Wynn's Announces Preliminary Results for Q3
9 October 1998
Wynn's Announces Preliminary Results for Third QuarterORANGE, Calif., Oct. 9 -- Wynn's International, Inc. announced today that it expects net income for the quarter ended September 30, 1998 to be approximately $6.0 million compared to $6.4 million in the comparable quarter last year. On a per share basis, the Company expects earnings per diluted share for the most recent quarter to be $.30 to $.31 compared to last year's $.32 per diluted share. (Last year's per share amount reflects the 3 for 2 stock split in December 1997.) Sales for the quarter ended September 30, 1998 were approximately $79.8 million, slightly ahead of $79.4 million last year. Final results for the quarter are expected to be announced on October 19, 1998. James Carroll, Chairman of the Board and Chief Executive Officer stated, "As previously announced, our results in the quarter just ended were hurt by the impact of the General Motors labor strike at Wynn's-Precision (Precision) during July. The quarterly results at our Specialty Chemicals Division continued to be affected by the economic slowdown in the Asian Pacific area and the reduced lending activities in the subprime used car market, which impacts the Division's product warranty business. "Looking ahead, Precision has recovered from the previous strike conditions at G.M. and the Specialty Chemicals Division is expanding into other markets to offset the slowdown in Asia. Our continued strong financial position, despite the repurchase of more than 10% of the Company's stock during 1997 and 1998, gives us a high degree of confidence in this period of economic uncertainty." Wynn's International, Inc., founded in 1939, is a worldwide supplier of high quality O-rings and sealing products; specialty chemical products, equipment and related service programs; and builders hardware supplies. The Company is headquartered at 500 North State College Boulevard, Suite 700, Orange, California, 92868, telephone: (714) 938-3700. Certain statements contained in this release are forward looking and may involve risk and uncertainties. Such statements include, but are not limited to, the Company's ability to take actions to reduce the effect on it of the Pacific Rim economic slowdown and the impact of the reduced subprime lending activity, along with general product demand, market and other risks disclosed in the Company's filings with the Securities and Exchange Commission.