USA: Whitman Corporation Earns 22 Cents a Share from Continuing Operations In Second Quarter

Whitman Corporation today reported results for the second quarter and 26 weeks ended July 1, 2000. Reported Second Quarter Results Reported sales totaled $682.6 million, up from sales of $505.2 million reported in the second quarter of 1999.Reported net income was $39.5 million (29 cents per share) in the second quarter compared to a net loss of $37.5 million (33 cents per share) in the second quarter of 1999. The current quarter included income from discontinued operations of $8.9 million (seven cents per share) resulting from insurance settlements for environmental matters related to a former subsidiary, Pneumo Abex, net of certain increased environmental and related accruals. The 1999 second quarter included a number of special charges and a loss from discontinued operations, which reduced 1999 second quarter net income by $60 million (52 cents per share).EBITDA (reported earnings before interest, taxes, depreciation, and amortization) for the quarter totaled $118.3 million. In the second quarter of 1999, EBITDA, before special charges, totaled $88.5 million.