AAI parent's profits fell 79% in 4th quarter

EARNINGS

March 04, 1993|By Ted Shelsby | Ted Shelsby,Staff Writer

United Industrial Corp., the parent of AAI Corp. in Cockeysville, reported a 79 percent decline in fourth-quarter earnings yesterday and said it has hired a consultant to review the operations of its military contracting unit.

Howard M. Bloch, secretary and treasurer of United Industrial, said the company hired the accounting firm of Coopers & Lybrand to examine AAI's operations in light of the declining defense budget.

"It only makes sense," he said, "to have a consultant review our operations, to recognize where the defense budget is going and help us prepare for change. Anyone would be foolish not to recognize that the market is changing and to be prepared for it."

Employment at AAI, which accounts for about 85 percent of United Industrial's revenue, has remained stable at about 1,700 over the past year, according to spokesman William F. Herrfeldt.

For the quarter that ended Dec. 31, New York City-based United Industrial reported income of $738,000, down from $3.5 million in the same part of 1991. Mr. Bloch said the decline included a loss of $964,000 from the operations of AAI/Microflite, a Binghamton, N.Y., maker of flight simulators used to train commercial pilots.

Mr. Bloch said United Industrial also took a $700,000 write-off in the fourth quarter because of a work force reduction at its Detroit Stoker division in Monroe, Mich.

United Industrial Corp

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

.. .. .. .. .. .. .. UIC .. .. .. .. .. .. .. ..9 1/4 .. .. .. .Unch.

Period ended

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

Revenue .. .. .. .. .. ..$64,637.. .. .. .. ..$68,180.. .. ..-5.2%

Net Income .. .. .. .. .... $738.. .. ... .. . $3,504 .. .. .-78.9%

Primary EPS.. .. .. .. .. $0.06.. .. .. .. .. $0.28 .. .. . .-78.6%

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

Revenue .. ... .. ..$251,315 .. .. .. .. $258,012.. .. .. ..-2.6%

Net Income .. .. .. $6,393 .. .. .. .. .. ..$9,459.. .. .. ..-32.4%

Primary EPS .. .. .. .$0.52.. .. .. .. .. .. $0.77.. .. .. ..-32.5%

Figures in thousands (except per share data.)

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

.. .. .. .. .. .. .. .. .. ONCR.. .. .. .. .. .. .. 7.. .. ..+ 3/4

Period ended

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

Revenue .. .. .. .. .. .. .. ..$1,879 .. .. .. ... .$1,058.. .. ..+77.6%

Net Income .. .. .. .. .. .. $(2,883).. .. .. .. .. $(1,936).. .. .. --

Primary EPS.. .. .. .. ... ... $(0.19).. .. .. .. .. $(0.18).. .. .. --

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

Revenue .. .. .. $6,579.. .. .. .. .. $5,737.. .. .. .. .. .. .. +14.7%

Net Income .. .. $(9,235).. .. .. .. .$(4,179).. .. .. .. .. .. . . --

Primary EPS .. .. .$(0.64).. .. .. .. . $(0.42).. .. .. .. .. .. .. --

Figures in thousands (except per share data.)

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