Thiokol Corp. Thursday reported net income of $19.2 million or $1.03 per share for its 1997 first fiscal quarter ended Sept. 30, up 45 percent over the same period last year.
Net income for the quarter included recognition of $7 million of pre-tax interest income related to federal income taxes and a $3 million refund of income taxes resulting in a net after-tax impact of $7.35 million or 39 cents per share.Sales for the quarter of $198 million were down 11 percent from the same period last year.
A spokesman said the increase in net income for the quarter resulted from the recognition of $5.1 million of equity income from the company's 49 percent investment in Howmet Corp. and the tax refund and related interest.
Also, the 1997 first quarter was boosted by an increase in the cost management incentive fee recognized on the Space Shuttle Reusable Solid Rocket Motor program. Lower defense system and fastening system income also impacted the quarter this year.
"Performance for the first quarter is on plan to achieve our fiscal year 1997 objectives," said James R. Wilson, chairman and chief executive officer.
"We are pleased to complete the remaining open years with the Internal Revenue Service. The refunds will be a nice addition to our expected operating performance for the year. Our Howmet affiliate had a strong quarter helped by increased activity in the commercial aircraft market. Actions taken to restructure the fastening systems operations initiated last year are beginning to show results, as this segment met its internal plan for the quarter."