C. H. HEIST CORPORATION REPORTS INCREASED SALES, LAGGING INCOME FOR THIRD QUARTER
C. H. HEIST CORPORATION REPORTS INCREASED SALES,
LAGGING INCOME FOR THIRD QUARTER
CLEARWATER, Fla., Nov. 11 /PRNewswire/ -- C. H. Heist Corporation's (NASDAQ: CHHC) reported modest sales increases for the nine month period which ended Sept. 29, 1991. Sales of $51,950,384 reflected an increase of 5.3 percent over $49,354,342 for the comparable period of the previous year. Net income was $1,293,648 as opposed to $1,932,122 for the nine month period last year. After adjustments for the Oct. 14, 1991 three-for-two stock split, earnings per share were $.45 vs. $.66 last year.
Third quarter results showed a sales increase of 4.1 percent from $18,992,105 last year to $19,770,867 for this year's third quarter just completed. Net income of $666,262 fell behind last year's third quarter income of $1,024,777. Earnings per share, adjusted for the recent stock split, were $.23 as opposed to $.35 last year.
In reviewing the firm's progress for the fiscal year to date, C. H. Heist, president and chairman, cited two overriding factors. "Last year was an outstanding year for Heist, a difficult year to match in either sales or earnings even under the most favorable conditions. And now we are saddled with a sluggish economy, one which makes increasing sales a difficult competitive task, often resulting in reduced margins."
Heist specifically noted several large painting contracts in Canada which, while adding substantially to sales, have impacted overall profit performance because painting has substantially lower margins than equipment related sales.
Working capital for the firm increased by $230,258 over last year's comparable nine month period. Capital expenditures were $3,384,727, a substantial reduction from last year's expenditure of $4,149,949.
C. H. Heist Corporation has applied for membership in the American Stock Exchange. If approved, the firm's stock listing code will become "HST".
/CONTACT: Richard J. O'Neil of C. H. Heist Corporation, 813-461-5656/
(CHHC) CO: C. H. Heist Corporation ST: Florida IN: SU: ERN SS-XX -- FL001 -- 2882 11/11/91 08:59 EST