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CROWNAMERICA, INC. REPORTS FOURTH QUARTER, YEAR-END RESULTS

    CROWNAMERICA, INC. REPORTS FOURTH QUARTER, YEAR-END RESULTS
    DALTON, Ga., Nov. 8 /PRNewswire/ -- CrownAmerica, Inc. (NASDAQ: CRNA), a major processor of filament yarn for U.S. and international carpet manufacturers, today reported operating results for the fourth quarter and year ended Aug. 31.
    Lane Hamilton, president, said revenues for the final quarter of the most recent year amounted to $14,309,442, as compared to $16,346,869 posted in the same quarter a year earlier.  The company recorded a loss of $568,000, or $.54 per share, in the fourth quarter of fiscal 1991, as compared to a loss of $327,000, or $.31 per share, in the comparable quarter of the previous year.
    Revenues for the year ended Aug. 31 totaled $58,792,136, as compared to $68,189,842 recorded in fiscal 1990.  CrownAmerica reported a loss of $485,000, or $.46 per share, for the most recent year, compared to net income of $515,000, or $.49 per share, in fiscal 1990.
    Results for fiscal 1991 included a pre-tax gain of $1,542,000 from the sale of a plant in Valdosta, Ga., and also an exchange loss of $28,146.  Results for fiscal 1990 included exchange gains of $490,000.
    "Higher than expected training costs and other nonrecurring expenditures associated with the consolidation of our two plants in the United States, combined with the prolonged recession in the U.S. and continuing losses at the company's Netherlands' facility, led to an unsatisfactory year for CrownAmerica," Hamilton said in announcing the results.
    During fiscal 1991, CrownAmerica sold its yarn processing facility in Valdosta, Ga., and doubled the size of its plant in Dalton, Ga.  "The expansion in Dalton is completed, along with our related training programs," Hamilton observed.  "We expect the savings in administrative and supervisory costs to enable us to operate more efficiently at both high and low levels of production."
    The CrownAmerica chief executive officer said that despite a poor performance in fiscal 1991, the company continues to operate from a strong financial position.  "Our balance sheet is solid and we continue to generate positive cash flow."
    CrownAmerica, Inc. is engaged chiefly in the processing of heat-set filament yarn for the carpet industry through its Texture-Tex subsidiaries, which operate plants in Dalton, Ga., and near Heerlen in the Netherlands.  The company is based in Dalton, Ga.
                       CrownAmerica, Inc. (0)
                        FINANCIAL HIGHLIGHTS
       12 mos. ended Aug. 31               1991          1990
    Revenues                          $58,792,136   $68,189,842
    Net income (loss)                    (485,000)      515,000
    Net income (loss) per share            ($ .46)        $ .49
    Weighted avg. shares outstanding    1,053,000     1,053,000
       3 mos. ended Aug. 31                1991          1990
    Revenues                          $14,309,442   $16,346,869
    Net loss                             (568,000)     (327,000)
    Net loss per share                     ($ .54)       ($ .31)
    Weighted avg. shares outstanding    1,053,000     1,053,000
    -0-                 11/8/91
    /CONTACT:  Lane Hamilton of CrownAmerica, 404-278-1422/
    (CRNA) CO:  CrownAmerica, Inc. ST:  Georgia IN:  TEX SU:  ERN BR-BN -- CH003 -- 2697 11/08/91 16:14 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 8, 1991
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