Kansas City Southern Industries Reports Financial Results; Year-End Restructuring of Pharmaceutical Operations

Kansas City Southern Industries Inc. reported sharply higher earnings of $22 million for the fourth quarter, equivalent to $2.07 per share. Fourth quarter results contain a $34 million pretax gain ($20 million after taxes) on the $100 million sale of the company's fiber optics investment in Wil...

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Bibliographic Details
Published inBusiness Wire p. 1
Main Authors Rowland, Landon H, Graf, Donald L
Format Newsletter
LanguageEnglish
Published New York Business Wire 22.01.1990
Subjects
Capital gains
Conglomerates
Deramus, William N., III
Earnings
Midwest
Quarterly reports
Railroads
Revenue
Kansas City
MO
US
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Summary:Kansas City Southern Industries Inc. reported sharply higher earnings of $22 million for the fourth quarter, equivalent to $2.07 per share. Fourth quarter results contain a $34 million pretax gain ($20 million after taxes) on the $100 million sale of the company's fiber optics investment in Williams Telecommunications Group (WTG) in November, partially offset by a $4 million pretax charge to earnings in December to cover anticipated costs of restructuring its pharmaceutical operations. The gain on sale of fiber optics and the pharmaceuticals restructuring charge have been reported as "discontinued operations" in the fourth quarter. The first three quarters of 1989 and prior year 1988 have been appropriately reclassified to reflect discontinued operations. (excerpt)