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HORIZON ANNOUNCES RECORD THIRD QUARTER SALES AND IMPROVED PROFITS

 HORIZON ANNOUNCES RECORD THIRD QUARTER SALES AND IMPROVED PROFITS
 CALHOUN, Ga., July 16 /PRNewswire/ -- Horizon Industries, Inc. (NASDAQ: HRZN), today announced results for the third quarter and first nine months of fiscal 1992.
 Net sales for the third quarter ended June 27, 1992, set a record, rising 12 percent to $81,888,000 from $73,217,000 in the similar period last year. Net earnings in the current period increased sharply to $1,301,000, or $.22 per share, compared to last year's net earnings of $42,000, or $.01 per share.
 For the first nine months of fiscal 1992, net sales increased 16 percent to a record level of $232,083,000 compared to $200,241,000 in the same period of 1991. Net earnings for the first nine months of the current year were $2,436,000, or $.43 per share, compared to net losses of $2,303,000, or $.42 per share, in 1991. Horizon's book value at June 27, 1992, was $10.04 per share.
 Commenting on the results, Peter R. Spirer, chairman, stated, "Our progress in the third quarter reflects the continued success of our product differentiation strategy in a period of uneven economic recovery. Over the past nine months," Spirer continued, "the carpet industry dollar shipments rose approximately 4 percent versus last year, benefiting from lower interest rates and a more buoyant general economy. By contrast, Horizon's sales increase of 16 percent allowed for a significant increase in market share. Margin improvement in the third quarter came largely as a result of containing operating and overhead costs while sales volume rose."
 Spirer concluded, "We anticipate a continuation of improved business results for the balance of the year and we remain confident of a prosperous fiscal 1993."
 Horizon Industries, Inc., headquartered in Calhoun, manufactures a broad range of residential and commercial carpets marketed worldwide through specialty retailers, department stores, and wholesale distributors. A subsidiary, the Harbinger Company, Inc., manufactures specialized lines of commercial carpets for the corporate, hospitality and institutional markets. A uniquely styled collection of wool carpets for the high-end residential market is manufactured by the Helios Division.
 HORIZON INDUSTRIES, INC.
 (Unaudited; in thousands, except per share data)
 Periods Three Months Nine Months
 Ended 6/27/92 6/29/91 6/27/92 6/29/91
 Net sales $81,888 $73,217 $232,083 $200,241
 Cost of sales and expenses 79,811 73,148 228,138 203,855
 Earnings (loss) before taxes 2,077 69 3,945 (3,614)
 Income tax expense (benefit) 776 27 1,509 (1,311)
 Net earnings (loss) $ 1,301 $ 42 $ 2,436 $ (2,303)
 Earnings (loss) per common
 and common equivalent share:
 Primary $.22 $.01 $.43 $(.42)
 Fully diluted $.22 $.01 $.43 $(.42)
 Weighted average number of
 common and common equivalent
 shares outstanding:
 Primary 5,824 5,462 5,706 5,402
 Fully diluted 5,824 5,462 5,712 5,402
 -0- 7/16/92
 /CONTACT: Dennis L. Fink of Horizon Industries, 404-629-7721/
 (HRZN) CO: Horizon Industries, Inc. ST: Georgia IN: TEX SU: ERN


GK-OS -- NY076 -- 9816 07/16/92 13:48 EDT
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Publication:PR Newswire
Date:Jul 16, 1992
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