CEDAR GROUP ANNOUNCES SECOND QUARTER SALES
CEDAR GROUP ANNOUNCES SECOND QUARTER SALES PHILADELPHIA, Sept. 24 /PRNewswire/ -- Cedar Group, Inc.
(NASDAQ: CDRG) today announced that sales for the second quarter of the fiscal year ended July 31, 1992, were $2,369,269 vs. the previous year's second quarter of $3,803,645, a decrease of 38 percent.
Sales for the six-month period ended July 31, 1992, were $5,378,578 vs. sales of $7,144,613 for the same period last year, a decrease of 25 percent. Net income for the six-month period ended July 31, 1992, was a loss of $393,405 ($.17 per share) vs. a loss of $572,727 ($.25 per share) for the same period last year. A spokesman for the company indicated that the sales decrease for the quarter and six-month period were a result of increased competition due to the recession and the company's inability to purchase replacement product due to a restrictive loan agreement that had the company reduce its outstanding balance on its line of credit by a substantial amount. The company filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code on Aug. 31, 1992, and is currently operating under protection of the court. A company spokesman also indicated that sales for the third quarter, although unable to make any projections, should be lower than the previous year's third quarter. /delval/ -0- 9/24/92 /CONTACT: Stephen S. Simyak of the Cedar Group, 215-843-2561/ (CDRG) CO: Cedar Group, Inc. ST: Pennsylvania IN: SU:
MK-CC -- PH041 -- 3247 09/24/92 16:00 EDT
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|Date:||Sep 24, 1992|
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