York International Reports Record Second Quarter Results Business Wire YORK, Pa., Jul 26, 2000 (BUSINESS WIRE) -- York International Corporation(NYSE:YRK) today reported record results for the second quarter of 2000. York reported net sales for the second quarter ended June 30,2000, of $1,063.8 million, 5.1% higher than the $1,012.1 millionreported for the second quarter of 1999. Excluding the impact ofcurrency translation, sales were up 9.6% over the prior year. Grossprofit of $245.4 million for the second quarter of 2000 was 6.0%higher than the corresponding period of 1999. Income from operationswas $87.7 million for the second quarter of 2000, excluding severancecosts, integration activities not recorded as part of the Sabroeacquisition and the loss on the sale of a business. Acquisitionexpenses in the second quarter of 1999 were $13.0 million. Net income,before the above items was $48.4 million in the second quarter of 2000or $1.27 per share versus $1.23 per share in the corresponding periodof 1999. The negative currency translation impact on earnings beforeinterest and taxes was $4.8 million for the second quarter of 2000, or$0.09 per share. Severance costs were $ 3.3 million, the impact ofintegration activities was a credit of $0.3 million, and the loss onthe sale of a business was $1.0 million. Michael R. Young, President and Chief Executive Officer,commented, "We achieved record results for the second quarter of 2000.We are encouraged with the progress we are making and are optimisticabout our future performance."
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