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WOLVERINE WORLD WIDE REPORTS FIRST-QUARTER RESULTS, INTRODUCES NEW OFFICERS AT ANNUAL MEETING

 ROCKFORD, Mich., April 27 /PRNewswire/ -- The best first-quarter results since 1989 and introductions of a new chief executive officer, new chairman and vice chairman of the board highlighted today's Wolverine World Wide, Inc. (NYSE: WWW) annual meeting.
 Net earnings from continuing operations for the first quarter ended March 27, 1993, increased to $700,000, or $0.10 per share, compared to a net loss of $200,000, or $0.03 per share, for the first quarter of 1992.
 Sales increased 23 percent to $65.9 million from $53.7 million in the comparable period a year ago.
 Geoffrey B. Bloom, Wolverine president and chief operating officer, who assumed the additional duties of chief executive officer at the annual meeting, told shareholders the improved results derived from the core business strategy adopted in 1992.
 "Increased sales were reported by all five operating units for the first quarter," Bloom said. "Overall, incoming orders for the company during the first quarter were more than 25 percent ahead of the same period last year."
 Bloom credited the strong domestic order volume to continuing high demand for Wolverine DuraShocks boots, enthusiastic retailer response to Hush Puppies' new Lifestyles line of shoes for fall 1993; increased market share for Bates military and civilian uniform footwear and expanded Tru-Stitch slipper and casual footwear product offerings.
 Noting that the first quarter traditionally is the weakest period for the company, Bloom said, "The improved earnings from continuing operations reflected higher sales and the benefits of the restructuring and cost-reduction efforts initiated in 1992."
 Bloom reported to shareholders that the Brooks Germany subsidiary had been sold, that a contract to sell the Brooks United Kingdom subsidiary has been executed, and that he expected a contract for the sale of the remaining Brooks France subsidiary will be signed in the immediate future. "We believe the reserves established in 1992 for the disposition of the Brooks subsidiaries are adequate to cover any and all costs associated with these transactions," he said.
 Addressing his first Wolverine World Wide annual meeting, the new chairman of the board, Phillip D. Matthews, told shareholders he looked forward to serving as an outside director and non-management chairman. "I can assure you that increasing shareholder value is my key priority. My charge is to ensure accountability for achieving improved results," he said.
 Thomas D. Gleason, who assumed the vice chairman position following 21 years as chairman and CEO, said, "Geof and Phil make a fine team which will lead Wolverine World Wide to new heights."
 Bloom, 51, was elected president and COO of Wolverine in April 1987. Prior to joining Wolverine, he was president and CEO of Jaymar Ruby, Inc. from 1981 to 1987 and vice president of marketing for Florsheim Shoe Company from 1969 to 1981.
 Matthews, 54, a director of Wolverine World Wide since 1981, is chairman of Reliable Company. He previously was chairman, CEO and principal owner of Bell Helmets, Inc., the predecessor to Bell Sports Corporation. Earlier, he was senior vice president and chief financial officer of Dart and Kraft, Inc.
 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) women's shoes, Kroupana(R) sueded pigskin, and Breathin' Brushed Pigskin(R) leather.
 WOLVERINE WORLD WIDE, INC.
 CONSOLIDATED STATEMENT OF OPERATIONS
 (Unaudited; $000's, except share and per share data)
 12 Weeks Ended
 March 27, March 21,
 1993 1992
 Net sales and other operating income $65,859 $53,681
 Earnings (loss) from continuing
 operations before income taxes $1,039 ($282)
 Income tax (credit) 339 (80)
 Earnings (loss) continuing operations $700 ($202)
 (Loss) from discontinued operations,
 net of income taxes --- (337)
 Cumulative effect of accounting changes --- (750)
 Net earnings (loss) $700 ($1,289)
 Earnings (loss) per share:
 Continuing operations $.10 ($.03)
 Discontinued operations --- (.06)
 Cumulative effect of accounting changes --- (.11)
 Net earnings (loss) $.10 ($.20)
 Shares used for computing earnings
 per share 6,697,753 6,572,057
 WOLVERINE WORLD WIDE, INC.
 CONDENSED BALANCE SHEET
 ($000's)
 March 27, March 21,
 1993 1992
 ASSETS:
 Cash & securities $2,887 $2,302
 Receivables 52,585 48,866
 Inventories 72,080 70,029
 Net current assets, discontinued operations 921 33,504
 Other current assets 24,112 10,782
 Total current assets 152,585 165,483
 Plant & equipment, net 30,305 31,823
 Net noncurrent assets, discontinued
 operations --- 3,175
 Other assets 24,215 17,362
 Total assets $207,105 $217,843
 March 27, March 21,
 1993 1992
 LIABILITIES & EQUITY:
 Notes payable $12,078 $10,394
 Current maturities on long-term debt 4,461 28,139
 Accounts payable and other accrued
 liabilities 31,103 31,722
 Total current liabilities 47,642 70,255
 Long-term debt 49,656 31,541
 Other noncurrent liabilities 8,916 6,864
 Stockholders' equity 100,891 109,183
 Total liabilities & equity $207,105 $217,843
 -0- 4/27/93
 /CONTACT: Jim Lovejoy of Wolverine World Wide, Inc., 616-866-5539 or (fax) 616-866-0257/
 (WWW)


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

SB-MK -- DE015 -- 1276 04/27/93 11:02 EDT
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