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WITCO REPORTS THIRD QUARTER AND NINE MONTH 1993 RESULTS

 NEW YORK, Oct. 18 /PRNewswire/ -- Witco Corporation (NYSE: WIT) today reported net income for the third quarter of 1993 of $13,625,000, or 27 cents per common share, including a one-time charge of $9,281,000, or 17 cents per common share, for a judgment involving a lawsuit and the change in the U.S. corporate tax rate for deferred and current tax accounts. Net income excluding this one-time charge for the third quarter of 1993 was $22,906,000, or 44 cents per common share, an increase of 21 percent compared to net income of $18,887,000, or 41 cents per common share, for the third quarter of 1992. Net income for the first nine months of 1993 excluding the charges listed above and a one-time charge in the second quarter of 1993 of $6,061,000, or 11 cents per common share, was $62,672,000, or $1.22 per common share, an increase of 12 percent compared to net income of $55,791,000, or $1.20 per common share for the same period of 1992. Net income for 1992 excludes the cumulative effect of the adoption of FAS 106 for postretirement benefits other than pensions of 29 cents per common share. Net income per common share was restated for all periods to reflect the 2-for-1 stock split which was effective Oct. 5, 1993.
 Net sales for the third quarter of 1993 were up 27 percent to $540,603,000 compared to sales of $425,157,000 for the third quarter of 1992. The increase in sales reflects improvements in all business segments and was materially affected by the company's November 1992 acquisition of chemical businesses from Schering AG. Net sales for the first nine months of 1993 were $1,643,226,000, up 29 percent compared to sales of $1,272,414,000 for the same period of 1992.
 Witco Chairman and Chief Executive Officer William R. Toller said, "We are very pleased to see the improvement in both sales and earnings in each of our business segments reflected before the one-time charge adjustments. The Petroleum Specialities Group, the Concarb Division, and the added product lines from the Schering acquisition were all particularly strong contributors. We are also seeing continued improvement as a result of our cost containment programs in effect worldwide and will expect the remainder of the year to be favorably influenced by this as well."
 Witco is a worldwide manufacture of specialty chemical and petroleum products and engineered materials with 65 plants in 12 countries and sales offices that span the globe.
 WITCO CORPORATION AND SUBSIDIARY COMPANIES
 Three months ended Sept. 30, 1993(A)(B) 1992(B)
 Net sales $540,603,000 $425,157,000
 Income before federal and
 foreign income taxes 23,388,000 28,272,000
 Federal and foreign income taxes 9,763,000(C) 9,385,000
 Net income 13,625,000(D) 18,887,000
 Net income per common share $.27(D) $.41
 Average number of common shares 56,258,000 49,776,000
 Nine months ended Sept. 30, 1993(A)(B) 1992(B)
 Net sales $1,643,226,000 $1,272,414,000
 Income before federal and
 foreign income taxes and
 cumulative effect of
 accounting change 74,768,000 85,048,000
 Federal and foreign income taxes 27,438,000(C) 29,257,000
 Income before cumulative effect
 of accounting change 47,330,000(D)(E) 55,791,000
 Cumulative effect of
 accounting change --- (14,690,000)(F)
 Net income 47,330,000(D)(E) 41,101,000
 Net income per common share:
 Income before cumulative
 effect of accounting change $.94(D)(E) $1.20
 Cumulative effect of accounting change --- (.29)(F)
 Net income $.94(D)(E) $.91
 Average number of common shares 54,364,000 49,726,000
 (A) -- Third quarter and nine months 1993 results include net sales of $120 million and $370 million and income before taxes of approximately $3.8 million, and $10.6 million, respectively, related to the acquisition in November 1992 of two divisions of Schering AG.
 (B) -- Net income per common share and average number of common share amounts for all periods presented have been restated to reflect the two-for-one stock split which was effective Oct. 5, 1993.
 (C) -- Includes $1,718,000, or 3 cents per common share, as a result of the increase in the U.S. federal tax rate from 34 percent to 35 percent.
 (D) -- Includes a charge of $7,563,000, or 14 cents per common share, as a result of a legal judgment against the company.
 (E) -- Includes a charge of $6,061,000, or 11 cents per common share, based on an agreement to sublease two present office facilities as a result of the company's commitment to relocate to a new world headquarters.
 (F) Represents the cumulative effect of the adoption in 1992 of FAS 106 for postretirement benefits other than pensions.
 -0- 10/18/93
 /CONTACT: C.R. Soderlind, senior vice president, 212-605-3813, or S.L. Levy, manager-public relations, 212-605-3815, both of Witco/
 (WIT)


CO: Witco Corporation ST: New York IN: CHM OIL SU: ERN

TW-TS -- NY036 -- 3315 10/18/93 10:58 EDT
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Date:Oct 18, 1993
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