Messer Griesheim Industries, Malvern, PA, has sold its Canadian business to Air Liquide Canada Inc., a subsidiary of the Air Liquide Group, leader in industrial, medical, specialty gases, and a supplier of welding products. Messer Griesheim Industries of Canada, Inc. is a distributor of industrial cylinder gases, bulk gases and specialty gases and related equipment. With a total of 86 employees, it consists of two filling plants and 12 selling locations across Quebec, Ontario and in Newfoundland.
"The sale of this business unit is part of our global divestment program and our strategy to focus on our core businesses," stated MG Industries' spokesperson Michael Masha, vice president and chief financial officer of the U.S. affiliate of Messer Griesheim.
Datastream Systems, Inc. Greenville, SC, reported total revenues for the second quarter of 2002 were $22.8 million, representing a slight decrease from second quarter 2001 total revenues of $23.0 million.
Sequentially, second quarter 2002 total revenues increased 5.6% from first quarter 2002 revenues of $21.6 million. Total software license revenues were $6.8 million for the second quarter of 2002, representing a 4.6% increase from second quarter 2001 total software license revenues of $6.5 million and a 17% increase from first quarter 2002 total software license revenues of $5.8 million.
Net income for the second quarter 2002 was $372,290, an improvement over the second quarter 2001 net loss of $1.7 million, and an increase from the net loss of $29,295 in the first quarter of ...
Kaman Corp, Bloomfield, CT reported financial results for the second quarter and six months ended June 30, 2002.
In the quarter, the company recorded pre-tax charges totaling $86.0 million (of which $52.7 million are non-cash) to cover the write-down of K-MAX helicopter assets, principally inventories; for cost growth associated with the Australian SH-2G(A) helicopter program; and to phase out operations at its Moosup, Conn. plant. Details are provided in the Aerospace segment discussion.
Including the pre-tax charges, the company reported a net loss for the second quarter of $50.4 million, compared to a net loss of $12.5 million in the 2001 second quarter. Excluding the charges, 2002 second quarter net earnings were $5.6 million.
Airgas, Inc., Radnor, PA, reported earnings for its first quarter ended June 30, 2002. Net earnings for the quarter, excluding certain charges, were $16.2 million compared to $13.5 million in the same period a year ago. Free cash flow per diluted share for the quarter was negative $0.03 versus $0.23 in the prior year.
These results exclude restructuring and divestiture charges and exclude a charge for the cumulative effect of a change in accounting principle related to the accounting for goodwill.
Including the charges related to the restructuring, divestitures and change in accounting principle, the reported net earnings per diluted share for the quarter ended June 30, 2002 were $0.20 versus a net loss of $0.67 for the comparable prior year quarter.
Economic activity in the manufacturing sector grew for the sixth consecutive month in July. The overall economy grew for the ninth consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On Business.
The report was issued today by Norbert J. Ore, C.P.M., chair of the Institute for Supply Managementﾙ Manufacturing Business Survey Committee and group director, strategic sourcing and procurement, Georgia-Pacific Corporation. "For manufacturing, July was only slightly better than June. The PMI declined, but still indicated growth as 12 industries reported improvement in July. The decline in the PMI was primarily driven by a weak showing in July's new orders, which may be due to a pause in inventory replenishment."
The Timken Company, Canton, OH, reported second quarter 2002 earnings of $0.28 per diluted share, excluding restructuring and reorganization charges and goodwill amortization, on sales of $660.8 million compared to $0.05 per diluted share and sales of $634.4 million a year ago. Earnings were above consensus analyst estimates of $0.27 per share.
Earnings before interest and taxes (EBIT) increased 91 percent to $34.5 million in the second quarter from $18.1 million a year ago, as margins rose to 5.2 percent from 2.8 percent last year.
"The path we have taken for the last 18 months continues to strengthen our financial performance," said W.R. Timken, Jr., chairman and CEO. "While we are benefiting from ongoing strength in the automotive industry, we also are deriving strength ...
Genuine Parts Company, Atlanta, GA, reported sales totaling $2.1 billion for the second quarter of 2002, up 1% compared to the second quarter of 2001. Net income was $96 million, compared to $95 million for the second quarter of 2001. On a per share diluted basis, net income equaled $.55, even with the comparable quarter of the prior year.
During the six months ended June 30, 2002, sales totaled $4.1 billion, down slightly as compared to the same period in 2001. Net income for the six months, before the cumulative effect of a change in accounting principle related to goodwill, was $183 million compared to $184 million for the same period in the prior year. On a per share diluted basis, net income for the period before the cumulative effect of a change in accounting principle ...
Danaher Corporation, Washington, DC, announced net earnings for its second quarter ended June 28, 2002 were $103.7 million, 10% above the corresponding 2001 period earnings of $94.2 million. Diluted earnings per share for the 2002 quarter were $0.66, an increase of 5% over the $0.63 reported for the 2001 second quarter. In accordance with the adoption of Statement of Financial Accounting Standards 142 (SFAS 142), the company stopped amortizing goodwill as of January 1, 2002. Excluding goodwill amortization from the second quarter of 2001, earnings per share would have been $0.71. The second quarter of 2002 included a $1.6 million after-tax gain ($0.01 per share) from the sale of real estate. Sales for the 2002 second quarter were $1,146.3 million, 20% higher than the $956.6 million for ...
Diversified industrial manufacturer Eaton Corporation, Cleveland, OH, announced operating earnings per share of $1.24 for the second quarter of 2002, 32 percent above comparable results one year earlier. Sales in the quarter were $1.88 billion, 1 percent above last year. Net income before unusual items was $90 million compared to $66 million in 2001. After all unusual items in both periods, net income in the second quarter of 2002 was 80 percent above 2001, with 2002 net income of $88 million and earnings per share of $1.21, compared to $49 million and $.69 per share in 2001.
For the first six months of 2002, operating earnings per share were $2.17 on sales of $3.60 billion. Comparable first half 2001 operating earnings were $1.98 per share on sales of $3.85 billion. Net income for ...
Pentacon, Inc., Chatsworth, CA, a leading distributor and provider of related inventory management services for fasteners and other small parts, has won a multi-year award from Lockheed in support of its F-16 production requirements. The award is valued at over $6.5 million over duration of term. Along with a program won earlier this year, Pentacon's combined new business awards with Lockheed are in excess of $8.5 million during 2002.
Rob Ruck, CEO of Pentacon, Inc. said "Pentacon's service and support performance on existing Long Term Agreements played a significant role in helping us win this very important business with Lockheed. This was a hard fought competition leading up to program award, making me even more pleased with the performance of the Pentacon team and Lockheed's ...