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This article was originally published in The Gray Sheet

Executive Summary

Chemical, animal and human health products manufacturer expects to take a "significant restructuring charge" in the fourth quarter ending in June. The Northbrook, Illinois-based company plans "major, discrete actions to improve and sustain future earnings prospects and profitability, the greatest part of which...will relate to Pitman-Moore," the group's ailing animal health care unit, according to a March 9 press release. As a result of lackluster performance of its Pitman-Moore and Mallinckrodt Specialty Chemicals units, Imcera anticipates that earnings per share for the third quarter ending March 31 will be "several cents below" the 42 cents from continuing operations in the same period last year. For FY 1993, the firm expects earnings per share to be "only slightly above" the $1.65 reported in 1992, excluding the planned restructuring charge. In December, Imcera announced a management shift tied to Pitman-Moore's lagging performance ("The Gray Sheet" Dec. 14, p. 32).

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