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SUN ELECTRIC ANNOUNCES THIRD QUARTER RESULTS

 SUN ELECTRIC ANNOUNCES THIRD QUARTER RESULTS
 CRYSTAL LAKE, Ill., Nov. 5 /PRNewswire/ -- Sun Electric Corp.


(NYSE: SE) announced today that sales for its third quarter ended Sept. 30, 1991, were $54,239,000 compared to $57,820,000 for the quarter ended Sept. 30, 1990. For the quarter ended Sept. 30, 1991, the company reported a net loss of $1,292,000, or a loss of $.14 per share, compared to a net loss of $116,000, or a loss of $.01 per share, for the comparable 1990 period. The results for 1990 included losses of $1,288,000, or $.14 per share, related to discontinued operations.
 For the nine months ended Sept. 30, 1991, the company reported net sales from continuing operations of $162,132,000 compared to net sales of $181,789,000 for the comparable period in 1990. For the nine months ended Sept. 30, 1991, the company reported a net loss of $8,879,000, or a loss of $.94 per share, compared to net earnings of $6,525,000, or $.77 per share, for the comparable 1990 period. Included in net earnings for the nine months ended Sept. 30, 1990, was an extraordinary credit of $1,209,000, or $.15 per share, representing utilization of the company's net operating loss carryforward in the United States and a loss of $1,568,000, or $.18 per share, related to discontinued operations.
 Gerald A. Kien, chairman, president and chief executive officer, stated, "Results in our international division remained strong during the third quarter of 1991 and, as compared to the third quarter of 1990, reflect strong core business growth in Germany and increased sales in the United Kingdom related to a vehicle emissions testing program.
 "Results reported by the company's North American division in this year's third quarter were behind those of the 1990 third quarter as the 1990 third quarter included $15.6 million in U.S. sales of emission analyzers for use in newly implemented state vehicle emission inspection programs. As expected, the magnitude of the selling opportunities resulting from these start-up programs did not, however, carry over into 1991 as evidenced by the fact that, in the 1991 third quarter, these sales were only $3.4 million and, for the nine months ended Sept. 30, 1990, the sales of emission analyzers in the U.S. were $46.3 million compared to only $15.0 million during the same period this year.
 "Operating costs in the United States continue to decrease in line with a previously announced restructuring plan and continued reduction in working capital has allowed further debt reductions during the quarter."
 Sun Electric Corp. is primarily engaged in the design, manufacture, marketing and service of diagnostic, test and service equipment for the motor vehicle service industry and motor vehicle manufacturers in more than 100 countries.
 Sun Electric Corp. shares are traded on the New York Stock Exchange (Symbol SE). Annual Stockholders' Meeting: May 5, 1992.
 SUN ELECTRIC CORP.
 CONSOLIDATED CONDENSED BALANCE SHEET
 (In thousands)
 9/30/91 12/31/90
 Cash & equivalents $ 4,461 $ 3,143
 Receivables, net 49,096 63,107
 Inventories 68,853 79,690
 TOTAL CURRENT ASSETS 122,410 145,940
 Investments & advances -
 unconsolidated affiliates 1,280 1,311
 Prepaid expenses and other assets 10,686 8,018
 Fixed assets, net 24,827 27,208
 TOTAL ASSETS $159,203 $182,477
 Notes payable $ 11,725 $ 8,574
 Accounts payable 14,024 14,426
 Accrued expenses 30,651 29,560
 Income taxes 5,242 2,982
 TOTAL CURRENT LIABILITIES 61,642 55,542
 Long-term debt (A) 6,783 23,504
 Other non-current liabilities 1,672 1,538
 Shareholders' equity 89,106 101,893
 TOTAL LIABILITIES AND EQUITY $159,203 $182,477
 Reference should be made to the 1990 annual report to shareholders for a description of the company's accounting policies and other financial disclosures.
 SUN ELECTRIC CORP.
 CONSOLIDATED STATEMENT OF OPERATIONS
 (In thousands except per-share data)
 Periods Ended Three Months Nine Months
 Sept. 30 1991 1990 1991 1990
 Net sales $54,239 $57,820 $162,132 $181,789
 Cost of sales 32,226 31,854 96,765 99,952
 Gross income 22,013 25,966 65,367 81,837
 Selling, general and
 administrative expenses (B) 20,482 23,122 66,629 68,576
 Income (loss) from operations 1,531 2,844 (1,262) 13,261
 Other (income) expense:
 Interest (income) expense, net 390 248 1,488 (1,765)
 Foreign currency losses 252 320 779 1,870
 Net earnings of unconsolidated
 affiliates (289) (296) (869) (904)
 Other(income) expense,net (C) 43 (177) 166 617
 Total $ 396 $ 95 $ 1,564 $ (182)
 Earnings (loss) from continuing
 operations before provision
 for income taxes 1,135 2,749 (2,826) 13,443
 Provision for income taxes 2,427 1,564 6,053 6,559
 Earnings (loss) from continuing
 operations (1,292) 1,185 (8,879) 6,884
 Loss from discontinued
 operations - (87) - (367)
 Loss on disposal of
 segment - (1,201) - (1,201)
 Extraord. credit (charge) - (13) - 1,209
 Net earnings (loss) $ (1,292) $ (116) $(8,879) 6,525
 EARNINGS (LOSS) per common share:
 Continuing operations $ (.14) $ .13 $ (.94) $ .80
 Discontinued operations - (.01) - (.05)
 Loss on disposal of segment - (.13) - (.13)
 Extraordinary credit - - - .15
 Net earnings (loss) $ (.14) $ (.01) $ (.94) $ .77
 Shares used to calculate
 Earnings (loss)
 per common share 9,469 9,437 9,463 8,837
 Reference should be made to the 1990 annual report to shareholders for a description of the company's accounting policies and other financial disclosures.
 SUN ELECTRIC CORP. NOTES TO FINANCIAL STATEMENTS (In thousands)
 (A) -- At Sept. 30, 1991, the company had borrowings outstanding of $8,000 under its United States revolving credit agreement which expires June 30, 1992. The company is currently negotiating a new credit agreement with another lender and expects to finalize such agreement during the fourth quarter of 1991. The $8,000 outstanding under the existing credit agreement at Sept. 30, 1991, has been classified as a current liability and is included in notes payable.
 (B) -- Included in selling, general and administrative expenses for the nine months ended Sept. 30, 1990, is a $500 charge for severance and other costs associated with certain changes in management.
 (C) -- Included in other (income) expense, net for the nine months ended Sept. 30, 1990, are $300 of expenses for legal and investment banking fees related to the investigation of a potential acquisition by the company.
 Included in other (income) expense, net for the nine months ended Sept. 30, 1990, are $435 of expenses associated with the call of the company's 8 percent Convertible Subordinated Debentures and the and the associated standby agreement.
 -0- 11/5/91
 /CONTACT: Martin Ellen of Sun Electric, 815-459-7700/
 (SE) CO: Sun Electric Corp. ST: Illinois IN: AUT SU: ERN PS -- NY089 -- 1460 11/05/91 18:25 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Date:Nov 5, 1991
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