GOLDTEX ANNOUNCES EARNINGS
GOLDTEX ANNOUNCES EARNINGS GOLDSBORO, N.C., Aug. 13 /PRNewswire/ -- Goldtex, Inc.
(NASDAQ: GLTX) today released its earnings for the quarter and year ending July 26, 1992. For the quarter, the Company reported a net income of $362,774 or $.16 per share on sales of $6,771,177, compared to a net income of $478,071 or $.21 per share on sales of $8,156,952 in the same period in 1991.
For the year ended July 26, 1992, the Company reported a net income of $1,150,787 or $.50 per share on sales of $25,923,413, compared to a net income of $1,258,445 or $.55 per share on sales of $27,830,601 for fiscal 1991. Will Hopper, President, stated: "While the Company experienced a decline in both net sales and profits in 1992 compared with the previous year, we are generally pleased with our results. The recession has had a serious negative impact on the apparel industry, which is the primary end-user of the Company's products and services. In fiscal 1992 the Company was able to offset much of the pressures of the recession by cost cutting and better manufacturing performance. We believe the Company will grow in 1993, due to both our recent establishment of our GFI Division, and our feeling that the general economy is on the road to recovery." Goldtex, Inc., headquartered in Goldsboro, N.C., is engaged in the printing, dyeing and finishing of fabrics for others on a commission basis. -0- 8/13/92 /CONTACT: Wilbur O. Hopper, President, Goldtex, Inc., 919-736-7411/ (GLTX) CO: Goldtex, Inc. ST: North Carolina IN: TEX SU: ERN
CM -- CH001 -- 9489 08/13/92 09:15 EDT
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|Date:||Aug 13, 1992|
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