ZURN ANNOUNCES THIRD QUARTER RESULTS
ZURN ANNOUNCES THIRD QUARTER RESULTS ERIE, Pa., Jan. 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 third quarter ended Dec. 31, 1991, was $6,435,000 ($.51 per share), compared to $8,822,000 ($.71 per share) last year.
Sales for the quarter were $176,122,000, down 8 percent from last year's $190,833,000. Separately, the company announced orders for two power plant construction projects totaling $80 million. The third quarter included a special $2,588,000 provision ($.13 per share) for potential losses of amounts owed on power generation projects affiliated with The Oxford Energy Company which have become financially stressed. For the first nine months, net income was $19,486,000 ($1.55 per share) compared to $21,960,000 ($1.76 per share) for the same period last year. Sales were $444,555,000, down 17 percent from $535,788,000 in last year's first three quarters. Total orders backlog at Dec. 31, 1991 was $359,000,000 -- up 7 percent from the beginning of the fiscal year. The power systems backlog was $196,000,000 -- up 20 percent. Chairman George H. Schofield stated that, "Slowed power plant construction activity and the continuing impact of a weak economy, particularly on our manfuacturing businesses, depressed earnings in the third quarter and will continue to do so for the balance of the fiscal year. Fourth quarter sales are expected to be below last year with earnings in the $.50 to $.55 per share range." He added that, "With the recent closing of $155 million of orders for four power generation plants, our new year will begin with a power systems backlog at least 50 percent greater than at the beginning of the current fiscal year. This will provide the foundation for solid future growth." ZURN INDUSTRIES, INC. Condensed Statements of Consolidated Income Period Three Months Nine Months Ended Dec. 31 1991 1990 1991 1990 (Thousands except per share amounts) Net sales Environmental Technologies Power Systems $100,532 $108,944 $196,617 $274,222 Water Control 57,109 60,954 196,932 188,478 Other Technologies 18,481 20,935 51,006 73,088 176,122 190,833 444,555 535,788 Inc. before inc. taxes 10,585 14,522 31,936 36,060 Prov. for inc. taxes 4,150 5,700 12,450 14,100 Net income 6,435 8,822 19,486 21,960 Earnings per share $.51 $.71 $1.55 $1.76 Average shares outstanding 12,602 12,482 12,593 12,515 /delval/ -0- 1/16/92 /CONTACT: Steve Adams of Zurn Industries, 814-452-2111/ (ZRN) CO: Zurn Industries, Inc. ST: Pennsylvania IN: OIL SU: ERN
JT -- PG018 -- 0776 01/16/92 18:28 EST
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|Date:||Jan 16, 1992|
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