Thiokol Corp. reports net income of $10.5 million or 54 cents per share for its fiscal third quarter ended March 31, a 19 percent increase on the same basis as the prior year's $8.8 million or 47 cents per share.
The company said reorganization costs and other unusual charges related to the July 1, 1989, spinoff from Morton Thiokol Inc. adversely impacted the prior third- quarter's income by 94 cents per share or $17.9 million, producing a net loss for that quarter of 47 cents per share or $9.1 million.Net sales for the current quarter were $285.7 million, a 7 percent decrease from last year's $308.7 million.
Net income for the nine months ended March 31 was $29.2 million or $1.51 per share, a 17 percent increase from the prior year's $24.9 million or $1.31 per share for the same period. Net income, after unusual charges, for the nine months ended March 31, 1989 was $7 million or 37 cents per share. Net sales for the nine months ended March 31, 1990 were $842.3 million or a 3 percent decrease compared to last year's $871.5 million.
"Financial results for the quarter and the nine-month period are in line with our expectations," said U. Edwin Garrison, president and chief executive officer. "Sales and income from Space Operations have shown notable increases, and we look for this trend to continue. While consolidated sales are slightly down from last year, higher net income reflects management's ongoing efforts to contain costs and increase profit margins. We continue to expect positive earnings growth for the fiscal year."
Thiokol manufactures and markets solid propulsion systems, ordnance and composite products for space and defense.