SONOCO REPORTS 1991 FINANCIAL RESULTS
SONOCO REPORTS 1991 FINANCIAL RESULTS HARTSVILLE, S.C., Jan. 20 /PRNewswire/ -- Sonoco Products Company's
(NASDAQ-NMS: SONO) sales for 1991 increased slightly due to several international acquisitions, but earnings were about 13 percent below the results from 1990's ongoing operations, according to a report issued by the company today (January 20).
Sales for 1991 were $1.70 billion compared with 1990 sales of $1.67 billion. Net income for the year was $94.8 million, or $2.20 per share, compared with $5o.4 million or $1.16 per share in 1990. The current year's results include a $.10 gain in earnings per share for the sale of Sonoco's interest in Sonoco Graham in the first quarter. The 1990 results were affected by a one-time restructuring charge of $54.7 million after-tax, or $1.25 per share. Excluding the one-time charge, earnings from ongoing operations in 1990 were $105.1 million, or $2.41 per share. Sonoco's sales for the fourth quarter of 1991, which ended December
31, were $446.4 million, compared with sales of $429.3 million in the same quarter of 1990. Net income for the quarter was $24.5 million or $.57 per share, compared with $26.9 million or $.62 per share in the fourth quarter of 1990.
"While our performance is behind our historical standards, our return on shareholders' equity is a respectable 17.8 percent," said C.W. Coker, chairman and chief executive officer. "We are pleased with the overall strength the company is showing under current economic conditions," he said. "Our combination of consumer and industrial packaging products has minimized some of the effects of the recession. All of our operations have developed strong plans for 1992 and we are optimistic we will improve our performance as the economy picks up during the year," concluded Coker. For the convenience of the financial community we offer the following table: FINANCIAL TABLE THREE MONTHS ENDED TWELVE MONTHS ENDED (Dollars in thousands except per share) 12/31/91 12/31/90 12/31/91(B) 12/31/90(A) Sales $446,396 $429,336 $1,697,058 $1,669,142 Income from operations before income tax 38,900 41,666 155,724 86,994 Income tax provision (15,200) (16,339) (63,600) (43,934) Equity in earnings of affiliates 752 1,556 2,681 7,308 Net income $24,452 $26,883 $94,805 $50,368 Net income per share $.57 $.62 $2.20 $1.16 Average shares outstanding 43,152,289 43,554,523 (A) Includes a one-time charge to earnings of $75 million pre-tax, $54.7 million after-tax or $1.25 per share to cover restructuring costs. (B) Includes a gain of 8.5 million pre-tax, $4.5 million after-tax or $.10 per share from the sale of the Company's 40 percent interest in Sonoco Graham Company. -0- 1/20/92 /CONTACT: R.A. Puffer, Sonoco Products Company, 803-383-7425/ (SONO) CO: Sonoco Products Company ST: South Carolina IN: PAP SU: ERN
DF-JZ -- CH006 -- 1423 01/20/92 12:40 EST
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|Date:||Jan 20, 1992|
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