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 NEW BRIGHTON, Pa., Oct. 21 /PRNewswire/ -- Tuscarora Incorporated (NASDAQ-NMS: TUSC) today reported results for its fiscal year ended Aug. 31, 1993. Net sales for the year totaled $101.1 million, an increase of 5.5 percent over net sales of $95.8 million for the year earlier. Net income for the year was $4.3 million compared with net income of $5.0 million for the 1992 fiscal year. Net income per share for the year was $.70 vs. $.82 per share earned for the prior year. Included in the 1993 fiscal year net income are accounting changes of $321,000, or $.05 per share, which primarily represent the positive cumulative effect resulting from implementation of FASB Statement No. 109, Accounting for Income Taxes. The accounting changes also include implementation of FASB Statement No. 106, Employer's Accounting for Post- Retirement Benefits Other Than Pensions, the impact of which was negligible. The accounting changes were retroactively recorded as of the beginning of the 1993 fiscal year.
 For the fourth quarter ended Aug. 31, 1993, net sales were $26.3 million, an increase of 8.5 percent over net sales of $24.3 million for the last quarter of the 1992 fiscal year. Net income was $801,000, compared with net income of $1.3 million for the last quarter of the prior year, and net income per share was $.13, vs. $.22 per share earned for the prior fourth quarter. However, the prior year quarter included $486,000 of one-time gains without which the earnings for the quarter would have amounted to $.17 per share.
 John P. O'Leary Jr., president and chief executive officer, stated that the results for the 1993 fiscal year reflected the slow growth condition of the overall economy throughout most of the year. Full year results also were reduced by ongoing expenses associated with the introduction of new products such as specialty packaging made from corrugated paper and thermoformed plastic and the impact of lower margins on sales to a major customer, IBM.
 O'Leary said a strong rebound in business started developing near the end of July and continued through September and into October. Orders and sales during this period have been running significantly ahead of the same period in the previous year, and O'Leary expressed optimism concerning improvement in Tuscarora's operating results for the first quarter of fiscal 1994.
 O'Leary also reported the successful closing of the previously announced Box Pack Incorporated acquisition in Greenville, Tenn. The purchase was completed on Sept. 1, 1993. O'Leary reiterated his expectation that new sales realized from the Box Pack acquisition should be in the range of $2.5 to $3.0 million in fiscal 1994, and stated that the newly acquired operation appears to be operating at anticipated levels.
 Founded in 1962 in New Brighton, Tuscarora Incorporated is the nation's largest manufacturer of interior protective packaging, material handling products, and component parts made from custom molded foam plastic. The company also makes interior protective packaging, material handling products and component parts from a variety of other materials including fabricated foam plastic, thermoformed plastic, corrugated paper, wood and aluminum. The company's products protect, carry and are integrated into electronic, high technology, major appliances, automotive and other consumer and industrial products. The company operates manufacturing facilities at 19 locations and has over 1,500 customers in the United States, Canada and Mexico.
 Condensed Summary of Operations
 (in thousands, except per share amounts)
 For the Quarter Ended For the Year Ended
 Aug. 31, Aug. 31,
 1993 1992 1993 1992
 Net Sales $26,327 $24,254 $101,075 $95,809
 Operating Income
 Less Interest Expense 1,293 1,957 5,516 8,028
 Other Income (Expense)(A) (6) 360 769 261
 Income Before Income
 Taxes 1,287 2,317 6,285 8,289
 Net Income Before
 Cumulative Effect of
 Accounting Changes 801 1,347 3,949 4,981
 Cumulative Effect of
 Accounting Changes 0 0 321 0
 Net Income 801 1,347 4,270 4,981
 Net Income Per Share:
 Before Cumulative Effect
 of Accounting Changes $0.13 $0.22 $0.65 $0.82
 Cumulative Effect of
 Accounting Changes $0 $0 $0.05 $0
 Net Income Per Share $0.13 $0.22 $0.70 $0.82
 Weighted Average Shares
 of Common Stock
 Outstanding 6,112 6,105 6,109 6,097
 (A) Includes a gain resulting from the sale of the company's investment in White Knight Packaging Corporation in the third quarter of fiscal 1993 of $781,000 and one-time gains on the sale of real estate and property insurance settlements in the fourth quarter of fiscal 1992 in the amount of $486,000.
 -0- 10/21/93
 /CONTACT: Brian C. Mullins of Tuscarora Incorporated, 412-843-8200/

CO: Tuscarora Incorporated ST: Pennsylvania IN: CHM SU: ERN

KC-CD -- PG009 -- 5129 10/21/93 11:20 EDT
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Publication:PR Newswire
Date:Oct 21, 1993

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