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WOLVERINE WORLD WIDE REPORTS 1992 FOURTH QUARTER, YEAR-END RESULTS

 ROCKFORD, Mich., March 11 /PRNewswire/ -- Wolverine World Wide, Inc. (NYSE: WWW) today reported that continuing operations had the best fourth quarter results since 1982.
 Net earnings from continuing operations for the fourth quarter ended Jan. 2, 1993, increased to $6.4 million, or $0.96 per share, compared with $1.5 million, or $0.24 per share for the comparable 1991 period. Net earnings for the 1991 fourth quarter were reduced by a charge for settling litigation that amounted to $6.1 million, or $0.93 per share. Net sales from continuing operations for the 1992 fourth quarter were $106.3 million, compared to $94.5 million in the prior year quarter.
 Net earnings from continuing operations for 1992 totaled $4.6 million, or $0.70 per share, versus $4.4 million, or $0.68 per share, reported for 1991.
 Net sales from continuing operations for the current year were $293 million compared to $281 million in 1991. Contributing to the sales increase were the Wolverine Work and Outdoor Boot Group, Bates Uniform Footware Division, Tru-Stitch Footwear Division and the Rockford Manufacturing Group.
 Discontinued operations include all of the company's Brooks athletic shoe operations. During the fourth quarter, an additional after tax provision of $6.9 million, or $1.04 per share, was taken to cover operating losses and anticipated losses on disposal of the three Brooks European subsidiaries, which were not included in the sale of the Brooks Shoe, Inc. and Brooks International athletic shoe businesses to the Rokke Group on Feb. 1, 1993. In the 1991 fourth quarter, the Brooks units had an operating loss of $564,000, or $0.09 per share. For 1992, total operating losses and charges taken for the discontinued operations amounted to $14.8 million, or $2.24 per share, compared with operating losses of $1.2 million, or $0.18 per share, for 1991.
 During the fourth quarter of 1992, the company decided to adopt FASB Statement 106 for post-retirement benefits other than pensions. This action, along with the decision to adopt FASB Statement 109 in the third quarter of 1992, reduced 1992 earnings by $750,000, or $0.11 per share for the accumulated effects of prior years.
 With the inclusion of the results of discontinued operations and the effect of accounting changes, the company reported a $10.9 million loss, or $1.65 per share, for 1992 compared to net income of $3.3 million, or $0.50 per share for 1991.
 Including the discontinued operations, the current fourth quarter reported a net loss of $600,000, or $0.08 per share, compared to net income of $1.0 million, or $0.15 per share, in the last quarter of 1991.
 "The additional charge of $6.9 million taken in the fourth quarter was greater than previously anticipated due to higher than expected operating losses in and lower proceeds from the sale of the three Brooks European subsidiaries. We believe the negative impact of the Brooks business on Wolverine's results is now completely behind us," said Geoffrey Bloom, Wolverine president and chief operating officer.
 Pointing out that Hush Puppies 1992 sales were disappointing, Bloom said strong order volume in the first eight weeks of 1993 indicated that the aggressive actions initiated in the latter half of 1992 to refocus the brand are beginning to produce results.
 "Retailer enthusiasm for the Fall 1993 Hush Puppies line supports our belief that the updated fashion-right' Hush Puppies styling is a perfect complement to today's casual/comfort look," Bloom said.
 Bloom said the company's order volume for the first eight weeks of 1993 was running significantly ahead of the same period in 1992.
 "Record order volume is being recorded by every one of our wholesale footwear operating units. Based on these earlier results, we expect to report a substantial increase in sales over last year and a profitable first quarter compared to a loss last year," he said.
 Wolverine World Wide, Inc. manufactures and markets a wide variety of branded footwear and pigskin leather. Major branded products of the company include: Hush Puppies(R) shoes, Wolverine(R) work and sport footwear, Wolverine Wilderness(R) footgear, apparel and accessories, Coleman(R) footgear, Bates(R) uniform footwear and Bates Floaters(R), Tru-Stitch(R) slippers, Sioux-Mox(R) moccasins, Wimzees(R) casual footwear, Town & Country(TM) woman's shoes, Kroupana(R) sueded pigskin, and Breathin' Brushed Pigskin(R) leather.
 WOLVERINE WORLD WIDE, INC.
 Consolidated Statement Of Operations
 (Audited, $000's except share and per share data)
 17 Weeks ended(A) 53 Weeks ended(A)
 Jan. 2, Dec. 28, Jan. 2, Dec. 28
 1993 1991 1993 1991
 Net sales and other
 operating income $106,300 94,487 293,136 282,749
 Earnings (loss) from
 continuing
 operations before
 income taxes 8,912 1,960 6,478 5,689
 Income tax (credit) 2,556 436 1,858 1,267
 Earnings (loss)
 continuing operations 6,356 1,524 4,620 4,422
 (Loss) from discontinued
 operations, net of
 income taxes (6,927) (564) (14,811) (1,172)
 Cumulative effect of
 accounting changes -- -- (750) --
 Net earnings (loss) (571) 960 (10,941) 3,250
 Earnings (loss) per share:
 Continuing operations .96 .24 .70 .68
 Discontinued
 operations (1.04) (.09) (2.24) (.18)
 Cumulative effect of
 accounting changes -- -- (.11) --
 Net earnings (loss) (.08) .15 1.65 .50
 Shares used for
 computing earnings
 per share 6,653,611 6,556,262 6,627,436 6,549,131
 (A) Fiscal year represents 52 weeks for period ended Dec. 28, 1991. Fourth quarter represents 16 weeks ended Dec. 28, 1991.
 WOLVERINE WORLD WIDE, INC.
 Condensed Balance Sheet
 ($000's)
 Jan. 2, Dec. 28,
 1993 1991
 Assets:
 Cash & Securities $ 2,375 2,141
 Receivables 51,510 54,000
 Inventories 64,264 61,998
 Net current assets,
 discontinued operations 10,994 24,465
 Other current assets 18,585 9,874
 Total current assets 147,728 152,478
 Plant & equipment, net 30,507 32,461
 Net noncurrent assets,
 discontinued operations 8,200 3,153
 Other assets 17,576 16,986
 Total assets 204,011 205,078
 Jan. 2, Dec. 28,
 1993 1991
 Liabilities & Equities
 Notes payable 16,377 10,300
 Current maturities on
 long-term debt 5,766 8,138
 Accounts payable and other
 accrued liabilities 30,213 40,248
 Total current liabilities 52,356 58,686
 Long-term debt 42,656 31,596
 Other noncurrent liabilities 8,871 4,411
 Stockholders' equity 100,128 110,385
 Total Liabilities & Equity 204,011 205,078
 -0- 3/11/93
 /CONTACT: Jim Lovejoy, 616-866-5539, for Wolverine World Wide/
 (WWW)


CO: Wolverine World Wide, Inc. ST: Michigan IN: REA SU: ERN

LD -- NY086 -- 5328 03/11/93 19:06 EST
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