Leggett Reports Record Fourth Quarter And Full Year Results For 1996


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Leggett Reports Record Fourth Quarter And Full Year Results For 1996

Carthage, MO - Leggett & Platt today reported record fourth quarter earnings of $.48 per share for 1996. Sales for the quarter were a record $626.4 million. When compared with the fourth quarter of 1995, earnings per share increased 33% on a 16% increase in sales.

For the year, earnings per share increased to a record $1.85, before $.32 in previously reported non-recurring costs related to Leggett's acquisition of Pace Industries this past May. Sales increased to a new high of $2.47 billion. When compared with 1995, earnings per share before the non-recurring costs increased 24% on a 9% increase in sales.

A summary of the results of operations for the fourth quarters ending December 31, 1996 and 1995 and a summary of results for both of the last two years is shown below.

(All amounts in millions, except per share data)

FOURTH QUARTER ENDED DECEMBER 31,

 

1996

 

1995 1

 

Change

NET SALES

 

$626.4

 

$541.6

 

+16%

GROSS PROFIT

 

164.0

 

131.5

 

+25

INTEREST EXPENSE

 

7.1

 

7.2

 

–1

PRE-TAX EARNINGS

 

72.6

 

52.7

 

+38

NET EARNINGS

 

44.7

 

32.7

 

+37

EARNINGS PER SHARE

 

$.48

 

$.36

 

+33

AVERAGE SHARES OUTSTANDING

 

93.9

 

90.3

   
             

1. Restated for the May 1996 pooling of interests acquisition of Pace Industries, Inc.

(All amounts in millions, except per share data)

YEAR ENDED DECEMBER 31,

 

1996

 

1995 1

 

Change

NET SALES

 

$2,466.2

 

$2,256.9

 

+9%

GROSS PROFIT

 

623.5

 

534.9

 

+17

INTEREST EXPENSE

 

30.0

 

30.4

 

– 1

PRE-TAX EARNINGS BEFORE NON-RECURRING COSTS

 

276.3

 

220.6

 

+25

PRE-TAX NON-RECURRING COSTS 2

 

26.6

 

-

 

-

NET EARNINGS BEFORE EXTRAORDINARY ITEM

 

153.0

 

134.3

 

+14

EXTRAORDINARY ITEM 3

 

12.5

 

-

 

-

NET EARNINGS

 

140.5

 

134.3

 

+5

EARNINGS PER SHARE

           

BEFORE NON-RECURRING COSTS

 

$1.85

 

$1.49

 

+24

NON-RECURRING COSTS 2

 

(.18)

 

-

 

-

EXTRAORDINARY ITEM 3

 

(.14)

 

-

 

-

NET EARNINGS

 

1.53

 

1.49

 

+3

AVERAGE SHARES OUTSTANDING

 

91.8

 

89.9

   
             

1. Restated for the May 1996 pooling of interests acquisition of Pace Industries, Inc.

2. Non-recurring costs are merger related costs from the acquisition of Pace.

3. Extraordinary item results from the refinancing of Pace debt.

Leggett & Platt makes and sells products and components (many of which are proprietary) for home, office and institutional furnishings; commercial fixtures, industrial shelving and store displays; non-automotive aluminum die castings; and, some complementary raw materials. Customers include manufacturers, distributors, retailers and institutions. Leggett has manufacturing, R&D, and distribution facilities throughout North America and several locations in Europe. Leggett’s common stock is listed on the New York and Pacific Stock Exchanges, with the symbol LEG.