ALBA-WALDENSIAN ANNOUNCES EARNINGS
ALBA-WALDENSIAN ANNOUNCES EARNINGS VALDESE, N.C., May 12 /PRNewswire/ -- ALBA-WALDENSIAN, INC.
(NYSE: AWS), a diversified knitwear producer, announced net income of $243,936 on sales of $9,673,127 for the first quarter ending March 31, 1992. This compares to net income of $129,610 on sales of $10,169,092 in the same quarter a year ago.
"First quarter sales were below the same period in 1991 but were substantially better than planned. The first quarter of 1991 reflected large pipe-line no-nonsense(R) panty orders not included in the 1992 projections. Of more importance is the improved net profits when comparing the first quarter of 1992 to the same three month period in 1991. Net earnings showed substantial improvement due to better gross margins resulting from various cost reduction programs as well as lower advertising and marketing expenses primarily due to timing differences. Management is optimistic concerning the net income for the year and is encouraged by the reception that our no-nonsense brand of panties has received in existing as well as new accounts," said William F. Marmion-Karnbach, President & CEO. ALBA-WALDENSIAN, INC. manufactures women's and men's hosiery, women's intimate apparel, and medical specialty products. The Company presently employs approximately 800 employees in four locations in Valdese, N.C. Three Months Ending March 31 1992 1991 Net Sales $ 9,673,127 $10,169,092 Earnings Before Taxes $ 369,600 $ 196,378 Provision For Income Taxes 125,664 66,768 Net Earnings $ 243,936 $ 129,610 Net Earnings (Loss) Per Common Share $.13 $.07 Dividends Paid Per Share $ -- $ -- Average Number of Shares Outstanding 1,819,362 1,823,653 -0- 5/12/92 /CONTACT: Van C. Irwin, ALBA-WALDENSIAN, INC., 704-874-2191/ (AWS) CO: ALBA-WALDENSIAN, INC. ST: North Carolina IN: TEX MTC SU: ERN
CM -- CH001 -- 8956 05/12/92 08:58 EDT
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|Date:||May 12, 1992|
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