Printer Friendly

TUSCARORA INCORPORATED ANNOUNCES RECORD YEAR-END RESULTS

 TUSCARORA INCORPORATED ANNOUNCES RECORD YEAR-END RESULTS
 NEW BRIGHTON, Pa., Oct. 21 /PRNewswire/ -- Tuscarora Incorporated (NASDAQ: TUSC) today reported record results for its fiscal year ended Aug. 31, 1992.
 Net sales for the year totaled $95.8 million, an increase of 13.5 percent over net sales of $84.4 million for the year earlier. Net income for the current year was $5.0 million, a 17.8 percent increase over net income of $4.2 million for fiscal year 1991. Earnings per share for the year were $.82, an increase of 17.1 percent over the $.70 per share earned for the year earlier.
 For the fourth quarter ended Aug. 31, 1992, net sales were $24.3 million, an incease of 12.2 percent over net sales of $21.6 million for the year earlier quarter. Net income was $1.3 million, up 8.6 percent from the fourth quarter of fiscal year 1991, and earnings per share were $.22, an increase of 10.0 percent over the $.20 per share earned for the prior fourth quarter.
 John P. O'Leary Jr., president and chief executive officer, said the record earnings resulted from a broad-based growth in business, expecially during the fiscal year's first three quarters. O'Leary said, however, that the company has experienced a somewhat reduced level of activity in the last few months, mirroring the general weakness of the U.S. economy.
 O'Leary also reported that the previously announced agreement to acquire certain of the assets and business of Sentinel Products Corporation's custom molded foam polypropylene operation has been completed. O'Leary said annual sales of the acquired business are expected to be in the range of $2.5 million.
 Tuscarora Incorporated, formerly Tuscarora Plastics, Inc., changed its name on July 15, 1992, to reflect both the development of a broader range of industrial products and the realignment and establishment of several operating units.
 Founded in 1962 in New Brighton, Tuscarora is the nation's largest producer of custom molded foam plastic products made from expanded plastic materials. The company molds and fabricates these materials into protective packaging and material handling products for a wide range of industrial and consumer product manufacturers. The company also manufactures foam plastic shapes for use as thermal insulation and component parts for original equipment manufacturers. Recently Tuscarora began making corrugated internal packaging forms, returnable aluminum material handling containers, and custom thermoformed plastic products.
 Tuscarora currently operates manufacturing facilities at 20 locations and serves more than 1,500 customers in 40 states, Canada and Mexico. Tuscarora serves major industry groups including automotive, high technology, consumer electronics and other consumer durable goods such as appliances.
 TUSCARORA INCORPORATED
 Condensed Summary of Operations
 (In thousands, except per share amounts)
 Period Ended Year
 Aug. 31 1992 1991 Pct. Increase
 Net sales $95,809 $84,420 13.5 pct.
 Income before income taxes 8,289 6,856 20.9 pct.
 Net income 4,981 4,230 17.8 pct.
 Earnings per share (A) $.82 $.70 17.1 pct.
 Weighted average shares of
 common stock outstanding (A) 6,097 6,057 --
 Period Ended Quarter
 Aug. 31 1992 1991 Pct. Increase
 Net sales $24,254 $21,618 12.2 pct.
 Income before income taxes 2,317 2,006 15.5 pct.
 Net income 1,347 1,240 8.6 pct.
 Earnings per share (A) $.22 $.20 10.0 pct.
 Weighted average shares of
 common stock outstanding (A) 6,105 6,077 --
 (A) Restated to reflect 2-for-1 split of the common stock on April 14, 1992.
 -0- 10/21/92
 /CONTACT: Brian C. Mullins of Tuscarora Incorporated, 412-843-8200/
 (TUSC) CO: Tuscarora Incorporated ST: Pennsylvania IN: CHM SU: ERN


DM-KH -- PG007 -- 2765 10/21/92 10:09 EDT
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:Oct 21, 1992
Words:613
Previous Article:FANNIE MAE ISSUES DEBENTURE ANNOUNCEMENT
Next Article:ARMCO REPORTS THIRD QUARTER LOSS OF $25.2 MILLION
Topics:


Related Articles
TUSCARORA INCORPORATED ANNOUNCES THIRD QUARTER RESULTS, DECLARES DIVIDEND INCREASE
TUSCARORA INCORPORATED ANNOUNCES RECORD FIRST QUARTER RESULTS; 20TH CONSECUTIVE DIVIDEND INCREASE
TUSCARORA INCORPORATED ANNOUNCES RECORD THIRD QUARTER, NINE MONTHS RESULTS
RECORD FOURTH QUARTER AND FISCAL YEAR SALES AND EARNINGS FOR TUSCARORA INCORPORATED
TUSCARORA INCORPORATED ANNOUNCES RECORD FIRST QUARTER RESULTS, DECLARES 22ND CONSECUTIVE DIVIDEND INCREASE, COMPLETES ACQUISITION, AND ESTABLISHES...
TUSCARORA INCORPORATED ANNOUNCES RECORD SECOND QUARTER RESULTS
TUSCARORA INCORPORATED ANNOUNCES THIRD QUARTER AND NINE MONTHS RESULTS, DECLARES SEMIANNUAL DIVIDEND
Tuscarora Incorporated Announces Record Second Quarter Results
Fourth Quarter and Fiscal Year Sales and Earnings for Tuscarora Incorporated
Tuscarora Incorporated Announces Improved Third Quarter Results and Dividend Increase

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