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CCX ANNOUNCES THIRD QUARTER RESULTS

 CHARLOTTE, N.C., May 17 /PRNewswire/ -- CCX, Inc. (NYSE: CCX) announced its results of operations for its third quarter and nine months ended March 31, 1993. The results reported were as follows:


FINANCIAL HIGHLIGHTS

For the quarter and nine months ended March 31, 1993 and 1992 (dollars in thousands except per share data)
 Three Months Ended Nine Months Ended
 March 31 March 31
 1993 1992 1993 1992
 Continuing operations:
 Net sales $14,815 $14,913 $42,855 $39,361
 Operating (loss) income (250) 332 (113) 807
 Interest expense 788 831 2,290 2,688
 Other income (expense) (139) (47) 16 1,138
 Loss from continuing operations (1,177) (546) (2,387) (743)
 Income from discontinued operations 125 309 421 515
 Net loss ($1,052) ($237) ($1,966) ($228)
 Net (loss) income per share ($0.28) ($0.07) ($0.53) ($0.09)
 Continuing operations ($0.30) ($0.15) ($0.63) ($0.22)
 Discontinued operations $0.02 $0.08 $0.10 $0.13
 Net sales of $14,815,000 for the three months ended March 31, 1993, remained flat from the $14,913,000 for the same period in the prior year. For the nine months ended March 31, 1993, net sales of $42,855,000 increased $3,494,000 or 9 percent from $39,361,000 for the nine months ending March 31, 1992.
 The company recorded a net loss for the three months ended March 31, 1993, of $1,052,000 or ($0.30) per share as compared to a loss of $237,000 or ($0.15) per share for the same period of the prior year. On a nine month basis, the company's net loss is $1,966,000 or ($0.53) per share as compared to a loss of $228,000 or ($0.09) per share for the same nine month period of the prior year which included $819,000 of other income related to the company's freezing of its pension plans. The company's traditional screening and building products market stalled during the period due to weak market conditions related to weather, lumber prices, and other factors. Flat sales and the effects of the resultant gross margin decline were not offset by lower operating costs. Export sales and the company's Florida market for screening continue strong and competitive pressures are abating in some key areas. The company is adjusting its manufacturing cost base to the lower operating conditions and expects some seasonal improvement to occur in an otherwise uncertain economic environment.
 The continuing operations of the company consist principally of the manufacturing and sale of screening and fiberglass building products. The company markets its products under the Hanover Wire Cloth and CCX Fiberglass names. The principal products of the company consist of aluminum and fiberglass insect screening as well as fiberglass mesh building products used in roofing tapes, concrete wallboard reinforcement and exterior building cladding systems called EIFS (External Insulation Facing Systems). The Braeburn Alloy Steel division continues to be reported as a discontinued operation. The company is traded on the New York and Pacific Coast Stock Exchanges (Symbol-CCX).
 -0- 5/17/93
 /CONTACT: Nancy F. Sedan of CCX, 704-365-0560/
 (CCX)


CO: CCX, Inc. ST: North Carolina IN: CST SU: ERN

SB-CM -- CH009 -- 9302 05/17/93 14:32 EDT
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Publication:PR Newswire
Date:May 17, 1993
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