TYCO LABORATORIES REPORTS THIRD QUARTER RESULTS
TYCO LABORATORIES REPORTS THIRD QUARTER RESULTS EXETER, N.H., April 29 /PRNewswire/ -- Tyco Laboratories, Inc.
(NYSE: TYC) announced that net income for its third quarter ended March 31, 1992 was $23.4 million or 51 cents per share. This compares to $25.6 million or 55 cents per share earned in the same period last year. Sales were $751.6 million vs. the $774.9 million recorded in the third quarter a year ago.
At the company's worldwide Fire Protection Operations, sales and earnings both declined when compared to the amounts reported for last year's third quarter. These results continue to be affected by the weakness in the construction markets and the economy. At the company's Flow Control segment, sales remained about equal with those recorded a year ago, although there was a small increase in profit margins. At Tyco's Packaging Materials Group, both Ludlow Corporation and Armin were able to maintain sales levels with moderate increases in earnings when compared to the third quarter last year. Sales at the company's Electrical and Electronic Components Group were higher than last year as a result of record shipments of transoceanic fiber optic telecommunications cable by Simplex, partially offset by somewhat lower sales of electrical conduit products. Earnings at this segment were approximately the same as reported for the same period a year earlier. The company has seen no indication of improvement in the economic environment. However, it believes that there will be continued benefits from the cost reduction programs it has put in place to counter these conditions. For the nine-month period, sales were $2.3 billion while net income reached $67.9 million or $1.47 per share. Tyco is a worldwide manufacturer of fire protection systems, flow control products, electrical and electronic components and packaging materials. TYCO LABORATORIES, INC. Results of Operations (In Thousands, Except Per Share Data) Three Months Ended Nine Months Ended 3/31/92 3/31/91 3/31/92 3/31/91(a) Sales $751,647 $774,867 $2,261,060 $2,315,619 Income before income taxes 39,144 41,291 111,561 143,049 Income taxes (15,710) (15,728) (43,643) (53,846) Net income 23,434 25,563 67,918 89,203 Net income per share 51 cents 55 cents $1.47 $1.96 Common equivalent shares 46,360 46,210 46,290 45,600 Note (a)-The results of Wormald's Fire Protection operations have been included since date of acquisition on Aug. 2, 1990. -0- 4/29/92 /CONTACT: Irving Gutin of Tyco Labs, 603-778-9700/ (TYC) CO: Tyco Laboratories, Inc. ST: New Hampshire IN: SU: ERN
DH -- NE004 -- 4252 04/29/92 10:05 EDT
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|Date:||Apr 29, 1992|
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