Newspaper article THE JOURNAL RECORD

Doskocil Companies Reports $86.2 Million Quarterly Profit

Newspaper article THE JOURNAL RECORD

Doskocil Companies Reports $86.2 Million Quarterly Profit

Article excerpt

HUTCHINSON, Kan. _ Net income of $86.2 million, or $16.85 per share, was reported Tuesday for the third quarter of 1991 by Doskocil Companies Inc., which owns Wilson Foods Corp. of Oklahoma City.

The results for the third quarter and first nine months of both 1991 and 1990 included special items related to the reorganization of Doskocil, based in Hutchinson.

Doskocil reported a net loss of $5.76 million, or $1.13 per share, for the third quarter of 1990. Operating income for the quarter totaled $5.47 million, up 26.8 percent from $4.3 million.

Net sales for the quarter totaled $200.57 million, down 5.4 percent from $211.96 million for the third quarter of 1990.

For the first nine months of 1991, Doskocil reported net income of million, compared with a net loss of $19.89 million for the first nine months of 1990. Operating income for the first nine months totaled million, up 69.7 percent from $7.5 million.

Net sales for the quarter totaled $611.5 million, down 6.5 percent from $651.2 million for the third quarter of 1990. The decline in sales compared with the prior year is primarily a result of a decline in raw material costs, which were passed on to customers in the form of lower prices, Doskocil said.

The results for the third quarter and first nine months of 1991 benefited from an extraordinary gain on forgiveness of debt of $107.5 million. Before the extraordinary item, Doskocil had a loss of $21.3 million for the third quarter and a loss of $34.8 million for the first nine months of 1991.

The loss from continuing operations for the third quarter before reorganization items improved to $1.2 million, compared with a loss of $4.5 million for the third quarter of 1990.

Loss from continuing operations before reorganization items for the first nine months was $7.68 million, compared with a loss of $20.5 million for the first nine months of 1990.

The operations of the Wilson Brands Division, which was previously classified as assets held for sale, have been included in the company's consolidated operating results beginning with the first quarter of 1991.

The results of operations of the 1990 periods have been reclassified to conform to the present period's presentation. …

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