Printer Friendly

STONE & WEBSTER REPORTS EARNINGS

 STONE & WEBSTER REPORTS EARNINGS
 NEW YORK, Oct. 21 /PRNewswire/ -- Stone & Webster, Incorporated


(NYSE: SW) today reported consolidated net income for the three months ended Sept. 30, 1992, of $581,000, or $.04 per share, including increases in consolidated net income of $349,000, or $.02 per share, as a result of an accounting change; and $191,000, or $.01 per share, resulting from the sale of investment securities. This compares with consolidated net income for the three months ended Sept. 30, 1991, of $6,782,000, or $.45 per share.
 Gross earnings for the three months ended Sept. 30, 1992, were $68,783,000, including $290,000 of profits on investment securities. This compares with gross earnings for the three months ended Sept. 30, 1991, of $70,187,000.
 Consolidated net income for the nine months ended Sept. 30, 1992, was $9,510,000, or $.63 per share, including increases in consolidated net income of $4,274,000, or $.28 per share, as a result of an accounting change; a tax benefit of $256,000 or $.02 per share, from utilization of foreign subsidiaries' tax loss carryforwards; and $2,555,000, or $.17 per share, resulting from the sale of investment securities. This compares with consolidated net income for the nine months ended Sept. 30, 1991, of $14,350,000, or $.95 per share, including a tax benefit of $1,287,000, or $.09 per share, from utilization of foreign subsidiaries' tax loss carryforwards. Gross earnings for the nine months ended Sept. 30, 1992, were $210,607,000, including $4,024,000 of profits on investment securities. This compares with gross earnings for the nine months ended Sept. 30, 1991, of $203,831,000.
 Effective Jan. 1, 1992, the corporation changed its method for determining the calculated value of the assets of its pension plan for purposes of calculating annual pension cost under FASB Statement No. 87. As a result of this accounting change, the one-time cumulative effect to Dec. 31, 1991, increased net income for the first nine months ended Sept. 30, 1992, by $3,229,000, or $.21 per share. In addition, the effect for the nine months ended Sept. 30, 1992, was to increase net income by $1,045,000, or $.07 per share.
 The average number of shares outstanding for the three months ended Sept. 30, 1992, and Sept. 30, 1991, was 15,004,000 and 15,058,000, respectively, and for the nine months ended Sept. 30, 1992, and Sept. 30, 1991, was 15,008,000 and 15,068,000, respectively.
 The decreases in consolidated gross earnings and net income the three months ended Sept. 30, 1992, compared with the corresponding period last year are primarily attributable to the domestic engineering, construction and consulting operations. Certain engineering assignments were canceled or reduced in scope which resulted in increased overhead costs due to retaining staff who were expected to be on job assignments. Actions are under way to reassign staff and continue to contain other overhead costs.
 The decrease in consolidated net income for the nine months ended Sept. 30, 1992, compared with the similar period last year is primarily attributable to the domestic and foreign engineering, construction and consulting operations. In addition, gross earnings and net income were impacted by lower dividend and interest income. The cause for the decrease in the domestic engineering, construction and consulting operations has been previously discussed. The decrease in consolidated net income from the foreign engineering, construction and consulting operations is primarily due to higher costs than anticipated on certain foreign projects.
 Despite a highly competitive market and the continued downturn in the economy, the company has successfully diversified into growing areas such as environmental, process, pulp and paper, industrial and transportation and has positioned the corporation to compete for a significant share of that anticipated new work.
 STONE & WEBSTER, INCORPORATED
 Financial Highlights
 Periods ended Three Months Nine Months
 Sept. 30 1992 1991 1992 1991
 Gross
 earnings $68,783,000(A) $70,187,000 $210,607,000(A) $203,831,000
 Income before
 extraord. item
 and cumulative
 effect of a change
 in accounting
 principle 581,000(E) 6,782,000 6,025,000(E) 13,063,000
 Extraord. item -- -- 256,000(B) 1,287,000(B)
 Cumulative effect of
 change in accounting
 principle
 (to Dec. 31, 1991) -- -- 3,229,000(D) --
 Net income 581,000(C,E) 6,782,000 9,510,000(C,E) 14,350,000
 Earnings per
 share $.04(C) $.45 $.63(C) $.95
 Avg. no. of shares
 outstanding 15,004,000 15,058,000 15,008,000 15,068,000
 (A) -- Includes gross earnings of $290,000 and $4,024,000 for the three- and nine-month periods, respectively, resulting from the sale of investment securities.
 (B) -- Represents the recognition of a tax benefit from utilization of foreign subsidiaries' tax loss carryforwards.
 (C) -- Includes net income of $191,000, or $.01 per share, and $2,555,000, or $.17 per share, for the three- and nine-month periods, respectively, resulting form the sale of investment securities.
 (D) -- Represents the change in method for determining the calculated value of the assets of the corporation's pension plan for purposes of calculating annual pension cost under FASB Statement No. 87.
 (E) -- Includes income of $349,000 and $1,045,000 for the three and nine months ended Sept. 30, 1992, respectively, resulting from the change in accounting principle as described in note D above.
 -0- 10/21/92
 /CONTACT: W.M. Egan of Stone & Webster, 212-290-7490/
 (SW) CO: Stone & Webster, Incorporated ST: New York IN: CST SU: ERN


CK-AH -- NY056 -- 2892 10/21/92 12:32 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 21, 1992
Words:937
Previous Article:BALTIMORE BANCORP REPORTS THIRD CONSECUTIVE QUARTERLY PROFIT; EXCEEDS REQUIRED TIER 1 LEVERAGE CAPITAL RATIO
Next Article:HOWARD STERN SIGNS 36-SHOW DEAL WITH E! ENTERTAINMENT TELEVISION; WEEKLY INTERVIEW SHOW TO PREMIERE FRIDAY, Nov. 27
Topics:


Related Articles
STONE & WEBSTER, INCORPORATED REPORTS RESULTS
STONE & WEBSTER REPORTS RESULTS FOR YEAR AND THREE MONTHS ENDED DECEMBER 31, 1994
STONE & WEBSTER REPORTS FIRST QUARTER 1995 RESULTS
STONE & WEBSTER REPORTS SECOND-QUARTER RESULTS; STRONG GAINS IN REVENUES AND OPERATING INCOME
STONE & WEBSTER REPORTS THIRD-QUARTER RESULTS; THIRD CONSECUTIVE QUARTER OF HIGHER REVENUES AND OPERATING INCOME
STONE & WEBSTER REPORTS SECOND QUARTER RESULTS
Stone & Webster Reports Third Quarter Results And Announces Major Restructuring
Stone & Webster Reports Increased Earnings From Ongoing Operations for Fiscal 1996
Stone & Webster Reports Improved First Quarter Net Income; Continues to Expect 15 Percent Annual Improvement
Stone & Webster Announces Dividend

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