Printer Friendly

THIOKOL THIRD QUARTER INCOME INCREASES 31 PERCENT

 THIOKOL THIRD QUARTER INCOME INCREASES 31 PERCENT
 OGDEN, Utah, April 14 /PRNewswire/ -- Thiokol Corp. (NYSE: TKC)


today reported that for the third quarter ended March 31, 1992 net income increased 31 percent to $15.2 million from $11.6 million for the like period last year. Earnings per share for the quarter were 75 cents compared to 60 cents for the prior year.
 Net sales for the three month period were $341.2 million, an 11 percent increase over $307.9 million last year. The sales increase reflects the inclusion of fastening systems sales of $39.7 million resulting from the purchase of Huck International Inc. in the second quarter.
 Net income for the nine months ended March 31, 1992 increased 24 percent to $43.0 million or $2.13 per share when compared to $34.8 million or $1.81 per share for the like period of the prior year. Sales of $959.6 million for the nine month period increased 7 percent from $899.9 million last year.
 U. Edwin Garrison, chairman and chief executive officer said, "We are quite pleased with third quarter results. Our continued emphasis on quality, improved productivity and lower costs has resulted in increased profitability on many programs."
 Space sales of $139.7 million increased 3 percent over the like quarter of the prior year while operating income increased 54 percent to $14.0 million from prior year's $9.1 million. Higher operating margins on Space Shuttle solid rocket motor sales and increased income from Castor motors were the principal contributors to the operating income increase.
 Strategic sales increased 24 percent to $79.6 million from $64.3 million last year while operating income rose 23 percent to $10.6 million. The sales and income increases reflect higher Peacekeeper motor deliveries.
 Third quarter Tactical sales declined 38 percent to $33.8 million from $54.6 million last year while related operating income decreased 81 percent to $.9 million. The decline in sales was caused by significant decreases in Standard Missile, Hellfire, Sidewinder, and Maverick deliveries. The large decrease in operating income resulted from the sales decrease and a decline in profit margins on Patriot and other smaller programs.
 Ordnance sales of $48.4 million decreased 10 percent while operating income increased 33 percent to $3.3 million from the prior year. The decline in sales resulted from lower operating levels at the government-owned, contractor-operated ammunition plants. Improved operating margins on flares was the largest contributor to the rise in income.
 Fastening systems sales for the quarter were $39.7 million while operating income for the quarter was $3.0 million.
 Interest income decreased $1.6 million during the quarter as a result of lower interest rates and lower levels of cash and cash equivalents due to the use of approximately $150 million for the purchase of Huck in the second quarter.
 General and administrative expense increased from $10.9 million for the prior year's quarter to $18.4 million due to the inclusion of Huck's general and administrative expense in the current quarter. The increase in interest expense of $.7 million results from the Huck debt assumed by the company.
 Thiokol is publicly traded on the New York Stock Exchange. The company is a leader in high technology solid rocket motors for space and defense, and a manufacturer of military ordnance. Huck International, a wholly owned Thiokol subsidiary, supplies fastening systems for the aerospace and transportation industries.
 NOTE: Below are unaudited comparative results for the 3rd quarter of fiscal year 1992 (in thousands, except per share data)
 THIOKOL CORP.
 CONSOLIDATED STATEMENTS OF INCOME
 FISCAL YEARS 1992 - 1991
 Three Months Ended Nine Months Ended
 March 31, March 31,
 1992 1991 1992 1991
 Net sales $341,201 $307,857 $959,571 $899,924
 Interest and
 other income 2,090 3,362 8,560 10,527
 343,291 311,219 968,131 910,451
 Deductions from
 income:
 Cost of sales 289,794 273,100 828,876 800,409
 General and
 administrative
 expense 18,391 10,868 41,442 28,778
 Research and
 development
 expense 4,819 2,616 10,143 7,177
 Interest expense 6,250 5,585 17,800 16,754
 319,254 292,169 898,261 853,118
 Income before
 income taxes 24,037 19,050 69,870 57,333
 Income taxes 8,847 7,488 26,859 22,533
 Net income $ 15,190 $ 11,562 $ 43,011 $ 34,800
 Income per share $ .75 $ .60 $ 2.13 $ 1.81
 Average number of
 common and common
 equivalent shares
 outstanding 20,125 19,410 20,161 19,223
 -0- 4/14/92
 /CONTACT: Steve Lawson of Thiokol, 801-629-2257/
 (TKC) CO: Thiokol Corp. ST: Utah IN: ARO SU: ERN


BB -- DV003 -- 8050 04/14/92 08:01 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 14, 1992
Words:791
Previous Article:NHL ENTERPRISES NAMES RICHARD ZAHND SENIOR VICE PRESIDENT AND GENERAL COUNSEL
Next Article:WASHINGTON SCIENTIFIC ESTABLISHES RESERVE FOR PLANT CLOSING; REPORTS SMALL SECOND QUARTER OPERATING LOSS


Related Articles
THIOKOL SECOND QUARTER INCOME INCREASES 25 PERCENT
THIOKOL FIRST QUARTER INCOME INCREASES
THIOKOL REPORTS SECOND QUARTER INCOME
THIOKOL REPORTS THIRD QUARTER INCOME
THIOKOL ANNOUNCES SECOND QUARTER EARNINGS
THIOKOL REPORTS THIRD QUARTER EARNINGS
THIOKOL REPORTS THIRD QUARTER EARNINGS
THIOKOL REPORTS SECOND QUARTER EARNINGS
THIOKOL REPORTS THIRD QUARTER EARNINGS
Thiokol Reports Second Quarter Earnings

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters