USA: M&F Worldwide Corporation Reports Income for 2001 First Quarter
M&F Worldwide Corp. (NYSE: MFW), today reported results for the first quarter ended April 1, 2001. Sales for the first quarter were $25.0 million as compared to $22.7 million in the prior year quarter. Net income available to common stockholders for the first quarter amounted to $9.0 million or $0.47 per share as compared to $4.4 million or $0.21 per share for the prior year quarter. In February the Company completed a reversion of its salaried pension plan and realized $33.8 million in cash after paying an excise tax of $8.5 million. A net after excise tax gain of $11.0 million was recognized in the quarter and $7.6 million was recorded in the tax provision relating to this gain. The Company's net income available to stockholders excluding the impact of the pension reversion would have been $5.6 million or $0.29 per share as compared to $4.4 million or $0.21 per share for the prior year quarter.
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