Printer Friendly

SHEFFIELD INDUSTRIES FORECASTS RECORD REVENUES AND PROFITS

 SHEFFIELD INDUSTRIES FORECASTS RECORD REVENUES AND PROFITS
 MIAMI, Fla., May 20 /PRNewswire/ -- Sheffield Industries, Inc. (NASDAQ: HOSE), a rapidly growing, diversified apparel manufacturer, "is aiming for profitable revenues in the range of $250 million to $500 million within five years," Mitchell A. Hammer, chairman and chief executive officer, told a meeting of security analysts today, "and expects to conclude the fiscal year ending June 26, 1992 with revenues at the $36 million mark, as compared to $29 million last year, and with anticipated profits at approximately $.75 per share on 2.6 million average shares outstanding, as compared to $.88 on 1.0 million average shares the year before. Based on its most recent acquisition, the company is currently operating at an annualized rate of $60 million." Sheffield raised $4.6 million in its initial public offering last August, followed by $9.3 million secondary public offering in January, "to help consolidate manufacturing of private label and branded ladies pantyhose on state-of-the-art equipment. Longer term, our goal is to establish approximately five diversified apparel categories where more sophisticated manufacturing techniques could produce superior products at lower prices, enabling the company through price and service to broaden its distribution significantly. With pantyhose shipments now reaching $1 million weekly, representing approximately 200,000 dozen pairs per week, Sheffield is moving rapidly into its next phase of expansion," Hammer said.
 Hammer said that, "Sheffield is now investigating potential apparel acquisitions, which, if completed, should permit us to continue in fiscal 1993 with the type of profitable growth we have achieved to date in fiscal 1992." Sheffield recently acquired manufacturing and other assets of LeRoi Princeton, Inc., manufacturers of children's wear, with annualized revenues in the range of $19 million, creating Sheffield's second apparel category, "and within six months hopes to have completed core acquisitions in at least two additional apparel categories," Hammer said.
 Hammer said that "the pantyhose operation is running extremely efficiently, with margins moving upward. Current equipment can produce up to 250,000 dozen pairs per week, a 25 percent increase over today's shipment levels. Our backlog currently is 1,000,000 dozen pairs."
 Said Hammer: "We have invested this past year in additional equipment, software programs, training and productivity systems and highly skilled management and floor personnel. Because of our expansion we have been able to move qualified employees from jobs being eliminated by state-of-the-art
equipment to other employment within our growing structure. As a result, by June 30, 1992 Sheffield expects to have more than 1300 employees, against 900 currently, which would make us one of the largest employers in Dade County,
Florida. To properly handle the work flow, we are in the process of expanding office, warehouse and manufacturing facilities to approximately 500,000 square feet from 200,000 currently, with four separate locations clustered in a single block, creating an industrial island within the industrial park where we currently have our corporate headquarters.
 Sheffield Industries, Inc. manufactures and distributes ladies hosiery products including pantyhose, knee-highs and tights under the private labels of its customers which include K-Mart, Wal-Mart, J.C. Penney, Rite-Aid, F.W. Woolworth, PharMor, Family Dollar, Payless Shoe Source and Sears. Sheffield also manufacturers and markets "Fruit of the Loom" pantyhose, knee-highs and children's tights; "LeRoi" pantyhose, tights, socks and sleepwear for children, and fashion- oriented products in its "Chic" brand label program. Sheffield also distributes T-shirts, sweat shirts and pants bearing the logos of major colleges and universities.
 -0- 5/20/92
 /CONTACT: Mitchell A. Hammer, president of Sheffield Industries, 305-624-8493/
 (HOSE) CO: Sheffield Industries, Inc. ST: Florida IN: TEX SU: ERP


SM -- NY038 -- 2265 05/20/92 10:45 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 20, 1992
Words:607
Previous Article:ICI AND DU PONT TO DISCUSS TRANSACTION
Next Article:STAR TECHNOLOGIES APPOINTS EDWARD J. LARESE TO TOP FINANCIAL AND ADMINISTRATIVE POST
Topics:


Related Articles
SHEFFIELD INDUSTRIES ANNOUNCES 100 PERCENT INCREASE IN EARNINGS PER SHARE BEFORE EXTRAORDINARY ITEM IN FISCAL FIRST QUARTER
ROADMASTER INDUSTRIES COMPLETES RECORD YEAR COMPANY SAYS IT EXPECTS FURTHER INCREASE FOR 1992
ROADMASTER CONTINUES STRONG PERFORMANCE INTO 1992 JANUARY 1992 IS THE FIRST PROFITABLE JANUARY IN THE COMPANY'S HISTORY
SHEFFIELD INDUSTRIES ATTRIBUTES PRESSURE ON ITS COMMON SHARES TO DEMISE OF ORIGINAL UNDERWRITING FIRM; REAFFIRMS RECORD PROJECTIONS
SHEFFIELD INDUSTRIES, INC. BACK IN OPERATION AFTER HURRICANE ANDREW
SHEFFIELD INDUSTRIES, INC. FORECASTS RECORD OPERATING RESULTS FOR FISCAL 1993 DESPITE ANTICIPATED FIRST HALF LOSS DUE TO OUTSIDE FACTORS
CATERPILLAR INC. FOURTH-QUARTER 1994 FINANCIAL REVIEW-SUMMARY FOURTH-QUARTER STATISTICAL HIGHLIGHTS (Dollars in millions except per share data)
CATERPILLAR INC. 1995 FINANCIAL REVIEW -- SUMMARY
Caterpillar Posts Record Results for Fourth Consecutive Year 1997 Profit Per Share Up 25% On 15% Sales And Revenues Gain Best Quarter Ever
Caterpillar Posts Best Ever Third-Quarter Sales and Revenues; Profit and Profit Per Share Second Highest for a Third Quarter.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters