UNR INDUSTRIES REPORTS FIRST-QUARTER RESULTS
UNR INDUSTRIES REPORTS FIRST-QUARTER RESULTS CHICAGO, April 23 /PRNewswire/ -- UNR Industries, Inc.
(NASDAQ-NMS, MSE: UNRI) reported that net sales in the first quarter of 1992 were $92.7 million, up 9 percent from the $85.2 million reported in the first quarter of 1991.
Operating income for the quarter was $5.7 million, up 139 percent from the $2.4 million reported in 1991. Net income for the same period was $5.9 million or $.13 per share as compared to $3.2 million or $.07 per share in the prior year. UNR Industries, Inc. is a diversified company producing welded steel tubing, shopping carts, stainless steel sinks, towers for communication and other uses, and material handling products and systems. It also is a distributor of rail and track accessories and products for the cable television industry. UNR INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS March 31 Dec. 31 1992 1991 (unaudited) Assets Cash $40,715,021 $93,799,251 Accounts receivable 62,066,404 56,700,953 Inventories(a) 75,231,250 77,322,087 Prepaid expenses 2,794,000 2,900,777 Total current assets 180,806,675 230,723,068 Plant and equipment, net 78,670,894 80,162,807 Other assets 31,104,920 30,482,979 Total assets $290,582,489 $341,368,854 Liabilities and Stockholders' Equity Current liabilities $34,282,437 $91,014,417 Long-term liabilities 29,341,198 30,082,415 Deferred income taxes 14,000,000 14,000,000 Stockholders' equity 212,958,854 206,272,022 Total liabilities and stockholders' equity $290,582,489 $341,368,854 (a) -- Net of reserve for LIFO valuation of inventories of $9.5 million and $9.2 million at March 31, 1992, and Dec. 31, 1991, respectively. UNR INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED STATEMENTS OF INCOME (unaudited) For the Three Months Ended March 31, 1992 1991 Net sales $92,701,006 $85,215,590 Gross profit 18,810,517 15,320,656 Operating income 5,728,986 2,393,434 Interest income, net 571,071 1,963,831 Income before taxes 6,300,057 4,357,265 Net income $5,900,057 $3,157,265 Net income per share $.13 $.07 The accompanying notes are an integral part of these statements. UNR INDUSTRIES, INC. NOTES TO FINANCIAL STATEMENTS (1) For financial reporting purposes, the Company has unrecorded net operating loss carry-forwards of approximately $150 million resulting from the extraordinary reorganization charges included in the 1989 Statement of Income. To date these charges were deducted for income tax purposes to the extent expenditures were actually made by the UNR Asbestos Disease Claims Trust. Approximately $5.5 million and $1.2 million of expenditures have been made by the Trust in the first quarter of 1992 and 1991, respectively, and the related tax benefits have been recorded by the Company in those respective periods. The related deductions will result in a reduction of that year's current tax liability and expense and may also generate tax loss carry-backs or carry-forwards. The timing of future distributions is undeterminable. Net operating losses resulting from the payment of tort claims could be subject to the limitations of Section 382 of the Internal Revenue Code. On February 14, 1992, the Internal Revenue Service issued proposed regulations under Section 468B, "Special Rules for Designated Settlement Funds." The IRS has reserved the right to issue final regulations which will specifically deal with transferors of stock to funds and has invited comments. The final regulations are not expected to have an adverse impact with respect to the net operating loss carry-forward, but may affect the timing and amount of the company's deductions for the years beginning with 1989. (2) On January 15, 1992, the Company paid a regular cash dividend of $.20 and an extraordinary cash dividend of $1.00 per share to stockholders of record as of the close of business on December 31, 1991. (3) The interim determination of inventories under the LIFO method is based on the management's estimates of the expected year-end inventory levels and costs and as such, interim financial results are subject to final year-end inventory amounts. -0- 4/23/92 /CONTACT: Henry Grey of UNR Industries, Inc., 312-341-1234/ (UNRI) CO: UNR Industries, Inc. ST: Illinois IN: SU: ERN
KK-SM -- DE022 -- 1960 04/23/92 13:55 EDT
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|Date:||Apr 23, 1992|
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