MascoTech, Inc. Announces Q1 Results
4 May 1998
MascoTech, Inc. Announces First Quarter Results
TAYLOR, Mich., May 4 -- MascoTech sales for the
first quarter 1998, aided by the previously announced acquisition of TriMas
Corporation which was completed on January 22, 1998, increased 72 percent to
$401 million from $233 million in 1997. Income in the first quarter of 1998
was $32.7 million or $.60 per common share, compared with $29.4 million or
$.59 per common share after preferred dividends in 1997. First quarter
results for 1998 and 1997 benefited from unusual pre-tax gains of $12 million
and $18 million, respectively.
Assuming that the MascoTech and TriMas results were consolidated for the
entire first quarter of 1998 and 1997, pro forma sales would have increased
approximately 10 percent to $437 million as compared with $398 million for
first quarter 1997. Operating profit on a pro forma basis for first quarter
1998 would have increased approximately 12 percent to $63 million as compared
with $56 million for first quarter 1997. Earnings per share, excluding the
unusual pre-tax gains mentioned above, on a pro forma basis for first quarter
1998 and 1997 would have been $.48 and $.40, respectively.
MascoTech's CEO Frank M. Hennessey commented, "The integration of the
TriMas acquisition is proceeding on schedule. I am extremely pleased with the
combined company's performance and expect that the continued expansion of our
leadership market positions should result in significant future value creation
and financial returns for our shareholders."
MascoTech is a diversified manufacturing company with world-leading
metalforming process capabilities and proprietary product positions serving
transportation, industrial and consumer markets.
Visit MascoTech's website at http://www.mascotech.com. MascoTech's press
releases are also available through Company News On-Call by fax, 800-758-5804,
extension 535375, or http://www.prnewswire.com.
MASCOTECH, INC. ANNOUNCES FIRST QUARTER RESULTS
Three Months Ended
March 31
1998 1997
Net Sales $400,760 $233,440
Cost of Sales (296,370) (177,140)
Selling, General and Administrative Expenses (45,560) (22,710)
Operating Profit 58,830 33,590
Other Income (Expense), Net (3,810) 20,490
Income Before Income Taxes 55,020 54,080
Income Taxes 22,280 21,420
Net Income $32,740 $32,660
Preferred Stock Dividends --- $3,240
Earnings Attributable to Common Stock $32,740 $29,420
Diluted Earnings Per Share $.60 $.59
Amounts are in thousands except per share data.
SOURCE MascoTech, Inc.