AAI woes bring loss at United

EARNINGS

May 08, 1993|By Ted Shelsby | Ted Shelsby,Staff Writer

United Industrial Corp. posted a first-quarter loss of $16.5 million, which the company attributed to the unprofitable operations of its major subsidiary, the AAI Corp. in Cockeysville.

The poor results did not come as a surprise.

New York-based United Industrial had announced earlier in the year that it would be taking a one-time, $23 million charge against first-quarter earnings to pay for a restructuring at AAI. After an adjustment for income taxes, the charge equaled $14.7 million, or $1.20 a share.

Howard M. Bloch, secretary and treasurer, said the results also included a loss of $1.99 million, equal to 16 cents a share, from the operations of AAI/Microflite, which it acquired in June 1991.

Microflite produces flight simulators used to train airline pilots. However, it suffered from the woes of the airline industry and a lawsuit in which CAE-Link Corp. charged AAI with misuse of certain patent rights.

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

Industrial Corp .. .. .. Symbol .. .. .. Cls. .. .. Chg.

.. .. .. .. .. .. .. .. .. UIC .. .. .. . 7 .. .. ..+ 1/8

Period ended

March 31 .. .. .. .. .. 1st qtr .. .. Year ago .. .. Chg.

Revenue .. .. .. .. .. $57,399 .. .. $61,379.. .. .. -6.5%

Net Income .. .. .. .. $(16,457) .. ..$2,187 .. .. .. --

Primary EPS .. .. .. ..$(1.34) .. .. $0.18 .. .. .. .. --

Figures in thousands (except per share data.)

Crop Genetics .. .. .. .. Ticker .. .. .. Yesterday's

International Corp.. .. ..Symbol .. .. .. Cls. .. .. .. Chg.

.. .. .. .. .. .. .. .. .. CROP .. .. .. .. 4 5/8 .. .. .. Unch.

Period ended

March 31 .. .. .. .. .. .. 1st qtr. .. .. Year ago .. .. Chg.

Revenue .. .. .. .. .. .. .. $727 .. .. .. $620 .. .. .. +17.1%

Net Income.. .. .. .. .. $(1,719).. .. .. $(1,653) .. .. .. --

Primary EPS .. .. .. .. ..$(0.29) .. .. .. $(0.43) .. .. .. --

Figures in thousands (except per share data.)

North American .. .. .. .. Ticker .. .. .. .. Yesterday's

Vaccine Inc. .. .. .. .. ..Symbol .. .. .. .. Cls. .. .. .. Chg.

.. .. .. .. .. .. .. .. .. NVX .. .. .. .. ..11 .. .. .. .. -1 1/4

Period ended

March 31 .. .. .. .. .. .. 1st qtr. .. .. .. Year ago.. .. .. Chg.

Revenue .. .. .. .. .. .. .. $41 .. .. .. .. .. $475 .. .. .. -91.4%

Net Income .. .. .. .. .. $(2,896) .. .. .. ..$(2,046) .. .. .. --

Primary EPS .. .. .. .. .. $(0.11) .. .. .. .. $(0.08) .. .. .. --

Figures in thousands (except per share data.)

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

Medical Corp .. .. .. .. .. Symbol .. .. .. .. .. Cls. ...Chg.

.. .. .. .. .. .. .. .. .. .. KMDC .. .. .. .. .. 7 1/2 bid .. - 1/4

Period ended

March 31 .. .. .. .. .. .. 1st qtr. .. .. .. .. .. Year ago . .. Chg.

Revenue .. .. .. .. .. .. $18,236 .. .. .. .. .. $18,595.. . ..-1.93%

Net Income .. .. .. .. .. $2,954* .. .. .. .. .. $1,005 .. .. +193.9%

Primary EPS .. .. .. .. .. $0.92 .. .. .. .. .. .. $0.39 .. +135.9%

* Includes extraordinary income of $2.56 million resulting from the payment of $500,000 cash and 265,000 common shares to extinguish $5 million in debt owed to Minnesota Mining and Manufacturing Co.

8.Figures in thousands (except per share data.)

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.