OAK HILL SPORTSWEAR REPORTS EARNINGS
OAK HILL SPORTSWEAR REPORTS EARNINGS NEW YORK, Nov. 6 /PRNewswire/ -- Oak Hill Sportswear Corporation
(NASDAQ: OHSC) announced today that net income in the third quarter ended Sept. 30, 1991 increased to $1,069,000 or $.52 per share compared to net income of $992,000 or $.48 per share in the third quarter of 1990, although sales declined 24 percent. Net income for the nine months ended Sept. 30, 1991 was $389,000 or $.19 per share compared to a net loss of $1,106,000 or $.54 per share in the comparable period last year despite a sales decrease of 22 percent.
Arthur L. Asch, chairman of the board of Oak Hill Sportswear Corporation, stated that "we are pleased that our company returned to profitability in the third quarter, especially in light of the difficult economic climate. Improved gross profit margins and significant reductions in operating and interest expenses more than offset lower sales in the quarter and nine month period. Our decision to manage our business conservatively in these uncertain times enabled us to reduce our inventories to $13,200,000 at Sept. 30, 1991 compared to $19,300,000 at the same time last year and reduce our short-term bank loans at Sept. 30, 1991 to $13,400,000 compared to $24,900,000 at the end of the third quarter of 1990. We currently anticipate that our company will be profitable in the fourth quarter of 1991. Given the prevailing environment, we intend to continue with conservative operating strategies until more positive trends develop." Oak Hill Sportswear Corporation is a manufacturer of women's apparel. OAK HILL SPORTSWEAR CORPORATION OPERATING RESULTS (In thousands, except for per share data) Period ended Nine months Three months Sept. 30; 1991 1990 1991 1990 Net sales $70,676 $90,378 $28,027 $36,784 Income (loss) before taxes 628 (1,784) 1,724 1,599 Net income (loss) 389 (1,106) 1,069 992 Net income (loss) per share .19 (.54) .52 .48 Weighted average number of shares outstanding-fully diluted 2,058 2,058 2,058 2,065 -0- 11/6/91 /CONTACT: Arthur L. Asch of Oak Hill Sportswear, 212-789-8811/ (OHSC) CO: Oak Hill Sportswear Corporation ST: New York IN: REA SU: ERN FC-OS -- NY011 -- 1559 11/06/91 09:28 EST
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|Date:||Nov 6, 1991|
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