Printer Friendly

SELAS CORPORATION REPORTS LOSS FOR THIRD QUARTER 1992

 SELAS CORPORATION REPORTS LOSS FOR THIRD QUARTER 1992
 DRESHER, Pa., Oct. 23 /PRNewswire/ -- Selas Corporation of America


(AMEX: SLS) today reported a consolidated net loss of $776,000 or $.25 per share on net sales of $6,577,000 for the quarter ended Sept. 30, 1992, as compared with net income of $1,051,000 or $.33 per share on net sales of $10,128,000 for the similar period in 1991.
 For the nine months ended Sept. 30, 1992, Selas reported a net loss of $1,248,000 or $.40 per share on net sales of $19,994,000 as compared with net income of $4,118,000 or $1.30 per share on net sales of $30,343,000. Included in the net income for the nine months of 1991 was a one-time, net after tax gain of $1,960,000 for the early buy out of the occupancy lease of the company's French subsidiary.
 A foreign exchange translation loss of $189,000 for the quarter and $210,000 for the nine months had a negative impact on earnings. This compares to translation gains for similar periods in 1991 of $334,000 and $481,000, respectively.
 Stephen F. Ryan, president and chief executive officer of Selas, said the results reflect a low level of revenue in both the company's foreign and domestic operations of its heat technology segment of its business. These were approximately 50 percent below the prior year periods. The company's Deuer Manufacturing subsidiary performed extremely well during the quarter because of the improvement in the automotive markets it serves, he said.
 "The losses in our heat technology segment are due to delays of major orders and the continuation of a soft global economy," Ryan said. "This segment has a record backlog which bodes well for the future. At Sept. 30, 1992, backlog was $50,660,000 compared with $8,862,000 at Sept. 30, 1991. We continue to be optimistic about our future prospects and expect the fourth quarter of 1992 to be a slight improvement over the third quarter, but, most likely, still a loss."
 Selas Corporation of America is an international design, development, engineering and manufacturing company.
 SELAS CORPORATION OF AMERICA
 Comparative Operating Results -- Third Quarter Report -- 1992
 (Unaudited)
 Three months Nine months
 Periods ended Sept. 30 1992 1991 1992 1991
 Net sales $6,577,000 $10,128,000 $19,994,000 $30,343,000
 Income (loss) before
 income taxes (966,000) 1,557,000 (1,458,000) 5,637,000
 Provision for
 income taxes (benefit) (190,000) 506,000 (210,000) 1,519,000
 Net income (loss) (776,000) 1,051,000 (1,248,000) 4,118,000
 Earnings (loss) per
 common and common
 equivalent share $(.25) $.33 $(.40) $1.30
 Weighted average common
 shares outstanding: 3,159,000 3,159,000 3,159,000 3,158,000
 Note: Included in net income for the nine months ended Sept. 30, 1991, is a net of tax gain of $1,960,000 for the early buy out of the occupancy lease of the firm's French subsidiary.
 /delval/
 -0- 10/23/92
 /CONTACT: R.W. Ross of Selas, 215-283-8253/
 (SLS) CO: Selas Corporation of America ST: Pennsylvania IN: SU: ERN


LJ-MP -- PH044 -- 4282 10/23/92 15:37 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:Oct 23, 1992
Words:545
Previous Article:NEW CANDA TECHNOLOGY OFFERS INNOVATIVE SOLUTION TO DRUG SPONSORS
Next Article:PHELPS DODGE MINING COMPANY ACHIEVES NEW SAFETY RECORD
Topics:


Related Articles
SELAS REPORTS FIRST QUARTER LOSS
SELAS REPORTS LOSS FOR SECOND QUARTER 1992
NEW ACCOUNTING RULES MAGNIFY SELAS LOSS IN 1992
SELAS CORPORATION REPORTS PROFIT FOR SECOND QUARTER 1993
SELAS PROFITS INCREASE IN THIRD QUARTER 1993
SELAS REPORTS PROFITABLE FOURTH QUARTER, YEAR
SELAS REPORTS THIRD QUARTER EARNINGS: SEES IMPROVEMENT THROUGH 1996
SELAS REPORTS INCREASED EARNINGS FOR QUARTER, SIX MONTHS; CEO SEES CONTINUED SALES, EARNINGS GROWTH FOR THIRD AND FOURTH QUARTERS OF 1996
Selas Third Quarter Earnings Triple: Sales Increase 89% to $29.7 Million
Selas Reports Third Quarter Loss; Cites Problems in European Operations; Board Votes to Suspend Current Quarterly Dividend.

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