CROWNAMERICA REPORTS RESULTS
CROWNAMERICA REPORTS RESULTS DALTON, Ga., Nov. 6 /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 fiscal year ending Aug. 31.
G. Lane Hamilton, president and chief executive officer, said revenues for the fourth quarter were down 5 percent to $13,609,440 from $14,309,442 in the comparable period a year earlier. CrownAmerica recorded a loss of $591,627, or $.56 per share, for the fourth quarter, as compared to a loss of $568,104, or $.54 per share, for the same quarter of the previous year. Revenues for the fiscal year ended Aug. 31, climbed 3 percent to $60,694,737 from $58,792,136 in fiscal 1991. The company's loss for fiscal 1992 was $848,947, or $.81 per share, compared to $484,854, or $.46 per share in the prior year. Results for fiscal 1992 included a pretax profit of $1,542,000 resulting from the sale of a manufacturing facility in Valdosta, Ga. "The continuing recession clearly had an impact on our financial performance in fiscal 1992," Hamilton said in reporting these year-end results. "Despite these adversities, we were able to reduce our operating losses from the previous year." Hamilton said the economy will continue to be CrownAmerica's primary challenge in fiscal 1993. "The economy notwithstanding, we are working diligently to expand our base of U.S. customers and we are striving to improve productivity at our overseas operation." 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. CROWNAMERICA, INC. Financial Highlights 12 mos. ended Aug. 31 1992 1991 Revenues $60,694,737 $58,792,136 Net income (loss) (848,947) (484,854) Net income (loss) per share ($.81) ($.46) Weighted average shares outstanding 1,053,000 1,053,000 3 mos. ended Aug. 31 1992 1991 Revenues $13,609,440 $14,309,442 Net income (loss) (591,627) (568,104) Net income (loss) per share ($.56) ($.54) Weighted average shares outstanding 1,053,000 1,053,000 -0- 11/6/92 /CONTACT: David Hamilton of CrownAmerica, 706-278-1422/ (CRNA) CO: CrownAmerica, Inc. ST: Georgia IN: TEX SU: ERN
BR-BN -- AT001 -- 8046 11/06/92 08:09 EST
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|Date:||Nov 6, 1992|
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