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TREMONT ANNOUNCES 1992 RESULTS

 DENVER, March 25 /PRNewswire/ -- Tremont Corp. (NYSE: TRE) reported a loss before the cumulative effect of changes in accounting principles for 1992 of $33.7 million, or $4.58 per share, on net sales of $169.4 million compared to a loss of $1.5 million, or 21 cents per share, on net sales of $170.1 million in 1991. Tremont's 1992 results also include a previously-announced net one- time non-cash charge of $31.9 million, or $4.34 per share, resulting from adoption of two new accounting standards which mandated changes in accounting for postretirement benefits other than pensions and income taxes. These changes in accounting principles were adopted retroactive to the beginning of 1992, and, accordingly, the company's previously-reported 1992 quarterly results have been restated.
 Titanium metals 1992 sales declined slightly to $153.9 million. The company's 1992 shipments increased 32 percent compared to pounds shipped in 1991, partially reflecting an increase in market share. Overall market demand for titanium products used in the military and commercial aerospace industries and certain other industrial markets remains at depressed levels. The company estimates that total U.S. industry shipments of titanium mill products increased only 3 percent in 1992 after declining significantly in 1991. The company's average selling prices during 1992 were approximately 15 percent lower than in 1991, and changes in product mix also adversely affected operations. However, the company's continuing cost reduction efforts have been favorable. The company's titanium metals segment reported a $.3 million operating loss in the fourth quarter and an operating loss of $9.7 million for calendar 1992. The full year operating loss included $1.2 million of incremental expense resulting from the adoption of SFAS No. 106.
 Bentonite mining 1992 sales and operating income improved reflecting moderate market recovery and improved market penetration of certain products. Operating income for 1992 includes a $1.1 million fourth quarter charge resulting from a change in estimated prior year reclamation costs and for 1991 included a $.8 million charge for a change in estimated severance and ad valorem tax liabilities for prior years.
 The company's results include a loss attributable to its equity interest in NL Industries Inc. of $10.9 million in 1992 and $.3 million in 1991. The company purchased its initial interest in NL in December 1991.
 Interest income decreased in 1992 principally because of a lower level of temporary cash investments. Other general corporate items include charges of $5.9 million in 1992 and $3.4 million in 1991 related to changes in the estimated net realizable value of certain surplus properties and other corporate assets.
 The company's income tax benefit in 1992 varies from the U.S. statutory rate of 34 percent principally because of losses for which no benefit is currently available.
 Tremont Corp., headquartered in Denver, is a leading integrated producer of titanium metal products and is also engaged in Bentonite mining operations. Tremont's common stock is traded on the New York and Pacific Stock Exchanges under the symbol "TRE."
 TREMONT CORP.
 Summary of Consolidated Operations
 (In millions, except per share data)
 Quarter Ended Year Ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Net sales:
 Titanium metals $44.7 $36.3 $153.9 $155.7
 Bentonite mining 3.8 3.7 15.5 14.4
 Total $48.5 $40.0 $169.4 $170.1
 Operating income (loss):
 Titanium metals ($.3) ($2.1) ($9.7) $4.8
 Bentonite mining (1.2) (.1) .6 ---
 Total (1.5) (2.2) (9.1) 4.8
 Equity in loss of
 NL Industries (3.4) (.3) (10.9) (.3)
 General corporate items:
 Securities transactions .2 2.1 .6 2.1
 Interest income .2 1.6 2.0 8.2
 Loss on property held
 for sale and other assets (5.9) (.8) (5.9) (3.4)
 Other, net (2.6) (2.6) (8.5) (7.9)
 Interest expense (.9) (.8) (3.7) (3.9)
 Loss before income taxes (13.9) (3.0) (35.5) (.4)
 Provision (benefit) for
 income taxes (.1) (.2) (1.8) 1.1
 Loss before cumulative
 effect of changes in
 accounting principles (13.8) (2.8) (33.7) (1.5)
 Cumulative effect of
 changes in
 accounting principles --- --- (31.9) ---
 Net loss ($13.8) ($2.8) ($65.6) ($1.5)
 Loss per common share:
 Before cumulative
 effect of changes in
 accounting principles ($1.87) ($.38) ($4.58) ($.21)
 Cumulative effect of
 changes in
 accounting principles --- --- (4.34) ---
 Net loss ($1.87) ($.38) ($8.92) ($.21)
 Weighted average
 common shares 7.4 7.3 7.4 7.4
 -0- 3/25/93
 /CONTACT: Mark A. Wallace, VP and controller of Tremont, 303-296-5651/
 (TRE)


CO: Tremont Corp. ST: Colorado IN: MNG SU: ERN

MC-LS -- DV004 -- 9742 03/25/93 16:00 EST
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Date:Mar 25, 1993
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