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STANDARD PRODUCTS REPORTS IMPROVED RESULTS FOR THE FOURTH QUARTER AND FULL YEAR OF FISCAL 1992

 STANDARD PRODUCTS REPORTS IMPROVED RESULTS
 FOR THE FOURTH QUARTER AND FULL YEAR OF FISCAL 1992
 CLEVELAND, July 28 /PRNewswire/ -- The Standard Products Co. (NYSE: SPD) today announced improved results for the fourth quarter and full fiscal 1992 year.
 For the three months ended June 28, 1992, sales from continuing operations were $189,940,000, an increase of 10 percent over sales of $172,236,000 last year. Net income was $12,139,000, or $1.09 per share. That compares with a net loss of $28,672,000, equal to $2.82 per share, in the year-ago period and net income of $5,358,000, or 53 cents per share, in the fiscal 1992 third quarter. Included in the current quarter's results is a charge of $2,600,000 for prepayment of debt. Results for the year-ago period included a loss from discontinued operations of $23,344,000, or $2.30 per share.
 Sales from continuing operations for the year totaled $657,036,000, up 11 percent from fiscal 1991 sales of $592,090,000. For the year, Standard Products reported net income of $23,305,000, or $2.24 per share. That compares with a net loss last year of $45,609,000, or $4.49 per share, which included a loss from discontinued operations of $24,655,000, or $2.43 per share.
 North American automotive operations improved their profitability for the three months. Sales increased 10 percent over the prior-year period, slightly ahead of the 9.5 percent increase in the car and light truck build. Between the third and fourth quarters, however, the Company's North American automotive sales were up 29 percent compared with an increase in the car and light truck build of 16 percent. Strong Canadian sales led the results.
 Despite a weak European car build during the quarter, operations of the Company's Silent Channel subsidiary in the United Kingdom continued to be profitable on strong orders from North America.
 Sales of Oliver Rubber, a major producer and marketer of tread rubber for truck tire retreading, were $27,801,000 for the fourth quarter, an increase of 10 percent over last year. Oliver's improvement was stronger between this year's third and fourth quarters, with sales rising 12 percent. Profitability improved between quarters and between years, the result of volume as well as reduced costs.
 Holm Industries also showed improvement in sales and earnings against last year's fourth quarter but profitability was virtually level with this year's third quarter. Holm is a leading manufacturer of plastic sealing systems for home appliances.
 During the fourth quarter, Standard Products completed an offering of 1,840,000 shares of common stock. With the proceeds of $54 million, the Company increased the equity capital of Silent Channel in the amount of $24 million, most of which was used to retire borrowings. In addition, the Company prepaid $25 million of senior note obligations in North America.
 James S. Reid, Jr., chairman and chief executive officer, said, "In fiscal 1992, we fulfilled our pledge to turn around our operations in the U.K. and to continue our emphasis on continuous improvement in every one of our facilities. The significant improvement over last year is the result of the effort made by all of our people to cut costs, reduce waste and pay stricter attention to the needs of our customers. Although today's car build remains lower than industry goals, we are encouraged that it has picked up from last year. Our lean manufacturing systems are in place and working. By using proceeds from our public offering to pay down debt in the fourth quarter, we are also positioned to eliminate approximately $4 million in annual interest expense during the coming year."
 Cleveland-based Standard Products manufactures rubber and plastic parts for the automotive original equipment industry, and plastic and magnetic door seals for home appliances. Its Oliver Rubber subsidiary is a major producer of tread rubber for truck tire retreading.
 THE STANDARD PRODUCTS COMPANY
 Consolidated Earnings Summary (Unaudited) (000 omitted)
 Three Months Twelve Months
 Periods Ended June 28, and
 June 30 1992 1991 1992 1991
 Net sales $189,940 $172,236 $657,036 $592,090
 Costs and expenses:
 Cost of goods sold 155,712 156,767 562,783 553,144
 Selling, general and
 administrative
 expenses 12,117 12,286 41,760 40,073
 Net interest expense 4,672 3,147 13,659 11,663
 Other income (expense),
 net 407 85 (54) (285)
 Income (loss) before
 taxes on income 17,846 $ 121 $ 38,780 $(13,075)
 Provision for taxes on
 income 5,707 5,449 15,475 7,879
 Income (loss) from
 continuing operations 12,139 (5,328) 23,305 (20,954)
 Loss from operations
 of discontinued
 division, net of tax 0 (3,544) 0 (4,855)
 Loss on disposal related
 to discontinued
 division, (net of
 income tax benefits
 of $10,200,000) 0 (19,800) 0 (19,800)
 Loss from discontinued
 operations 0 (23,344) 0 (24,655)
 Net income (loss) $ 12,139 $(28,672) $ 23,305 $(45,609)
 Earnings (loss) per
 common share:
 Continuing
 operations $ 1.09 $ (.52) $ 2.24 $ (2.06)
 Discontinued
 operations 0 (2.30) 0 (2.43)
 $ 1.09 $ (2.82) $ 2.24 $ (4.49)
 Average shares
 outstanding 11,153 10,156 10,408 10,155
 -0- 7/28/92
 /Contact: Aubrey E. Arndt of The Standard Products Co., 216-281- 8300; or William L. Dupuy of Edward Howard & Co., 216-781-2400, for The Standard Products Co./
 (SPD) CO: The Standard Products Co. ST: Ohio IN: AUT SU: ERN


SM -- CL007 -- 3872 07/28/92 09:03 EDT
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Date:Jul 28, 1992
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