Printer Friendly

CANAL CAPITAL CORPORATION REPORTS 1992 RESULTS

 NEW YORK, Dec. 23 /PRNewswire/ -- Canal Capital Corporation today reported a net loss of $2,217,000 or $0.53 per common share, for the year ended Oct. 31, 1992 as compared with a net loss of $5,296,000 or $1.25 per common share, for the same period in 1991.
 The 1992 loss was due primarily to reduced operating income from Canal's art operations, which generated a loss of $1,332,000 for the fiscal year 1992. Additionally, included in the 1992 results is a second quarter extraordinary gain on the retirement of debt of $857,000 or $0.20 per common share. In fiscal 1992 Canal continued to reduce the levels of its art inventory and its outstanding debt.
 In December 1992 plaintiffs in a lawsuit against a wholly-owned subsidiary of Canal, relating to a lease agreement covering certain property owned by Canal's subsidiary in West Fargo, N.D., were awarded damages in the amount of $1.5 million and the right to exercise an option to buy the property from Canal's subsidiary at a nominal price. Canal's management vehemently disagrees with these findings and will pursue all avenues of appeal available to its subsidiary. At the present time, no amounts have been provided in the 1992 financial results relating to this award.
 Revenues, which include gross sales from Canal's art and real estate operations, as well as the income or loss from the company's investing operations, were $6,968,000 for the fiscal year 1992, as compared to $11,280,000 for the same period in 1991. This decrease is due to significantly higher sales volumes in fiscal 1991 from Canal's art operations than were experienced in the current fiscal year.
 For the third fourth of fiscal 1992, the company reported a net loss of $1,140,000 or $0.27 per common share on revenues of $1,368,000 as compared to a net loss of $1,803,000 or $0.42 per common share on revenues of $1,692,000 for the same period in 1991.
 CANAL CAPITAL CORPORATION AND SUBSIDIARIES
 Consolidated Operating Results
 Year ended Oct. 31 1992 1991
 Revenues $6,968,000 $11,280,000
 Income (loss) from
 continuing operations (3,074,000) (5,300,000)
 Extraordinary gain on
 retirement of debt 857,000 ---
 Net income (loss) (2,217,000) (5,300,000)
 Net income (loss) applicable
 to common shares (2,314,000) (5,430,000)
 Net income (loss) per
 common share (0.53) (1.25)
 Consolidated Operating Results
 Three months ended Oct. 31 1992 1991
 Revenues $1,368,000 $ 1,692,000
 Net income (loss) (1,140,000) (1,800,000)
 Net income (loss) applicable
 to common shares (1,172,000) (1,830,000)
 Net income (loss) per common share (0.27) (0.42)
 -0- 12/23/92
 /CONTACT: Reginald Schauder of Canal Capital Corporation, 212-826-6040/


CO: Canal Capital Corporation ST: New York IN: SU: ERN

WB-LR -- NY043 -- 9694 12/23/92 16:21 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 23, 1992
Words:494
Previous Article:KELLY RESIGNS AS CEO OF ITT CONSUMER FINANCIAL CORPORATION
Next Article:WANG LABORATORIES REPORTS FIRST-QUARTER RESULTS
Topics:


Related Articles
CANAL CAPITAL REPORTS SECOND QUARTER RESULTS
CAMDEV REPORTS FIRST-QUARTER RESULTS
CAMDEV REPORTS SIX MONTH RESULTS
CANAL CAPITAL CORPORATION REPORTS THIRD QUARTER RESULTS
CAMDEV REPORTS NINE-MONTH RESULTS
DYANSEN CORPORATION ANNOUNCES THIRD QUARTER RESULTS
CANAL CAPITAL CORPORATION REPORTS FIRST QUARTER RESULTS
UNITED CAPITAL CORP. REPORTS FIRST QUARTER RESULTS
CANAL CAPITAL CORPORATION REPORTS THIRD QUARTER RESULTS
CANAL CAPITAL CORPORATION REPORTS SECOND QUARTER RESULTS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters