York International Reports Q4, Full-Year 2003 Results
Feb 20, 2004
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Heating, ventilation, and air-conditiioning (HVAC) equipment-maker York International Corporation (York, PA, U.S.) reported a net loss of U.S. $4.1 million, or $0.10 per share, excluding the impact of special items, for the fourth quarter of 2003.
The company earned $0.67 per share, including a $1.0 million income tax benefit related to a non-U.S. reorganization, as compared to $0.53 per share in the prior year.
The net loss of $4.1 million includes the following:
Restructuring and other charges of $35.7 million ($30.6 million after tax) related to previously announced initiatives to streamline the company's operations.
A non-cash curtailment loss of $1.6 million ($1 million after tax), which represents an acceleration of pension expense related to the company's decision to replace a current defined benefit pension plan for certain U.S. bargaining employees with a new defined contribution plan.
Fourth-quarter sales improved 10.2 percent from the prior year, driven by what the company says is a strong growth in Asia, continued growth in the global service businesses, and the favorable impact of a stronger euro.
Income from operations in the fourth quarter was $8.6 million. Excluding the impact of special items, income from operations was $46.0 million, an increase of 22.5 percent from the fourth quarter of 2002.
For the full-year 2003, the company reported a net loss of $4 million, or $0.10 per share. Excluding the impact of special items and the effect of a change in accounting principle, the company earned $2.64 per share. Included in the full-year results are special items of $119.4 million, which includes restructuring and other related charges and curtailment costs. The full-year results also included one-time tax benefits of $3.5 million.
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