Printer Friendly

WAXMAN INDUSTRIES, INC. REPORTS RESULTS FOR THIRD QUARTER OF FISCAL 1992

 WAXMAN INDUSTRIES, INC. REPORTS RESULTS
 FOR THIRD QUARTER OF FISCAL 1992
 BEDFORD HEIGHTS, Ohio, April 28 /PRNewswire/ -- Waxman Industries, Inc. (NYSE: WAX), a leading supplier to the home repair and remodeling market throughout the United States and Canada, today reported results for the Company's third quarter and nine months ended March 31, 1992.
 Sales for the quarter totaled $86,338,000, compared with $82,787,000 in the same quarter last year, an increase of 4.3 percent. Sales were up over 4 percent in both the U.S. and Canada. Operating income for the third quarter was $7,022,000, up 3.8 percent, compared with $6,766,000 in the prior year quarter. Interest expense for the third quarter increased 9.1 percent over the prior year third quarter. As a result, net income for the quarter was $261,000, or 3 cents per share, compared with $461,000, or 5 cents per share, in the year-ago period.
 For the first nine months of fiscal 1992, sales were $280,922,000 compared with $291,258,000 in fiscal 1991, a decline of 3.5 percent. U.S. sales were up 2.4 percent for the nine-month period, while sales in Canada were down 9.1 percent. Operating income for the nine months was $21,556,000 versus $24,468,000 in fiscal 1991. Net income through nine months was $1,356,000, or 14 cents per share, versus $3,121,000, or 32 cents per share, in the year-ago period.
 As previously announced, on March 27, 1992 the Company filed a Registration Statement with the Securities and Exchange Commission relating to the proposed public offering of 3,000,000 shares of Common Stock. The managing underwriters of the offering will be Kidder, Peabody & Co. Incorporated and PaineWebber Incorporated. The net proceeds of the offering will be used to reduce outstanding domestic indebtedness.
 Although a registration statement relating to the Common Stock being offered has been filed with the Securities and Exchange Commission, it has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell nor the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state.
 WAXMAN INDUSTRIES, INC.
 CONSOLIDATED INCOME STATEMENTS
 Three Months Ended March 31,
 1992 1991 (A)
 (In Thousands, Except Per Share Amounts)
 Net Sales $ 86,338 $ 82,787
 Cost of Sales 59,254 56,807
 Gross Profit 27,084 25,980
 Operating Expenses 20,062 19,214
 Operating Income 7,022 6,766
 Interest Expense, net 6,635 6,082
 Income Before Income Taxes 387 684
 Income Taxes 126 223
 Net Income $ 261 $ 461
 Earnings Per Share:
 Primary $ .03 $ .05
 Fully Diluted $ .03 $ .05
 Average Shares Outstanding:
 Primary 9,770 9,459
 Fully Diluted 9,802 9,752
 (A) Certain prior year amounts have been reclassified to conform with the March 31, 1992 presentation.
 Nine Months Ended March 31,
 1992 1991 (A)
 (In Thousands, Except Per Share Amounts)
 Net Sales $280,922 $291,258
 Cost of Sales 195,386 203,939
 Gross Profit 85,536 87,319
 Operating Expenses 63,980 62,851
 Operating Income 21,556 24,468
 Interest Expense, net 19,324 19,499
 Income Before Income Taxes 2,232 4,969
 Income Taxes 876 1,848
 Net Income $ 1,356 $ 3,121
 Earnings Per Share:
 Primary $ .14 $ .32
 Fully Diluted $ .14 $ .32
 Average Shares Outstanding:
 Primary 9,538 9,607
 Fully Diluted 9,705 9,900
 (A) Certain prior year amounts have been reclassified to conform with the March 31, 1992 presentation.
 -0- 4/28/91
 /Contact: Armond Waxman or Jerome Jacques of Waxman Industries, Inc., 216-439-1830; or William L. Dupuy of Edward Howard & Co., 216-781-2400, for Waxman Industries, Inc./
 (WAX) CO: Waxman Industries, Inc. ST: Ohio IN: SU: ERN


KK -- CL013 -- 3782 04/28/92 12:08 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 28, 1992
Words:685
Previous Article:SPECTRAN REPORTS RECORD FIRST QUARTER RESULTS
Next Article:DBA SYSTEMS REPORTS THIRD QUARTER RESULTS


Related Articles
WAXMAN INDUSTRIES, INC. REPORTS RESULTS FOR FIRST QUARTER OF FISCAL 1992
WAXMAN INDUSTRIES, INC. REPORTS RESULTS FOR SECOND QUARTER OF FISCAL 1992
WAXMAN INDUSTRIES REPORTS FOURTH QUARTER AND FISCAL YEAR 1992 RESULTS; DECLARES QUARTERLY DIVIDEND
WAXMAN INDUSTRIES REPORTS RESULTS FOR FIRST QUARTER OF FISCAL 1993
WAXMAN INDUSTRIES REPORTS RESULTS FOR SECOND QUARTER OF FISCAL 1993
WAXMAN INDUSTRIES REPORTS RESULTS FOR THIRD QUARTER OF FISCAL 1993
WAXMAN INDUSTRIES ANNOUNCES PROPOSED NOTE OFFERING
WAXMAN INDUSTRIES REPORTS RESULTS FOR FISCAL 1993; OUTLINES RESTRUCTURING PLANS
WAXMAN INDUSTRIES REPORTS RESULTS FOR FIRST QUARTER OF FISCAL 1994
Waxman Industries, Inc. Reports Continued Operating Income Improvements in the Third Quarter and Sale of Madison Equipment Company

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