Printer Friendly

UNITOR REPORTS FIRST-QUARTER RESULTS

 UNITOR REPORTS FIRST-QUARTER RESULTS
 KOLBOTON, Norway, April 30 /PRNewswire/ -- Unitor Ships Service AS


("UNITOR") (OTC: 3UNSSY) income before taxes and minority interest rose 7 percent on an 11 percent gain in revenues for the first quarter ended March 31, 1992, it was announced today by Karsten Houm, managing director.
 Net income for the quarter was essentially flat, NOK 30.4 million ($4.7 million) as compared with NOK 30.2 million in the year ago period, as the estimated tax rate increased to 26 percent from 22 percent a year ago.
 Earnings per share for the first quarter were NOK 1.77 ($0.27 per ADR), a decrease from NOK 1.84 in 1991, reflecting both the higher tax rate and a 5 percent increase in the number of average shares outstanding compared with the first quarter of 1991.
 Operating revenues were NOK 368.4 million ($57.0 million), up 11 percent from NOK 332.5 million in the first quarter of 1991.
 "All of our sales growth was generated internally and reflects UNITOR's increased market share in a generally stagnant market," Houm said.
 First quarter operating income was NOK 38.2 million ($5.9 million) as compared with NOK 39.3 million a year ago.
 "The decline in operating results is the result of UNITOR's significant efforts during 1991 to strengthen its organizational structure, but which also increased operating costs. However, in order to achieve satisfactory operating results for the remainder of 1992, certain cost controls have been implemented," Houm said.
 Net interest and other financial items produced a gain of NOK 2.8 million ($438,000) as compared with NOK 1.1 million in net interest expense in the first quarter of 1991. Management attributed this gain largely to the strengthened U.S. dollar and its impact upon the company's normal currency hedging program for operating revenues.
 As a result, pre-tax income was NOK 41.0 million ($6.4 million), an increase of 7 percent as compared with NOK 38.8 million last year.
 "For the near term, we would anticipate that maritime markets will remain uncertain and possibly even decline to some extent, but importantly however, the underlying trends remain positive for UNITOR, which has 80-percent of its operations aimed at ships maintenance. Because of the current outlook, the company is preparing certain short- term cost reductions, even while we continue to strengthen our maritime activities for the longer term with the introduction of new product and service concepts, as well as the acquisition of additional maritime services companies," Houm said.
 UNITOR supplies high-quality chemicals and related equipment to the international merchant fleet of over 23,000 vessels. It has been listed on the Oslo Stock Exchange since 1978.
 UNITOR American Depository Receipts (ADRs) began trading in the United States in April 1991. They are traded over-the-counter, under the symbol 3UNSSY, and are quoted in the daily "pink sheets." Morgan Guaranty Trust Company of New York is the sole depository of the ADRs.
 Currency exchange rate: US$1 equals NOK 6.46.
 NOK equals Norwegian krone.
 UNITOR GROUP
 Consolidated Statement of Operations (Unaudited)
 Three months ended March 31 1992 1991 Pct.
 Change
 Operating revenue NOK 368,412 $ 57,029 NOK 332,517 10.8
 Cost of goods sold 174,428 27,001 154,674 12.8
 Gross profit 193,984 30,028 177,843 9.1
 Depreciation 14,142 2,189 13,727 3.0
 Other operating expenses 141,645 21,926 124,809 13.5
 Operating income 38,197 5,913 39,307 (2.8)
 Interest and other financial
 expenses (income), net (2,834) (438) 1,094 N/M
 Income before taxes
 and minority interest 41,031 6,351 38,213 7.4
 Minority interest -- -- 541 --
 Income after minority interest 41,031 6,351 38,754 5.9
 Income taxes 10,668 1,651 8,526 25.1
 Net income NOK 30,363 $ 4,700 NOK 30,228 0.4
 Earnings per share NOK 1.77 $0.27 NOK 1.84 (3.8)
 Weighted average
 shares outstanding 17,158,820 17,158,820 16,400,063 4.6
 Currency exchange rate: US$1 equals NOK 6.46.
 NOK equals Norwegian krone.
 -0- 4/30/92
 /CONTACT: Philip L. Thomas of the P. L. Thomas Group, 312-906-8060, for UNITOR/
 (3UNSSY) CO: Unitor Ships Service AS ST: IN: MAR SU: ERN


OS -- NY021 -- 4813 04/30/92 10:13 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 30, 1992
Words:732
Previous Article:LCS INDUSTRIES REPORTS SALES AND EARNINGS FOR ITS SECOND QUARTER AND SIX MONTHS ENDED MARCH 31, 1992
Next Article:U.S. ENVIRONMENTAL PROTECTION AGENCY PRESENTS ENVIRONMENTAL QUALITY AWARDS


Related Articles
UNITOR REPORTS RECORD YEAR; NET INCOME INCREASES 16 PERCENT; REVENUES INCREASE 19 PERCENT; RAISES DIVIDEND 40 PERCENT
UNITOR REPORTS FIRST-HALF RESULTS
UNITOR REPORTS RESULTS FOR PERIOD ENDED SEPT. 30, 1992
UNITOR REPORTS FIRST-QUARTER RESULTSRECORD OPERATING INCOME FOR THE PERIOD
UNITOR REPORTS IMPROVED 1993 SIX-MONTH RESULTS
UNITOR POSTS STRONG EARNINGS IN A DEPRESSED MARKET
UNITOR POSTS RECORD PRE-TAX INCOME, UP 10 PERCENT
UNITOR ANNOUNCES PRELIMINARY THIRD-QUARTER RESULTS
UNITOR REPORTS RESULTS FOR THE NINE MONTHS OF 1994

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