Printer Friendly

TLC BEATRICE INTERNATIONAL 1991 EARNINGS UP 13 PERCENT

 TLC BEATRICE INTERNATIONAL 1991 EARNINGS UP 13 PERCENT
 NEW YORK, March 12 /PRNewswire/ -- TLC Beatrice International Holdings, Inc., today announced that net income for 1991 increased 13 percent to $51.4 million compared to $45.6 million in 1990.
 Sales for 1991 increased 3 percent to $1.54 billion from $1.49 billion reported in 1990. Earnings per share was $4.03 compared to $3.62 in 1990 on common stock that was purchased for $1 in December of 1987. Operating income of $97.2 million increased 3 percent compared to $94.3 million reported in 1990.
 For the fourth quarter of 1991, net income was $10.4 million, an increase of 132 percent from the $4.5 million reported in 1990. This increase reflects the gains on sales of the company's equity investment in Canada and its subsidiary Maxime Delrue. Sales for the fourth quarter were $342 million, a decline of 9 percent compared to $376 million for the same period in 1990. Operating income for the fourth quarter of 1991 of $8 million declined compared to the $9.7 million recorded in 1990.
 TLC Beatrice International is an international food company whose operations include the manufacture and marketing of ice cream and desserts, snacks, beverages and other grocery products throughout Western Europe and wholesale and retail food distribution in France.
 TLC Group, L.P., the investment vehicle of Reginald F. Lewis, acquired Beatrice International in December 1987 for $985 million.
 TLC BEATRICE INTERNATIONAL HOLDINGS, INC.
 Summary Consolidated Statements of Income
 (In thousands, except per share data)
 Quarter ended Twelve months ended
 Dec. 31 Dec. 31
 1991 1990 1991 1990
 Net sales 342,142 376,418 1,542,212 1,496,034
 Operating income 7,998 9,689 97,216 94,317
 Interest (expense) net (11,616) (4,822) (26,455) (15,716)
 Other income (A) 17,781 1,048 20,590 1,798
 Income tax (expense) (1,705) (486) (24,090) (24,321)
 Minority interest (expense) (2,081) (952) (15,816) (10,506)
 Net income 10,377 4,477 51,445 45,572
 Net income per common
 share (B) 0.80 0.17 4.03 3.62
 Weighted average number of
 common shares outstanding 9,718 9,718 9,718 9,718
 (A) 1991 amounts include gains from asset divestitures and the sale of a foreign exchange contract.
 (B) Adjusted for preferred stock dividends.
 -0- 3/12/92
 /CONTACT: Mark J. Thorne, 212-756-8940, or R.S. Meily, 212-756-8930, both of TLC Beatrice International Holdings/ CO: TLC Beatrice International Holdings, Inc. ST: New York IN: FOD SU: ERN


SB-KW -- NY055 -- 7481 03/12/92 14:50 EST
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:Mar 12, 1992
Words:438
Previous Article:FASHION DESIGNER DANA BUCHMAN AND NORDSTROM PRESENT FASHION AND LIFESTYLE FORUM
Next Article:PHILADELPHIA S&L SEIZED BY FEDERAL REGULATORS
Topics:


Related Articles
CAMPBELL REPORTS ANOTHER RECORD QUARTER; NET EARNINGS CLIMB 23 PERCENT OVER STRONG YEAR AGO
CONAGRA REPORTS RECORD SECOND QUARTER AND FIRST HALF EARNINGS
CAMPBELL REPORTS ANOTHER QUARTER OF RECORD EARNINGS
TLC BEATRICE INTERNATIONAL ANNOUNCES COMMON STOCK REPURCHASE AND INITIAL COMMON STOCK DIVIDEND
CAMPBELL SOUP REPORTS NEW RECORDS FOR FOURTH QUARTER AND FISCAL YEAR
REGINALD F. LEWIS, CHAIRMAN AND CEO
Another Lewis leads TLC.
TLC BEATRICE SHAREHOLDERS DROP DEMAND TO REGISTER COMMON STOCK
TLC BEATRICE INTERNATIONAL CONCLUDES LOAN AGREEMENT WITH INTERNATIONAL BANK GROUP
TLC BEATRICE ANNOUNCES FIRST QUARTER RESULTS

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