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Article: Sonoco (NYSE: SON) Reports Strong Fourth Quarter Improvement, Excluding Previously Announced One-Time, Non-Cash Charge
- Article from:
- PR Newswire
- Article date:
- January 28, 1998
CopyrightCOPYRIGHT 1998 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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HARTSVILLE, S.C., Jan. 28 /PRNewswire/ -- As previously announced, Sonoco reported a one-time, after-tax asset impairment charge of $175 million in the fourth quarter of 1997, resulting in a loss for the quarter of $(1.32) per share on a diluted basis, according to Charles W. Coker, Chairman and Chief Executive Officer.
Excluding the one-time, non-cash charge, Sonoco would have achieved diluted earnings per share of $.49 for the 1997 fourth quarter, a 17% increase over $.42 per share in the same period of 1996. Sonoco's sales for the 1997 fourth quarter were a record $736.4 million, compared with $725.6 million in the same period of 1996.
For the ...