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THE PENN CENTRAL CORPORATION REPORTS RESULTS

 THE PENN CENTRAL CORPORATION REPORTS RESULTS
 CINCINNATI, Feb. 26 /PRNewswire/ -- The Penn Central Corporation


(NYSE: PC) today reported 1991 income from continuing operations of $63.4 million, or $1.30 per share, compared with 1990 income from continuing operations of $74.4 million, or $1.22 per share. Net revenues for 1991 from continuing operations increased to $1,669.4 million from $1,086.3 million in 1990. Penn Central's continuing operations consist principally of its Insurance and Defense Services businesses and exclude its principal manufacturing businesses which have been classified as discontinued operations. Net income for the year was $2.6 million or $.05 per share, and included fourth quarter restructuring provisions and unusual charges amounting to $70.3 million after tax or $1.44 per share. Of this amount, $12.6 million or $.26 per share is applicable to continuing operations, and $57.7 million or $1.18 per share is applicable to discountinued operations.
 For the 1991 fourth quarter, the company reported an after tax loss from continuing operations of $2.0 million or $.04 per share, including the aforementioned restructuring provisions, compared with 1990 income from conntinuing operations of $19.0 million, or $.36 per share. Net reveune from continuing operations increased to $425.9 million from $283.2 million for the 1990 fourth quarter.
 The company's principal manufacturing operations have been classified as discontinued operations as a result of the board of directors' previously announced approval in principle of the spin-off to shareholders of a newly formed subsidiary, General Cable Corporation, which will own the wire and cable, materials handling equipment and marine equipment manufacturing businesses currently conducted by the company's General Cable, Guardian/Capital Wire, Carol Cable and Marathon LeTourneau units. For the year 1991, discontinued operations reported a net loss of $60.8 million, or $1.25 per share, including the aforementioned fourth quarter restructuring provisions, compared with 1990 net income of $23.4 million, or $.38 per share. Revenues of discontinued operations totaled $1,024.5 million in 1991 and $1,068.0 million in 1990.
 Penn Central's net income is computed after a deduction in lieu of current Federal income tax, because income that would otherwise be taxable is offset by pre-reorganization loss carryforwards. This deduction is not accruable or payable. In addition, 1991 quarterly and annual earnings per share calculations reflect fewer average shares outstanding in comparison with 1990 resulting from purchase of shares by the company.
 Penn Central ended the year with shareholders' equity of $1,479.0 million, or $31.23 per share.
 Penn Central operates businesses primarily in the areas of insurance, defense services, industrial manufacturing and energy.
 THE PENN CENTRAL CORPORATION AND CONSOLIDATED SUBSIDIARIES
 (In Millions, Except Per Share Amounts)
 FINANCIAL HIGHLIGHTS
 Three Months Ended
 December 31
 1991 1990
 Net Revenues $425.9 $283.2
 Income (loss) from continuing
 operations before deduction in
 lieu of current Federal income tax (3.0) 28.0
 Income (loss) from continuing
 operations (2.0) 19.0
 Net income (loss) (61.2) 20.0
 Income (loss) per share from continuing
 operations (.04) .36
 Net income (loss) per share of
 Common Stock (1.29) .38
 Weighted average number of
 Common shares 47.6 52.9
 Year Ended
 December 31
 1991 1990
 Net Revenues $1,669.4 $1,086.3
 Income (loss) from continuing
 operations before deduction in
 lieu of current Federal income tax 94.6 110.4
 Income (loss) from continuing
 operations 63.4 74.4
 Net income (loss) 2.6 97.8
 Income (loss) per share from continuing
 operations 1.30 1.22
 Net income (loss) per share of
 Common Stock .05 1.60
 Weighted average number of
 Common shares 48.7 61.2
 SUPPLEMENTAL INFORMATION
 The company computes a deduction in lieu of current Federal income tax because income that would otherwise be taxable is offset by pre-reorganization loss carryforwards or tax losses attributable to disposition of pre-reorganization assets and liabilities. This deduction is not accruable or payable. Accordingly, the following supplemental information is provided:
 Three Months Ended
 December 31,
 1991 1990
 Net income (loss) $(61.2) $20.0
 Deduction (credit) in lieu of
 current Federal income tax
 Continuing operations (1.0) 9.0
 Discontinued operations (28.9) .4
 Income (loss) before deduction in lieu
 of current Federal income tax (91.1) 29.4
 Income (loss) per share before deduction
 in lieu of current Federal
 income tax (1.91) .56
 Year Ended
 December 31,
 1991 1990
 Net income (loss) $ 2.6 $97.8
 Deduction (credit) in lieu of
 current Federal income tax
 Continuing operations 31.2 36.0
 Discontinued operations (30.4) 11.2
 Income (loss) before deduction in lieu
 of current Federal income tax 3.4 145.0
 Income (loss) per share before deduction
 in lieu of current Federal
 income tax .07 2.37
 -0- 2/26/92
 /CONTACT: David H. Street, senior vice president-finance of The Penn Central Corporation, 513-579-6600/
 (PC) CO: The Penn Central Corporation ST: Ohio IN: TLS ARO SU: ERN


CG -- CL013 -- 2895 02/26/92 14:53 EST
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