Thiokol Corp. Tuesday reported income of $52.3 million or $2.78 per share for its fiscal year ended June 30, down 13 percent from $60.3 million or $3.02 per share, before accounting changes, last year.
The Ogden-based defense contractor said it had an "extraordinary" loss of $4.8 million in fiscal '95, which reduced net income to $47.5 million or $2.53 per share, up from a net loss of $3.5 million or 18 cents per share last year after accounting changes.Net income for the fourth fiscal quarter of $61.8 million or $3.29 per share increased $45.7 million over the prior year's $16.1 million or 84 cents per share.
"We are extremely pleased with the 1995 results," said James R. Wilson, president and CEO, in a prepared statement.
"Excluding unusual and nonrecurring items, operating profits increased slightly over last year, and earnings per share increased as a result of our continuing share repurchase program. Cash flow continues to be strong and our balance sheet is now among the strongest in the industry."
Net income for 1995 included a refund of income taxes of $17.5 million and interest income of $43.5 million, resulting in a net after-tax impact of $44.5 million or $2.37 per share. The 1995 results also reflect a restructuring charge of $61.4 million.
A spokesman said earnings per share were were helped in fiscal '95 by the company's stock repurchase program, which resulted in fewer outstanding shares. Thiokol bought back some 710,000 shares of its common stock under a program announced in June, 1994. Under the current program 750,000 shares remain available for repurchase.
Sales for fiscal 1995 of $956.8 million decreased 8 percent or $87.1 million compared to $1.04 billion last year.
Wilson said the company restructured its defense operations in fiscal '95 to enhance its profitability. He termed Thiokol's Space division's financial performance as "outstanding."
The result, said Wilson, is that Thiokol begins fiscal 1996 "with our core businesses in excellent condition, and with the financial strength to implement our corporate strategy."