Printer Friendly

TYLER CORPORATION REPORTS 1993 FIRST QUARTER RESULTS

 DALLAS, April 21 /PRNewswire/ -- Joseph F. McKinney, chief executive officer of Tyler Corporation (NYSE: TYL), announced today that operating results for the first quarter were well below the year-earlier period due to unfavorable winter weather and declines in nonresidential construction. For the three-month period, the Company reported a loss of $.04 per share before the cumulative effect of changes in accounting practice as mandated by the Financial Accounting Standards Board. This loss compared to earnings per share of $.01 in 1992. Sales were 9 percent lower than last year at $60.8 million.
 The cumulative effect of the two accounting changes, related to income taxes and postretirement benefits, increased the first-quarter loss by $.18, making the total loss $.22 per share.
 For the three months ended March 31, 1993, significantly lower volume at Tyler Pipe was partially offset by moderately better pricing producing a sales decrease of 15 percent. "Harsh weather as compared to a mild winter in 1992 and ongoing weakness in nonresidential construction markets contributed to this decline," McKinney stated. Contribution from the lower volume did not completely cover fixed costs causing a modest operating loss for the company.
 Sales at Forest City for the three-month period advanced 9 percent over the 1992 quarter. "Operating profit narrowed as increased expense relating to store expansion and selling, general and administrative expenses reduced the company's profit margin," said McKinney. Two new stores were added during the first quarter of 1993, bringing Forest City's total store count to 57.
 "While weather played a role in the first quarter's disappointing results, the severity of Tyler Pipe's volume drop was worsened by the slowdown in underlying demand," continued McKinney. "Nonresidential construction markets have not yet stabilized, but we will be ready to take advantage when they finally do."
 Tyler Corporation, with national headquarters in Dallas, provides cast iron pipe and fittings and automotive aftermarket parts.
 TYLER CORPORATION
 Condensed Consolidated Statements of Operations
 (Dollars in thousands, except per share data -- unaudited)
 Three months ended March 31
 Percent
 1993 1992 Change
 Net sales $60,773 $66,519 -9
 Costs and expenses 62,292 66,176 -6
 Interest expense, net 138 132 +5
 Income (loss) before income
 tax (benefit) (1,657) 211 --
 Income tax (benefit) (729) 101 --
 Income (loss) before cumulative effect
 of accounting principle changes (928) 110 --
 Cumulative effect of changes in
 accounting principles for:
 Income taxes 2,092 -- --
 Retiree health care and
 life insurance (5,693) -- --
 Net income (loss) $(4,529) $ 110 --
 Earnings (loss) per share before
 cumulative effect of accounting
 principle changes $ (.04) $ .01 --
 Cumulative effect of changes in
 accounting principles for:
 Income taxes .10 -- --
 Retiree health care and
 life insurance (.28) -- --
 Net earnings (loss) per share $ (.22) $ .01 --
 Average shares outstanding
 during the period (thousands) 20,689 20,800
 -0- 4/21/93
 /CONTACT: Michael R. Meyers, assistant treasurer of Tyler
 Corporation, 214-754-7800/
 (TYL)
 CO: Tyler Corporation
 ST: Texas
 IN: AUT
 SU: ERN


SH -- NY036 -- 8615 04/21/93 10:18 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 21, 1993
Words:490
Previous Article:FIELDCREST CANNON REPORTS RESULTS
Next Article:PUBLISHERS EQUIPMENT CORPORATION ANNOUNCES FINANCIAL RESULTS
Topics:


Related Articles
TYLER CORPORATION ANNOUNCES 1992 THIRD QUARTER RESULTS
TYLER CORPORATION ANNOUNCES 1993 THIRD QUARTER RESULTS
TYLER CORPORATION REPORTS 1993 FINANCIAL RESULTS
TYLER ANNOUNCES IFS EARNINGS ARE LESS THAN EXPECTED
TYLER CORPORATION EXPECTS LOWER SECOND QUARTER EARNINGS
TYLER CORPORATION REPORTS 1994 SECOND QUARTER RESULTS
TYLER CORPORATION REPORTS THIRD QUARTER LOSS COULD REACH $.18
TYLER CORPORATION ANNOUNCES 1994 THIRD QUARTER RESULTS
TYLER CORPORATION ANNOUNCES 1994 YEAR-END LOSS COULD REACH $.25 TO $.28
TYLER CORPORATION EXPECTS MODERATELY LOWER FIRST QUARTER RESULTS

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