United Industrial Corp.


October 30, 1991

The New York-based parent of AAI Corp. reported a sharp drop in third-quarter profits, primarily because of a federal income tax adjustment amounting to $2.7 million.

Net income for the three months amounted to $733,000, or 6 cents a share. This is down from $2 million, or 17 cents a share, in the year-ago period. Without the adjustment for taxes, the company said that net income would have been $3.4 million, or 28 cents a share.

For the first nine months of the year, net income was $5.9 million, or 49 cents a share, down from $9.6 million, or 76 cents, last year. Without the tax adjustment, net income would have been $8.6 million, or 71 cents a share.

As an indication of possible dark clouds on the horizon, United reported a 6 percent drop in its business backlog, the value of unfilled orders. Howard M. Bloch, a United spokesman, said that the drop related primarily to AAI, its Cockeysville-based defense contracting arm that accounts for about 85 percent of the parent company's sales.

Three months ended 9/30/91

.. .. Revenue.. .. Net.. .. .. Share

'91..68,522,000..733,000... 0.06


% change .. +5.0.. -63.5 .. .. -64.7

Six months ended 0/00/91

.. .. Revenue.. .. Net.. .. .. Share



% change .. .+0.3. -38.2 .. .. -35.5

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