Dan River Inc. Revises Earnings Outlook.DANVILLE, Va.--(BUSINESS WIRE)--June 22, 1999-- Dan River (DRF DRF Daily Racing Form (horse racing) DRF Dansk Ride Forbund (Danish) DRF Deafness Research Foundation DRF Disaster Relief Fund DRF Data Recovery Field DRF Demat Request Form DRF Dose Reduction Factor :NYSE NYSE See: New York Stock Exchange ) today reported that it presently expects its second quarter earnings per share to be in the range of $0.13 to $0.15, slightly below analysts expectations. Joseph L. Lanier, Jr., Chairman and Chief Executive Officer, commented, "We expected to see a pickup in order activity for our apparel fabrics business by now but it just hasn't happened. Continued imports from the Far East, primarily in the form of garments, is negatively impacting our pricing and operations in apparel fabrics. Therefore, we now expect our apparel fabrics business to remain under pressure for the remainder of the year." On a more positive note, the home fashions business continues to be strong and the momentum is expected to continue through the second half of the year. The company expects the apparel fabrics segment operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. will be at breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations levels through the remainder of the year. On that basis, earnings per share are expected in the range of $0.65 for the full year. Dan River Inc. is a leading manufacturer and marketer of textile products for the home fashions, apparel fabrics and industrial textile markets. The company designs, manufactures and markets a coordinated line of value-added home fashions products consisting of bedroom furnishings such as comforters, sheets, pillowcases, shams, bed skirts, decorative pillows, and draperies for the adult, juvenile, and institutional markets. Dan River also manufacturers and markets a broad range of high quality woven cotton and cotton blend fabrics for apparel and believes that it is the leading supplier of men's dress shirting shirt·ing n. Fabric suitable for making shirts. Noun 1. shirting - any of various fabrics used to make men's shirts fabrics in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Additionally, Dan River manufactures and markets specialty engineered textile products used in making high-pressure hoses and other industrial products. Note: This press release contains statements which constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. under applicable securities laws. Dan River's performance could be materially and adversely affected by a number of factors, many of which are outside the Company's control. Risks generally associated with Dan River's business are detailed in Dan River's current Report on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. which was filed with the Securities and Exchange Commission on July 20, 1998. Management believes these forward-looking statements are reasonable; however, undue reliance should not be placed on such statements, which are based on current expectations. |
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