Bush Industries reports record 1st quarter results.JAMESTOWN Jamestown, cities, United States Jamestown. 1 City (1990 pop. 34,681), Chautauqua co., W N.Y., on Chautauqua Lake; founded c.1806, inc. as a city 1886. It is the business and financial center of a dairy, livestock, and vineyard area. , N.Y.--(BUSINESS WIRE)--April 16, 1996--Bush Industries Inc. (NYSE NYSE See: New York Stock Exchange : BSH BSH Bosch und Siemens Hausgeräte GmbH (Germany) BSH Bausparkasse Schwaebisch Hall (German Building Society) BSH Bourne Shell BSH Bundesamt für Seeschiffahrt und Hydrographie ), a leading manufacturer of ready-to-assemble (RTA RTA renal tubular acidosis. RTA Renal tubular acidosis, see there ) and casegoods furniture, today reported record results for the first quarter ended March 30, 1996. First quarter 1996 net income climbed approximately 82 percent to $4,801,000 from $2,633,000 for the same period last year. Earnings per share, fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. , rose approximately 73 percent to 52 cents on 9,220,000 shares outstanding from 30 cents on 8,869,000 shares outstanding for the 1995 first quarter. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the first quarter of 1996 reached $65,033,000 from $50,173,000 for the same period of the prior year, an approximate 30 percent gain. "Our investments in research and development are showing promising results in both our product development capabilities and on manufacturing performance levels," Paul Paul, 1901–64, king of the Hellenes (1947–64), brother and successor of George II. He married (1938) Princess Frederika of Brunswick. During Paul's reign Greece followed a pro-Western policy, and the Cyprus question was temporarily resolved. Bush, chairman and president stated. "The exceptional demand for our products during the first quarter, and the outstanding results achieved by our operations group, provides a basis for optimism for the entire fiscal year. We are now focusing our efforts on the development of the next generation of innovative, high quality RTA furniture for all of our markets," he added. "The first 500,000 square-foot phase of our new Erie, Pa., distribution complex will be completed and operational by the end of this month. In response to the anticipated strong sales demand, we have accelerated construction of the second 500,000 square-foot phase, involving expansion of manufacturing capacity incorporating advanced production technologies. It is scheduled to come on stream by the end of 1996," Bush concluded.
BUSH INDUSTRIES INC.
Financial Highlights (Unaudited)
For the 13 Weeks Ended
3/30/96 4/1/95
Net sales $ 65,033,000 $ 50,173,000 Income before taxes 7,806,000 4,354,000 Net income 4,801,000 2,633,000 Earnings per share: Primary $ .53 $ .30 Fully diluted $ .52 $ .30 Average shares outstanding: Primary 9,074,000 8,869,000 Fully diluted 9,220,000 8,869,000 CONTACT: Porter, Le Vay & Rose Inc., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Hal Le Vay, 212/564-4700 |
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