Newspaper article THE JOURNAL RECORD

Doskocil Reports Loss of $36 Million for Quarter

Newspaper article THE JOURNAL RECORD

Doskocil Reports Loss of $36 Million for Quarter

Article excerpt

HUTCHINSON, Kan. _ A net loss of $36 million, or $5.88 per share, was reported Wednesday for the first quarter of 1993 by Doskocil Companies Inc. of Hutchinson.

Included in the quarter was a non-cash charge of $34.4 million for the adoption of a new accounting standard requiring companies to establish a liability for post-retirement medical benefits. Without the effects of the new accounting standard, the first-quarter 1993 net loss would have been $1.5 million.

Net income for the first quarter of 1992 was $400,000.

Operating income for the first quarter of 1993 declined $1.4 million to $1.7 million from $3.1 million for the same period last year. Included in the determination of operating income was amortization of intangible assets of $1.5 million during both the current period and the 1992 period. Sales for the first quarter declined 18 percent to $144.6 million from $176.2 million for the same period last year.

The decline was attributable to the exclusion of sales from the slaughtering and fresh pork operation at Logansport. …

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