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STANDARD PRODUCTS REPORTS RESULTS UPFOR THE THIRD QUARTER OF FISCAL 1993

 CLEVELAND, April 19 /PRNewswire/ -- The Standard Products Co. (NYSE: SPD) today reported increased results for the third quarter and nine months of fiscal 1993.
 For the three months ended April 4, 1993, sales were up 28 percent to $200,934,000 from $157,238,000 last year. Income before an extraordinary item for debt repayment increased 89 percent to $10,147,000, or 84 cents per share, from $5,358,000, or 53 cents per share, in the 1992 quarter. The extraordinary item of $2.6 million, equal to 21 cents per share, related to the early repayment of $35 million of senior notes. Net income after the early repayment of debt was $7,558,000, or 63 cents per share, compared with 53 cents per share last year.
 Sales for the nine months increased 16 percent to $540,146,000 from $467,096,000 in the year-ago period. Income before the early repayment of debt doubled to $22,396,000, or $1.85 per share, from $11,166,000, or $1.10 per share, last year. Net income after the early repayment of debt rose to $19,837,000, or $1.64 per share, compared with $1.10 per share last year.
 Sales of North American automotive operations increased 33 percent to $126,096,000 from $94,791,000 in last year's period, compared with a 20 percent increase in the North American car and light truck build. Operations in Canada, which were slow last year on extended customer shutdowns, posted a 35 percent year-to-year improvement. In the United States, sales rose 32 percent over last year.
 Results for the third quarter include the operations for the month of February of Standard Products' SPI subsidiary in France, which was acquired at the end of January. SPI's sales were down 8 percent from the previous year, the result of a 15 percent decline in the European auto market during February. Standard Products' Silent Channel subsidiary in the United Kingdom was profitable, although sales for the quarter were behind last year's, principally because of an 18 percent decline in the British Pound against the U.S. Dollar.
 At Oliver Rubber, a major producer and marketer of tread rubber for truck tire retreading, sales for the quarter were $28,237,000, an 11 percent increase over 1992's depressed period, but profitability was down because of raw material price increases. Between the second and third quarters of this year, sales and profitability declined because of the material increases and the unusually severe weather that caused interruptions in the marketplace.
 Sales of Holm Industries, a leading manufacturing of plastic and magnetic door seals for home and commercial appliances, were well ahead of last year's period. The improvement was attributable to higher sales to its appliance customers as well as to substantial volume contributed by its Jarrow Products unit, which was acquired in the first quarter.
 James S. Reid, Jr., chairman and chief executive officer, said, "We are encouraged that our operations in Europe are continuing to perform well in a soft market. The impact on net results of acquiring our French subsidiary, SPI, was about what we anticipated. We expect future interest expense to benefit by approximately $950,000 a year as a result of the early repayment of debt in January. Our costs for product development and new-model program management have increased this fiscal year, and we expect some additional costs as we approach seven major, new-model automotive launches both in North America and Europe over the next 12 to 15 months. We are seeing improvement in North American car sales and some stability in the U.K. market, and we expect good operating results for the final quarter of the year."
 Standard Products Co. manufactures rubber and plastic parts for the automotive original equipment industry at 16 plants in North America, four in France and three in the United Kingdom. Its NISCO joint venture operates two automotive sealing plants in the U.S. The Company's Holm Industries subsidiary produces plastic and magnetic door seals for home and commercial appliances at four U.S. locations, and its Oliver Rubber subsidiary is a producer of tread rubber for truck tire retreading, with nine manufacturing facilities in North America and the U.K.
 THE STANDARD PRODUCTS COMPANY
 Consolidated Earnings Summary (Unaudited) (000 omitted)
 Three Months Nine Months
 Periods Ended 4/4/93 3/29/92 4/4/93 3/29/92
 Net sales $200,934 $157,238 $540,146 $476,096
 Costs and expenses:
 Cost of goods sold 170,217 135,643 467,141 407,071
 Selling, general and
 administrative
 expenses 12,433 10,222 34,207 29,643
 Net interest expense 2,551 2,995 5,351 8,987
 Other income (expense),
 net (376) 28 272 (461)
 Income before
 taxes on income 15,357 8,406 33,719 20,934
 Provision for taxes on
 income 5,210 3,048 11,323 9,768
 Income before
 extraordinary item 10,147 5,358 22,396 11,166
 Extraordinary item:
 early repayment
 of debt, net of tax (2,559) 0 (2,559) 0
 Net income $ 7,558 $ 5,358 $ 19,837 $ 11,166
 Earnings (loss) per
 common share:
 Before extraordinary
 item $ .84 $ .53 $ 1.85 $ 1.10
 Early repayment of
 debt (.21) 0 (.21) 0
 Net income per
 common share $ .63 $ .53 $ 1.64 $ 1.10
 Average shares
 outstanding 12,095,906 10,156,974 12,073,744 10,159,375
 -0- 4/19/93
 /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 Company ST: Ohio IN: AUT SU: ERN

BM -- CL015 -- 7412 04/19/93 12:36 EDT
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Date:Apr 19, 1993
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