SYBRON CASH FLOW UP 5.3 PERCENT; SALES UP 6.7 PERCENT
SYBRON CASH FLOW UP 5.3 PERCENT; SALES UP 6.7 PERCENT MILWAUKEE, Nov. 18 /PRNewswire/ -- Sybron Acquisition Company today
announced financial results for its fiscal year ended Sept. 30, 1991, including a net sales total of $350.1 million, a 6.7 percent gain over the prior year.
Kenneth F. Yontz, chairman, president and CEO of Sybron, said that operating cash flow, defined as earnings before interest, taxes, deprzeciation, amortization and before the cumulative historical effect of a change in accounting principle, was $87.4 million, compared to $83.0 million the previous year, an increase of 5.3 percent. Yontz reported that net income, excluding a onetime charge arising from a change in accounting treatment related to postretirement benefits, totaled $7.3 million, compared to net income of $3.1 million for the previous year. The company has elected to adopt Statement of Financial Accounting Standards No. 106 (SFAS 106) relating to the recognition of postretirement health care benefit costs effective Oct. 1, 1990. The result of adopting this pronouncement was a $4.8 million onetime non- cash charge to net income. Sybron stated the adoption of SFAS 106 has absolutely no effect on the company's cash flow. Yontz explained that the company's subsidiaries have performed well despite the U.S. recession that has persisted since July 1990 since a significant part of the company's sales and earnings come from international operations. The results were within the company's expectations. The company also provided the following information on fiscal 1991 and 1990 operations: SYBRON ACQUISITION COMPANY (Millions of Dollars) Year ended Year Sept. 30 1991 1990 Net Sales $350.1 $328.2 Gross Profit 168.8 159.4 Selling, General and Administrative Expenses 109.4 100.4 Income Before Income Taxes 16.8 9.1 Income Taxes 9.5 6.0 Net Income Before Cumulative Effect of Accounting Change 7.3 3.1 Cumulative Effect of Accounting Change (4.8) -- Net Income 2.5 3.1 Sybron conducts its businesses through five principal operating subsidiaries, which design, manufacture and market laboratory and dental supplies worldwide. Subsidiaries include Kerr Manufacturing Company, Nalge Company, Erie Scientific Company, Barnstead Thermolyne Corp. and Ormco Corp. -0- 11/18/91 /CONTACT: Donald G. Rackl of Sybron, 414-274-6600, or S. Joseph Moran of Hoffman York & Compton, 414-289-9700/ CO: Sybron Acquisition Company ST: Wisconsin IN: SU: SM -- NY032 -- 1324 11/18/91 10:26 EST
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|Date:||Nov 18, 1991|
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