Printer Friendly

TUBOS DE ACERO DE MEXICO, S.A. REPORTS RESULTS

 MEXICO CITY, May 3 /PRNewswire/ -- The following was released today by Tubos de Acero de Mexico, S.A. (AMEX: TAM):
 TUBOS DE ACERO DE MEXICO, S.A. AND SUBSIDIARIES
 Consolidated Statements of Financial Position
 Presented in thousands of Mexican new pesos
 with purchasing power as of March 31, 1993 (Note B)
 3/31/93 3/31/92
 ASSETS
 Current assets:
 Cash NP 308,545 NP 534,472
 Accounts and notes receivable
 (Notes 5 and 10) 262,360 399,237
 Inventories (Notes 2A, 3B and 10) 476,422 576,543
 Recoverable taxes and prepaid expenses 40,620 28,374
 Total current assets 1,087,947 1,538,626
 Non-current assets:
 Investments in associated and affiliated
 companies and other assets (Note 3A) 46,259 61,157
 Property, plant and equipment
 (Notes 2B, 3C and 4B) 4,252,837 4,605,225
 Less allowance for depreciation (1,330,820) (1,410,927)
 Total 2,922,017 3,194,298
 Installations and construction
 in progress 37,935 61,744
 Net property, plant and equipment 2,959,952 3,256,042
 Total non-current assets 3,006,211 3,317,199
 Total assets NP 4,094,158 NP 4,855,825
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Notes payable to banks and other
 financial institutions (including
 current portion of long-term debt
 (1993, NP. 52,678; 1992 NP. 153,646) NP 864,788 NP 773,733
 Trade accounts and notes payable 78,708 117,825
 Other accounts payable and accrued
 expenses (Note 10) 55,595 161,062
 Total current liabilities 999,091 1,052,620
 Non-current liabilities:
 Long-term debt (Note 6) 728,043 813,775
 Other liabilities 3,603 6,003
 Total non-current liabilities 731,646 819,778
 Total liabilities 1,730,737 1,872,398
 Shareholders' equity (Note 8):
 Capital stock 2,440,318 2,440,318
 Other paid-in capital 1,703,814 1,703,814
 Accumulated earnings:
 Legal, and other reserves 2,695,371 2,789,828
 Net earnings for the period (25,277) 31,093
 Total 2,670,094 2,820,921
 Loss from holding of non-monetary assets (4,450,805) (3,981,626)
 Total shareholders' equity 2,363,421 2,983,427
 Total liabilities and shareholders'
 equity NP 4,094,158 NP 4,855,825
 TUBOS DE ACERO DE MEXICO, S.A. AND SUBSIDIARIES
 Consolidated Statements of Earnings
 Presented in thousands of Mexican new pesos
 with purchasing power as of March 31, 1993 (Note 2)
 Three months ended March 31 1993 1992
 Net sales NP 178,822 NP 323,854
 Costs and expenses:
 Cost of products sold (176,555) (250,480)
 Selling, general and admin. expenses (31,735) (40,950)
 Integral financing (cost) - income
 (Note 2E) 15,633 2,762
 Other (expenses) income, net (5,248) 2,685
 Total costs and expenses (197,905) (285,983)
 Earnings before taxes (19,083) 37,871
 Tax on net assets (Note 9) (6,194) (6,778)
 Net earnings NP (25,277) NP 31,093
 Mexican new pesos
 Net earnings per common share (Note 3E) NP (0.46) NP 0.57
 TUBOS DE ACERO DE MEXICO, S.A.
 Consolidated Statements of Changes in Shareholders' Equity
 (In thousands of Mexican new pesos with
 purchasing power as of 3/31/93)
 Capital Other Accumulated Loss from
 Stock Paid-in Earnings Holding of
 Capital Non-monetary
 Assets Total
 Balance
 12/31/91 2,440,318 1,703,814 2,790,037 (3,893,775) 3,040,394
 Net earnings
 for the
 three months
 ended 3/31/91 -- -- 31,093 -- 31,093
 Equity
 adjustments
 from
 translation -- -- (209) -- (209)
 Recognition of
 the effects of
 inflation on
 financial
 information -- -- -- (87,851) (87,851)
 Balance
 3/31/92 2,440,318 1,703,814 2,820,921 (3,981,626) 2,983,427
 Balance
 12/31/92 2,440,318 1,703,814 2,695,000 (4,361,503) 2,477,629
 Net earnings
 for the
 three months
 ended 3/31/91 -- -- (25,277) -- (25,277)
 Equity
 adjustments
 from
 translation -- -- 371 -- 371
 Recognition of
 the effects of
 inflation on
 financial
 information -- -- -- (89,302) (89,302)
 Balance
 3/31/93 2,440,318 1,703,814 2,670,094 (4,450,805) 2,363,421
 TUBOS DE ACERO DE MEXICO, S.A.
 Consolidated Statements of Changes in Financial Position
 (In thousands of Mexican new pesos with
 purchasing power as of 3/31/93 -- See notes 2 and 2F)
 Three months ended 3/31/93 3/31/92
 Resources provided by operations
 Net earnings (25,277) 31,093
 Adjustments to reconcile net
 earnings to resources provided
 by operating activities:
 Depreciation 19,175 27,351
 Interest expenses and foreign
 exchange loss, net (13,196) (10,143)
 (Increase) decrease in accounts
 receivable 69,608 (41,978)
 (Increase) decrease in inventories 3,690 (41,105)
 (Increase) decrease in recoverable
 taxes and prepaid expenses (2,726) (6,931)
 Increase in trade accounts
 and notes payable (5,414) 9,432
 Increase in other accounts
 payable and accrued expenses (13,422) 82,110
 Equity adjustment from translation 371 (209)
 Other (5,797) 241
 Total adjustments 52,289 18,678
 Resources (used in) provided
 by operations 27,012 49,771
 Resources used in investing activities:
 Investments in affiliated companies -- (718)
 Payments for purchases of property,
 plant, equipment and installations
 and construction in progress (15,451) (26,411)
 Resources used in investing
 activities (15,451) (27,129)
 Resources provided (used) by
 financing activities:
 Net increase in notes payable to
 banks and long-term debt 194,771 51,715
 Adjustments for inflation to notes
 payable to banks and long-term debt (33,236) 143,436
 Resources provided (used) by
 financing activities 161,535 195,151
 Net increase (decrease) in cash 173,096 217,793
 Cash at beginning of period 135,449 316,679
 Cash at end of period 308,545 534,472
 -0- 5/3/93
 /CONTACT: TAMSA, 011-525-726-9016/
 /FIRST ADD TO FOLLOW/
 (TAM)


CO: Tubos de Acero de Mexico, S.A. ST: IN: MNG SU: ERN

GK-OS -- NY091 -- 4031 05/03/93 17:47 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 3, 1993
Words:987
Previous Article:ESCO ELECTRONICS CORPORATION ANNOUNCES FISCAL YEAR 1993 SECOND QUARTER RESULTS
Next Article:CANONIE ANNOUNCES FISCAL 1993 RESULTS
Topics:


Related Articles
TUBOS DE ACERO DE MEXICO REPORTS DETERIORATION IN EXPORT MARKET FOR OIL COUNTRY TUBULAR GOODS
TUBOS DE ACERO DE MEXICO ANNOUNCES RESULTS OF LABOR FORCE RESTRUCTURING
TUBOS DE ACERO DE MEXICO ANNOUNCES RESULTS OF LABOR FORCE RESTRUCTURING
TUBOS DE ACERO DE MEXICO REPORTS RESULTS
TAMSA REPORTS RESULTS
TUBOS DE ACERO DE MEXICO REPORTS RESULTS
TUBOS DE ACERO DE MEXICO FILES REGISTRATION STATEMENT WITH SEC
GRUPO DINA APPOINTS ALEJANDRO GIORDANO AS MANAGING DIRECTOR; ANNOUNCES RESTRUCTURING PLAN
TAMSA Announces Conversion of Debentures
Hayes Lemmerz International Expands its Aluminum Wheel Presence.

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