Grumman Corp. reports loss for quarter, yearThis Bethpage...

EARNINGS

January 26, 1993

Grumman Corp. reports loss for quarter, year

This Bethpage, N.Y.-based aerospace company, with operations in Glen Arm and Salisbury, reported losses yesterday for both the fourth quarter and all of 1992.

The company attributed its losses to an accounting change related to retiree health-care benefits and a $45 million loss incurred by the company's reinsurance unit on projected claims from hurricane damage. In the aerospace segment, including the company's Maryland manufacturing units, operating income for the year increased 12.3 percent, to $134.5 million from $119.8 million.

Grumman Corp.

Ticker .. .. Yesterday's Symbol .. .. Cls. .. Chg.

... .. .. 24 3/4 + 1/4

Period ended

Dec. 31 . .. .. 4th qtr. .. .. Year ago .. .. Chg.

Revenue . .. .. $930,765 .. .. $1,113,226 ... 16.4%

Net Income . .. $(2,944) .. .. .. $24,516 ... .. NA

Primary EPS ... . $(.09) .. .. .. . $0.71 ... .. NA

.. .. .. .. .. .. Year .. .. .. Year ago .. .. Chg.

Revenue ... .. .. $3,503,950 .. $3,973,851 ... 11.8

Net Income ... ... $(123,174) . .. $99,337 ... NA

Primary EPS .. .. ... $(3.73) . .. . $2.88 ... NA

Figures in thousands (except per share data.)

Polk doubles profits during third quarter

This Baltimore-based maker of high-quality loudspeaker systems more than doubled its net income in its third fiscal quarter because of increased holiday sales and the introduction of a new series of speakers, said Polk President George M. Klopfer.

The stock market greeted the news enthusiastically, pushing Polk's stock up to a 52-week high of $8.875 a share, up $1.375 a share.

Polk has a work force of about 180 in Baltimore and about 100 workers at its operation in Mexico.

Polk Audio Inc.

Ticker .. .. .. .. Yesterday's Symbol .. .. .. .. Cls. .. Chg.

POLK . .. .. .. .. 8 7/8 . ..+1 3/8

Period ended

Dec. 27 . .. .. .. 3rd qtr. .. .. Year ago .. .. Chg.

Revenue . .. .. .. $9,265 . .. .. $7,247 . .. .. +27.8%

Net Income . .. .. . $569 . .. .. . $269 . .. . +111.5%

Primary EPS ... ... $0.34 . .. ... $0.16 . .. . +112.5%

.. .. .. .. .. .. 9mos. .. .. .. Year ago .. .. Chg.

Revenue ... .. .. $21,405 ... .. $19,759 ... .. +8.3%

Net Income ... .. .. $446 ... .. .. $604 ... .. -26.2%

Primary EPS .. .. . $0.27 ... .. . $0.35 ... .. -22.8%

Figures in thousands (except per share data.)

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