Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : Tokyo Joe's Cafe / Societe Anonyme/No Pennies -- Ignore unavailable to you. Want to Upgrade?

To: Tom Latham who wrote (30215)	12/17/1998 3:30:00 PM
From: JoAnn	Read Replies (1) \| Respond to of 119973

Worthington news WORTHINGTON INDS INC (Nasdaq: WTHG) Quote, Profile, History, News, Chart, Zacks, MarketGuide, StockTalk News December 17, 10:24 Eastern Time WORTHINGTON INDUSTRIES ANNOUNCES SECOND QUARTER RESULTS COLUMBUS, Ohio, Dec. 17 /PRNewswire/ -- Worthington Industries, Inc. (Nasdaq: WTHG) today reported results for the three and six month periods ended November 30, 1998. For the quarter, earnings from continuing operations increased 8% from the prior year to $18.4 million and earnings per share from continuing operations increased 11% to $0.20. Sales increased 11% to $436.4 million, a second quarter record for continuing operations. For the six month period, earnings from continuing operations were $36.0 million and earnings per share from continuing operations were $0.38, compared to $38.0 million and $0.39 from the prior year. Sales increased 8% to $845.7 million. Net earnings and net earnings per share, which include the Company's discontinued operations, were $22.3 million and $0.24 for the quarter and $38.7 million and $0.41 for the six month period. "Earnings were in line with our expectations for the quarter as our metal fabricating operations produced strong results," said John P. McConnell, Worthington's Chairman and CEO. "We are especially pleased with the performance of our pressure cylinders business, which had a solid overall quarter and also benefited from the recent acquisition of Jos. Heiser. Heiser has contributed to our earnings since we acquired the business in June." "The start ups of the Decatur, Alabama and Spartan Steel Coating facilities are progressing as planned," said McConnell. "As expected, however, these operations were again dilutive to earnings in the quarter and will be for the balance of the fiscal year. Our ability to absorb these costs and still report improved earnings demonstrates the underlying strength of our core businesses." The Company estimates that Decatur and Spartan reduced income by $0.05 for the second quarter and $0.08 for the six month period ending November 30, 1998. Worthington Industries is focused on value-added steel processing and metals related industries. The Company operates under a long-standing, simple corporate philosophy rooted in the golden rule, with earning money for its shareholders as the first corporate goal. This philosophy, an unwavering commitment to the customer, and one of the strongest employee/employer partnerships in American industry, serve as the Company's foundation.