Tecumseh Products Company Reports Fourth Quarter 2001 Net Income Before Nonrecurring Charges of $0.54 Per Share
TECUMSEH, Mich., Jan. 22 /PRNewswire-FirstCall/ -- Tecumseh Products Company (Nasdaq: TECUA, TECUB) announced today its 2001 fourth quarter and full year consolidated results as summarized in the following Consolidated Condensed Statements of Income.
Consolidated net income for the fourth quarter of 2001 amounted to
$6.1 million, or $0.33 per share, compared to net income of $14.8 million, or
$0.79 per share in the fourth quarter of 2000. Included in 2001's fourth
quarter results are nonrecurring charges of $6.1 million ($3.9 million or
$0.21 per share net of taxes) relating to a relocation of certain component
part and engine manufacturing capabilities from domestic plants to the Czech
Republic facilities. Consolidated net sales in the fourth quarter of 2001
decreased to $299.1 million from $358.5 million in 2000.
Full year 2001 net income amounted to $42.8 million, or $2.30 per share,
on sales of $1,398.9 million, compared to net income of $66.1 million, or
$3.44 share, on sales of $1,649.9 million in 2000. Nonrecurring charges
related to the cost of an early retirement incentive program and to the Engine
& Power Train Group charges referred to above had the effect of reducing 2001
earnings by $22.8 million net of tax, or $1.23 per share.
The lower 2001 results reflected continued weakness in sales and earnings
in the Company's two major business segments, Compressor Products and Engine &
Power Train Products.
Pump Business sales in the fourth quarter of 2001 declined to
$19.2 million from $21.4 million in the fourth quarter of 2000. Sales for the
year ended December 31, 2001 decreased to $113.4 million compared to
$117.3 million in 2000. Operating income in the fourth quarter of 2001
amounted to $0.9 million, compared to $2.5 million in the same period of 2000.
Full year operating income amounted to $11.6 million in 2001 compared to
$14.7 million in 2000. Decreased retail sales activity in the water gardening
market resulting from a soft economy combined with slight decreases in sales
for industrial and commercial applications were the primary reasons for the decline in sales and profits.
Source: Tecumseh Products Company LLC