Printer Friendly

WEAN INCORPORATED REPORTS 1991 PROFIT

 WEAN INCORPORATED REPORTS 1991 PROFIT
 PITTSBURGH, Feb. 13 /PRNewswire/ -- Wean Incorporated (NYSE: WID)


reported a profit of $4,363,000 for the year 1991 on sales of $75,747,000, it was announced today.
 The results included at tax loss carryforward benefit of $980,000. These results compare to a profit of $3,248,000 on sales of $101,211,000 in 1990. The 1990 results included at tax loss carryforward benefit of $874,000 and a one-time charge of $1,500,000 related to the closing of a subsidiary.
 The results for the quarter ended Dec. 31, 1991, reflected a profit of $1,174,000 on sales of $17,084,000. A tax loss carryforward benefit of $222,000 was included in these results. These figures compare to a 1990 fourth quarter profit of $139,000, including a $254,000 tax loss carryforward benefit, and the one-time charge of $1,500,000 stated above, on sales of $27,290,000.
 The backlog of orders as of Dec. 31, 1991, totaled $30,000,000 compared to $28,000,000 at Sept. 30, 1991, and $54,000,000 at Dec. 31, 1990.
 R.J. Wean III, president and chief executive officer, said "The company is pleased with the financial results for 1991 which reflect the positive effect of the company's restructuring efforts during the last several years. The continuing reduced level of activity in the markets the company serves and the low backlog of orders will negatively impact the company's performance in 1992. However, as the overall economy recovers, we believe that we will be in a good position to respond to an increase in new business opportunities."
 WEAN INCORPORATED
 Consolidated Statement of Earnings
 Period Ended Three Months Year
 Dec. 31,(A) 1991 1990 1991 1990
 Sales $17,084 $27,290 $75,747 $101,211
 Earnings before income
 taxes 1,555 509 5,385 4,604
 Income taxes 603 624 2,002 2,230
 Earnings before
 extraordinary item 952 (115) 3,383 2,374
 Extraordinary item 222 254 980 874
 Net earnings 1,174 139 4,363 3,248
 Earnings per common
 share(B)
 Before extraordinary item $0.27 $(0.07) $0.94 $0.61
 On extraordinary item 0.07 0.08 0.32 0.28
 After extraordinary item $0.34 $0.01 $1.26 $0.89
 Earnings per common share
 assuming full dilution(C)
 Before extraordinary item $0.27 $(0.07) $0.94 $0.61
 After extraordinary item $0.34 $0.01 $1.26 $0.89
 (A) Amounts stated in thousands except per share data.
 (B) Based on weighted average number of shares outstanding (3,088,449 for the quarter and 3,088,393 for the year ended Dec. 31, 1991; and 3,088,339 for the quarter and year ended Dec. 31, 1990, respectively) after giving effect to earnings attributed to the preferred stock dividend requirement.
 (C) Assuming conversion at the beginning of the period of the 5-1/2 percent convertible subordinated debentures.
 /delval/
 -0- 2/13/92
 /CONTACT: R.J. Wean III, president and chief executive officer of Wean Incorporated, 412-456-5300/
 (WID) CO: Wean Incorporated ST: Pennsylvania IN: MNG SU: ERN


CD -- PG009 -- 9744 02/13/92 12:20 EST
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:Feb 13, 1992
Words:532
Previous Article:CHOICE SOFTWARE SYSTEMS LTD. ANNOUNCES AGREEMENT WITH NORTH WEST COMPANY INC.
Next Article:GENERAL MAGNAPLATE REPORTS SIX MONTHS ENDED DEC. 31, 1991 RESULTS TO STOCKHOLDERS
Topics:


Related Articles
W.W. STASIK ELECTED A DIRECTOR OF WEAN INCORPORATED
WEAN INCORPORATED REPORTS 1992 FIRST QUARTER RESULTS
WEAN INCORPORATED PURCHASES ENGINEERING ASSETS FROM OCTAGON
WEAN INCORPORATED SIGNS LICENSE AGREEMENT WITH DANIELI
WEAN INCORPORATED REPORTS SIX MONTHS 1992 RESULTS
WEAN INDUSTRIES NAMES NEW DIRECTOR OF MANUFACTURING
WEAN INCORPORATED ADDS LICENSEE IN AUSTRALIA
WEAN INDUSTRIES TO SUPPLY BAR DRAWING SYSTEM TO ALCOA, MASSENA
WEAN INCORPORATED REPORTS NINE MONTHS 1992 RESULTS
WEAN INCORPORATED REPORTS RESULTS FOR 1992 AND ANNOUNCES EXPIRATION OF EXCHANGE OFFER AND IMPENDING DEFAULTS

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