Printer Friendly

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
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 23, 1992
Words:721
Previous Article:NEVILLE BROTHERS WELCOME MAORIS TO NEW ORLEANS
Next Article:CADE INDUSTRIES, INC. POSTS INCREASED SALES, EARNINGS FOR 1ST QUARTER 1992


Related Articles
UNR REPORTS YEAR-END FINANCIAL RESULTS
UNR REPORTS YEAR-END FINANCIAL RESULTS
UNR INDUSTRIES, INC. REPORTS SECOND-QUARTER FINANCIAL RESULTS
UNR INDUSTRIES, INC. REPORTS THIRD-QUARTER RESULTS
UNR COMPLETES RECORD YEAR
UNR INDUSTRIES, INC. REPORTS FIRST QUARTER RESULTS
UNR INDUSTRIES, INC. REPORTS SECOND QUARTER FINANCIAL RESULTS
UNR INDUSTRIES, INC. REPORTS FIRST QUARTER INCOME UP 68 PERCENT ON RECORD FIRST QUARTER SALES
UNR INDUSTRIES, INC. REPORTS FIRST QUARTER NET INCOME UP 82 PERCENT
UNR INDUSTRIES, INC. REPORTS 1996 SECOND QUARTER NET INCOME FROM CONTINUING OPERATIONS UP 31 PERCENT OVER FIRST QUARTER 1996

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