MascoTech, Inc. Announces First Quarter Results
3 May 2000
MascoTech, Inc. Announces First Quarter Results
TAYLOR, Mich., May 3 MascoTech (NYSE: MSX) sales for the
first quarter 2000 increased to $459 million, a record level of sales for any
first quarter, as compared with $449 million in 1999. Net income in the first
quarter 2000 increased approximately eight percent to $25.8 million or $.51
per share, as compared with $23.9 million or $.47 per share in 1999.
On a pro forma basis, excluding businesses sold in early 1999 and
nonrecurring income and expense from first quarter 1999 results, first quarter
2000 sales, aided by acquisitions, would have increased 10 percent to
$459 million from $418 million, and earnings per share would have increased
19 percent to $.51 from $.43.
MascoTech's CEO Frank M. Hennessey commented, "We are very pleased with
our first quarter 2000 results. On a pro forma basis, we enjoyed strong sales
and earnings per share increases as well as operating margin improvement. We
continue to see signs of improvement in certain of our markets that have been
soft, and are optimistic that the growth initiatives that we are pursuing will
result in long-term value creation."
MascoTech is a diversified manufacturing company with world-leading metal
forming process capabilities and proprietary product positions serving
transportation, industrial and consumer markets.
Press releases are available through Company News On-Call by fax,
800-758-5804, extension 535375, or http://www.prnewswire.com. MascoTech's
press releases and other information are also available through our toll free
number, 800-474-8324. Visit MascoTech's website at http://www.mascotech.com
Statements in this press release, which are not historical facts, are
forward-looking statements that involve certain risks and uncertainty,
including but not limited to, risks associated with the uncertainty of future
financial results, conditions within the markets in which the Company
competes, labor relations of the Company and certain of its customers and
other uncertainties detailed in the Company's filings with the Securities and
Exchange Commission.
MASCOTECH, INC. ANNOUNCES FIRST QUARTER RESULTS
Three Months Ended
March 31
2000 1999
Net Sales $459,400 $448,660
Cost of Sales (340,000) (332,640)
Gross Profit 119,400 116,020
Selling, General and
Administrative Expenses (56,170) (57,150)
Gain on Disposition of
Businesses, Net --- 10,010
Operating Profit 63,230 68,880
Other Income (Expense), Net (20,550) (22,140)
Income Before Income Taxes 42,680 46,740
Income Taxes 16,860 22,880
Net Income $25,820 $23,860
Diluted Earnings Per Share $.51 $.47
Amounts in thousands except per share data.