ZURN ANNOUNCES FIRST QUARTER EARNINGS
ZURN ANNOUNCES FIRST QUARTER EARNINGS ERIE, Pa., July 16 /PRNewswire/ -- Zurn Industries, Inc.
(NYSE: ZRN) a leading designer and manufacturer of power systems and equipment, and water control products for environmental applications, announced today that net income for the quarter ended June 30, 1992, was $5,635,000 ($.45 per share), compared to last year's $6,185,000 ($.49 per share) income before accounting changes and net loss of $10,549,000 ($.84 per share).
Sales for the quarter were $143,244,000, up from last year's $138,465,000. Power Systems revenues increased 14 percent over last year, while a decline in water resource construction sales lowered Water Control revenues. Working from a record high backlog, Lynx Golf sales were up substantially at $13,378,000 compared to $4,978,000 a year ago. Orders backlog at June 30, 1992, was $410,000,000, down from $472,000,000 at the beginning of the fiscal year, but up from $370,000,000 a year ago. Chairman George H. Schofield stated that "The slow pace of economic recovery will continue to depress our industrial and nonresidential construction-related businesses; however, the prospects for adding new power plant construction projects to the backlog remains very encouraging. First quarter results were in line with our expectations," he added, "and we are forecasting a second quarter comparable to a year ago, driven by increased power plant construction revenues and the turnaround at Lynx Golf." ZURN INDUSTRIES, INC. Condensed Statements of Consolidated Operations (Thousands except per share amounts) Three Months Ended June 30 1992 1991 Net sales Environmental Technologies: Power Systems $60,749 $53,343 Water Control 58,523 68,343 Other Technologies: Lynx Golf 13,378 4,978 Others 10,594 11,801 143,244 138,465 Income before income taxes 8,945 10,135 Provision for income taxes 3,310 3,950 Income before accounting changes 5,635 6,185 Accounting changes -- (16,734) Net income (loss) 5,635 (10,549) Earnings per share: Income before accounting changes $.45 $.49 Accounting changes -- $(1.33) Net income (loss) $.45 $(.84) Average shares outstanding 12,613 12,558 The methods of accounting for postretirement benefits other than pensions and income taxes were changed effective April 1, 1991. -0- 7/16/92 /CONTACT: Steve Adams of Zurn Industries, 814-452-2111/ (ZRN) CO: Zurn Industries, Inc. ST: Pennsylvania IN: OIL SU: ERN
CD-RM -- PG018 -- 9995 07/16/92 17:08 EDT
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|Date:||Jul 16, 1992|
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