Printer Friendly

TJ INTERNATIONAL ANNOUNCES PROFITABLE YEAR-END RESULTS

 BOISE, Idaho, Feb. 10 /PRNewswire/ -- Citing stronger housing markets and market share gains, TJ International (NASDAQ: TJCO) today announced higher sales and profitable 1992 operating results. Sales increased 41 percent in 1992 to $400,480,000 compared with 1991 sales of $283,210,000. Net income was $7,311,000 or 89 cents per fully diluted share. This includes a credit of $900,000, or 13 cents per fully diluted share, resulting from adoption of Financial Accounting Standards Board (FASB) Rule 109, which governs how deferred income tax reserves are reported. These results compare with a 1991 loss of ($3,227,000) or (63 cents) per share.
 For the fourth quarter, sales rose 37 percent to $100,383,000 from the $73,363,000 sold a year ago. Net income was $465,000 or 2 cents per share. This compares with 1991's fourth-quarter loss of ($7,233,000), or ($1.15) per share, after restructuring and other one-time charges.
 According to Walt Minnick, president and chief executive officer, the company's improved 1992 net income stems from a 17-percent increase in U.S. and Canadian housing starts combined with significant market share gains for the company's wood window operations and the residential structural product sales of its Trus Joist MacMillan (TJM) joint venture subsidiary. TJM's residential product sales jumped 42 percent to $165 per U.S. and Canadian housing start. Window market share improved 17 percent to $88 per U.S. and Canadian start. Other contributors to 1992's stronger results included continuing progress made toward commercializing the new engineered lumber technologies acquired by the TJM joint venture from MacMillan Bloedel (NASDAQ: MMBLF). Minnick noted that increasing commodity lumber prices also played a role. "Because we can deliver a higher quality, engineered product that requires less wood, we become far more competitive with commodity lumber when wood prices rise," he commented.
 As the year closed, an improving housing market, coupled with rapidly rising lumber prices, has created a surge of new orders for structural products produced by Trus Joist MacMillan. According to Minnick, "We are off to a strong start which, if it continues, should lead to further sales and profit gains in 1993," he concluded.
 In other business, the company's board of directors approved payment of a regular quarterly dividend on common stock of 10.5 cents per share payable on April 21 to stockholders of record as of March 26.
 TJ International, a Boise-based specialty building products company, is the majority owner and managing partner of Trus Joist MacMillan, a structural composite lumber joint venture with MacMillan Bloedel. TJ International also manufactures and markets wood and vinyl windows through its Norco, Dashwood and Laflamme corporation subsidiaries.
 -0- 2/10/93
 /CONTACT: Walt Minnick, 208-345-8500, or home, 208-345-3036, or Mel Landers, 208-345-8500, or home, 208-323-8857, both of TJ International/
 (TJCO MMBLF)


CO: TJ International; Trus Joist MacMillan; MacMillan Bloedel ST: Idaho IN: PAP SU: ERN DIV

TM-SW -- SE003 -- 5138 02/10/93 12:08 EST
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:Feb 10, 1993
Words:494
Previous Article:NORTH AMERICAN TECHNOLOGIES GROUP, INC. EXECUTIVES ANNOUNCE AGREEMENT AND PLAN OF MERGER WITH NORTH AMERICAN ENVIRONMENTAL GROUP, INC.
Next Article:HAVERTY FURNITURE COMPANIES, INC. REPORTS 1992 RESULTS AND DECLARES FIRST QUARTER CASH DIVIDEND
Topics:


Related Articles
TJ INTERNATIONAL NAMES NEW DIRECTOR
TJ INTERNATIONAL POSTS 1991 OPERATING LOSS
TJ INTERNATIONAL TELLS STOCKHOLDERS PROSPECTS ARE BRIGHTENING
TJ INTERNATIONAL DECLARES REGULAR QUARTERLY DIVIDEND
TJ INTERNATIONAL TELLS TECHNOLOGY STORY TO STOCKHOLDERS AT ANNUAL MEETING
TJ International Reports 20% Increase in Third Quarter Sales.
TJ International Reports Record Year-End Financial Results.
TJ International Reports Record First Quarter Financial Results.
TJ International Reports Record Sales and Earnings in the Second Quarter.
TJ International, Inc. Declares Distribution of Preferred Share Purchase Rights and Regular Quarterly Dividend.

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