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VIGORO REPORTS THREE NINE-MONTH RESULTS

 CHICAGO, April 28 /PRNewswire/ -- The Vigoro Corp. (NYSE: VGR) today reported earnings for its third fiscal quarter ended March 31, 1993 of $4.7 million, or 24 cents per common share, on sales of $110.0 million. Earnings during the same quarter of 1992 were $5.2 million, or 26 cents per common share, on sales of $117.7 million.
 For the first nine months of fiscal 1993, Vigoro reported net income of $11.1 million, or 55 cents per common share, on sales of $278.8 million. During the first nine months of fiscal 1992, net income was $11.2 million, or 56 cents per common share, on sales of $294.2 million.
 Joseph P. Sullivan, Vigoro chairman and chief executive officer, said "Sales volumes in the three- and nine-month periods reflect the impact of colder and wetter than normal weather in the early spring fertilizer season in most of Vigoro's primary marketing areas."
 Operating income for the three months ended March 31, 1993 showed a slight decrease of 1.8 percent despite the lower sales revenues which reflected improved gross margins. Operating income for both the three- and nine-month periods in the current year were negatively affected by the impact of higher provincial resource taxes on Vigoro's potash operations.
 Net income for the third fiscal quarter of 1993 was negatively influenced by foreign exchange losses which resulted from the strengthening Canadian dollar. Included in other (income) expense for the 1993 quarter were foreign exchange losses of $0.5 million. The 1992 quarter included $1.1 million of foreign exchange gains. On a year-to- date basis, foreign exchange gains included in other (income) expense were comparable between the periods. Net income for both the three- and nine-month periods of fiscal 1993 benefited from reduced interest expense when related to the comparable 1992 periods.
 Sullivan stated, "Continued unfavorable weather in April has significantly impeded the planting of corn. Although a special survey conducted by Vigoro last week indicates virtually no change in farmers' corn planting expectations, we believe that some fertilizers and pesticides normally applied in June may be pushed into Vigoro's fiscal 1994 period. This could possibly result in fiscal 1993 annual earnings, after the effects of the 3-cent-per-share extraordinary loss, being 5 cents to 7 cents per common share lower than fiscal 1992 earnings of $2.10 per common share."
 The Vigoro Corp. is a leading North American manufacturer and distributor of potash, nitrogen-based fertilizers and related products.
 THE VIGORO CORPORATION
 Condensed Consolidated Statements Of Income
 (In thousands, except per share amounts - Unaudited)
 Periods ended Three Months Nine Months
 March 31 1993 1992 1993 1992
 Net Sales $109,998 $117,713 $278,792 $294,166
 Operating expenses:
 Cost of goods sold 68,981 76,244 167,962 186,743
 Depreciation, depletion
 and amortization 5,025 5,082 15,891 15,208
 Selling, administrative
 and other expenses 22,841 23,924 61,940 58,815
 Provincial resource taxes 3,171 2,300 9,402 7,950
 Total 100,018 107,550 255,195 268,716
 Operating income 9,980 10,163 23,597 25,450
 Interest expense, net 2,618 3,305 7,897 10,343
 Other (income) expense, net 285 (1,170) (2,071) (2,182)
 Income before income taxes 7,077 8,028 17,771 17,289
 Income taxes 2,335 2,810 6,132 6,051
 Income before extraordinary
 item 4,742 5,218 11,639 11,238
 Extraordinary item:
 Loss on early retirement of
 debt, net tax benefit of $375 -- -- 562 --
 Net income 4,742 5,218 11,077 11,238
 Earnings per common share:
 Before extraordinary item $.24 $.26 $.58 $.56
 Earnings per common share $.24 $.26 $.55 $.56
 Weighted average common shares
 outstanding 19,999 19,999 19,999 19,999
 Dividends declared per common
 share $.17 $.15 $.49 $.45
 Financial Highlights
 The following table presents various financial and operating highlights for the three and nine months ended March 31, 1993 and 1992.
 THE VIGORO CORPORATION


(Dollar amounts in thousands, except average sales price - Unaudited)
 Periods ended Three Months Nine Months
 March 31 1993 1992 1993 1992
 Net Sales:
 Potash $ 30,023 $ 27,960 $ 81,334 $ 82,548
 Nitrogen-based 78,366 87,898 191,517 205,375
 Other revenues(A) 1,609 1,855 5,941 6,243
 $109,998 $117,713 $278,792 $294,166
 Operating Income:
 Potash $ 12,705 $ 12,410 $ 35,709 $ 35,403
 Nitrogen-based and
 other (B) (2,725) (2,247) (12,112) (9,953)
 $ 9,980 $ 10,163 $ 23,597 $ 25,450
 Sales volume (000s tons):
 Potash 460 420 1,213 1,252
 Nitrogen-based 523 558 1,334 1,352
 Total 983 978 2,547 2,604
 Average sales price (per ton):
 Potash $ 65.27 $ 66.57 $ 67.05 $ 65.93
 Nitrogen-based $ 149.84 $ 157.52 $ 143.57 $ 151.90
 (A) Includes revenues related to performing various services for farmers. These amounts are not reflected in the computation of average sales price.
 (B) Includes operating income related to other revenue.
 THE VIGORO CORPORATION
 Condensed Consolidated Statements Of Cash flows
 FOR THE NINE MONTHS ENDED MARCH 31, 1993 AND 1992
 (Amounts in thousands - Unaudited)
 Nine months ended March 31 1993 1992
 OPERATING ACTIVITIES:
 Net income $11,077 $11,238
 Adjustments to reconcile net income to net cash
 provided by operating activities:
 Depreciation, depletion and amortization 15,891 15,208
 Amortization and write-off of debt issuance
 costs 874 545
 Changes in working capital and other (13,718) (30,840)
 Net cash provided by (used in) operating
 activities 14,124 (3,849)
 INVESTING ACTIVITIES:
 Capital expenditures (23,291) (18,996)
 Proceeds from sale of assets 1,784 838
 Other (5,063) (1,182)
 Net cash provided by (used in) investing
 activities (26,570) (19,340)
 FINANCING ACTIVITIES:
 Short-term debt, net 24,268 1,415
 Issuance of long-term debt 11,615 983
 Reduction in long-term debt (11,323) (1,432)
 Dividends paid to common shareholders (9,400) (6,000)
 Net cash provided by (used in) financing
 activities 15,160 4,966
 Net change in cash and cash equivalents 2,714 (18,223)
 Cash and cash equivalents at beginning of period 2,967 23,668
 Cash and cash equivalents at the end of period $ 5,681 $ 5,445
 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
 Cash paid during the period for:
 Interest $ 8,884 $11,912
 Income taxes, including payments for fiscal 1991
 and prior made under a tax sharing agreement between
 the company and Great American Management and
 Investment, Inc. $13,543 $15,922
 THE VIGORO CORPORATION
 Condensed Consolidated Balance Sheets
 (Amounts in thousands, except shares and par value - Unaudited)
 3/31/93 3/31/92 6/30/92
 ASSETS
 CURRENT ASSETS:
 Cash and cash equivalents $ 5,681 $ 5,445 $ 2,967
 Receivables, net 72,601 83,362 102,024
 Inventories 152,858 147,456 71,681
 Other current assets 16,621 11,295 6,696
 TOTAL CURRENT ASSETS 247,761 247,558 183,368
 Property, plant, equipment and mineral
 deposits, net 217,348 207,283 210,453
 Other assets 20,431 16,999 17,586
 Total $485,540 $471,840 $411,407
 LIABILITIES AND SHAREHOLDERS' EQUITY
 CURRENT LIABILITIES:
 Accounts payable $ 96,374 $ 84,315 $ 38,849
 Accrued expenses and other current
 liabilities 16,327 16,945 21,536
 Current taxes payable -- -- 4,457
 Short-term debt 44,733 64,896 20,465
 Current portion of long-term debt 18,537 8,751 8,763
 TOTAL CURRENT LIABILITIES 175,971 174,907 94,070
 Long-term debt 101,162 118,944 110,344
 Deferred income taxes and other 28,589 27,079 28,381
 TOTAL LIABILITIES 305,722 320,930 232,795
 SHAREHOLDERS' EQUITY:
 Common stock, $.01 par value, 50,000
 shares authorized, 19,998,961 issued
 and outstanding 200 200 200
 Additional paid-in capital 108,566 108,566 108,566
 Retained earnings 70,960 41,982 69,682
 Foreign currency translation adjustment 92 162 164
 TOTAL SHAREHOLDERS' EQUITY 179,818 150,910 178,612
 Total $485,540 $471,840 $411,407
 -0- 4/28/93
 /CONTACT: Kirk Brewer, 312-258-4359, for Vigoro Corp./
 (VGR)


CO: The Vigoro Corp. ST: Illinois IN: CHM SU: ERN

SM -- NY012 -- 1793 04/28/93 08:54 EDT
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Date:Apr 28, 1993
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