Printer Friendly

STANDARD COMMERCIAL REPORTS SALES AND EARNINGS IN LINE WITH PRELIMINARY RESULTS PREVIOUSLY ANNOUNCED FOR FISCAL 1993

 WILSON, N.C., June 15 /PRNewswire/ -- Standard Commercial (NYSE: STW) today announced sales and earnings for its fiscal year ended March 31, 1993. Sales for fiscal 1993 of $1,239.5 million were 5.2 percent higher from $1,178.1 million reported for fiscal 1992. Income from continuing operations was $20.7 million, compared to $21.6 million a year earlier. Net income totaled $21.2 million compared to $22.3 million in fiscal 1992. Primary earnings per share-net were down from $2.70 to $2.46, and fully diluted earnings-net declined from $2.59 to $2.25. The average number of primary and fully diluted shares outstanding increased by 2.5 percent and 18.9 percent, respectively.
 Sales for the fourth quarter of 1993 were $372.3 million compared to $333.2 million in 1992. Income from continuing operations for the quarter was $4.8 million compared to $7.6 million in 1992.
 Tobacco sales for the year were $871.4 million compared to $827.7 million a year ago and accounted for 70 percent of total sales in both years. Operating income from tobacco increased from $35.1 million in 1992 to $37.3 million in 1993, and the volume of tobacco sold increased by 14.0 percent.
 Wool sales for the year increased form $333.8 million in 1992 to $348.6 million in 1993 and represented 28 percent of total sales in both years. The volume of wool sold increased by 1.2 percent in 1993. Operating income for the year totaled $2.5 million compared to $6.2 million in 1992.
 DIVIDEND The board of directors voted to pay a dividend of $0.15 per share on Sept. 13 to shareholders of record on Sept. 3, 1993.
 FINANCIAL HIGHLIGHTS
 (In thousands, except per Quarter March 31 Twelve Months March 31
 share amounts: unaudited) 1993 1992 1993 1992
 Sales - tobacco $258,740 $234,562 $871,364 $827,717
 - wool 109,093 92,933 348,638 333,754
 - other 4,450 5,657 19,476 16,672
 Total sales 372,283 333,152 1,239,478 1,178,143
 Income before taxes 14,001 12,615 34,951 34,255
 Income from continuing
 operations and before
 extraordinary items 4,760 7,634 20,673 21,627
 Tax-loss carryforwards 337 (43) 503 624
 Net income 5,097 7,591 21,176 22,251
 Earnings per share
 Primary
 - from continuing operations $0.54 $0.92 $2.40 $2.62
 - net $0.58 $0.92 $2.46 $2.70
 Fully Diluted
 - from continuing operations $0.50 $0.81 $2.20 $2.53
 - net $0.54 $0.81 $2.25 $2.59
 Average shares outstanding
 - primary 8,515.4 8,248.5 8,447.6 8,245.5
 - fully diluted 10,904.6 10,374.8 10,771.1 9,059.9
 STANDARD COMMERCIAL is the world's second largest leaf tobacco
 dealer and among the top international wool trading companies. It
 operates in virtually every tobacco and wool producing country and
 sells worldwide to tobacco manufacturers and wool users.
 -0- 6/15/93
 /CONTACT: G.M. Ross of Standard Commercial, 011-44-483-860171 (until June 23, 1993), or 919-291-5507/
 (STW)


CO: Standard Commercial Corporation ST: North Carolina IN: TOB SU: ERN DIV

MM-JM -- CH009 -- 2381 06/15/93 17:46 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 15, 1993
Words:549
Previous Article:NATIONSBANK ANNOUNCES MANAGEMENT TEAM FOR MID-ATLANTIC BANKING GROUP
Next Article:DYNCORP WINS $54 MILLION IN NEW CONTRACTS
Topics:


Related Articles
ROCKWELL'S FY 93 FIRST QUARTER NET INCOME UP
STANDARD COMMERCIAL CORPORATION REPORTS QUARTERLY SALES AND EARNINGS DIP
STANDARD COMMERCIAL ANNOUNCES PRELIMINARY SALES AND EARNINGS FOR FISCAL YEAR
CULP PROJECTS HIGHER FOURTH QUARTER EARNINGS
CONAGRA EXPECTS RECORD EARNINGS IN FISCAL 1994; ADOPTING FAS 106 IN FISCAL 1993
NAVARRE CORPORATION ANNOUNCES PRELIMINARY RESULTS FOR THE THREE AND 12 MONTH PERIODS ENDED MARCH 31, 1994
COMPTEK ANNOUNCES FISCAL 1994 FINANCIAL RESULTS
COMPTEK ANNOUNCES FISCAL 1994 FINANCIAL RESULTS
TSI ANNOUNCES INCREASED SALES AND EARNINGS
PINNACLE MICRO, INC. ANNOUNCES PRELIMINARY SECOND QUARTER RESULTS AND RESTATEMENTS

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