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THE HALLWOOD GROUP REPORTS FISCAL 1993 FOURTH QUARTER, YEAR-END RESULTS

 DALLAS, Oct. 27 /PRNewswire/ -- An additional loss from (Integra) asset held for sale of $3.7 million, and a $6.0 million deferred tax adjustment under SFAS No. 109, principally resulting from a decline in the value of tax planning strategies, offset by a $3.6 million capital gain on the sale of 175,000 ShowBiz shares, were the primary factors resulting in a fourth-quarter loss of $5.6 million, or $1.02 per share, for The Hallwood Group Incorporated (NYSE: HWG). The quarter ended July 31.
 In the prior-year quarter Hallwood lost $16.4 million, or $3.00 per share.
 Revenue for the fiscal 1993 quarter was $31.9 million, compared to $33.0 million a year ago.
 For the full year, the net loss was $1.4 million, or $0.26 per share, on revenue of $116.1 million, vs. a loss of $14.3 million, or $2.53 per share, on revenue of $115.2 million last year.
 Following is a comparison of full-year, fiscal '93-'92 performance.
 Asset management, which includes the real estate and energy segments, contributed $4.3 million to 1993 results, compared to $121,000 in the previous year. The real estate segment contributed $2.6 million of income, compared to $53,000 in 1992, principally from property management activities on revenue of $6.6 million. Energy operations contributed $1.7 million of income, compared to $68,000 last year, on $8.5 million of revenue.
 Operating subsidiaries, comprised of textile products and hotel operations, contributed $1.7 million to 1993 results, compared to a loss of $190,000 last year. Textile products reported income of $1.5 million, compared to $331,000 in fiscal 1992. Hotel operations reported income of $235,000, after $1.6 million of depreciation and amortization, compared to a loss of $521,000 in 1992, after $1.5 million of depreciation and amortization.
 Associated companies, representing Hallwood's interests in ShowBiz Pizza Time, Inc. Oakhurst Capital, Inc., and Integra -- A Hotel and Restaurant Company, contributed $7.2 million to 1993, results, principally due to $9.7 million capital gains from the sale of 425,000 ShowBiz shares and $2.7 million equity income from ShowBiz, partially offset by $4.1 million additional provision for loss relating to Integra. This compares to a loss of $15.5 million in fiscal 1992, which included a $24.2 million write-off of the Integra asset held for sale and certain anticipatory losses.
 Other losses of $9.2 million and $13.0 million for fiscal 1993 and 1992, respectively, resulted from debenture interest, administrative expenses and provision for losses.
 THE HALLWOOD GROUP INCORPORATED
 (in thousands, except per share amounts)
 Quarter ended July 31, Year ended July 31,
 1993 1992 1993 1992
 Revenue $31,857 $32,985 $116,130 $115,155
 Income (loss) before
 income taxes,
 extraordinary gain
 and cumulative effect
 of SFAS No. 109
 adoption 294 (15,609) 4,073 (28,573)
 Income (taxes) benefit (5,917) (769) (5,498) 1,702
 Extraordinary gain -- -- -- 452
 Cumulative effect of
 SFAS No. 109 adoption -- -- -- 12,133
 Net (loss) (5,623) (16,378) (1,425) (14,286)
 Net (loss) per share $(1.02) $(3.00) $(0.26) $(2.53)
 Average shares
 outstanding 5,496 5,462 5,483 5,652
 -0- 10/27/93
 /CONTACT: Mary Doyle, vice president investor relations, 800-225-0135, 214-528-5588/
 (HWG)


CO: Hallwood Group Incorporated ST: Texas IN: TEX LEI SU: ERN

LD -- NY127 -- 7607 10/27/93 19:33 EDT
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Date:Oct 27, 1993
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