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) |
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FOURTH QUARTER ENDED DECEMBER 31, |
1996 |
1995 1 |
Change |
|||
NET SALES |
$626.4 |
$541.6 |
+16% |
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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 |
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AVERAGE SHARES OUTSTANDING |
93.9 |
90.3 |
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1. Restated for the May 1996 pooling of interests acquisition of Pace Industries, Inc. |
(All amounts in millions, except per share data) |
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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 |
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1. Restated for the May 1996 pooling of interests acquisition of Pace Industries, Inc. |
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2. Non-recurring costs are merger related costs from the acquisition of Pace. |
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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.