ALBA-WALDENSIAN, INC. ANNOUNCES EARNINGS
ALBA-WALDENSIAN, INC. ANNOUNCES EARNINGS VALDESE, N.C., March 4 /PRNewswire/ -- ALBA-WALDENSIAN, INC.
(AMEX: AWS) a diversified knitwear producer, announced net earnings of $473,128 on sales of $10,296,054 for the fourth quarter ending Dec. 31, 1991. This compares to net earnings of $245,478 on sales of $10,002,781 in the same quarter a year ago. Earnings for the full year through Dec. 31, 1991 were $1,408,699 on sales of $39,728,266 compared to $1,407,873 on sales of $41,851,829 for the same twelve month period in 1990.
"Fourth quarter sales were approximately even with the same period in 1990 and slightly down for the full year compared to the same twelve month period in 1990. We are very pleased, however, to report net earnings for the quarter and year higher than 1990 particularly considering the 1991 economic environment and over $300,000 more in income taxes in 1991 versus 1990. An improved sales mix trending more towards our health products was helpful in maintaining our profit margins, as were operational and marketing changes begun in 1989. Our No-Nonsense and While You Wait Brands continue to perform well," said William Marmion Karnbach, President & CEO. ALBA-WALDENSIAN, INC. manufactures women's and men's hosiery, women's intimate apparel, and medical specialty products. The company presently employs approximately 800 employees in four locations in Valdese, N.C. Three Months Ended Dec. 31, 1991 1990 Net Sales $10,296,054 $10,002,781 Income Before Taxes $ 738,742 $ 220,204 Provision For Income Taxes 265,614 (25,274) Net Income $473,128 $245,478 Net Income Per Common Share $.26 $.13 Average Number of Shares Outstanding 1,818,278 1,818,808 Twelve Months Ended Dec. 31, 1991 1990 Net Sales $39,728,266 $41,851,829 Income Before Taxes $ 2,073,803 $ 1,710,455 Provision For Income Taxes 665,104 302,582 Net Income $ 1,408,699 $ 1,407,873 Net Income Per Common Share $.77 $.77 Average Number of Shares Outstanding 1,818,278 1,817,836 -0- 3/4/92 /CONTACT: Van C. Irwin of Alba-Waldensian, Inc., 704-874-2191/ (AWS) CO: Alba-Waldensian, Inc. ST: North Carolina IN: TEX SU: ERN
JZ -- CH002 -- 4887 03/04/92 10:56 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Mar 4, 1992|
|Previous Article:||AMOCO OIL COMPANY ANNOUNCES ENVIRONMENT IMPROVEMENTS|
|Next Article:||JOHN W. PAINTER, PRESIDENT, RETIRES FROM EAGLE-PICHER AFTER 27 YEARS OF SERVICE|