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HORIZON ANNOUNCES IMPROVED SECOND QUARTER AND FIRST SIX MONTHS RESULTS

HORIZON ANNOUNCES IMPROVED SECOND QUARTER AND FIRST SIX MONTHS RESULTS
 CALHOUN, Ga. April 16 /PRNewswire/ -- Horizon Industries, Inc. (NASDAQ: HRZN) today announced results for the second quarter and first six months of fiscal 1992 ended March 28, 1992.
 Net sales for the second quarter were $72,270,000, representing a 20 percent increase over the $60,223,000 recorded in the similar period last year. Net earnings of $206,000, or $.04 per share, in the current period compare favorably to net losses or $2,394,000 or $.44 per share, in last year's second quarter.
 For the first six months of fiscal 1992, net sales increased 18 percent to $150,195,000 from $127,024,000. Net earnings were 1,135,000, or $.21 per share, compared to net losses of $2,345,000, or $.43 per share, in the prior year's first six months. At March 28, 1992, Horizon's book value was $9.81.
 Commenting on the results, Peter R. Spirer, chairman, stated "Horizon's second quarter sales and earnings rebounded sharply from the previous year and continued the strong first quarter showing. Our results for the first six months show an 18 percent sales dollar gain which compares favorably to a more modest increase of 5 percent estimated for the carpet industry. We believe this superior performance is attributable to our introduction of uniquely styled carpets which have won strong consumer acceptance."
 "While achieving sales growth during the first half, we also reduced unit costs," Spirer continued. "These factors, together with our emphasis on a higher margin sales mix, have led to restored profitability, with earnings or $.21 per share versus a loss if $.43 per share a year ago. Our balance sheet remains strong and significant cash was achieved. As we look forward, we see industry demand and our own expectations growing. Clearly, we are optimistic about the remainder of the year."
 Spirer added, "We are pleased to welcome Mr. Tom McAndrews, one of the industry's most highly regarded managers, as Horizon's vice chairman. He will be a valuable resource as we formulate and execute our plans to take full advantage of the opportunity-laden future."
 Horizon Industries, Inc., headquartered in Calhoun, Ga., manufactures a broad range of residential and commercial carpet marketed worldwide through specialty retailers, department stores, and wholesale distributors. A subsidiary, the Harbinger Company, Inc., manufactures specialized lines of commercial carpet for the corporate, hospitality and institutional markets. A uniquely styled collection of wool carpet for the high-end residential market is manufactured by the Helios division.
 HORIZON INDUSTRIES, INC.
 (In thousands, except per share data - Unaudited)
 Periods Three months Six months
 ended 3/28/92 3/30/91 3/28/92 3/30/91
 Net sales $72,270 $60,223 $150,195 $127,024
 Cost of sales
 and expenses 71,945 63,988 148,327 130,707
 Earnings (loss)
 before taxes 325 (3,765) 1,868 (3,683)
 Income tax expenses
 (benefit) 119 (1,371) 733 (1,338)
 Net earnings (loss) 206 (2,394) 1,135 (2,345)
 Earnings (loss)
 per share $.04 $(.44) $.21 $(.43)
 Weighted average
 shares outstanding 5,565 5,462 5,527 5,462
 -0- 4/16/92
 /CONTACT: Dennis L. Fink of Horizon, 404-629-7721/
 (HRZN) CO: Horizon Industries Inc. ST: Georgia IN: TEX SU: ERN


KD-SM -- NY070 -- 9337 04/16/92 13:17 EDT
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Publication:PR Newswire
Date:Apr 16, 1992
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