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Who’s Earning What
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Business New Haven
11/3/1997
By: Russell Stone
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WATERBURY - Webster Financial Corp. (NASDAQ: WBST) reported record operating earnings in the third quarter of 1997. Operating earnings rose to $14.7 million, or $1.05 per share, from $11 million (75 cents per share) the year before. A previously announced charge related to expenses for the acquisition of Peoples Saving Financial Corp. reduced net income for the quarter to $9.7 million, or 69 cents per share.
BRANFORD - Auto parts manufacturer Echlin Inc. (NYSE: ECH) reported a loss of 75 cents per share for the 1997 fiscal year ending August 31. Sales rose 14 percent over 1996 to $3.57 billion, but the company took a charge of $254.1 million pre-tax to cover rationalizing operations, closing facilities and writing down assets. Before the charge, 1997 profits totalled $117.4 million, or $1.88 per share, slightly off last year's $142.2 million, or $2.30 per share. The company attributes the downturn in profits to lower unit volume, slightly offset by higher sales from newly acquired businesses.
WESTBURY - MacDermid, a manufacturer of speciality chemicals and electrical equipment, announced record sales and profits for the fiscal year's second quarter ended September 30. Though sales rose only from $74 million to $75 million, profits jumped 46 percent from $5.05 million to $7.35 million, or from 59 to 86 cents per share. The increased profits come from lower costs and higher margins but also a lower tax rate. If not for currency swings lowering European revenues and changes in the fiscal year for the company's European operation, quarterly profits would have been $5.4 million higher.
ANSONIA - Farrel Corp., a designer and manufacturer of machinery for processing rubber and plastics, announced sales and earnings for the quarter ending September 28. Sales rose to $21.95 million from $18.08 million in the 3rd quarter of 1996. As a result of higher sales, profits went from a loss of $25,000 one year ago to net income of $712,000, or $.12 per share, this quarter.
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