Printer Friendly

THOMAS INDUSTRIES REPORTS THIRD QUARTER SALES AND EARNINGS

 LOUISVILLE, Ky., Oct. 15 /PRNewswire/ -- Thomas Industries Inc. (NYSE: TII) today reported that sales and earnings for the third quarter and first nine months of 1993 were up from the same periods a year ago.
 Net income for the three months ended Sept. 30, 1993, was $1,552,000, or $.15 per share, compared to $504,000, or $.05 per share, in the third quarter of 1992. Sales for the quarter were $117,322,000, compared to $109,016,000 in the comparable 1992 period.
 Net income for the first nine months of this year rose to $3,382,000, or $.34 per share, compared to a loss of $2,722,000 a year ago, which included a one-time after tax restructuring charge of $3,986,000 taken in the first quarter of 1992. Net sales for the period increased to $340,397,000, from $312,560,000 in 1992.
 In commenting on the third quarter results, Timothy C. Brown, President and Chief Executive Officer of Thomas Industries Inc., said, "The outstanding performance of our Compressor and Vacuum Pump Group continues, as this Group has reported the highest sales and operating income for any first nine month period in its history. This has helped to offset a very difficult lighting market."
 Brown added, "The European side of our compressor and vacuum pump business is doing well in spite of the tough economic conditions there, and the North American business is enjoying substantial gains. We expect this Group to have a record year in 1993."
 Concerning the Lighting Group, Brown said, "The extremely competitive nature of the residential and fluorescent lighting business continues to put downward pressures on our margins. However, the Company's Canadian outdoor lighting line, Lumec, along with the domestic Gardco and Emco lines, have remained solid performers for the year."
 Brown added, "We continue to evaluate every aspect of our business to insure that costs are kept at their absolute lowest and that efficiencies remain high."
 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 and consumer markets. Thomas has operations in the U.S., Canada, Mexico, South America, Europe and Asia.
 THOMAS INDUSTRIES INC. COMPARATIVE SALES AND INCOME
 For the quarter ended September 30
 1993 1992 Pct. Change
 Net sales 117,322,000 $109,016,000 + 7.6
 Costs and expenses $114,373,000 $107,201,000 + 6.7
 Income before taxes $ 2,949,000 $ 1,815,000 + 62.5
 Net income $ 1,552,000 $ 504,000 +207.9
 Net income per share $ .15 $.05 +200.0
 Dividends declared
 per share $.10 $.10
 Average number of
 common shares
 outstanding 10,043,794 10,010,853
 For the nine months ended September 30
 1993 1992 Pct. Change
 Net sales $340,397,000 $312,560,000 + 8.9
 Costs and expenses $333,851,000 $307,938,000 + 8.4
 Restructuring costs $ -0- 5,925,000
 Income (loss) before
 taxes $ 6,546,000 $( 1,303,000)(A)
 Net income (loss) $ 3,382,000 $( 2,722,000)(B)
 Net income (loss)
 per share $.34 $(.27)
 Dividends declared
 per share $.30 $.30
 Average number of common
 shares outstanding 10,031,024 10,010,710(A)
 (A) The 1992 first nine months results include a non-recurring charge of $5,925,000 to income before taxes, or $3,986,000 (40 cents per share) to net income, to establish a reserve for the costs associated with plant consolidations to reduce excess manufacturing capacity in the Lighting Segment, and the disposition of other non-producing assets.
 (B) The 1992 first nine months net income excluding this non- recurring charge was $1,264,000 (13 cents per share).
 THE FOREGOING FIGURES HAVE BEEN APPROVED BY THE MANAGEMENT OF THOMAS INDUSTRIES FOR OFFICIAL RELEASE ON THE DATE INDICATED.
 -0- 10/15/93
 /CONTACT: Corporate Communications of Thomas Industries, 502-893-4600/
 (THI)


CO: Thomas Industries Inc. ST: Kentucky IN: CST MAC SU: SLS ERN

CM -- CH004 -- 2613 10/15/93 09:23 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 15, 1993
Words:674
Previous Article:SONOCO PRODUCTS COMPANY ANNOUNCES COMPLETION OF ITS TENDER OFFER FOR ENGRAPH, INC.
Next Article:OIL & GAS SALE BRINGS $1.3 MILLION TO U.S. TREASURY
Topics:

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