THOMAS INDUSTRIES ANNOUNCES RESULTS
THOMAS INDUSTRIES ANNOUNCES RESULTS LOUISVILLE, Ky., Feb. 6 /PRNewswire/ -- Thomas Industries Inc.
(NYSE: TII) today reported declines in sales and earnings for the year ended December 31, 1991.
Net income for the year totaled $3,788,000, or $.38 per share, a 68 percent decline from the net income of $11,702,000, or $1.15 per share in 1990. Net sales in 1991 declined 12 percent, to $408,365,000 from $461,725,000 in 1990. Additionally, the Board of Directors declared a quarterly cash dividend of $.10 per share, payable April 1, 1992, to shareholders of record March 6, 1992. This was reduced from the previous $.19 per share, prompted by the continuing weakness in the construction industry, particularly the commercial markets, and the uncertainty as to when a significant upturn in the general economy will occur, both in North America and Europe. "The conserved funds will be redirected to provide further growth opportunities for the Company," said Timothy C. Brown, President and Chief Executive Officer. This will be the 147th consecutive quarterly cash dividend paid by the Company. In commenting on the year-end results, Mr. Brown said, "Our Compressor and Vacuum Pump Group, which reported the highest level of sales and profits for any year in the Company's history, remains solid. However, the depressed housing industry and the progressive decline in commercial construction continued to adversely impact our Lighting Group." Mr. Brown concluded, "While the recessionary economy greatly affected our 1991 performance, our cash flows remain strong, and we continue to keep tight controls on inventories, receivables and expenses, enabling us to respond rapidly when a more favorable economic climate prevails." Thomas Industries Inc. designs, manufactures and markets a broad array of commercial, industrial and residential lighting products, fractional horsepower compressors and vacuum pumps, as well as specialty products for commercial, industrial and consumer markets. Thomas has operations in the U.S., Canada, Europe and Asia. THOMAS INDUSTRIES INC. COMPARATIVE SALES AND INCOME For the quarter ended December 31 Pct. 1991 1990 Change Net sales $ 98,953,000 $108,276,000 - 8.6 Income before taxes $ 2,229,000 $ 3,699,000 -39.7 Net income $ 1,229,000 $ 2,095,000 -41.3 Dividends declared per share $.19 $.19 Average number of common shares outstanding 10,009,918 10,046,391 Earnings per common share $.12 $.21 -42.9 For the year ended December 31 Pct. 1991 1990 Change Net sales $408,365,000 $461,725,000 -11.6 Income before taxes $ 7,248,000 $ 20,186,000 -64.1 Net income $ 3,788,000 $ 11,702,000 -67.6 Dividends declared per share $.76 $.76 Average number of common shares outstanding 10,010,000 10,178,547 Earnings per common share $.38 $1.15 -67.0 The 1991 net income includes $900,000 resulting from LIFO inventory layer reductions of $568,000 in the fourth quarter, $282,000 in the third quarter, and $50,000 in the second quarter. The 1990 net income includes $2,461,000 resulting from LIFO inventory layer reductions of $1,981,000 in the fourth quarter and $480,000 in the third quarter. THE FOREGOING FIGURES HAVE BEEN APPROVED BY THE MANAGEMENT OF THOMAS INDUSTRIES FOR OFFICIAL RELEASE ON THE DATE INDICATED. -0- 2/6/92 /CONTACT: Public Relations Department, Thomas Industries Inc., 502-893-4600/ (TII) CO: Thomas Industries Inc. ST: Kentucky IN: SU: ERN
CM -- CH014 -- 7946 02/06/92 17:28 EST
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|Date:||Feb 6, 1992|
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