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THE WEST COMPANY REPORTS 1992 RESULTS

 PHOENIXVILLE, Pa., Feb. 18 /PRNewswire/ -- The West Company, Incorporated (NYSE: WST) today reported net income for the full year 1992 of $19.7 million, or $1.26 per share, compared to a net loss of $14.7 million, or a loss of $.95 per share, in 1991.
 The substantial improvement in 1992 is attributable to the success of the restructuring plan which enabled the company to increase operating margins in its three divisions, lower its effective tax rate and reduce financing costs. The loss in 1991 was caused by a net restructuring charge of $21.2 million, or a charge of $1.37 per share, and the cumulative charge of $.40 a share to adopt FAS 106, accounting for non-pension retirement benefits.
 Sales for 1992 were $338.2 million, compared to $329.6 million in 1991. Sales increases in core businesses were somewhat offset by the discontinuation of several unprofitable product lines and the divestiture of a majority interest in glass operations.
 Net income for the fourth quarter of 1992 was $4.5 million, or $.28 per share, compared with a loss of $18.1 million, or a loss of $1.16 per share, for the fourth quarter of 1991. Sales for the fourth quarter were $88.4 million, compared with $82.2 million for the fourth quarter of 1991.
 In reporting the results before the year, William G. Little, president and chief executive officer, stated, "The company's excellent results reflect the positive effect of corrective actions taken last year. We see significant global opportunities for continued growth in 1993 and beyond. Of particular interest is the success of the sales and marketing agreement signed last year with our European subsidiary and Japanese affiliate. World-wide cooperation with these partners has helped us rationalize operations and increase our technological base."
 The West Company is a premier supplier of products that satisfy the unique filling, sealing and dispensing needs of the health care and consumer products industries. More than 85 percent of West's revenue is generated by the health care markets. Products include stoppers, closures, containers, medical device components and assemblies made from elastomers, metal, plastic and glass. West also manufactures related packaging machinery.
 THE WEST COMPANY, INCORPORATED
 Consolidated Statements of Operations
 (In thousands, except per-share data)
 Quarter ended 12/31/92 Pct. 12/31/91 Pct.
 Net sales $88,366 100 $82,168 100
 Cost of goods sold 64,275 73 62,302 76
 Gross profit 24,091 27 19,866 24
 Selling, general and
 administrative
 expenses 15,968 18 14,914 18
 Restructuring charges --- --- 28,826 35
 Other expense, net 67 --- 74 ---
 Operating profit
 (loss) 8,056 9 (23,948) (29)
 Interest expense 767 1 1,278 2
 Income (loss) before
 income taxes and
 minority interests 7,289 8 (25,226) (31)
 Provision for income
 taxes (recovery) 2,274 2 (4,412) (5)
 Minority interests 484 1 (2,554) (3)
 Income (loss) from
 consolidated
 operations 4,531 5 (18,260) (23)
 Equity in net income
 (loss) of affiliated
 companies (71) --- 207 ---
 Income (loss) before
 cumulative effect of
 change in accounting
 method 4,460 --- (18,053) ---
 Cumulative effect to
 Jan. 1, 1991, of the
 change in accounting
 for non-pension
 retirement benefits --- --- --- ---
 Net income (loss) $4,460 --- ($18,053) ---
 Net income (loss)
 per share:
 Income (loss) before
 cumulative effect of
 change in accounting
 method $.28 --- ($1.16) ---
 Cumulative effect of
 change in accounting
 method --- --- --- ---
 Total $.28 --- ($1.16) ---
 Average shares
 outstanding 15,715 --- 15,555 ---
 12 months ended 12/31/92 Pct. 12/31/91 Pct.
 Net sales $338,184 100 $329,608 100
 Cost of goods sold 241,442 71 245,846 75
 Gross profit 96,742 29 83,762 25
 Selling, general and
 administrative
 expenses 57,057 17 55,444 17
 Restructuring charges --- --- 29,516 9
 Other expense, net 933 1 437 ---
 Operating profit
 (loss) 38,752 11 (1,635) (1)
 Interest expense 3,887 1 6,032 2
 Income (loss) before
 income taxes and
 minority interests 34,865 10 (7,667) (3)
 Provision for income
 taxes (recovery) 14,335 4 4,734 1
 Minority interests 1,685 1 (2,389) (1)
 Income (loss) from
 consolidated
 operations 18,845 5 (10,012) (3)
 Equity in net income
 (loss) of affiliated
 companies 900 --- 1,556 ---
 Income (loss) before
 cumulative effect of
 change in accounting
 method 19,745 --- (8,456) ---
 Cumulative effect to
 Jan. 1, 1991, of the
 change in accounting
 for non-pension
 retirement benefits --- --- (6,254) ---
 Net income (loss) $19,745 --- ($14,710) ---
 Net income (loss)
 per share:
 Income (loss) before
 cumulative effect of
 change in accounting
 method $1.26 --- ($.55) ---
 Cumulative effect of
 change in accounting
 method --- --- (.40) ---
 Total $1.26 --- ($.95) ---
 Average shares
 outstanding 15,641 --- 15,527 ---
 /delval/
 -0- 2/18/93
 /CONTACT: Stephen M. Heumann, corporate treasurer of The West Company, 215-935-4640/
 (WST)


CO: The West Company, Incorporated ST: Pennsylvania IN: SU: ERN

CC-MJ -- PH025 -- 7931 02/18/93 13:23 EST
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Date:Feb 18, 1993
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