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STRONG GROWTH LEADS TO RECORD RESULTS FOR JOHNSON CONTROLS' THIRD QUARTER

 MILWAUKEE, July 19 /PRNewswire/ -- Johnson Controls, Inc. (NYSE: JCI) today announced that sales for its third quarter of fiscal 1993 increased 22 percent, led by significant growth in the North American automotive market for its seating systems. Net income for the period was also a record, reflecting improvements in its automotive, controls and battery businesses.
 For the three months ended June 30, 1993, the company's sales totalled $1,593.7 million, up from $1,307.0 million for the 1992 quarter. Operating income for the current period was $84.8 million, up 16 percent from $72.8 million for the quarter a year ago. Net income increased 16 percent to $42.2 million from $36.4 million. Primary and fully diluted earnings per share were $.98 and $.94, respectively, for the 1993 quarter compared with $.86 and $.81, respectively, for the prior year.
 Automotive seating sales increased by approximately 50 percent over the prior year. The company said that the improvement stemmed from a higher level of activity in the North American market and the addition of previously unconsolidated sales. Most of the volume increase reflected participation in several successful new domestic vehicle programs. In addition the company benefitted from the double-digit increase in domestic industry production. Johnson Controls said that its European seating volume was about level with the prior year as production at several new plants offset the impact of recessionary declines in that automotive market. The consolidation of a European acquisition in the fourth quarter of 1992 also contributed to the higher revenues in the quarter. Operating income increased at a rate less than sales due to the combination of increased engineering and administrative investments to support the business' high rate of growth in North America and Europe, as well as lower operating results in Europe.
 Sales of facility services and control systems for the current quarter were slightly higher than the prior year while operating income improved at a higher rate. The company said that it experienced sales growth in the North American commercial buildings market, led by higher revenues associated with operations contracts, system retrofits and service. These gains offset declines in the domestic and European construction markets. Worldwide orders from the commercial market were higher than in the year ago period.
 Battery sales were approximately level with the same quarter of 1992, as were unit shipments of automotive batteries. Operating income increased due to higher sales of premium products and operating efficiencies.
 Plastics sales increased by over 5 percent reflecting higher sales of P.E.T. bottles to the North American and European markets. The company said it had higher shipments to both the soft drink and custom markets, including substantially higher revenues from its hot-fill bottles for juices and isotonic drinks. These increases were partially offset by lower shipments of plastics blowmolding machinery. Operating income declined from the prior year due to the reduced machinery sales.
 For the nine months ended June 30, 1993, sales totaled $4,550.1 million, up 23 percent from $3,705.9 million a year ago. Operating income rose 24 percent to $215.3 million from $173.5 million. Net income increased 21 percent to $98.1 million from $81.3 million for the first nine months of 1992. Primary earnings per share totaled $2.26 versus $1.88 the prior year while fully diluted earnings per share were $2.16 for 1993 versus $1.80 for 1992.
 CONSOLIDATED STATEMENT OF INCOME
 (In millions, except per share; unaudited)
 For the Three Months For the Nine Months
 Ended June 30, Ended June 30,
 1993 1992 1993 1992
 Net sales $1,593.7 $1,307.0 $4,550.1 $3,705.9
 Cost of sales 1,348.3 1,101.6 3,876.7 3,156.6
 Gross profit 245.4 205.4 673.4 549.3
 Selling, general
 and administrative
 expenses 160.6 32.6 458.1 375.8
 Operating income 84.8 72.8 215.3 173.5
 Interest income 1.0 2.5 4.4 6.5
 Interest expense (11.5) (11.4) (37.0) (36.3)
 Miscellaneous - net 3.8 3.4 (1.0) 6.8
 Other income
 (expense) (6.7) (5.5) (33.6) (23.0)
 Income before income
 taxes 78.1 67.3 181.7 150.5
 Provision for income
 taxes 35.9 30.9 83.6 69.2
 Net income $42.2 $36.4 $98.1 $81.3
 Earnings available
 for, common
 shareholders $40.2 $34.3 $92.1 $75.2
 Earnings per share(A)
 Primary $0.98 $0.86 $2.26 $1.88
 Fully diluted $0.94 $0.81 $2.16 $1.80
 (A) -- Primary earnings per share are computed by dividing net income, after deducting dividend requirements on the Series D Convertible Preferred Stock, by the weighted average number of common shares and common stock equivalents which would arise from the exercise of stock options. Fully diluted earnings per share assume the conversion of the Company's Series D Convertible Preferred Stock, if dilutive, plus the dilutive effect of the stock options.
 For the Three Months For the Nine Months
 Ended June 30, Ended June 30,
 1993 1992 1993 1992
 Weighted Average Shares
 (in millions)
 Primary 40.8 40.3 40.7 40.0
 Fully diluted 44.2 43.9 44.1 43.7
 CONSOLIDATED STATEMENT OF FINANCIAL POSITION
 (In millions)
 June 30, September 30, June 30,
 1993 1992 1992
 (unaudited) (unaudited)
 ASSETS
 Cash and cash equivalents $141.8 $96.2 $8.8
 Accounts receivable - net 862.6 899.4 837.1
 Inventories 295.8 316.0 282.2
 Other current assets 189.4 212.7 199.3
 Current assets 1,489.6 1,524.3 1,327.4
 Property, plant and
 equipment - net 1,132.1 1,157.3 1,034.4
 Goodwill - net 320.7 323.7 240.5
 Investments in partially-
 owned affiliates 80.9 73.1 145.6
 Other noncurrent assets 91.7 101.1 102.9
 Total assets $3,115.0 $3,179.5 $2,850.8
 LIABILITIES AND EQUITY
 Short-term debt $25.2 $148.5 $107.0
 Current portion of
 long-term debt 18.2 26.0 15.3
 Accounts payable 628.9 586.2 480.2
 Accrued compensation and
 benefits 184.9 170.4 150.9
 Accrued income taxes 46.1 36.5 29.7
 Billings in excess of costs
 and earnings on
 uncompleted contracts 78.1 84.9 88.8
 Other current liabilities 208.6 192.7 161.5
 Current liabilities 1,190.0 1,245.2 1,033.4
 Long-term debt 489.0 503.3 461.8
 Other noncurrent liabilities 186.9 173.3 155.7
 Deferred income taxes 54.5 63.5 71.1
 Shareholders' equity 1,194.6 1,194.2 1,128.8
 Total liabilities
 and equity $3,115.0 $3,179.5 $2,850.8
 -0- 7/19/93
 /CONTACT: Denise M. Zutz of Johnson Controls, Inc., 414-228-3155/
 (JCI)


CO: Johnson Controls, Inc. ST: Wisconsin IN: AUT SU: ERN

BM -- CL003 -- 2949 07/19/93 09:58 EDT
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