THE HENLEY GROUP REPORTS FIRST QUARTER EARNINGS
THE HENLEY GROUP REPORTS FIRST QUARTER EARNINGS HAMPTON, N.H., May 4 /PRNewswire/ -- The Henley Group, Inc.
(NASDAQ: HENG), for the first three months of 1992 achieved improved operating results as net sales, gross profit and operating income all increased from year-ago levels.
The aerospace and industrial products company posted net income of $68 million, or $3.45 per share, on net sales of $183 million. The latest results included a pretax gain of $90 million ($73 million after tax) on the sale of Henley's remaining 6.5 million shares of Fisher Scientific International Inc. The gain in operating income reflected increased shipments of aircraft landing gear to The Boeing Co., principally for the 747 program, and to McDonnell Douglas Corp. for the MD-11, as well as higher sales of aircraft-passenger boarding bridges and other industrial products, principally Abex friction-braking materials. These sales increases more than offset the continued decline in military aerospace sales. In addition, interest expense decreased as a result of Henley's debt-reduction program, and amortization of goodwill and other intangibles declined. For the first quarter of 1991, Henley had a loss from continuing operations of $25 million, or $1.27 per share, a loss from discontinued operations of $51 million, or $2.59 per share, and a net loss of $157 million, or $7.97 per share, on net sales of $177 million. The net loss included a $122 million after-tax charge for post-retirement benefit costs other than pensions and a $41 million extraordinary gain on the purchase of $135 million face value of debt securities of Henley's Pneumo Abex Corporation subsidiary. At March 31, 1992, Henley had cash and cash equivalents of $463 million. THE HENLEY GROUP, INC. Financial Highlights (In millions, except per share amounts) Three Months Ended 3/31/92 3/31/91 Net sales $183 $177 Loss from continuing operations (13) (25) Income (loss) from discontinued operations-(a) 73 (51) Income (loss) before extraordinary items 60 (76) Extraordinary items-(b) 8 41 Transition effect of an accounting change for post- retirement benefit costs other than pensions-(c) -- (122) Net income (loss) 68 (157) Earnings (loss) per common share: Continuing operations (66 cents) $(1.27) Discontinued operations $3.71 (2.59) Earnings (loss) per common share before extraordinary items 3.05 (3.86) Extraordinary items 40 cents 2.08 Transition effect of an accounting change for post-retirement benefit costs other than pensions -- (6.19) Net earnings (loss) per common share $3.45 $(7.97) Weighted average common shares outstanding 19.7 19.7 Notes: (a)-The first quarter of 1992 reflects a $90 million, pre-tax gain on the sale of the company's holdings of 6.5 million shares of common stock of Fisher Scientific International Inc., net of $17 million of income taxes. The first quarter of 1991 reflects principally the adoption of Financial Accounting Standards No. 106 ("FAS 106") - "Employers' Accounting for Postretirement Benefits Other Than Pensions" for the company's laboratory and medical products segment. (b)-Reflects the utilization of financial statement loss carryforwards in the first quarter of 1992 and the gain resulting from the company's purchases of Pneumo Abex public debt securities during the first quarter of 1991. (c)-Reflects the adoption of FAS 106, on an immediate recognition basis effective Jan. 1, 1991. -0- 5/4/92 /CONTACT: Norman Ritter of The Henley Group, 603-929-2322/ (HENG) CO: The Henley Group ST: New Hampshire IN: ARO SU: ERN
DH-SH -- NE019 -- 5945 05/04/92 10:49 EDT
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|Date:||May 4, 1992|
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