MILWAUKEE, Jan. 19 /PRNewswire/ -- Sybron Corp. (NYSE: SYB) today announced its financial results for the first quarter of fiscal 1993, the quarter ended Dec. 31, 1992.
FIRST QUARTER FINANCIAL RESULTS
Sybron Corp. had net income of $4.7 million for the first quarter of the current fiscal year, up 135.0 percent from the like period a year ago despite a one-time charge to net income for the first quarter of the current fiscal year. The one-time charge related to the sale of the company's Brazilian operations which reduced net income by approximately $449,000.
Net sales for the first quarter of fiscal 1993 totaled $93.8 million compared to $87.1 million for the same period of fiscal 1992, an increase of 7.7 percent. If the sales of the company's Brazilian operations, which were sold effective Oct. 1, 1992, were eliminated from the 1992 period the sales increase would have been 8.9 percent.
Cash flow continues to be strong, as earnings before interest, taxes, depreciation and amortization (EBITDA) prior to the sale of the Brazilian operations for the quarter were $24.6 million as compared to $21.1 million for the same quarter of 1992, a 16.6 percent increase.
Sybron Corp. completed an initial public offering in May of 1992 with proceeds to the company in excess of $109 million. The company is listed on the New York Stock Exchange.
For comparative purposes, assuming the May 7, 1992 initial public offering had taken place on the first day of each of the 1993 and 1992 periods, and excluding the sale of the Brazilian operations, net income would have been $5.2 million or $.23 per share on fully diluted, pro forma basis for the first quarter of the current fiscal year, up $3.0 million from $2.2 million or $.10 per share for the like pro forma period of a year ago.
Such pro forma results for the fiscal 1992 quarter are calculated assuming a reduction in interest expense based upon a repayment of approximately $17.3 million in bank debt and reductions in preferred stock dividends due to the redemption of $92.5 million of Sybron's senior preferred stock from the proceeds of the initial public offering. No adjustments for reduction of interest expense are necessary for the fiscal 1993 period.
Kenneth F. Yontz, chairman, president and chief executive officer, said the company's operating results for the first quarter of fiscal 1993 are on target with the company's expectations and that the current year's first quarter gross and operating margins improved to 49.2 percent and 19.6 percent, respectively from 47.2 percent and 16.7 percent, respectively in the like period of a year ago.
The company also reported the following results:
First Quarter First Quarter
Dec. 31, 1992 Dec. 31, 1991
(Millions of Dollars Except Earnings per Share)
Net Sales $93.8 $87.1
Gross Profit 46.2 41.5
& Adm. Expenses 27.8 26.9
Operating Income 18.4 14.6
Income Before Taxes 8.5 4.5
Income Taxes 3.8 2.5
Net Income $4.7 $2.0
Earnings (loss) per share $.21 $(.29)
Pro Forma Earnings per share:
Prior to sale of
Brazilian operations $.23 $.10
In an unrelated matter, Donald G. Rackl, the company's vice president of finance and chief financial officer, announced his resignation from the firm and his return to his native Buffalo, N.Y. Rackl cites family health concerns related to the recent stroke of his father as the reason for returning to the Buffalo area. Rackl has agree to temporarily remain with the company, and will be very active in assuring a smooth transition to his successor.
Rackl will be succeeded by Dennis Brown, formerly with The Allen- Bradley Co., Milwaukee. Brown was most recently vice president, finance and planning - international with Allen-Bradley, and prior to that he held the position of president - European region. From 1987 to 1990, Brown was treasurer of the Marmon Group Inc., a $3.0 billion company based in Chicago. Brown brings to the position in addition to his financial experience, very strong international and domestic operating skills.
Sybron Corp.'s subsidiaries design, manufacture and market laboratory and dental supply products worldwide. Brands include Erie Scientific laboratory microscope slides, Nalge Company reusable and high value disposable plastic labware, Barnstead Thermolyne precision heating and stirring apparatus and water purification systems for laboratories, Ormco orthodontic products and Kerr dental materials.
/CONTACT: Donald G. Rackl of Sybron Corp., 414-274-6600; or John Ochotnicky of Hoffman York & Compton, 414-289-9700, for Sybron Corp./
( AL -- MN016 -- 6633 01/19/93 19:14 EST