Printer Friendly

THE WEST COMPANY REPORTS FIRST QUARTER RESULTS

 THE WEST COMPANY REPORTS FIRST QUARTER RESULTS
 PHOENIXVILLE, Pa., April 16 /PRNewswire/ -- The West Company,


Incorporated (NYSE: WST) today reported earnings for the first quarter of 1992 of $5.6 million, or $.36 per share, compared with a loss of $2.3 million, or $.15 per share in the first quarter of 1991.
 The increase in net income resulted from company-wide improvements in operating results and the elimination of certain low-profit operations. The first quarter of 1991 also included a charge associated with the adoption of Financial Accounting Standards No. 106.
 Sales for the first quarter of 1992 were $81.8 million compared to first quarter 1991 sales of $86.1 million. The primary reason for the reduction was the sale of a majority share of its glass operations combined with the foreign currency exchange impact of a stronger U.S. dollar. This reduction was offset in part by higher Latin American and European sales volume.
 In announcing the improved earnings, William G. Little, president and chief executive officer stated, "As anticipated, our results improved in the first quarter. This reflects the benefits of our previously announced restructuring plan. And, as pleased as we are with our progress to date, we caution against simple annualization of our first quarter results."
 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 3/29/92 Pct. 3/31/91(A) Pct.
 Net sales $81,791 100 $86,097 100
 Cost of goods sold 57,389 70 63,312 74
 Gross profit 24,402 30 22,785 26
 Selling, general and
 administrative
 expenses 12,990 16 14,121 16
 Restructuring charges --- --- 520 1
 Other (income)
 expense, net 735 1 (101) ---
 Operating profit 10,677 13 8,245 9
 Interest expense 1,037 1 1,762 2
 Income before income
 taxes and minority
 interests 9,640 12 6,483 7
 Provision for income
 taxes 3,996 5 2,877 3
 Minority interests 358 1 57 ---
 Income from consolidated
 operations 5,286 6 3,549 4
 Equity in net income
 of affiliated
 companies 302 --- 389 ---
 Income before cumulative
 effect of change in
 accounting method 5,588 --- 3,938 ---
 Cumulative effect to
 Jan. 1, 1991, of the
 change in accounting
 for non-pension
 retirement benefits --- --- (6,254) ---
 Net income (loss) $5,588 --- ($2,316) ---
 Net income (loss)
 per share:
 Income before cumulative
 effect of change in
 accounting method $.36 --- $.25 ---
 Cumulative effect of
 change in accounting
 method --- --- (.40) ---
 Total .36 --- (.15) ---
 Average shares
 outstanding 15,575 --- 15,492 ---
 (A) The company adopted Financial Accounting Standards No. 106, Employer's Accounting for Postretirement Benefits Other Than Pensions, at year-end 1991 and restated the first nine months of 1991 to reflect the adoption effective Jan. 1, 1991. Other items have been reclassified for comparative purposes.
 /delval/
 -0- 4/16/92
 /CONTACT: Stephen M. Heumann, corporate treasurer of The West Company, 215-935-4640/
 (WST) CO: The West Company, Incorporated ST: Pennsylvania IN: MAC SU: ERN


JS-MP -- PH031 -- 9413 04/16/92 15:08 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 16, 1992
Words:560
Previous Article:TEPPCO PARTNERS, L.P. DECLARES QUARTERLY DISTRIBUTION
Next Article:SCEcorp/EDISON CHAIRMAN DEFINES COMPANY STRATEGY/GOALS AT ANNUAL SHAREHOLDERS MEETING


Related Articles
OHM REPORTS IMPROVED RESULTS FOR FIRST QUARTER
THE WEST COMPANY REPORTS FIRST QUARTER RESULTS
AMERICA WEST AIRLINES REPORTS FIRST QUARTER 1993 NET INCOME
AMERICA WEST AIRLINES REPORTS FIRST QUARTER 1993 NET INCOME
ABSORPTION DOWN IN WESTSIDE OFFICE MARKET IN FIRST QUARTER; VACANCY STABLE, REPORT REVEALS
CITY HOLDING COMPANY ANNOUNCES FIRST QUARTER 1994 EARNINGS
THE WEST COMPANY REPORTS FIRST QUARTER RESULTS
AMERICA WEST AIRLINES REPORTS RECORD FIRST QUARTER 1994 NET INCOME
CITY HOLDING COMPANY ANNOUNCES FIRST QUARTER 1995 EARNINGS
AMERICA WEST AIRLINES REPORTS NINTH CONSECUTIVE QUARTERLY PROFIT

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters