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URL:  https://boards.fool.com/sign-of-better-things-to-come-13002927.aspx

Subject:  Sign of better things to come? Date:  7/26/2000  8:41 AM
Author:  mj10pdive Number:  16 of 26

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 million
reported for the second quarter of 1999. Excluding the impact of
currency translation, sales were up 9.6% over the prior year. Gross
profit of $245.4 million for the second quarter of 2000 was 6.0%
higher than the corresponding period of 1999. Income from operations
was $87.7 million for the second quarter of 2000, excluding severance
costs, integration activities not recorded as part of the Sabroe
acquisition and the loss on the sale of a business. Acquisition
expenses 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 2000
or $1.27 per share versus $1.23 per share in the corresponding period
of 1999. The negative currency translation impact on earnings before
interest 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 of
integration activities was a credit of $0.3 million, and the loss on
the 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 optimistic
about our future performance."


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