Printer Friendly

TRINITY INDUSTRIES REPORTS RESULTS

 DALLAS, May 10 /PRNewswire/ -- Trinity Industries, Inc. (NYSE: TRN) today reported an increase in net income of 85 percent on a 21 percent increase in revenues for its 1993 fiscal year. Net income for the fourth quarter increased 234 percent on a revenue increase of 29 percent.
 For the year ended March 31, 1993, revenues of $1.54 billion, and net income of $45.0 million, or $1.91 earnings per share, were recorded. In the prior fiscal year, restated revenues of $1.27 billion and restated net income of $24.3 million, or $1.07 earnings per share, were recorded. In the fourth quarter, revenues totalling $388.9 million, and net income of $14.7 million, or $0.60 earnings per share, was recorded. In the fourth quarter of the prior fiscal year, restated revenues were $300.9 million and restated net income of $4.4 million, or $0.19 earnings per share, was recorded. In each of the prior year's comparable periods, the amounts have been restated for the acquisition of Syro, Inc. (formerly Syro Steel Company).
 Record revenues were recorded for the fiscal year ended March 31, 1993. Trinity's Marine Products segment lead the company's expansion with record revenues, largest increase in operating profit, and record orders on hand. The railcars segment, Trinity's largest business segment, had a substantial increase in the amount of work completed during the fiscal year and had an increase in orders on hand. Increased volume is having a favorable effect on efficiency. The construction products segment (formerly, the structural products segment) completed the acquisition of Syro, Inc. at mid-fiscal year. The containers, metal components and leasing segments continued a steady contribution to overall company objectives in challenging market conditions.
 Trinity President, W. Ray Wallace, noted the company had reached a new milestone in its corporate history by exceeding annual revenues of one and one half billion dollars. "Business conditions have improved for most of Trinity's segments. While there is a continuing uncertainty about the future economic course of the country, particularly the new administration's economic and financial plans, and competition remains intense, Trinity is intent on being the low cost producer of quality products for its customers. We are optimistic about Trinity's role in the expansion of the United States into a world economy and look forward to serving a larger, more diversified customer base. Trinity will meet the challenges of the 1990's," Wallace said.
 Trinity Industries, with headquarters in Dallas, Texas, manufactures and markets a wide variety of metal products, principally in six business segments: railcars, marine products, construction products, containers, metal components, and leasing.
 TRINITY INDUSTRIES, INC.
 Condensed Consolidated Income Statement
 (in millions, except per share amounts)
 Fiscal Year Ended March 31 1993 1992
 (Restated)
 Revenues $ 1,540.0 $1,273.3
 Income before income taxes 72.1 39.7
 Provision for income taxes 27.1 15.4
 Net income 45.0 24.3
 Net income per common and
 common equivalent share $ 1.91 $ 1.07
 Weighted average number of common
 and common equivalent shares
 outstanding 23.6 22.8
 Three Months Ended March 31 1993 1992
 (Restated)
 Revenues $ 388.9 $ 300.9
 Income before income taxes 23.5 7.3
 Provision for income taxes 8.8 2.9
 Net income 14.7 4.4
 Net income per common and
 common equivalent share $ 0.60 $ 0.19
 Weighted average number of common
 and common equivalent shares
 outstanding 24.6 22.8
 Prior year amounts have been restated for the inclusion of the acquisition of Syro, Inc. which has been accounted for by the pooling of interests method.
 TRINITY INDUSTRIES, INC.
 Condensed Segment Data
 (in millions)
 Revenues:
 Year Ended March 31 Quarter Ended March 31
 1993 1992 1993 1992
 (Restated) (Restated)
 Railcars $ 535.5 $ 440.6 $ 159.9 $ 90.0
 Marine Products 403.2 276.1 83.4 73.4
 Construction Products 282.7 246.9 65.1 58.9
 Containers 141.1 139.6 34.9 35.7
 Metal Components 96.8 97.2 24.9 25.3
 Leasing 79.6 72.8 20.4 17.9
 Eliminations and
 corporate items 1.1 0.1 0.3 (0.3)
 Consolidated total $1,540.0 $1,273.3 $ 388.9 $ 300.9
 Operating profit (loss):
 Year Ended March 31 Quarter Ended March 31
 1993 1992 1993 1992
 (Restated) (Restated)
 Railcars $ 26.9 $ 12.7 $ 12.3 $ (1.1)
 Marine Products 30.8 5.5 7.7 3.7
 Construction Products 22.6 19.2 4.4 3.5
 Containers 14.9 15.3 3.2 4.7
 Metal Components 13.8 15.4 3.7 3.6
 Leasing 7.5 6.8 2.1 0.5
 Eliminations and
 corporate items (41.9) (31.5) (9.7) (7.1)
 Consolidated total $ 74.6 $ 43.4 $ 23.7 $ 7.8
 Prior year amounts have been restated for the inclusion of the acquisition of Syro, Inc. which has been accounted for by the pooling of interests method.
 -0- 5/10/93
 /CONTACT: F. Dean Phelps, vice president of Trinity Industries, 214-689-0592/
 (TRN)


CO: Trinity Industries, Inc. ST: Texas IN: MNG SU: ERN

LD -- NY098 -- 6670 05/10/93 16:38 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:May 10, 1993
Words:857
Previous Article:DNA PLANT TECHNOLOGY CORPORATION REPORTS LOWER FIRST QUARTER OPERATING LOSS
Next Article:AMBASE CORPORATION REPORTS RESULTS
Topics:


Related Articles
TRINITY INDUSTRIES REPORTS RESULTS
TRINITY INDUSTRIES NET INCOME UP 23 PERCENT IN FIRST QUARTER
Trinity Industries Reports Results for Second Fiscal Quarter.
Trinity Industries Reports Results for Third Fiscal Quarter.
Trinity Industries Reports Operating Results for Quarter Ended June 30, 2001.
Trinity Industries Reports Operating Results for First Quarter of 2003.
Trinity Industries, Inc. Responds to Jury Award in Beaumont, Texas.
Trinity Industries Announces Increase in Earnings Guidance.
Trinity Industries Announces Barge Litigation Settlement.
Trinity Industries Elects New Board Member.

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