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SPS TECHNOLOGIES REPORTS SECOND QUARTER RESULTS

 SPS TECHNOLOGIES REPORTS SECOND QUARTER RESULTS
 NEWTOWN, Pa., July 28 /PRNewswire/ -- SPS Technologies (NYSE: ST)


today reported second quarter 1992 net earnings of $1.3 million, or $.26 per share, compared to earnings from continuing operations reported for the second quarter of 1991 of $1.3 million, or $.26 per share.
 Net earnings reported for the second quarter of 1991 were $2.8 million, or $.56 per share, which included an adjustment of $1.5 million, or $.30 per share, to the estimated loss on disposal of the discontinued materials handling business.
 Net sales of continuing businesses in the second quarter were $81.7 million, compared to $99.3 million for all businesses in the second quarter of 1991. Sales of continuing businesses in the second quarter of 1991 were $94.1 million.
 Net earnings for the six months were $2.9 million, or $.57 per share, compared to earnings from continuing operations reported for the first half of 1991 of $2.4 million, or $.47 per share. Net earnings for the first half of 1991 were $3.9 million, or $.77 per share.
 Net sales of continuing businesses for the six months were $162.3 million, compared to $212.9 million for all businesses for the same period in 1991. Sales of continuing businesses in the first half of 1991 were $188.4 million.
 The 1992 second quarter and six month results do not include sales and earnings of businesses to be divested under the company's restructuring plan announced May 3, 1991, and subsequently modified. Under the current plan, the company said it intends to divest certain real estate assets and all of its industrial fastener operations in Europe and the Far East.
 Incoming orders for the second quarter of 1992, after adjustment to exclude orders for the businesses to be divested, were $75.6 million compared to the 1991 level of $83.2 million. Backlog for continuing businesses at June 30, 1992, was $86.6 million compared to $100.2 million a year ago.
 Second quarter sales and orders declined in all markets comprising the fastener segment of the company's business.
 Aerospace fastener sales were down compared to a year ago due to continued reductions in defense-related requirements, and inventory reductions and stretched-out production schedules by commercial aircraft manufacturers. industrial fasteners and assembly equipment declined because of continued weakness in the transportation, farm machinery, machine tool and industrial machinery markets. However, the Cleveland plant's automotive fastener sales strengthened in the second quarter due to increased production by U.S. automobile manufacturers, and sales of computerized tightening systems gained slightly from 1991.
 Sales by the company's materials segment were essentially unchanged from a year ago as increased sales by the Cannon-Muskegon Corporation, primarily of cobalt base and stainless steel alloys, were largely offset by a decline in sales of magnetic materials by The Arnold Engineering Co. Orders for the material segment increased in the second quarter compared to 1991.
 According to John R. Selby, chairman of the board and chief executive officer, "To maximize performance during this difficult period, and position ourselves to respond effectively when an upturn occurs, we are taking every opportunity to reduce costs and improve productivity and asset management. We are also continuing to implement the restructuring program that will enable the company to focus on markets with the best potential for increased profitability."
 SPS TECHNOLOGIES, INC.
 Summary of Sales and Operations
 (Thousands of dollars, except per-share data)
 Periods ended Third quarter Nine months
 June 30 1992 1991 1992 1991
 Net sales $81,727 $99,345 $162,250 $212,897
 Earnings from continuing
 operations before
 income taxes 2,281 2,675 4,858 4,803
 Provision for income taxes 938 1,340 1,943 2,400
 Earnings from continuing
 operations 1,343 1,335 2,915 2,403
 Discontinued operations --
 adjustment of estimated
 loss on disposal --- 1,500 --- 1,500
 Net earnings 1,343 2,835 2,915 3,903
 Per-share data:
 Earnings from continuing
 operations $.26 $.26 $.57 $.47
 Discontinued operations --- .30 --- .30
 Net earnings .26 .56 .57 .77
 Cash dividends per share .32 .32 .64 .64
 Average shares
 outstanding 5,095,694 5,079,103 5,091,622 5,065,675
 The net sales and the net loss of the businesses to be divested which are included in the Summary of Sales and Operations through May 3, 1991, are as follows:
 Periods ended Three months Six months
 June 30 1992 1991 1992 1991
 Sales --- $5,228 --- $24,510
 Net loss --- (370) --- (480)
 During the second quarter of 1991, the company revised its estimated loss on disposal of the discontinued materials handling segment, resulting in a $1.5 million credit to income.
 /delval/
 -0- 7/28/92
 /CONTACT: Peter Lawton of SPS Technologies, 215-860-3038/
 (ST) CO: SPS Technologies ST: Pennsylvania IN: ARO SU: ERN


CC-MK -- PH017 -- 4096 07/28/92 12:38 EDT
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Date:Jul 28, 1992
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