CROWNAMERICA ANNOUNCES RESULTS
CROWNAMERICA ANNOUNCES RESULTS DALTON, Ga., June 24 /PRNewswire/ -- CrownAmerica, Inc.
(NASDAQ: CRNA), a major processor of filament yarn for U.S. and international carpet manufacturers, today announced operating results for the third quarter of its 1992 fiscal year, reflecting substantial improvements in revenue and net income over the same period a year earlier.
G. Lane Hamilton, president and chief executive officer, said revenues for the third quarter ended May 30, 1992 rose 38 percent to $15,455,000 from $11,164,000 in the comparable period of fiscal 1991. He said CrownAmerica posted net income of $31,748, or $.03 per share, for the most recent quarter, as compared to a loss of $749,000, or $.71 per share, in the third period a year ago. Revenues for the nine months ended May 30, 1992 were $47,085,000, up from $44,483,000 recorded in the corresponding three quarters of fiscal 1991. The Company recorded a loss of $257,320, or $.24 per share, as compared to net income of $83,000, or $.08 per share, for the first nine months of the previous fiscal year. Results for the first three quarters of fiscal 1992 included an after tax profit of $67,000 from the sale of a plant in Dalton and other equipment. Results for the first nine months of fiscal 1991 included an after tax profit of $900,000 from the sale of a plant in Valdosta, Ga. "Clearly, the third quarter was our most productive period in more than a year," Hamilton said in announcing the results. "Particularly encouraging was the performance of our U.S. yarn processing plant in Dalton, Ga., which operated at its highest efficiency level since expansion of the facility was completed in early 1991." Hamilton said the Company's Dalton plant has been operating on a six-day, three-shift work week since May, and that the facility is sold up through the month of July. "Although the fourth quarter is historically our slowest, we're confident that this year's period will be stronger than last year's period," he continued. "Barring any unexpected adversities, we anticipate moving close to profitability for the fourth quarter," he added. CrownAmerica, Inc. is engaged chiefly in the processing of heat-set filament yarn for the carpet industry through its Texture-Tex subsidiaries, which operates plants in Dalton, Ga. and near Heerlen in The Netherlands. The Company is based in Dalton. CROWNAMERICA (O) Financial Highlights For the three months ended May 30, 1992 June 1, 1991 Revenues $15,455,000 $11,164,000 Net income (loss) 31,748 (749,000) Net income (loss) per share $.03 ($.71) Weighted average shares outstanding 1,053,000 1,053,000 For the nine months ended May 30, 1992 June 1, 1991 Revenues $47,085,000 $44,483,000 Net income (loss) (257,320) 83,000 Net income (loss) per share ($.24) $.08 Weighted average shares outstanding 1,053,000 1,053,000 -0- 6/24/92 /CONTACT: Lane Hamilton, CrownAmerica, Inc., 706-278-1422/ (CRNA) CO: CrownAmerica, Inc. ST: Georgia IN: TEX SU: ERN
CM-JZ -- CH010 -- 3426 06/24/92 16:12 EDT
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|Date:||Jun 24, 1992|
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