Printer Friendly

TYCO REPORTS THIRD QUARTER RESULTS

 EXETER, N.H., April 27 /PRNewswire/ -- Tyco Laboratories, Inc. (NYSE: TYC) announced sales and earnings results for its third quarter ended March 31, 1993. Net income rose to $25.9 million or 57 cents per share compared to the $23.4 million or 51 cents per share earned in the same period last year. Sales for the period were $744.2 million vs. the $751.6 million recorded a year earlier. For the nine month period net income reached $76.7 million or $1.68 per share. This compares to the $67.9 million or $1.47 per share earned a year ago. Sales were $2.3 billion for both periods.
 The Electrical and Electronic Components Group reported improved earnings on sales that were approximately the same as the third quarter a year earlier. Simplex Wire and Cable production included cables slated for delivery under its recent multi-year agreement with AT & T. This Group's performance also reflects increased profits at Allied's Electrical Conduit business as well as improved margins at Tyco Printed Circuit Boards.
 At the company's Packaging Materials Group slight improvements in both sales and earnings were reported over the prior year third quarter. This resulted from increased sales and margins at Ludlow, somewhat offset by lower earnings at Armin.
 The company's Flow Control segment recorded higher sales and earnings for the third quarter. This performance was aided by continuing increased demand for the company's pipe and tubular products produced by its Allied Pipe unit.
 Profits at the company's North American Fire Protection operations increased slightly on lower sales, when compared to the same quarter a year earlier. However these improvements were more than offset by lower earnings in the Pacific region resulting from continuing softness in the construction markets in Australia and New Zealand. European operations also reported lower earnings, where the deepening recession is having a negative effect. The company believes that while Fire Protection operations may benefit from slight improvements in the U.S. economy, this may be offset in the near term by the continuing difficult economic conditions in Europe and Australia.
 The company also stated that during the fourth quarter, it expects to adopt two new accounting pronouncements related to post retirement health benefits and income taxes. These accounting changes are expected to result in an after tax charge of $65 million to $75 million.
 Also, the company is considering a number of restructuring opportunities in its Flow Control and Fire Protection segments which could result in an after-tax charge of up to $20 million. Various alternatives include a major modification of the flow control distribution organization which would create a small number of regional distribution centers to support our North American distribution organization and result in better customer service, reduced inventory levels and lower overhead costs. Also being considered are various operational changes in the company's European and Australian businesses designed to reduce costs. The restructurings would result in improvements in operating earnings during the next fiscal year.
 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
 3/31/93 3/31/92 3/31/93 3/31/92
 Sales $744,198 $751,647 $2,318,079 $2,261,060
 Income before income
 taxes $41,638 $39,144 $125,488 $111,561
 Income taxes (15,707) (15,710) (48,828) (43,643)
 Net income $ 25,931 $ 23,434 $76,660 $ 67,918
 Net income per share 57 cents 51 cents $1.68 $1.47
 Common equivalent
 shares 45,740 46,360 45,750 46,290
 -0- 4/27/93
 /CONTACT: Irving Gutin, senior vice president of Tyco Laboratories, Inc., 603-778-9700/


CO: Tyco Laboratories, Inc. ST: New Hampshire IN: CPR SU: ERN

SJ-CH -- NE014 -- 1245 04/27/93 10:28 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:Apr 27, 1993
Words:645
Previous Article:BIRD CORPORATION REPORTS FIRST QUARTER EARNINGS
Next Article:INTERPUBLIC GROUP REPORTS RESULTS FOR FIRST QUARTER 1993
Topics:


Related Articles
TYCO REPORTS SECOND QUARTER RESULTS;EARNS 57 CENTS PER SHARE VS. 50 CENTS PER SHARE FOR YEAR EARLIER PERIOD
TYCO REPORTS HIGHER FIRST QUARTER NET INCOME; EARNS $.60 PER SHARE VERSUS $.53 PER SHARE FOR YEAR EARLIER PERIOD
TYCO POSTS INCREASE IN SECOND QUARTER EARNINGS; QUARTERLY NET INCOME RISES TO $.64 PER SHARE VERSUS $.57 PER SHARE LAST YEAR
TYCO INTERNATIONAL POSTS RECORD THIRD QUARTER EARNINGS; QUARTERLY NET RISES TO $.70 PER SHARE VERSUS $.58 LAST YEAR
TYCO REPORTS RECORD SECOND QUARTER EARNINGS NET RISES 33% TO $.77 PER SHARE, BEFORE ACQUISITION CHARGES VERSUS $.59 PER SHARE A YEAR EARLIER
TYCO REPORTS RECORD THIRD QUARTER EARNINGS EARNINGS PER SHARE REACH $.85 - UP 27% FROM YEAR EARLIER
TYCO REPORTS 31% INCREASE IN 1995 EARNINGS
TYCO REPORTS RECORD SECOND QUARTER EARNINGS; EARNINGS REACH 46 CENTS, A 21 PERCENT INCREASE
Tyco International Reports Highest Ever Second Quarter Earnings
Tyco International Reports 50 Percent Earnings Per Share Increase for the Quarter Ended September 30, 1997

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