WINSTON RESOURCES ANNOUNCES RESULTS OF OPERATIONS FOR THE THIRD QUARTER AND NINE MONTHS ENDED SEPT. 30, 1991
WINSTON RESOURCES ANNOUNCES RESULTS OF OPERATIONS
FOR THE THIRD QUARTER AND NINE MONTHS ENDED SEPT. 30, 1991
NEW YORK, Nov. 15 /PRNewswire/ -- Winston Resources, Inc. (AMEX: WRS) today reported revenues and earnings for the third quarter and nine months ended Sept. 30, 1991.
Revenues for the quarter of $4,336,218 was approximately 12 percent less than the third quarter of 1990. The current quarter decrease of approximately 32 percent in permanent placements reflects the continued sluggish Northeast market. Temporary help revenues were approximately the same as the third quarter of 1990.
Operating expenses for the current quarter decreased approximately 20 percent as compared to the comparable 1990 third quarter. Sy Kaye, Winston's president and chief executive officer noted that "The decrease reflects the results of the major cost reductions effected in compensation and administrative expenses."
Net loss for the quarter ended Sept. 30, 1991 was $82,754 or 3 cents per common share as compared to $674,849 or 23 cents per common share for the comparable quarter in 1990. Kaye went on to say, "The substantial reduction in the net loss for the current quarter of approximately 88 percent as compared to the 1990 third quarter was accomplished despite the sharply reduced permanent placement revenues. Further, if a business recovery materializes in the subsequent periods we look forward to an improvement in sales and earnings."
The company's current ratio stood at 1.67 to 1 at June 30, 1991 and 1.76 to 1 at Sept. 30, 1991.
Winston Resources, Inc., founded in 1967, provides a wide range of personnel recruiting, placement and temporary help services through company-owned offices and franchises to business, institutions and government agencies.
WINSTON RESOURCES, INC. AND SUBSIDIARIES
Consolidated Statements of Income
Periods ended: Three months Nine months
Sept. 30: 1991 1990 1991 1990
Placement fee and
related income $4,336,218 $4,952,145 $12,466,870 $15,993,390
Net loss 82,754 674,849 907,171 1,035,037
Loss per share $.03 $.23 $.31 $.35
Wtd. avg. no. of
outstanding 2,886,500 2,886,500 2,886,500 2,920,312
/CONTACT: Reuben Abrams, treasurer of Winston Resources, 212-557-5000/
(WRS) CO: Winston Resources Inc. ST: New York IN: SU: ERN SM-TS -- NY048 -- 1550 11/15/91 12:24 EST