McCormick posts slight increase in quarter earnings Poor onion crop cuts into profits

EARNINGS

March 16, 1993|By Ross Hetrick | Ross Hetrick,Staff Writer

McCormick & Co. Inc. said yesterday that its first-quarter earnings increased slightly but at a rate less than expected because of a soft retail market and a poor onion crop at its Gilroy Foods subsidiary.

Income for the fiscal quarter ended Feb. 28 was up 2.8 percent, and earnings per share were up 4.8 percent, the Sparks-based )) company said.

The difference was because of McCormick's ongoing stock buy-back program, which decreased average outstanding shares by 0.25 percent, to 81.9 million.

Net sales increased 5.4 percent, to $339.6 million.

James A. Hooker, vice president and chief financial officer, said the results were "slightly below expectations." But Mr. Hooker said the giant spice and flavoring company still anticipates reaching 15 percent increases in its year-end earnings per share.

"That is still our objective," he said.

While McCormick did well in its packaging division an large-scale sales to food companies, its U.S. retail sales were up only slightly, according to a statement. International sales increased despite unfavorable foreign currency exchange rates.

Profits at its Gilroy subsidiary were hurt by a smaller onion crop the company said. The California-based subsidiary has planted more onions this year than ever, Mr. Hooker said.

McCormick &

Co. Inc... .. .. .. Ticker.. .. .. .. .. .. Yesterday's

.. .. .. ... .. .. .Symbol.. .. .. .. .. .. Cls.. .. ...Chg.

.. .. .. .. .. .. . MCCRK .. .. .. .. .. .. ..22 3/4 .. .. - 3/4

Period ended

Feb. 28 .. .. .. ..1st qtr.. .. .. .. .. Year ago.. .. .. Chg

Revenue .. .. .. ..$339,585.. .. .. .. ..$322,255.. .. .. +5.4%

Net Income .. .. ..$17,821 .. .. .. .. ..$17,324 .. .. .. +2.8%

Primary EPS.. .. .. $0.22.. .. .. .. .. ..$0.21 .. .. .. +4.8%

Manor Care Inc.

.. .. .. .. Ticker.. .. .. .. .. .. Yesterday's

.. .. .. .. Symbol.. .. .. .. .. .. Cls.. .. .. Chg.

.. .. .. .. MNR.. .. .. .. .. .. .. 21 1/4 .. .. .. +

Period ended

Feb. 28 .. .. .. ..3rd qtr.. .. .. ..Year ago.. .. Chg.

Revenue.. .. .. .. $244,945 .. .. .. $223,055.. .. +9.8%

Net Income .. .. ..$8,827 .. .. .. .. $9,190.. .. -3.9%

Primary EPS .. .. .. $0.15.. .. .. .. $0.16.. .. .-.6.3%

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

Revenue .. .. .. .. $744,052.. .. .. $674,390.. ...+10.3%

Net Income.. .. .. $42,061.. .. ....$31,957.. .. ..+31.6%

Primary EPS .. .. .. .$0.73.. .. .. .. $0.56 .. .. +30.4%

Figures in thousands (except per share data.)

*Includes extraordinary, after-tax loss of $3 million related to early redemption of $125 million of 11 3/8 % senior subordinated notes due in 1998.

North American

Vaccine Inc.. .. .. ..Ticker.. ... .. Yesterday's

.. .. .. .. .. .. .Symbol.. .. .. Cls.. .. .. . .Chg.

.. .. .. .. .. .. . . NVX.. .. .. .. 9 1/4 .. .. .. .. . + 1/4

Period ended

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

Revenue .. .. .. .. .. .. $203 .. .. .. ..$108.. .. .. ..+88.0%

Net Income .. .. .. .. .. $(3,057).. .. ..$(2,889).. .. .. --

Primary EPS .. .. .. .. ..$(0.11) .. .. ..$(0.11) .. .. .. --

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

Revenue .. .. ..$1,527.. .. .. .. .. $889.. .. .. .. ..+71.8%

Net Income .. .. $(10,724).. .. .. ..$(5,759).. .. .. .. --

Primary EPS .. ..$(0.40).. .. .. .. $(0.26).. .. .. .. .. --

Figures in thousands (except per share data.)

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