales of $143.0 million and a net loss of $1.2 million ($0.04 per share) for the same period last year. For the six months ended August 27, 1993, sales were $266.6 million and net income was $3.1 million ($0.10 per share), compared to sales of $282.6 million and net income of $4.2 million ($0.13 per share) for the same period last year. Net income in the second quarter of the current year included a $1.3 million after tax ($0.04 per share) net benefit from special items, principally insurance claim recoveries. Net income in the second quarter of the previous year included $2.9 million ($0.09 per share) of special charges. Marc F. Wray, Chairman and Chief Executive Officer, stated: "Mining Machinery Group sales were level with last year's second quarter, a notable achievement in light of continued labor actions against selected coal mines in the U.S. by the United Mine Workers of America (UMWA). Original equipment sales in the U.S. doubled from last year's second quarter, but this improvement was offset by reduced aftermarket sales in the U.S. and reduced sales in non-U.S. markets, which lowered profitability. In the first six months of fiscal 1994, original equipment sales in the U.S. increased over 70 percent from the same period last year. Original equipment bookings in the U.S. for the second quarter were higher than both the first quarter of this year and the second quarter of last year, adding to the evidence that the U.S. market for original equipment is recovering from the low point in its cycle, which the Company believes occurred in its last fiscal year." "Sales in the Environmental Group of $43.6 million in the second quarter of this year and $78.6 million for the first six months of this year were higher than the $36.2 million and $68.4 million in sales for the same periods last year, respectively, after adjusting last year's results for comparability. Those adjustments removed revenues related to the restructured joint venture for a wet scrubber project in Canada and from the condenser and damper businesses which were sold at the end of last year. The Group returned to profitability in the second quarter from improved performance on projects. In the second quarter of last year, $2.2 million of pretax charges were recorded for long-term contract variances on two projects. Bookings for the quarter ending August 27, 1993, were $17.6 million, below the unusually high level of $136.8 million for the same quarter the previous year, which included bookings for a $107.4 million award of the Taichung wet scrubber project and $6.1 million in bookings for the condenser and damper businesses sold last year," concluded Mr. Wray. Joy Technologies manufactures and services mining equipment for the extraction of coal and other bedded materials. The Company is also a supplier of air pollution and ash handling equipment used for utilities and other industrial operations. The Company has registered to sell $200 million of senior notes in a public offering. A registration statement has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. JOY TECHNOLOGIES INC. Quarter Ended August 27 and 28 1993 1992 (Unaudited) Net sales $136,367,000 $143,023,000 Income (loss) before income taxes 3,932,000 (1,624,000) Provision for (benefit from) income taxes 2,298,000 (435,000) Net income (loss) $1,634,000 ($1,189,000) Income (loss) per common share $.05 ($.04) Weighted average number of shares outstanding used in the calculation of per share amounts 31,425,457 31,462,466 Six Months Ended August 27 and 28 1993 1992 Net sales $266,583,000 $282,613,000 Income before income taxes 5,834,000 7,356,000 Provision for income taxes 2,728,000 3,192,000 Net income $3,106,000 $4,164,000 Income per common share $.10 $.13 Weighted average number of shares outstanding used in the calculation of per share amounts 31,435,380 31,486,535 August 27, February 26, 1993 1993 (Unaudited) Cash $11,399,000 $31,188,000 All other current assets 299,983,000 277,530,000 Total current assets 311,382,000 308,718,000 Other assets 213,752,000 225,684,000 Total assets $525,134,000 $534,402,000 Short-term borrowings and current long-term debt $46,805,000 $33,539,000 All other current liabilities 137,527,000 148,042,000 Total current liabilities 184,332,000 181,581,000 Long-term debt 274,170,000 285,357,000 Other liabilities 45,202,000 46,667,000 Total stockholders' equity 21,430,000 20,797,000 Total liabilities and stockholders' equity $525,134,000 $534,402,000 BUSINESS SEGMENT FINANCIAL INFORMATION - UNAUDITED Three Months Ended August 27 and 28, 1993 1992(A) Net Sales: Mining Machinery $92,725,000 $92,001,000 Environmental 43,642,000 51,022,000 Total Net Sales $136,367,000 $143,023,000 Operating Profit (Loss): Pct. Pct. Mining Machinery $9,623,000 10.4 $13,677,000 14.9 Environmental 835,000 1.9 (1,782,000) (3.5) Corporate expense - net (3,533,000) -- (4,033,000) -- Unusual items 3,291,000 -- (2,559,000) -- Interest expense (6,455,000) -- (7,362,000) -- Interest income 171,000 -- 435,000 -- Income (loss) before income taxes $3,932,000 2.9 ($1,624,000) (1.1) Bookings: Mining Machinery $106,541,000 $87,616,000 Environmental 17,645,000 136,793,000 Total Bookings $124,186,000 $224,409,000 Six Months Ended August 27 and 28, 1993 1992(A) Net Sales: Mining Machinery $187,950,000 $188,365,000 Environmental 78,633,000 94,248,000 Total Net Sales $266,583,000 $282,613,000 Operating Profit (Loss): Pct. Pct. Mining Machinery $21,708,000 11.5 $29,887,000 15.9 Environmental 615,000 1.0 258,000 -- Corporate expense - net (7,264,000) -- (7,095,000) -- Unusual items 3,291,000 -- (2,559,000) -- Interest expense (12,874,000) -- (14,610,000) -- Interest income 358,000 -- 1,475,000 -- Income (loss) before income taxes $5,834,000 2.2 $7,356,000 2.6 Bookings: Mining Machinery $207,494,000 $191,186,000 Environmental 67,647,000 160,886,000 Total Bookings $275,141,000 $352,072,000 Backlogs: Mining Machinery $71,921,000 $53,246,000 Environmental 204,289,000 248,777,000 Total Backlog $276,210,000 $302,023,000 Pct. -- Operating profit (loss) as a percentage of sales. (A) -- Restated to conform to current reporting presentation. -0- 9/20/93 /CONTACT: John Moynahan, Vice President and Treasurer of Joy Technologies Inc., 412-562-4540/ (JOY)
CO: Joy Technologies Inc. ST: Pennsylvania IN: MNG SU: ERN
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