STEWART & STEVENSON ANNOUNCES FINANCIAL RESULTS
STEWART & STEVENSON ANNOUNCES FINANCIAL RESULTS HOUSTON, Nov. 26 /PRNewswire/ -- Stewart & Stevenson Services, Inc.
(NASDAQ: SSSS), a leading manufacturer of diesel and gas turbine-powered equipment, today announced net earnings of $9,340,000 or $.62 per share on revenues of $186,628,000 for the third quarter ended Oct. 31, 1991. This compares to net income of $8,120,000 or $.54 per share on revenues of $173,527,000 for the same period one year ago.
Net earnings for the first nine months totaled $25,648,000 or $1.71 per share on revenues of $500,738,000 compared to revenues of $477,229,000 and net income of $22,899,000 or $1.54 per share during the first nine months of 1990. The company also announced that it has filed a registration statement relating to a proposed offering of 1 million shares of common stock, without par value, to be issued by the company and 100,000 shares to be sold by the Stewart & Stevenson Pension Plan and Trust. The shares will be offered in the United States through Lehman Brothers, Wertheim Schroder & Co. Incorporated, Robert W. Baird & Co. Incorporated, and Rauscher Pierce Refsnes, Inc. The shares will be offered internationally through Lehman Brothers International Limited, J. Henry Schroder Wagg & Co. Limited, Robert W. Baird & Co. Incorporated and Rauscher Pierce Refsnes. The net proceeds to the company will be used primarily to finance expenditures related to contracts recently awarded to the company for the manufacture of the U.S. Army's next generation of medium tactical vehicles. Stewart & Stevenson manufactures diesel and gas turbine-driven equipment and distributes industrial diesel engines, material handling equipment, transport refrigeration equipment and construction, industrial and forestry equipment. A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. A written prospectus meeting the requirements of Section 10 of the Securities Act of 1933 may be obtained from the managing underwriters after the registration statement becomes effective. STEWART & STEVENSON SERVICES, INC. Comparative Consolidated Results (In thousands, except per-share data) Three months ended Oct. 31, 1991 1990 Sales $186,628 $173,527 Net earnings 9,340 8,120 Net earnings per share $.62 $.54 Average shares outstanding 15,048 14,935 Nine months ended Oct. 31, 1991 1990 Sales $500,738 $477,229 Net earnings 25,648 22,899 Net earnings per share $1.71 $1.54 Average shares outstanding 15,000 14,915 -0- 11/26/92 /CONTACT: David R. Stewart of Stewart & Stevenson Services, 713-868-7657/ (SSSS) CO: Stewart & Stevenson Services, Inc. ST: Texas IN: SU: ERN
CK -- NY059 -- 7358 11/26/91 13:52 EST
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|Date:||Nov 26, 1991|
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