TYCO LABORATORIES REPORTS SECOND QUARTER RESULTS
TYCO LABORATORIES REPORTS SECOND QUARTER RESULTS EXETER, N.H., Jan. 29 /PRNewswire/ -- Tyco Laboratories, Inc.
(NYSE: TYC) announced its sales and earnings results for its second quarter ended Dec. 31, 1991. Net income for the period was $23.1 million or 50 cents per share. This compares to the $28.7 million or 62 cents per share earned in the same period last year and with the $21.4 million or 46 cents per share earned in this year's first quarter ended Sept. 30, 1991. Sales in the second quarter were $758.4 million vs. $799.5 million a year ago.
Sales at the company's Worldwide Fire Protection operations declined by 8 percent compared to last year's second quarter. Earnings were 28 percent less than the amount reported for the year earlier. Results at this unit were affected by the continued weakness in the construction markets and the general economic climate. These same factors also affected the results at the Flow Control Segment wher profits were 23 percent lower than reported for the comparable period last year, although sales were only 2 percent less. At Tyco's Packaging Materials Group, Ludlow Corporation reported moderate increases in sales and earnings, while Armin had higher profit margins on slightly lower sales levels when compared to the year earlier period. Results at the company's Electrical and Electronic Components Group were approximately the same last year. Simplex is continuing to produce its undersea telecommunications cables at increased levels, but this was somewhat offset by lower levels of sales and earnings at Tyco's Printed Circuit Group. The company believes that it will continue to benefit from programs which have previously been put in place to counter current economic conditions, the lower cost of debt, additional synergies resulting from the Wormald acquisition and growth at Simplex's undersea fiber optic cable operation. For the six month period, sales were $1.5 billion while net income was $44.5 million or 96 cents per share compared to $63.6 million or $1.41 per share last year. Tyco is a worldwide manufacturer of fire protection/flow control systems, electrical and electronic components and packaging materials. TYCO LABORATORIES, INC. RESULTS OF OPERATIONS (in thousands except per share data) Three Months Ended Six Months Ended 12/31/91 12/31/90 12/31/91 12/31/90-(a) Sales $758,379 $799,510 $1,509,413 $1,540,752 Income before income taxes 36,714 45,305 72,417 101,758 Income taxes (13,646) (16,654) (27,933) (38,118) Net income $23,068 $28,651 $44,484 $63,640 Net income per share 50 cents 62 cents 96 cents $1.41 Common equivalent shares 46,250 46,105 46,250 45,295 --- NOTE (a)-The results of Wormald's Fire Protection operations have been included since the date of its acquisition on Aug. 2, 1990. -0- 1/29/90 /CONTACT: Irving Gutin, senior vice president of Tyco Labs, 603-778-9700/ (TYC) CO: Tyco Laboratories, Inc. ST: New Hampshire IN: CHM SU: ERN
TM-SH -- NE009 -- 4630 01/29/92 10:09 EST
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|Date:||Jan 29, 1992|
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