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CROWNAMERICA REPORTS RESULTS

 DALTON, Ga., Aug. 12 /PRNewswire/ -- CrownAmerica, Inc. today reported operating results for the nine months and three months ended May 30.
 Lane Hamilton, president and chief executive officer, said revenues for the most recent nine months amounted to $32,699,000, compared to $47,085,000 in the same three quarters a year ago. The company reported a loss of $568,000, or $1.04 per share on 547,140 outstanding shares, in the nine-month period of fiscal 1993, compared to a net loss of $257,000, or $.24 per share, on the then 1,053,000 outstanding shares, in the first nine months of fiscal 1992. Included in results for the first nine months of fiscal 1993 was a pre-tax gain of $1,466,000 from the sale of plant and equipment.
 Revenues for the third quarter of fiscal 1993 were $10,222,000, compared to $15,455,000 posted in the same period a year ago. For the most recent quarter, CrownAmerica recorded a loss of $356,000, or $.65 per share on 547,140 shares, compared to net income of $32,000, or $.03 per share on 1,053,000 shares in the third period of fiscal 1992.
 "Domestic revenues for the third quarter of fiscal 1993 were ahead of those for the previous three months, reflecting a positive sales outlook for production from the down-sized Dalton operation," Hamilton said. "Third quarter results did not reflect our long range expectations for this operation due to start up expenses in the new location and other extraordinary expenses connected with the downsizing."
 Hamilton said that operations at the Netherlands plant showed considerable improvement over previous quarters with only a small quarterly loss of $19,000. In March of 1993, a new managing director was named to the Netherlands operation. "As is the case with U.S. operations, the sales outlook for our Netherlands operation continues to be positive," Hamilton added, "but the expenses of our operation continue to be at an unacceptable level."
 CrownAmerica, Inc. is engaged in the processing of heat-set filament yarn from its plants in Dalton, Ga., and near Heerlen in the Netherlands.
 -0- 8/12/93
 /CONTACT: Lane Hamilton of CrownAmerica, 706-278-1422/


CO: CrownAmerica, Inc. ST: Georgia IN: TEX SU: ERN

BR-BN -- AT004 -- 2080 08/12/93 11:07 EDT
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Publication:PR Newswire
Date:Aug 12, 1993
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