WESTGROUP ANNOUNCES FIRST QUARTER RESULTS FROM INTERNATIONAL OPERATIONS
WESTGROUP ANNOUNCES FIRST QUARTER RESULTS
FROM INTERNATIONAL OPERATIONS
CALGARY, Alberta, July 2 /PRNewswire/ -- Westgroup Corporations Inc. (Alberta: WI.A) ("Westgroup") today announced the unaudited financial results from its international operations for the three month period ended March 31, 1992:
Sales - $5,644,000
Cash Flow - $1,453,000 $0.12
Earnings Before Taxes - $1,269,000 $0.10
The results represent $0.10 per share earnings for the quarter and include the sales, earnings and cash flow from recent German acquisitions which have exceeded Westgroup's previous projections. International income tax obligations are anticipated to be significantly less than those currently affecting Westgroup's domestic operations.
Financial results of the German acquisition subsequent to the Oct. 21, 1991, effective date and prior to the April 16, 1992, closing will be recorded in the accounts of Westgroup as a reduction to the purchase price.
Financial results subsequent to closing of the German acquisition will be consolidated in accordance with Generally Accepted Accounting Principles and will be reflected in the consolidated June 30, 1992 financial statements of Westgroup Corporations Inc.
Westgroup is a diversified management corporation dedicated to building well-managed, highly valued, autonomous enterprises that serve North American and specialized global markets. Westgroup's strength derives from the diversity and synergy of its individual corporations, and from a sharing of management skills and financial resources.
The Alberta Stock Exchange has neither approved nor disapproved the contents of this release.
/CONTACT: Investor Relations, Westgroup Corporations, 403-269-1868/
(WI.A.) CO: Westgroup Corporations Inc. ST: Alberta IN: SU: ERN CH -- LA011 -- 6079 07/02/92 10:23 EDT