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SUDBURY, INC. RELEASES FIRST QUARTER RESULTS

 CLEVELAND, Oct. 12 /PRNewswire/ -- Sudbury, Inc. (NASDAQ: SUDS) reported net sales of $54,444,000 from ongoing operations and consolidated net income of $1,082,000 for the three months ended Aug. 31, 1993. This compares with net sales of $52,100,000 and income before extraordinary gain of $300,000 for the first quarter in the prior fiscal year.
 The company benefited from a $1,095,000 decrease in restructuring expenses and a $537,000 decrease in interest expense due to reductions in debt in connection with the company's asset sale program and reductions in interest expense under the company's new credit facility. Partially offsetting these improvements were decreases in operating income from ongoing operations and businesses held for sale of $318,000 and $561,000, respectively.
 In comparing the prior year's first quarter sales to this year's sales, Jacques R. Sardas, chairman and chief executive officer, commented, "We are encouraged by the overall increase in sales during a quarter which has generally been a seasonally slow business period."
 Sardas also noted, "Operating income was affected by start-up costs associated with the re-opening of our Wagner foundry in Havana, Illinois, and by charges related to post-retirement benefits under Financial Accounting Standards No. 106. The start-up in Havana was necessary because of a large increase in the volume of work at our Wagner Decatur, Illinois facility."
 Sudbury is a manufacturer of industrial products with its principal office in Cleveland.
 SUDBURY, INC.
 Consolidated Financial Highlights
 (In thousands, except per share amounts)
 Three Months Ended
 8/31/93(A) 8/31/92
 (Unaudited) (Audited)
 OPERATING RESULTS
 Net sales:
 Ongoing operations $ 54,444 $ 52,100
 Businesses held for sale 315 30,893
 TOTAL $ 54,759 $ 82,993
 Operating income:
 Ongoing operations $ 2,086 $ 2,404
 Businesses held for sale --- 561
 Special charges --- (1,095)
 TOTAL 2,086 1,870
 Interest expense (1,016) (1,553)
 Interest income 55 33
 Income before income taxes 1,125 350
 Income tax expense (43) (50)
 INCOME BEFORE EXTRAORDINARY GAIN 1,082 300
 Extraordinary gain-forgiveness
 of pre-petition liabilities --- 78,805
 NET INCOME $ 1,082 $ 79,105
 Net income per share:
 Primary and fully diluted $ .09 $ (B)
 Common shares and common share
 equivalents 12,073 ---
 FINANCIAL CONDITION August 31, 1993 May 31, 1993
 (Unaudited) (Audited)
 Current Assets $ 55,777 $ 62,722
 Property and equipment - net 46,438 46,482
 Notes receivable and other assets 3,113 5,252
 Net assets of businesses
 held for sale 2,000 2,000
 TOTAL ASSETS $107,328 $116,456
 Current liabilities $ 43,924 $ 46,441
 Long-term debt 38,286 45,984
 Other long-term liabilities 6,677 6,673
 Deferred income taxes 550 550
 Stockholders' equity 17,891 16,808
 TOTAL LIABILITIES AND
 STOCKHOLDERS' EQUITY $107,328 $116,456
 (A) -- As a result of the company's emergence from Chapter 11, certain amounts presented in the operating results, principally for interest expense, for the three months ended Aug. 31, 1993 are not comparable to the same prior year period.
 (B) -- Per share amounts are irrelevant due to reorganization.
 -0- 10/12/93
 /CONTACT: Mark E. Brody of Sudbury, Inc., 216-464-7026, ext. 125/
 (SUDS)


CO: Sudbury, Inc. ST: Ohio IN: SU: ERN

BM -- CL011 -- 1016 10/12/93 10:57 EDT
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Publication:PR Newswire
Date:Oct 12, 1993
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